GDoN Revisited by Hipchickindc – 1344 4th Street, SW

DC8553655 - 1344 4th St SW

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.

13 Comment

  • People either love or hate coops and that is certainly fine. But I think we are slightly overlooking the substantial cost involved with a separate $1,000 monthly fee. At current interest rates, that $1,000 dollars supports another $200K in mortgage, not to mention that these fees increase every year.

    So technically, the person bought a $730K home…

    • not really, since the ~$1000 fee is covering property taxes as well. Assuming Homestead Deduction, that will bump about $365/mo off the cost of the coop fee vs. condo. A condo fee of $624/mo. would be that bad.

    • Someone who lives in this co-op posted before about the fees. Apparently it covers everything – taxes, utilities, common areas, and insurance. Unclear if there’s also an underlying mortgage, but if so the interest portion will be deductible.
      However, most importantly, the fee supposedly covers ALL maintenance to individual units. You got a leaky roof or a burst pipe? You call the on-site maintenance guys. A/C is broken? Call maintenance to fix it. Windows need to be re-sealed? Call maintenance. Issues with loose brickwork? Call maintenance.
      That’s a huge benefit and is probably waaaaay under-priced compared to trying to negotiate prices with contractors to do that type of work.

      • Yes. People who complain about coop and condo monthly fees seem to assume they will never need any repairs or maintenance on their old row houses – not so! Do they think they will never have to repair or replace a roof, rebuild crumbling stairs, fix or replace windows, replace heating systems or AC, fix leaks, etc. Sure, in a house you can choose to do the repairs, or let the place crumble around you (which is a benefit if you are poor, seriously, you can still live in your falling-apart house), but if you do decide to fix things, you have to bear the entire cost (as well as hire and supervise the contractors), whereas in a multifamily coop or condo, you share the cost with the other owners, and unless it is a small, self-managed building, you don’t have to manage getting the repairs done.

        • HaileUnlikely

          Assuming your neighbors are up to date on their coop fees and the association is staying on top of its finances. Not to say that this one is not, but that is most assuredly not a safe assumption across the board. I once nearly bought into a coop with comparable fees which covered “everything,” yet the place had virtually no reserve fund and was spending down its reserve to cover routine operating expenses. In that case, an owner who is in charge of his or her own reserve fund is likely much better off…

          • Oh, I agree, I would definitely check out the finances very well, and have the building inspected, and pay attention to any major repair projects that are planned or need to be done. Some places work on having a suffice reserve fund; other assess as projects are needed. Different groups of people prefer different things. In any event, your personal reserve can be much smaller, as you are still only paying a portion of the costs.

    • So 150k in mortgage considering the tax portion. A $680K 4/2 row house 3 blocks from a metro stop. Plus, wont have to get a home equity loan to redo the roof. I am in.

  • It looks like the coop fees include all utilities as well as a gym and pool and “master insurance policy”. I’m not sure I think it’s worth that amount per month but it would be nice to pay your one thing every month and be done, and never have to worry about trash or snow removal and stuff.
    That said I really like these, the layout is something I’d love.

  • i’ve always thought these were super cool. seems like they’re well placed for future development in that part of the city too.

  • I can confirm that maintenance costs can add up to A LOT. Even if you buy a completely remodeled house.

  • As a co-op owner (actually at River Park), I love the fact that my somewhat high co-op fee covers everything. I can run the AC or heat as much as I want. Trash gets collected, snow gets removed. I don’t have to budget for property taxes, and for insurance I only have to pay for my contents and liability coverage because the walls and fixtures are insured by the master policy. While the community is not without some challenges (mediocre management, capital projects needed, and some petty owner infighting), you can’t beat the location and tremendous value.

    • Hi DC225 – I’ve been interested in the towers and townhomes at River Park. I’m shocked at how good the prices are there, a 1BR for under 200k or 2BR for under 300k is unbelievable for DC, let alone in a building near Metro with so many amenities! I’ve often wondered why people aren’t tripping over each other to buy there, I see some of the 1BR and 2BR units have been on the market for a while but the townhomes sell faster. Even with coop fees and the challenges you mentioned it seems like an incredible value (and even more so with the Wharf development underway!). Is there some catch I don’t know about that turns away prospective buyers? And do you anticipate that prices could shoot up in a few years?

      • DChomehunter – I bought 3 years ago in SW and prices continue to rise. The only ‘catch’ is there isn’t a lot around until the Wharf opens. Prices are expected to nearly double on most homes in 20024 including most of SW. 2017 brings 3 hotels, 27 restaurants, movie theatre, music concert hall and now a new DC United stadium. GO FOR IT!!

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