Sold in 5 Days – 1 Bed in “one of the first large residential structures built in the Navy Yard”

1000-New-Jersey-Avenue-Southeast-

Good Deal or Not Revisited (GDoN-R) is a weekly post that reviews the settled sales data of a recent individual real estate transaction in the District of Columbia. Each post is a snapshot of the real estate market at a particular moment in time. GDoN-R generally posts on Friday in the late morning.

GDoN-R has been written exclusively for Popville since 2009 by Suzanne Des Marais. Suzanne is a practicing Realtor with the Bediz Group, LLC at Keller Williams Capital Properties . 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 and/or Smartcharts by Showingtime). Information is deemed reliable but not guaranteed.

gdon

Featured Property: 1000 New Jersey Ave SE #1205
Legal Subdivision: Old City #1
Advertised Subdivision per Listing: Navy Yard
Bedrooms: 1 Baths: 1 Parking: On Site Parking for Rent Ownership: Co-op
Square Footage per listing: 696
Original List Price: $324,900. List Price at Contract: $324,900.
Monthly Fee: $1,303.00 Includes real estate taxes, part of mortgage, gym, indoor pool, hot tub, staffed front desk
List Date: 12/03/2016 Days on Market: 5
Settled Sales Price: $324,900.
Seller Subsidy: $0.
Settled Price per Square Foot: $467.
Settlement Date: 1/27/2017
Transaction type: Standard

Original GDoN post can be seen: here.

The listing can be seen here: here.

Capitol Hill Tower was one of the first large residential structures built in the Navy Yard area. It began delivery in 2006, prior to Nats Park completion (opened in 2008) and the currently existing retail development. Structured as cooperative ownership, the subject unit’s monthly fee includes real estate taxes, and an underlying mortgage.

An underlying mortgage is the financed portion of the entire building, of which a bit is paid by each unit owner. It sounds like that would make cooperative ownership more expensive than condo, however, the monthly mortgage payment can be similar or lower than a comparable condo. Consider that the underlying mortgage is subtracted from the amount financed by the individual and the real estate taxes are not escrowed with the mortgage (but are in the monthly fee to the building instead). In this case, the listing notes that the Buyer would finance approximately $182,000.

For perspective, the 2009-built Velocity condo building, located a block or so away, features a pool and roof deck. Recent sales include a 644 square foot studio unit settled at $365,000. ($566. per square foot) with a $324 per month fee, and a 787 square foot 1 bedroom/1 bath settled at $455,000. ($578. per square foot) with a $395 per month fee. When comparing the monthly cost of owning co-op versus condo, it is helpful to run numbers showing the entire monthly payment picture to compare side by side.

The listing agent for this property was Mary Barzargan with Redfin Corp. Sharon Jordon, with Berkshire Hathaway HomeServices PenFed assisted the Buyer.

18 Comment

  • I visited friends who lived there shortly after it opened. They had a 1BR unit and it seemed tiny and cramped with pretty basic finishes. I couldn’t find too many redeeming qualities in the building or the location at the time, though obviously the amenities in the neighborhood have improved somewhat since then.

    • Uh, the neighborhood has improved massively since then.

      • Massively? I don’t think so. There are more restaurants, parks and housing, sure, but it’s still mostly architecturally-unattractive residential and office buildings with streets that are like a ghost town at night unless the Nationals are in town. Aside from a few exceptions, most of the new bars and restaurants aren’t exactly destinations that will draw people from outside the immediate area.

        • Riverfront and boardwalk?

        • Compared to 10 years ago it has changed massively. It went from a bunch of empty lots to a neighborhood with thousands of residents, workers, restaurants, and retail. When I moved to DC in early 08 there were only a few new apartment buildings that had to offer three months free rent just to get anyone to move there. There was nothing else around. The new buildings are modern, but I don’t think they’re unattractive at all. It’s not like they bulldozed over a bunch of historic structures, and I love what they did with the foundry and that area that’s now Bluejacket. Plus the boardwalk and riverfront is gorgeous and attracts a lot of people not just during baseball season. Maybe the neighborhood hasn’t changed to your liking, but it has changed a lot in the last decade, in my opinion for the better.

        • Perhaps *you* only come to my ‘hood for nats games, but it’s not a ghost town at night.

          • Yeah, I don’t see how it can be a ghost town with a grocery store, Vida, and a decent number of bars and restaurants

  • That monthly fee though.

  • Risky to live in a Co-op, unless that is your thing. Those monthly Co-op fees highlight just that.

    • I can understand not liking the fees, but why is it more risky than a condo. I’d never thought of that (usually when looking condo vs. coop, I look at condo fees + taxes + utilities in a similarly sized condo to compare to the coop fee. Sometimes they’re roughly the same, sometimes way more. But I try to compare what I’m getting for the money.)

  • Looks small, and dated, for that price.

  • Sorry, have been out at an inspection this morning so I wasn’t able to add this to the post info earlier. I had Kari Sansom with BB&T put together approximate payments for each unit (these are approximate and would vary depending on specifics for an individual Purchaser). This is based on a 10% down payment for either unit.

    Total monthly estimated payment including co-op fee for subject unit: $2083.14

    Total monthly estimated payment including condo fee for studio unit at Velocity mentioned in the post: $2261.81

    • Outrageous

    • This still doesn’t explain why the fee on the coop is so high. 1300 included taxes for a studio? If regular maintenance is 400/mnt and taxes are 400/mnt, then 500 mnth is financing the underlying mortgage???

      I like coops, and own one in NY, but this would give me concerns. I have never seen a NY coop with that kind of breakdown–it implies way too much mortgage for the building. For comparison, there is a 675k studio for sale in a coop in a good building in midtown east and the monthly is only 1000.

      • The co-op unit is a one bedroom with a balcony. The closest price-wise in the nearby condo building is a studio.

        This is a recently built building, which is why the underlying mortgage balance remains relatively high. DC has a lot of cooperatively owned units. There are several in nearby SW DC, and many in NW and upper NW.

  • $1300 monthly fee. Was the buyer simply ignorant of this fee? They will be paying waaaaaaaaaaaaaaaaaay more than market value for a pretty unremarkable and bland place. Yeesh that person got fleeced bad.

    • These people are only going to be paying around 2k a month all-in. Tell us how that’s waaaaaay more than market value?

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