Deal of the Week: Price Reduction Makes For Bargain on the Hill

• August 21st 2012

by UrbanTurf Staff

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Sometimes all it takes is a price reduction to put a home on the market in bargain territory. Such is the case with this installment of Deal of the Week.

The two-bedroom condo spreads out over 1,800 square feet in a row house on Constitution Avenue that was completely gutted and renovated several years ago. The ceilings in the home range from 9 to 15 feet in height and, combined with the property’s many windows and skylights, give the listing a very lofty feel. Both bedrooms are fairly spacious and the home comes with a large rec room that could essentially be used as another living space. There is also parking for two cars.

After being on and off the market for about five months, the price on the home was recently reduced by $20,000, putting the price per square foot at an attractive $293. However, as with everything these days that looks enticing, there is a hurdle to owning this condo: it is a short sale, and as UrbanTurf readers know the short sale buying process can be long and cumbersome. Still, considering the space offered and the location a block north of Lincoln Park, we imagine that the reduction will attract a buyer fairly quickly.

More details and photos below.

• Address: 1318 Constitution Avenue NE (map)
• Price: $528,775
• Bedrooms: Two
• Bathrooms: 1.5
• Square Footage: 1,802
• Listing Agent: James Fox, Long & Foster

Here are some monthly payment calculations based on a 20 percent down payment and a 30-year fixed rate mortgage at 3.9 percent.

• Loan Amount: $423,020
• Principal and Interest: $1,995
• Property Taxes: $466/month
• Total Monthly Payments: $2,461

This article originally published at https://dc.urbanturf.com/articles/blog/deal_of_the_week_price_reduction_makes_for_bargain_on_the_hill/5936.