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: 1444 W St NW #108
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: Old City #2
Bedrooms: 3 Baths: 1 Basement: No Parking: Off Street
Square Footage per listing: 800
Type of Ownership: Cooperative
List Price at Contract: $194,849.
List Date: 05/14/2013
Days on Market: 8
Settled Sales Price: $194,849.
Seller Subsidy: $0
Settlement Date: 05/31/2013
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.
This transaction represents the sale of a unit in a cooperatively owned building which has affordable housing restrictions. For those who are not versed in co-ops, basically it feels a lot like owning a condo unit, except that the entire building is owned collectively by all of the owners (often with one big underlying mortgage on the whole building) and allows the co-op member proprietary use of a residential unit, whereas a condo unit owner owns and finances just the unit he/she occupies.
Cooperatives are actually quite common in DC. One of DC’s landmarks, The Watergate, includes residential buildings that are cooperatively owned. Since the beginning of 2013, there have been 243 co-op transfers. These sales ranged from a $48,000. transaction to the $2,330,000. transfer of a 4000 square foot 4 bedroom, 3.5 bath unit at 2339 Massachusetts Avenue NW.
Continues after the jump.
Co-op numbers are generally confusing because some buildings have underlying mortgages and some don’t. Most include the real estate taxes in the monthly fee. For example, for the subject property, the purchase price was $194,849, but only $95,000. was financed by the buyer and the buyer’s mortgage does not include real estate taxes. The monthly fee of $1550. would include a portion of the underlying mortgage, as well as the real estate taxes, some of the utilities, and the maintenance. There is onsite management and maintenance staff.
Income restrictions apply, so a single purchaser could not make more than $46,750., while a couple could not make more than $53,400. According to the management company, there are no restrictions on selling (some affordable housing options require owners to maintain residence for a period of time, or limit the amount of equity the owner keeps), however, pricing at re-sale will be limited by the parameters of the income restriction so that a qualifying buyer can afford the unit.
The listing agent was Al Rice of Stages Premier. Rodney Bennett of Fairfax Realty represented the buyer.