Good Deal or Not Revisited (GDoN-R) is a weekly post that reviews the settled sales data of a recent individual real estate transaction in the District of Columbia. Each post is a snapshot of the real estate market at a particular moment in time. GDoN-R generally posts on Friday in the late morning.
GDoN-R has been written exclusively for Popville since 2009 by Suzanne Des Marais. Suzanne is a practicing Realtor with the 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 and/or Smartcharts by Showingtime). Information is deemed reliable but not guaranteed.
Featured Property: 1000 New Jersey Ave SE #1205
Legal Subdivision: Old City #1
Advertised Subdivision per Listing: Navy Yard
Bedrooms: 1 Baths: 1 Parking: On Site Parking for Rent Ownership: Co-op
Square Footage per listing: 696
Original List Price: $324,900. List Price at Contract: $324,900.
Monthly Fee: $1,303.00 Includes real estate taxes, part of mortgage, gym, indoor pool, hot tub, staffed front desk
List Date: 12/03/2016 Days on Market: 5
Settled Sales Price: $324,900.
Seller Subsidy: $0.
Settled Price per Square Foot: $467.
Settlement Date: 1/27/2017
Transaction type: Standard
Original GDoN post can be seen: here.
The listing can be seen here: here.
Capitol Hill Tower was one of the first large residential structures built in the Navy Yard area. It began delivery in 2006, prior to Nats Park completion (opened in 2008) and the currently existing retail development. Structured as cooperative ownership, the subject unit’s monthly fee includes real estate taxes, and an underlying mortgage.
An underlying mortgage is the financed portion of the entire building, of which a bit is paid by each unit owner. It sounds like that would make cooperative ownership more expensive than condo, however, the monthly mortgage payment can be similar or lower than a comparable condo. Consider that the underlying mortgage is subtracted from the amount financed by the individual and the real estate taxes are not escrowed with the mortgage (but are in the monthly fee to the building instead). In this case, the listing notes that the Buyer would finance approximately $182,000.
For perspective, the 2009-built Velocity condo building, located a block or so away, features a pool and roof deck. Recent sales include a 644 square foot studio unit settled at $365,000. ($566. per square foot) with a $324 per month fee, and a 787 square foot 1 bedroom/1 bath settled at $455,000. ($578. per square foot) with a $395 per month fee. When comparing the monthly cost of owning co-op versus condo, it is helpful to run numbers showing the entire monthly payment picture to compare side by side.
The listing agent for this property was Mary Barzargan with Redfin Corp. Sharon Jordon, with Berkshire Hathaway HomeServices PenFed assisted the Buyer.