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Price Cutter: The Under $350,000 Edition

by UrbanTurf Staff

In Price Cutter this week, UrbanTurf highlights recent price reductions at a three-bedroom co-op in Southwest and one of the properties that was featured in What $350,000 Buys You.


Southwest Three-Bedroom Designed By Renowned Architect

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A month ago, we wrote about this 1,400 square-foot three-bedroom co-op in Southwest, noting that the River Park development where it is located was designed by American architect Charles Goodman, who also designed the original National Airport. The noteworthy features of the listing, which was recently discounted by $20,000, are the floor-to-ceiling windows, the floating staircase and a small brick patio off the main living area. Many prospective buyers will likely balk at the monthly fees, but the listing price is appropriately discounted and the fees include taxes, utilities (minus electricity) and maintenance of the community’s pool and grounds.

  • Full Listing: 377 O Street SW (map)
  • Original Price: $349,000
  • Current Price: $329,000
  • Bedrooms: Three
  • Bathrooms: 1.5
  • Square Footage: 1,400

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What $350K $325K Buys You

In our What $350K Buys You column recently, we featured this four-bedroom Petworth row house with a note that “real estate prices in the DC area truly depend on location.” The property has a master bedroom with an attached sitting room, a finished basement, and a rear deck and parking in back. It appears that $350,000 was still a touch high for this home, and the listing price was recently reduced by $14,500.

  • Full Listing: 838 Jefferson Street NW (map)
  • Original Price: $349,500
  • Current Price: $325,000
  • Bedrooms: Four
  • Bathrooms: Two
  • Year Built: 1922

See other articles related to: southwest, price reductions, price cutter, petworth, dclofts

This article originally published at https://dc.urbanturf.com/articles/blog/price_cutter_the_under_350000_edition/3267

2 Comments

  1. marc said at 3:57 pm on Tuesday April 5, 2011:

    The Co-op fee being high was mentioned in the lead-in, but I could not find it on the linked listing.  A little more digging on the Century 21 site reveals it is $894 a month!  These might be reasonable since “the listing price is appropriately discounted and the fees include taxes, utilities (minus electricity) and maintenance of the community’s pool and grounds,” but I feel this is cheating a little bit when the article is for homes under $350K. 

    Granted this is a slippery slope as any condo and many homes will have a condo/hoa fee, but when the fee is more than 50% of the mortgage (and that is with only 5% down and a 5.5% rate) the home can not really be considered to be at the asking price.

  1. Susan Isaacs said at 10:43 am on Wednesday April 6, 2011:

    This is a co-op, not a condo. There are some pretty big differences between the two, including additional tax benes for co-op owners (depending on your tax position). This sales price is a pittance for a Charles Goodman designed space! Condo fees in the area (Carollsburg, etc.) are in the 500’s and 600’s and though they include some or all utilities, they don’t include taxes. Parking spaces sell for 35-45K while River Park offers parking at $30.00 per month. Comparatively, this is a great deal. Financing for co-ops is available in DC and is not very different from condo financing. If you’ve ever been in an MCM space, especially one designed by CG, you know how great the space is. Check it out!

Comments are closed.

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