loading...

Tuesday’s Deal of the Week

by Mark Wellborn

image

This week’s Deal of the Week is a one-bedroom, one-bath co-op at 1657 31st Street NW (see map here) in Georgetown. The bright second floor unit is in need of some updating, but it has a spacious living room with a gas fireplace and a large bedroom that just needs some small renovations. The unit is just around the corner from Dumbarton Oaks, and there is a private garden attached to the co-op development. The monthly fees include most utilities and property taxes. The unit was originally listed for $360,000, had its price reduced to $324,000 and we think that an offer of $310,000 would be accepted.

  • Price: $324,000
  • Beds: One
  • Baths: One
  • Co-op Fees: $470/month
  • For the full listing, click here.

Here are some monthly payment calculations based on a 15 percent down payment and a 30-year fixed rate mortgage at 4.82%.

  • Loan Amount: $275,400
  • Principal and Interest: $1,448
  • Taxes and Fees: $470
  • Est. Mortgage Insurance: $70
  • Total Monthly Payments: $1,988

image
Living Room
image
Kitchen
image
Community Garden

See other articles related to: deal of the week, dclofts

This article originally published at https://dc.urbanturf.com/articles/blog/tuesdays_deal_of_the_week10/923

4 Comments

  1. Georgetowner said at 10:42 am on Tuesday May 19, 2009:

    This property has been on the market for almost a year.  Here is the pricing history:
    6/13/2008 $360K at this price for 81 days
    9/2/2008 $348K for 161 days
    2/10/2009 $329K for 97 days

    Now, as a buyer, $5K is NOT that much money.  If $324K is a good price, this would have been snapped up many months ago even while the list price was $329K.

    It hasn’t been snapped up because it is NOT a good price.  Especially for a co-op.  This co-op is tiny, the building is old, A/C is through window units (ewww), and there is no washer or dryer in the unit.

    For $5K more, you might as well buy this place: http://www.redfin.com/DC/Washington/2516-Q-St-NW-20007/unit-Q102/home/12299358

    ... which seems to be similarly sized but is brand new, has CAC, washer/dryer, etc.  And most importantly, you can rent it to anyone as you damn please whenever you want.

    I pay $1300/month for my 3rd floor 1 bedroom in Georgetown.  My place is pretty decent.  The building is old, but I have beautiful hardwood floors, tall ceilings, big windows with a nice view, etc… My apartment similarly doesn’t have a washer/dryer and CAC. 

    I wouldn’t even look at this place unless it was priced at around $250K.  If it were a condo, maybe I would consider it if it were priced at around $275K… but hey that’s me. 

    If you guys want to spend $324K on this place, then more power to you.

  1. maria said at 10:54 am on Tuesday May 19, 2009:

    Georgetowner, getting a place in Gtown for under $300,000 is a pipe dream. While $324,000 might be a tad high, the location alone justifies $310,000 as a deal like the article says. Granted some work needs to be done, but there is a good deal of investment potential for this coop.

  1. Georgetowner said at 12:06 pm on Tuesday May 19, 2009:

    yes I realize $250K hasn’t been seen in Gtown in awhile… But we’re talking about a “good deal” right?

    And currently there are similar quality condos right now in Glover Park and Palisades/Foxhall for $200-$260k.  And a bunch of them have been listed for quite some time.  And they are condos, not co-ops.

    We’ll see what happens.

  1. maria said at 12:23 pm on Tuesday May 19, 2009:

    Right, a good deal in Georgetown. Location obviously played a part in why they chose this as a deal. If it was in Glover Park or Palisades it would not be a deal at this price, but also those are considered not as desirable neighborhoods to live in as Gtown.

Comments are closed.

DC Real Estate Guides

Short guides to navigating the DC-area real estate market

We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!

Northern Virginia

Profiles of 14 neighborhoods across Northern Virginia

Ballston
Looking to Give People A Reason to Stay Past 6pm
Clarendon
Happily Straddling the Line Between City and Suburb
Columbia Pike
Arlington’s Neglected Stepchild is Getting a Makeover
Crystal City
Turning Lemons into Lemonade
Lyon Village
Developing An Air of Exclusivity?
Rosslyn
Hitting Its Growth Spurt
Shirlington
An Urban Village Hitting Its Stride
Del Ray
Virginia’s Small Town Near the Big City
Eisenhower Avenue
The Vibrancy Might Take a Few Years
Huntington
The Quiet Neighborhood By the Beltway
Old Town
Mayberry By The Potomac
Parkfairfax
132 Commerical-Free Acres
Downtown Falls Church
Staying the Same in the Midst of Change
Tysons Corner
Radical Change Could Be On The Way

