GDoN? “3 sides of windows and light” edition

1835 Phelps Place Northwest

This unit is located at 1835 Phelps Place, Northwest. The listing says:

“Classic center hall 2 bedroom, 1 bath prewar co-op in Kalorama. Charming, quiet location near Dupont Circle. Exquisite entryway leads to 1,000 square feet of hardwood floors, 3 sides of windows and light. Original details throughout with custom built-in storage. Well-maintained Woodrow co-op has low monthly fee ($632 maintenance, $200 taxes), includes storage unit and shared patio. Pet-friendly.”

1835 Phelps Place Northwest inside

You can see more photos here.

This 2 bed/1 bath is going for $569,000 ($832 monthly fee.)

12 Comment

  • Anonomnom

    Those monthly fees are NOT what I would describe as “low”

    • Agreed. $832 in monthly fees equates to roughly an additional $200,000 purchasing power. If you can afford nearly $800K a month, I don’t see why you’d be buying a 2-bed, 1-bath 1,000 sf co-op.

    • $200mnth in taxes is actually quite a low tax rate for a unit worth $500,000.

      • It’s a co-op–the tax value is determined differently than for a condo. the tax component of the fee is usually a bit lower. there’s probably an underlying mortgage (the mechanism co-ops use to finance capital improvements) which will decline over time but will provide a tax deduction.

        • There’s no underlying mortgage here. Our building in fact has $120k in reserves, which is rather strong for a 15 unit building.

  • high fee, even if it includes electricity, water, etc…plus, it seems like some of the windows overlook a wall. but that is a really nice area.

  • Very nice space and appointments, but a high fee. You can do better and even get a view with a little higher purchase price.

  • Nice looking place, and great location – but a very poorly written ad. In a coop, the taxes paid are part of the maintenance fee, so there are no separately stated taxes. Sure, you can deduct your portion of taxes from your income, but you can also deduct the portion of the maintenance that went to pay interest on a coop building’s mortgage, if any. So, is isn’t clear if this means $200 of the maintenance listed is for taxes, or, as I suspect, they haven’t stated the maintenance fee correctly.

    Why is it that real estate agents in DC can’t understand coops? They aren’t that rare here, or that complicated!!! There’s no need to try to break out the taxes separately – just say maintenance covers taxes, for those who don’t know, and if you want to, give an estimate of what percentage of the maintenance is tax deductible, as they do in NYC, as that is what matters.

    And yes, that IS a low fee. You can’t live in a building of any sort without maintaining it. Well, you can, but it starts to look run down, and necessary maintenance gets deferred.

    • As the owner and author, I appreciate we might have different opinions on what is a well-written ad. I am but a humble PoPville reader and not a real estate agent, but I would challenge you to do a better job describing the place you know and love in less than 200 characters (perhaps you might not even be able to use triple exclamation points).

      To respond to the substantive issues you raise, I think it is pretty clear when you look at the full listing that the $832 is split between $632 maintenance and $200 taxes. I would argue that this is exactly as clear as listing the percentage that is deductible ($200 / $832 = 24%). I am originally from NY and share your sentiment that co-ops are not as strange as they are often made out to be down here.

      Most importantly, there is no underlying mortgage and the building has $125k+ in reserves. Thank you for reading and appreciate any interest this post has generated in our home.

      Happy to answer any other questions folks might have at edgarnett at gmail. We are moving to Brookland and hopefully becoming DC lifers so looking forward to the continuing robust discussion on PoPville. Can’t wait to argue endlessly about where our future children should attend Pre-K.



      • Ed, what you wrote was incredibly clear and was a nice reprieve from your typical RE agent nonsense. Congrats on your new home. See you around. 😉

  • The $832 total fee for that sized apt. could be quite reasonable depending on what it covers. Do you have a front desk person to collect packages and manage the day-to-day M-F? Do you have onsite custodial 7 days a week? An elevator? Are all utilities included? If the answer is yes to all of these, then the fee is competitive. If not, then a tad high. My coop has all of the included PLUS high speed internet access included. My place 150 sq feet less with a $700 total fee which includes taxes. When I compare what my condo friends pay when they add up taxes, condo fees, utilities, internet, I’m WAY ahead for the size.

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