My new front door.
In case you hadn’t noticed, we do a fair amount of recommending for-sale homes here at UrbanTurf. So, who would we be if one of us at the office didn’t put our money where our mouth is, and actually buy one of the properties we’ve recommended?
On August 2nd, I closed on my first home purchase. It is a two-bedroom, two-bath condo in Logan Circle that may look familiar to readers because we featured it as a Deal of the Week about a month or so ago.
The living area from the stairs.
Given that the process is fairly fresh in my mind, I thought this would be a good opportunity to chronicle my buying experience, and answer questions that readers might have about the process. This will be a two-part series: this post will cover the specifics of the unit like layout, location and price; the second post will discuss the buying process, from finding the unit to closing.
There were three main reasons behind my decision to buy.
The first was the need for more space. I have been living with my girlfriend in a 500 square-foot one-bedroom apartment in Dupont Circle for the past year and a half, and it was getting cramped. The new place is 1,100 square feet, plenty of room so she doesn’t have to be in the room when ESPN is on and I can leave when Oprah shows up.
The second was the price. I have looked at hundreds (maybe thousands) of real estate listings in the DC area over the last year, and the stars all seemed to align with this unit in terms of price, space and location. More on that below.
Lastly, interest rates. Granted, they have been dropping for weeks now and may continue to do so, but a sub-4.7 percent long-term rate was just too good to pass up.
Here is a quick snapshot of the unit:
Specs: The condo is on the top floor of a four-unit converted row house in Logan Circle. The main selling point was the living room that is quite large and has high ceilings, hardwood floors, two large windows and a wood-burning fireplace. The living room is definitely what sold me, as the bedrooms are not the largest you’ll find in the neighborhood. The total interior square footage is just north of 1,100. Both the kitchen and bathrooms are in good shape, but will need to be renovated at some point in the coming years. The condo came with a parking space in the back of the house.
Living area from different perspective.
Location: The unit is on R Street between 13th and 14th, three blocks north of Whole Foods and three blocks south of the U Street Metro on the Green/Yellow Line.
Price: The list price for the unit was $549,900, or about $496 a square foot. I will go into greater detail about the price negotiations in the next post, but the final price was $541,500. Condo fees are about $200 a month.
In an effort to keep aspects of the transaction private, there are certain topics that will be off limits, e.g. who my agent was, who the seller was, and maybe a few other things that don’t immediately come to mind. Otherwise, fire away with questions in the comment section, and I will respond. Here are more photos of the unit:
The living area windows
One of the bedrooms
This article originally published at http://dc.urbanturf.com/articles/blog/urbanturf_puts_money_where_mouth_is/2347
Most Popular... This Week • Last 30 Days • Ever
The priciest condo to ever sell in DC just closed last week, nearly a month after the... read »
The former Washington Nationals pitcher got his number in McLean.... read »
It would be the second multifamily development in the neighborhood in recent years to... read »
The 19-story residential project will replace the now-closed hotel.... read »
The project could deliver up to 38 apartments and new space for the church.... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
The 16.5-acre property along the banks of the Potomac known as River View sold on Fri... read »
A Tysons development has the area's five tallest buildings on the boards.... read »
Homeowners will be able to expedite the ADU approval process with two options for one... read »
A rezoning may be in the works for the AutoZone site.... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
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!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro