Good Deal or Not? “14ft Cathedral ceilings” edition

2633 15th Street Northwest

This unit is located at 2633 15th Street, Northwest:


The listing says:

“Beautiful 3 level living at Meridian Hill Park. 2 bedrooms and den two baths. Hardwood floors on top two levels. Main level w/two bedrooms and one full bath. Grand Top level with living, dining, and kitchen has 14ft Cathedral ceilings. Lower level with third bedroom/family room and 2nd full bath. Original Details through Private Brick patio, room for grill, table, etc. Includes assigned parking”

You can see a virtual tour here.

This 3 bed/2 bath is going for 599,900 ($1,425 monthly fee.)

20 Comment

  • Am I reading that $1425 monthly fee right??

    • It’s a co-op so makes sense and explains the lower-than-expected asking price for the area.

      • nothing about that place warrants a 599 price with a $1425 monthly fee – coop or not. The monthly payment would be ridiculous for a place of that quality

        • Actually, this would probably end up being about $3500-$3700 a month with 20% down. Even without a ton of generic “luxury” updates, that ends up being a pretty low price for 1200+ sq feet in 20009, likely because the market is artificially smaller because people generally don’t understand the differences with co-op financing and are scared off by the limitations of explaining that within the real estate listing system.

          Alternatively, you can spend that same monthly amount for a luxurious “micro-unit” on 14th and S.

  • ^+1 …. That can’t be right…if it really is $1425 a month, this is a TERRIBLE deal…

  • Gosh, I don’t like to be mean, but… it’s just really, really ugly. The kitchen and baths and even (especially) the walls need to be replaced. Combined with that insane condo fee (acceptable only when there’s a pool AND a gym to maintain), and the chance of stabbyness around that area, I would be surprised if it goes for asking. But then, I’m surprised a lot by DC real estate.
    Also, is someone actually taking a shower in that one bathroom photo? Or is the flash of flesh just the reflection of a scantily-clad photographer?

    • True, there is what looks like weird paneling in one of the bedrooms…but the kitchen (at least in the photos; I didn’t look at the virtual tour) doesn’t seem to be *that* bad. I was expecting something hideous. Sure, it’s not all sleek and chic with granite countertops, but not everyone cares for that. I can’t really tell the quality of the cabinets from the photo, but in my opinion, I might switch out the door handles, but the white color isn’t so bad.

  • justinbc

    I admittedly have no idea how co-ops work. So, assuming that $1,400 monthly fee isn’t there this seems like a great deal for the size and property and parking. When you factor that fee in, who knows. Maybe the low asking price offsets it mostly?

  • Not sure if $1425 condo fee makes it a good deal, but beautiful space and I think it’s reasonable for the area.

  • I’m sorry, is the $35K tax actually correct? Admittedly I don’t know how a coop works, but that tax bill seems like it must be a mistake.

    • In a co-op, the taxes come out of the monthly maintenance fee (which in this case is $1,425/month). The $35K tax bill is for the entire cooperative.

  • houseintherear

    Well, since this is a co-op, it’s good to think of the fee as a part of the buying price. So this would be more like paying $750-800k for the place. But, the fee likely covers an underlying mortgage for the building, of which any interest could be written off on taxes. The fee probably covers the whole building tax bill as well, and some building maintenance. So it seems like a decent deal to me. It just depends on what buyer wants to live in a co-op, which has its positives and negatives.

    • And would therefore be way overpriced for that neighborhood.

    • You actually have it backwards. If the co-op has a $600k price tag and liability for the underlying co-op mortgage of, say, $60k, then the price is actually $540k with a $1425/month fee that includes taxes and probably water, if not other utilities. Probably around $3500/month all in with 20% down.

  • Looks like Jesse Pinkman’s living room.

  • here is a history of the property which is listed in James m. goode’s Best Addresses

  • I love that building but the co-op fees are super high due to massive amounts of repairs that happened in the last 10 years.

  • Based on my calculations you’re looking at a worst case monthly payment PITI of around $5,000 with 20% down and then your monthly carrying costs/utilities on top of it. A little bit of a stretch in Columbia Heights even with the market conditions we have right now.

    Co-op’s can be a great type of ownership of property as long as you don’t have a massive underlying mortgage. They can also be just as restrictive or relaxed in their rules as any condominium building, just depends on the docs. For any buyers out there make sure you use your review period wisely.

    • How exactly did you come up with those numbers? Looks like utilities are part of the coop fee and so are taxes.

      On the actual place, I’d rate it an ok deal. Really unique and cool looking, but I don’t love that location.

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