1425 T Street NW, #602
The median price for a two-bedroom unit in Logan Circle is in the $600,000 to $700,000 range, so when one is listed for under $100,000 it draws some attention.
Unit 602 at 1425 T Street NW (map) was listed a few weeks ago for a mere $93,283. The two-bedroom is part of the 1425 T Street Cooperative, a 30-unit building that for the last twenty years has been owned by its residents as a limited-equity cooperative.
The reason that the unit is so affordable has to do with the fact that it is a limited-equity cooperative. Long-term affordability restrictions were put in place for the building a few years ago, which means that the maximum income for a potential buyer is 120 percent of the area median income. But there is also a 3 percent fixed annual appreciation rate for all units. So, while prices for homes in the neighborhood have skyrocketed over the last five years, those at 1425 T Street have not.
Unsurprisingly, there has been a huge response to the listing and the cooperative is currently evaluating the applications already submitted.
This article originally published at http://dc.urbanturf.com/articles/blog/why_this_logan_circle_two-bedroom_costs_93000/10830
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