DC Buyer: 40 Year-Old Banker Who Has the Kids on the Weekend

• May 5th 2010

by Martin Smith

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DC Buyer is a series on UrbanTurf where we look at buyers from various demographics and provide available housing options for them in the current DC market. If you are a prospective buyer and would like to be featured in DC Buyer, send an email to editor2010@urbanturf.com. See all of our past DC Buyer articles here.

This week, we’re looking for properties for Brice, a 42 year-old banker who is relocating to DC. Brice has two young children who live with him on weekends, so he is looking for a three-bedroom property. He earns a salary of about $120,000 per year, and has a strong credit score of 744. While he has minimal credit card debt, he does have a $350 a month car loan. If he can find a property in a transit-friendly part of town, he will sell the car.

Brice is selling his home out of state and has priced it competitively so it should sell fast. After the sale, Brice will have around $400,000 in positive equity he can roll into a new home. He's shopping in the mid to upper $500s.

Brice wants something that's centrally located where he can walk, take transit or cabs to almost anywhere he wants to go. He also wants a home that doesn't require a lot of work, since he'd rather spend his weekends with his children than shuttling back and forth to the home improvement store. Lastly, he'd like something that is in an already-established neighborhood.

The first choice we found for Brice is a unit at 1107 O Street NW. This townhouse conversion in popular Logan Circle is close to both Metro and multiple bus lines, and with three bedrooms and two bathrooms it has ample space. Since it is relatively new construction, it shouldn't need much work other than painting to taste. The condo has an in-unit washer and dryer, a private balcony, and a good deal of storage space. The master bedroom is quite large, but the other bedrooms are also good-sized for when his daughters visit. The list price of $579,999 puts it well within his price range.

Brice's second option is 3006 13th Street, NW, Unit A. With three bedrooms and two and a half baths and over 1,700 square feet of interior space, this Columbia Heights unit really feels more like a townhouse than a condo. Unlike the Logan property, it features a half bath, which is convenient if Brice decides to entertain. This unit is relatively close to the Columbia Heights Metro and neighborhood bus lines, but also includes a parking space. The downside is that the basement (part of the living space) has limited natural light. It is currently listed for $599,990.

Our last choice for Brice is 238 G Street SW, a townhome that is just across from the Mall in Southwest DC. Southwest is often neglected by buyers who favor a Northwest or Capitol Hill address, but the area actually offers incredible value and proximity to everything the city offers. The three-bedroom, 2.5-bath home was recently renovated, and includes an off-street parking space. In addition, the massive windows (mostly sliding glass doors, actually) give the property an almost greenhouse-like feel. It is two blocks from the much talked-about Southwest Safeway, and a quick walk to Nationals Park if Brice wants to take his kids to a game. On top of that, it is within walking distance to the Blue, Orange, and Green Metro lines. It is listed for $529,900, which also makes it the least expensive option of the three properties featured.

Given these three choices, where should Brice put in his offer?

This article originally published at https://dc.urbanturf.com/articles/blog/dc_buyer_40_year-old_banker_who_has_the_kids_on_the_weekend/2039.