Buyers in the District looking for a home priced under $400,000 are typically prepared to compromise. Maybe they’ll choose a studio instead of a one-bedroom place or opt to live more than a mile from a Metro station.
Maybe they’ll go with a larger but older condo that needs a little work. Another option to consider is a co-op, which is a less commonly understood alternative to a condo. In a co-op, residents own shares of the co-op, a nonprofit company run by a board of directors. The number of shares corresponds to the size and estimated value of each unit and the co-op owners share in the underlying mortgage of the building. Often, the price of the co-op is lower than the price of a similar condo, but the fees can sometimes be higher.
For example, if you want to live in Cleveland Park and walk to Metro, one option is the co-op at 2800 Devonshire Pl. NW, Unit 104, priced at $329,000. The monthly co-op fee of $452 includes all taxes and utilities. The co-op has paid off its underlying mortgage, which makes the fees lower than at some co-op buildings with a large mortgage.
The $329,000 price is a reduction from the original list price of $339,000 in October and well below the median sales price of a home in the District, which was $590,500 in February, according to Bright MLS.
The 675-square-foot co-op unit is on the first floor and has plenty of natural light and a view of the co-op courtyard. The one-bedroom, one-bathroom unit has parquet wood flooring and a galley-style white-on-white kitchen with marble counters, a wall of built-in storage cabinets, a window at one end and a built-in counter that can be used as a desk or eating space.
The bedroom doesn’t have a closet, so the owner has improvised a hanging system for clothes along one wall. The co-op has gas heat, gas hot water and window units for air conditioning.
The unit doesn’t have a washer-and-dryer, but laundry machines are in the basement of the building, which also has a bike room, a storage room, a grilling area and a garden. Parking isn’t available other than on the street. Residents are allowed to have cats.
The prime amenity of this co-op is the location within walking distance of the Cleveland Park and Woodley Park/Zoo/Adams Morgan Metro stops for Red line service. The community is also served by Metrobus and the Circulator. Residents can walk to the National Zoo, trails in Rock Creek Park, numerous restaurants and shops, and the new Cleveland Park library.
Assigned schools include Eaton Elementary, Hardy Middle and Wilson High, all rated above-average by GreatSchools.org based on test scores.
For a virtual tour, click here.
For more information, contact real estate agent Kimberly Cestari with Long & Foster Real Estate at 202-253-8757.
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