Despite being one of the city's more popular (and high-priced) corridors, the 14th Street area hosts several cooperative buildings offering limited-equity units that have very low prices, but also several restrictions attached. One of those units just hit the market.
The two-bedroom unit at 1425 T Street NW has an updated kitchen, south and west exposures, and views of the Washington Monument. The building also has a patio, community room, and bike room, and small pets are allowed (except for cats or dogs). The most intriguing aspects of the co-op, however, are its price and affordability restrictions.
There are maximum income restrictions for any purchaser: $71,330 for a single-person household and on up to $145,550 for a four-person household. The affordability restriction continues through the life of the unit, so the listing price can only appreciate 3% annually. The unit also cannot be rented out.
Although the monthly fee is hefty, it covers the underlying mortgage of $37,453, as well as water/sewer, some repairs, and property taxes. The buyer must cover the remaining $49,560 in the price of the unit, but it is unlikely that a traditional mortgage can be used to cover this amount.
"Currently we know of no mortgage lenders who are underwriting in this building," the listing explains. This means that any prospective purchaser will likely have to either acquire a private loan of some type or pay this amount in cash.
Buyers will also have to complete a co-op application. Bids can only be made in the full asking amount, and the seller will select a purchaser based on the application materials submitted.
- Full Listing: 1425 T Street NW, #502 (map)
- Price: $49,560
- Bedrooms: Two
- Bathrooms: One
- Square Feet: 643
- HOA Fees: $1,190/month
- Listing Agent: Dana Scanlon, Keller Williams Capital Properties
This article originally published at http://dc.urbanturf.com/articles/blog/this-weeks-find-an-affordable-co-op-off-14th-street/16392
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