Hipchickindc is a licensed real estate broker. She is the President of 10 Square Real Estate. Unless specifically noted, neither she nor the company that she is affiliated with represented any of the parties or were directly involved in the transaction reported below. Unless otherwise noted, the source of information is Metropolitan Regional Information Systems (MRIS), which is the local multiple listing system. Information is deemed reliable but not guaranteed.
Featured Property: 1344 4th St SW
Legal Subdivision: Rla (SW)
Advertised Subdivision per Listing: Waterfront
Bedrooms: 4 Baths: 2 Parking: Onsite Parking/Rent Ownership: Cooperative
Monthly co-op fee: $989.
Original List Price: $539,000.
List Price at Contract: $539,000.
List Date: 02/20/2015
Days on Market: 35
Settled Sales Price: $534,000.
Seller Subsidy: $0.
Settlement Date: 05/14/2015
Transaction type: Standard
Original GDoN post is: here.
The original listing can be seen here: here.
The last time we re-visited a Charles Goodman designed cooperatively owned River Park Mutual Homes barrel roofed townhome was in December 2013. In December 2013, that unit sold for $411,000. Note that it was a smaller home (3 levels instead of 4). You can read more information about River Park and co-op ownership in that link.
River Park Mutual Homes is just one of the cooperatively owned communities in SW DC that have townhomes included, in addition to flats in a multi-unit building. Both Tiber Island and Harbour Square have co-op townhomes, as well. With the SW waterfront development actively under construction, and the Capital Riverfront activity to the east, these homes are in the midst of a rapidly changing environment from a community amenity standpoint.
This is the highest sale price to date for a River Park townhome. The other most recent sale occurred in February 2015 at nearby 1336 4th St SW. 1336 4th St SW, also a 4 bedroom barrel roof style home, was listed for $519,000., and ultimately settled for $531,000.
River Park often draws buyers looking specifically for these unique Mid Century Modern designed properties. Although, as noted in the comments, fees on co-op ownership homes are generally higher than for condo ownership , they can include real estate taxes and (depending on the community) part of the mortgage. A benefit over owning a fee simple townhome is that the exterior maintenance (i.e. the roof) is addressed by the co-op. Even with the fee of nearly $1000. per month, given that they are still priced under $540,000., these units are currently some of the most affordable for sale options for 4 bedroom homes this close to downtown in DC at the moment.
The listing agents for this sale were Steve Dean and Eddie Rangel with Re/MaxAllegiance. Joseph Licastro with Pier Associates Real Estate, Inc. represented the buyer in this transaction.