See more Northern Virginia »

Maryland

Profiles of 14 neighborhoods in suburban Maryland

Annapolis
Small-Town Living in the State Capital
Bethesda
Bedroom Community Gets Buzzing Cache
Cabin John
In With The New While Maintaining the Old
Chevy Chase
Affluence, Green Lawns and Pricey Homes
Downtown Silver Spring
Experiencing a Resurgence After a Bumpy History
Potomac
A Suburb on Steroids
Rockville Town Square
Despite the Dynamism, Still Somewhat Generic
Takoma Park
More Than a Little Bit Quirky
Wheaton
A Foodie Magnet on the Verge of Change
Capitol Heights
Kudzu, Front Porches and Crime
Hyattsville
Glass Half Full or Half Empty?
Mount Rainier
Artists, Affordable Homes and A Silo Full of Corn
National Harbor
A Development Rises Next to the Potomac
Riverdale Park
A Town Looking For Its Identity

See more Maryland »

Northwest DC

30+ neighborhood profiles for the city's biggest quadrant

16th Street Heights
DC's Sleeper Neighborhood
Bloomingdale
Where (Almost) Everyone Knows Your Name
AU Park
One of DC’s Last Frontiers Before the Suburbs
Brightwood
DC’s Northern Neighborhood on the Cusp
Burleith
DC’s 535 House Neighborhood
Cathedral Heights
Do You Know Where That Is?
Chevy Chase DC
Not to Be Confused With the Other Chevy Chase
Cleveland Park
Coming Back After A Rough Year
Columbia Heights
DC’s Most Diverse Neighborhood, But For How Long?
Crestwood
An Island of Serenity East of the Park
Dupont Circle
The Best of DC (For a Price)
Foggy Bottom & West End
Where the Institutional Meets the International
Forest Hills
Ambassadors and Adventurous Architecture
Foxhall Village
350 Homes Just West of Georgetown
Friendship Heights
A Shopping Mecca With a Few Places to Live
Georgetown
History, Hoyas and H&M
Glover Park
One of DC’s Preppier and More Family-Friendly Neighborhoods
Kalorama
A Posh View From Embassy Row
LeDroit Park
A Quiet Enclave in the Middle of the City
Logan Circle
Trendy Now, But Not By Accident
Mount Pleasant
Sought-After Homes Surround Main Street in Transition
Mount Vernon Triangle
From Seedy to Sought-After
Palisades
The Long, Skinny Neighborhood at the City’s Northwest Edge
Park View
It’s Not Petworth
Penn Quarter/Chinatown
DC’s Go-Go-Go Neighborhood
Petworth
Getting a Vibrancy of Its Own
Shaw
The Duke’s Former Stomping Ground
Shepherd Park
DC’s Garden of Diversity
Spring Valley
A Suburb With a DC Zip Code
Takoma
Not To Be Confused With Takoma Park
Tenleytown
Not Quite Like Its Neighbors
U Street Corridor
The Difference a Decade Makes
Woodley Park
Deceptively Residential
Adams Morgan
No Longer DC’s Hippest Neighborhood, But Still Loved by Residents

See more Northwest DC »

Southwest DC

The little quadrant that could

Southwest Waterfront
A Neighborhood Where A Change Is Gonna Come

See more Southwest DC »

Northeast DC

Profiles of 10 neighborhoods in NE

Brookland
New Development Could Shake Up Pastoral Peace
Deanwood
A Little Bit of Country Just Inside the District’s Borders
Eckington
Not to Be Confused With Bloomingdale
Fort Totten
Five Years Could Make a Big Difference
H Street
A Place To Party, and To Settle Down
Langdon
The Northeast Neighborhood That Few Know About
Michigan Park
A Newsletter-On-Your-Doorstep Community
NoMa
Evolving from a Brand to a Neighborhood
Rosedale
Ripe for Investment Right About Now
Trinidad
The Difference 5 Years Makes
Woodridge
Big Houses, A Dusty Commercial Strip and Potential

See more Northeast DC »

Southeast DC

6 neighborhoods from Capitol Hill to East of the River

Capitol Riverfront
Still Growing
Hill East
Capitol Hill’s Lesser Known Neighbor
Congress Heights
Gradually Rising
Hillcrest
Notable for Its Neighborliness
Historic Anacostia
Future Promise Breeds Cautious Optimism
Eastern Market
A More European Way of Living

See more Southeast DC »

Upcoming Seminars ▾