DC Buyer: Manhattan Couple Looking for Outdoor Space (If Possible) in Logan Circle

• February 24th 2010

by Martin Smith

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. After presenting some choices, we will ask readers to help them make their choice.

This week, we look at Andrew, 42 and Neal, 36, a couple who have recently relocated from New York City for Neal’s new job with HUD.

Neal earns $117,000 a year, and has a strong FICO score of 736. He has a limited amount of debt from a graduate degree, and only carries minimal balances on his credit cards. His total monthly debt is about $450. Andrew found a senior management position with a downtown nonprofit earning $96,000. He also has a good FICO score of 722, and minimal consumer debt that leaves his payments under $200 per month.

After having spent a considerable amount of time neighborhood searching, Andrew and Neal have settled on the Logan Circle area as the area they want to call home. They intend to roll positive equity from their Manhattan co-op over into their new purchase, providing about $300,000 as a down payment, although that amount could go up or down depending on the final purchase price of their new home. They entertain often, and both have family far away, so they would like a property that provides an open living area and an extra bedroom, preferably with a second bathroom as well. Neal and Andrew didn’t own a car in New York, but are planning to purchase one here, so parking is an important bonus. In addition, they would be thrilled to have outdoor space after many years in a Manhattan high-rise. They are mostly looking at properties in the $625,000 to $675,000 range.

The first property on the list is a two-bedroom, two-bathroom condo on the circle itself at 20 Logan Circle NW. Anyone who is familiar with the neighborhood knows how rarely properties on the circle come on the market, so this is a rather unique find. Priced at $675,000, this bi-level unit offers ideal entertaining space on the lower level, a fireplace in the living room, and two large bedrooms upstairs. The condo fee is $317 per month. While it does offer an excellent address, the one thing this unit does not provide is off-street parking.

Our second suggestion is another bi-level two-bedroom, two-bath condo just north of the circle at 1812 13th Street NW. Available for $669,000 with a low $206 condo fee, this spacious unit makes the most of the top two floors of a classic Logan Victorian and offers the added bonus of a loft over part of the living room, with a vaulted ceiling along the front of the home. In addition the unit meets Andrew and Neal’s outdoor space and parking needs: it has a fairly good-sized deck off of the living room and an off-street parking space. The unit almost feels like a separate house with the private street entrance.

The last property that may fit the bill for Andrew and Neal is 1312 P Street NW. This two-bedroom, two-and-a-half bath property half a block west of the Circle had its price reduced to $569,000 recently, almost $100K less than the other units featured in this post. The unit has a pretty large entertaining space (with a powder room) on the main level that walks out to a large outdoor area. Upstairs, twin master suites provide plenty of space for both the owners and an overnight guest. The downsides are that the kitchen, while nicely finished, isn’t quite as upscale as the other two choices, and the first floor is in the basement level of the building. Despite this fact, the lower level still offers full-size windows and there is a patio space in the back.

Given these three choices, where should Andrew and Neal put in their offer?

This article originally published at https://dc.urbanturf.com/articles/blog/dc_buyer_couple_looking_for_outdoor_space_if_possible_in_logan_circle/1810.