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GDoN Revisited by Hipchickindc – $50k below asking in Brightwood

by Prince Of Petworth December 18, 2015 at 11:40 am 14 Comments


Hipchickindc (aka Suzanne Des Marais) is an associate broker with Bediz Group, LLC at Keller Williams Capital Properties . 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: 6445 Luzon Ave NW #205
Legal Subdivision: Brightwood
Advertised Subdivision per Listing: Brightwood
Bedrooms: 2 Baths: 1 Parking: Street Ownership: Cooperative Square Footage per listing: 1000
Monthly fee: $826.31 includes utilities (electric, heating/air conditioning), may include real estate taxes and underlying mortgage due to cooperative ownership structure

Original List Price
: $205,000.
List Price at Contract: $205,000.
List Date: 05/16/2015
Days on Market for this listing: 195
Settled Sales Price: $150,000.
Seller Subsidy: 0
Settled price per square foot: $150.
Settlement Date: 12/14/2015
Transaction type: Standard

Original GDoN post is: here.

The original listing can be seen here: here.

In 2015 to date, there have been a total of 501 units in cooperatively owned buildings transferred in DC, so District residents are no strangers to this form of property ownership. Generally, the experience of owning in a co-op building is similar to owning in a condominium. The primary difference is that technically, each individual co-op owner holds claim to a portion of an entity that collectively owns the building.

In cooperatively owned buildings, real estate taxes are assessed on the building as a whole. This is why it is not unusual to see higher monthly fees on a co-op, since property taxes are often paid through the fee. (In a condo with a mortgage, property taxes are typically paid as part of the monthly payment that goes to the bank and the bank pays the real estate taxes when due.)

In considering the value of co-op units, real estate appraisers compare recent past sales of other cooperatively owned units (as opposed to including condo ownership units as comparisons). In many parts of the city, condos and co-ops are similarly priced. Downtown units generally fall in the $400 to $600 per square foot range, depending on size and condition (larger units tend to have lower pricing per square foot). High end new construction units in prime areas can easily price $700 per square foot and beyond, and are more likely to be condo ownership.

The co-op community that the subject property is part of is located near Rock Creek Park in Northwest DC, above Missouri Ave and to the west of Georgia Avenue. Co-op comparable sales in the immediate area tend to fall into much lower price points than units available further south. There are currently four active listings from $175,000. and below.

The listing agent for this sale was Walt Johnson with Long and Foster Real Estate, Inc. Mo Ababiya, also with Long and Foster Real Estate, Inc. represented the buyer in this transaction.


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