GDoN “Gorgeous Common Gardens” edition

1832 Biltmore St NW #6

This unit is located at 1832 Biltmore Street, NW. The MRIS listing says:

“Classic Style Meets Modern Must Haves* True 2 BR* Gracious Floor Plan* Soaring Ceilings* Wood Floors* Beautiful Moldings & French Doors* Updated Chef’s KIT* Waterworks Bathroom* Central AC * In Unit W/D* Gorgeous Common Gardens* Extra Storage* Low Fee Incl Property Taxes & Heat! No Underlying Mortgage! Top Location! * METRO* Tons of Dining, Nightlife, Shopping* Open Sun 3/12 1-4pm”

gdon

You can see more photos here.

This 1,000 square food 2 bed/1 bath is going for $524,900 ($681 monthly fee.)

3 Comment

  • Let me pre-empt the most obvious comment. It’s a co-op, so that’s why the fee is high and you have to compare it to a typical condo fee + taxes and heat. probably ok for a 2/1.

    Small second bedroom which is par for the course in DC. Nice street but close to a lot. No parking but that’s normal for the area.

    No underlying mortgage–should see if they’ve had one recently and whether they’ve funded improvements with assessments (co-ops sometimes do this although esp. with low interest rates an underlying mortgage is more common). A new underlying mortgage could raise the fee.A smart buyer would allow for the possibility of an increase of probably $100/mo or more.

  • I’m sorta carbo loading for a race tomorrow and your “1,000 square food” type (or not) brought me a smile. Yes, I will have some more snacks!

  • The coop fee does seem low for a coop with common heat – so it is wise to see if the building has significant reserve funds, or if it funds improvement with assessments. Though it is hard to tell what “no underlying mortgage” means in DC, as it could mean that the building does indeed have no underlying mortgage, or it could mean that the underlying mortgage portion allocated to this unit has been paid, a practice that is seen in DC but may be unique to DC, as it is never seen in that other city with a lot of coops, NYC. Some coops do prefer to have current owners fund improvements with assessments rather than hold funds in reserve – it all depends on the preference of the owners and/or board of the building.
    .
    I recently became aware that assessments made specifically for capital gains may be added to the basis of your coop or condo when you sell – which can be handy in reducing your capital gains tax if your gain on sale is over $250,000 – which I now realize is another reason some owners prefer to have assessments rather than a higher monthly fee to build reserves.