Multiple Bids: Price Falling on Florida Avenue

• July 9th 2013

by Shilpi Paul

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In Multiple Bids, UrbanTurf showcases homes that we think will attract the attention of several buyers. This week, we look at a three-bedroom rowhouse located in the area between Adams Morgan, the U Street Corridor and Dupont Circle.

Besides the desirable location, this property caught our eyes because of the precipitously falling asking price. Since it hit the market in early May, the price has dropped from an original $815,000 to its currently list price of $675,000. Generally, a price drop like this would indicate a motivated seller.

The home is on a relatively quiet portion of Florida Avenue, and has a some interesting stonework on the facade. The footprint is a little small, and the resulting layout, with two rooms on each floor, might not appeal to everyone. However, the home is in good condition with many updates, and the master bathroom has an extra-large tub for two.

The seller will be considering contracts late Tuesday. More photos and details below.

• Address: 1702 Florida Avenue NW (map)
• Price: $675,000
• Bedrooms: Three
• Bathrooms: Two
• Year Built: 1904
• Price Per Square Foot: $408
• Listing Agent: John Edelmann, Coldwell Banker Residential Brokerage

Here are some monthly payment calculations based on a 20 percent down payment and a 30-year fixed rate mortgage at 4.3 percent.

• Loan Amount: $540,000
• Principal and Interest: $2,672
• Property Taxes: $529
• Total Monthly Payments: $3,201

This article originally published at https://dc.urbanturf.com/articles/blog/multiple_bids_price_falling_on_the_u_street_corridor/7293.