Hipchickindc is a licensed real estate broker. She is the founder of 10 Square Team and is affiliated with Keller Williams Capital Properties. 10 Square Team is a popville.com advertiser. 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: 1842 California St NW #8B
Legal Subdivision: Kalorama
Advertised Subdivision per Listing: Kalorama
Bedrooms: 1 Baths: 1
Condo fee: $171/month
Living Area Square Footage per Tax Record: 398
Original List Price for most recent listing: $299,000.
List Price at Contract: $299,000.
List Date: 3/2/2013
Days on Market: 46
Settled Sales Price: $290,000.
Seller Subsidy: $0
Settled Price per Square Foot: $729.
Settlement Date: 05/13/2013
Bank Owned?: No Short Sale? No
Original GDoN post is: here.
The listing can be seen: here. To see pics, open the link above and click on the camera icon to scroll through pics.
There are records of property listings for this condo building that go back as far as 1995 (the current multiple listing service has only been in existence since the mid-1990’s). Back in the day, nearly two decades ago, units in this building were pricing around $150. per square foot, which would put a unit this size at close to $60,000. Interest rates at that time were averaging around 7.85% for a 30year fixed, so a monthly PITI (principal, interest taxes, and insurance) payment (with 20% down) would have been around $276. (or, adjusted for inflation, about $421.00 in 2013 dollars)
At the current pricing, with 20% down and an interest rate more than 4 percentage points lower (Zillow’s mortgage calculator is currently quoting 3.48%), the monthly PITI would run approximately $1269. The listing reports that this unit has a monthly condo fee of $171.
At the pivotal height of the real estate bubble in 2005, this particular unit sold for $295,000. Interest rates at that time were averaging around 5.75%. At that rate, with 20% down, the monthly PITI would look more like $1632.
These numbers are approximate and are from online mortgage calculators. Taxes have been adjusted for the current DC property tax rate. Interest rates are subject to fluctuation and relate to the borrower’s overall credit picture. Different loan products (such as a lower down payment) may require additional costs, such as mortgage insurance. A good place to start if you’re thinking about buying is to have a conversation with a mortgage professional about options.
The listing agents were Edward Poutier and Stewart Coleman of Coldwell Banker Residential Brokerage. Fleur Howgill of TTR Sotheby’s International Realty represented the buyer.