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: 312 N St SW
Legal Subdivision: RLA (SW)
Advertised Subdivision per Listing: Southwest Waterfront
Bedrooms: 2 Baths: 1 Parking: On-site Prk/Rent Ownership: Coop Basement: Partially Finished
Monthly Co-op fee including real estate taxes: $757.00
Original List Price: $399,000.
List Price at Contract: $399,000.
Days on Market: 4
Settled Sales Price: $411,000.
Seller Subsidy: $0.
Settlement Date: 12/6/2013
Bank Owned? No Short Sale? No
This home is located in the River Park complex in SW DC, not far from Nats Stadium and the waterfront, which has immense planned redevelopment. River Park is significant because it was designed by renowned Mid Century Modern architect Charles M. Goodman.
As was noted in the original Good Deal or Not (GDoN) comments, River Park is a cooperatively owned community. It includes high rise elevator buildings, as well as these unique townhomes. For those who are not versed in co-ops, basically it feels a lot like owning a condo unit, except that the entire building or complex 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.
The fees often stand out to buyers who are unfamiliar with the way the numbers break down. In many cases, although the monthly fee paid to the cooperative may be high in relation to a condo fee, it will often include part of the mortgage, as well as the real estate taxes. If there is an underlying mortgage on the property, for example, the amount borrowed directly by the purchaser will often be lowered. It is important when comparing co-ops and condos to have the fees and monthly costs laid out so you can compare side by side.
Most co-ops have a list of lenders familiar with their particular structure. There are a handful of lenders in DC that specialize in loans on co-ops.
The listing agent was Steven Dean of RE/MAX Allegiance. The purchaser was represented by Andy Peers with Lindsay Reishman Real Estate, Inc.