GDoN Revisited by Hipchickindc – 312 N Street, SW

by Prince Of Petworth December 13, 2013 at 11:00 am 14 Comments


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

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 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.

  • domrep

    $400K for property that at the end of the day, you don’t really own. Crazy…

    • Anonymous

      You really have no idea what you’re talking about, or are all those people spending millions of dollars on co-op’s in NYC crazy too? Same principle in DC even if it’s only $400k. It’s still an asset.

      • hipchickindc

        You still own it. The form of ownership is different. Similarly, condo ownership is different than fee simple (owning the ground underneath) ownership.

      • domrep

        We’re not in New York, and as far as I know there aren’t million dollar co-ops in DC, but please prove me wrong, I don’t care either way.

        Just to clarify, I don’t think the person who bought this is crazy, just the whole idea of a co-op in SW being worth that much is crazy. I live a couple of blocks from this place, the building looks straight out of 1959. But hey, I own as well, so this is good news for me I guess? Maybe they’re banking on the whole development being a big boon to the housing market here.

        • textdoc

          “as far as I know there aren’t million dollar co-ops in DC”
          The Watergate is a co-op, and I’d imagine there must be some million-dollar units there.

        • hipchickindc
          • domrep


        • Anonymous

          It’s reasonable to think that spending $400k for a 2/1 in SW is crazy; that’s opinion. But it’s not reasonable to think that you are “not really owning” that 2/1, because, well you are, albeit through a different legal structure. So long as you can sell our asset on the open market, and all relevant legal authorities recognize your right to do so, well, then, you *do* actually own it.

    • Anonymous

      Right – this is how coops work. Some decide that it’s for them, while most decide against it. I don’t think it’s crazy for people to have differing priorities from my own.

  • Anonymous

    These urban renewal-era condos and co-ops in the SW Waterfront neighborhood generally remained great bargains, throughout DC’s real estate bubble over the last decade or so. Apparently, those days are over.

    • domrep

      I think if it were priced 350K and below, it would be a solid deal (even then it may be a little too much). SW suffers from lack of condo inventory, majority of the stuff that’s for re-sale are co-ops,. I looked into it when I first started looking around, and I didn’t like the fact that if I were to sell my co-op, the new owner would have to go through a vetting process. Just let me sell my home.

      • Anonymous

        And for the reasons you outlined, co-ops get you more for your money. They’re cheaper than condos and those issues are factored into the price.

  • Anonymous

    Here’s a much more interesting GDoN – the unit above Rustik. Sold for ~24k under asking.

  • Anonymous

    this is an excellent deal. Two blocks to metro, 5-6 blocks from what will be the single biggest water front dev in DC (The Wharf) which is going to include a ton of new restaurants and entertainment space. Its three bedrooms with a private patio? Where else in DC are you getting that for 400k. The only downside is coops are really difficult to rent out so you have to want to live there. I would love to find an investment property though in the area to rent out. I don’t like the style of the house at all but some people love it but either ways its a good deal.


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