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Good Deal or Not? “Treed views” edition

by Prince Of Petworth January 21, 2014 at 1:00 pm 4 Comments

1820 Clydesdale Place Northwest

This coop is located at 1820 Clydesdale Place, Northwest:

lanier_heights_coop

The listing says:

“Spacious 2 Bedroom Unit on front with Zoo, Park and Treed views. Large bay window with lots of light in LR/DR. No underlying Mortgage. Great Location. Near shopping, dining and activities in Adams Morgan.”

You can see more photos here.

This 2 bed/1 bath is going for $360,000 ($557 monthly fee.)

  • Anonymous

    This seems like a pretty solid deal. Somewhat curious though – this place seems to always have units on the market.

  • Wobble

    Great location! Only $400 per square foot seems like a good deal. It is kind of drab and dated, though. In addition, It is a coop, and they bring lower prices than condos. Don’t exactly know why??

    • Anon

      The price difference is due to the difference in ownership structure. In a condo, you own your own individual unit; in a co-op, you buy a share of the overall building with the right to exclusive use of a certain portion of it. Depending on the specific co-op ownership structure a building has chosen, there may be restrictions on the price at which you can offer to sell your share or the ability to lease the unit you use if you have to move. You might also be on the hook if someone else defaults on their share. All shareholders are also expected to participate in group decision-making about everything from who can buy a share to what color to paint the hallways, so it’s a much higher-touch social structure than you find in a condo ownership situation. For the right person and the right home, it can be a great deal, but it tends to be riskier than a condo, and there are trade-offs that make it a deal-breaker for a lot of people (me included, unfortunately, because a unit like this one could be awesome with a bit of sweat equity).

      • Rich

        Kindof misleading info. The level of participation is no more or less than in a condo. If someone falls behind with fees, etc.,, the association sells the unit, not much different what happens with a condo. Some of the buildings that were converted with low income owners in the 80s had problems but –coops generally have a very good history in DC and Adams-Morgan has a lot of them.

        The building is rather simple in its appointments. No underlying mortgage doesn’t mean there won’t be one in the future. Coops use those for major capital projects rather than doing assessments, but the even with a modest underlying mortgage, this would be competitive with comparable condos. The base price seems very good–the bathroom is dates (but some might like the tub) and the kitchen is small and simple. A/C whiners wont like the window units, but having radiator heat will be a big saving in winter.

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