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Deal of the Week: Bargain One-Bedroom In A Quiet Neighborhood

by Mark Wellborn

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5112 Connecticut Avenue NW

Frequently on UrbanTurf, we feature listings that we think would make good homes for first-time buyers. For this installment of Deal of the Week, we look at one of the lowest-priced one-bedroom units in Chevy Chase that would be fitting for a newbie buyer in the market for a quiet neighborhood.

The listing measures out at about 620 square feet and in addition to hardwood floors, it has a small two-chair-and-table balcony and an eating area in the kitchen. The bedroom also has a good deal of closet space.

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Living Room

For a stretch of Connecticut Avenue that was long known just for one iconic (by DC standards) bookstore, the block where this unit is located is now home to places like Comet Ping Pong and Buck’s Fishing and Camping.

As for the unit being deal-worthy, the price has dropped on this co-op making it the best-priced one-bedroom in the 20008 zip code (aside from a unit with a $1,000/month fee). Even with the price reduction, we think that there still might be some flexibility in the asking price.

More details and photos below. For the full listing, click here.

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Kitchen
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Living Room
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Balcony
  • Address: 5112 Connecticut Avenue NW, #209 (map)
  • Price: $234,000
  • Bedrooms: One
  • Bathrooms: One
  • Square Footage: Approx. 620

Here are some monthly payment calculations based on a 20 percent down payment and a 30-year fixed rate mortgage at 4.8 percent.

  • Loan Amount: $187,200
  • Principal and Interest: $982
  • Coop Fees (Including Taxes): Approx. $405/month
  • Total Monthly Payments: $1,387

See other articles related to: deal of the week, dclofts, co-ops, chevy chase

This article originally published at https://dc.urbanturf.com/articles/blog/deal_of_the_week_bargain_one_bedroom_in_a_quiet_neighborhood/2931

5 Comments

  1. Ellory said at 12:52 pm on Tuesday February 1, 2011:

    $375 a square foot seems pretty good for that area. If I was in the market, I would be tempted as Comet has brought in some good DJs over the last year.

  1. John said at 1:38 pm on Tuesday February 1, 2011:

    Yeah I have seen several cheap units in this building and am starting to wonder what the catch is. The coop fee seems reasonable.  It’s walkable to Comet/The Avalon/Politics and Prose.  I’m guessing they have a rule that everyone must be an owner occupant?  That would certainly narrow the pool of buyers.

  1. Nikki Smith said at 6:43 pm on Tuesday February 1, 2011:

    Co-ops are tricky, though, since they are not FHA approved. Many first-time buyers do not have 20 percent to put down, and unless the buyer is well qualified he/she probably won’t be able to swing a deal putting down just 10 or 15 percent, which is possible in some cases.

    Another down side of co-ops for first-time buyers is they do not qualify for the DC Tax Abatement program since taxes are calculated for the entire building as opposed to the individual unit.

    That being said, co-ops generally offer more amenities and listing prices are usually lower. Fees include the unit’s portion of property taxes as well.

    I just bought my first place, a unit in a SW co-op, and had to jump through so many hoops before the deal closed in terms of financing and also board approval. Quite honestly, mine was an awful first-time homebuyer experience.

  1. Nate Guggenheim said at 5:39 pm on Friday February 4, 2011:

    This is a great building (I am biased though, since I am the listing agent).  Coops are not eligible for the DC tax abatment, but in this case, it is essentially even better.  So few people fit within the income restrictions to get the abatement, but the taxes on this unit are so low that it is essentially as if you are recieving the abatement, regardless of your income. With good credit, a 10% down loan is a fairly easy possibility.  This is a 100% owner occupied building which ensures that it is well run and taken care of in a way that is truly beneficial to its occupants.  As a real estate agent that deals with a lot of first time buyers, I can tell you that the lending process is difficult these days and the experience of buying, though worth it given present rates and prices, is somewhat painful these days whether you are buying a condo, coop or house.

  1. Nikki Smith said at 2:39 pm on Friday February 11, 2011:

    From a homebuyer with top-tier credit perspective, it is hard to get 10 percent down financing right now. Granted, I don’t make six figures. But I like to think I’m an average first time homebuyer. I did manage to qualify for 15 percent down on the co-op I bought into (with no underlying mortgage!), but I went through three lenders to make it happen.

    It’s my understanding the most co-ops in DC are near 100% owner occupied so they may qualify for Homestead Deduction, which caps property taxes.

    That being said, co-ops do tend to offer more amenities. I know I was sold on the swimming pool and $30/mo parking space. Apparently we even have a wood & metal work shop and an activities committee.

    As for DC Tax Abatement, if you’re single and making less than $54K, you may qualify.

Comments are closed.

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