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The Cribline House Pick of the Week – November 13, 2011 | Real Estate

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The Cribline House Pick of the Week – November 13, 2011
Real Estate
The Cribline House Pick of the Week – November 13, 2011

 

Warm Greetings Cribline readers:

This week, we began the tour of homes on Capitol Hill, that included a drive through the U Street Corridor and up to Petworth.

There is a lot on the market this week, but a high concentration of new listings all over the city that we believe is a sign of a healthy real estate market.

There is only one House Pick of the Week, but given the inventory and great new listings out there we also have a higher volume of honorable mentions to point you to.

So first… this week’s house pick is 637 A Street Northeast.

I live on Capitol Hill and this is one of my very favorite blocks. It’s quiet, a short walk to Eastern Market and Union Station, and 2 great parks–Lincoln and Stanton.

But the reason that this house made the pick this week is that it just has a special warmth that drew me in, and once you read the real estate math in the To The Point Analysis below, you’ll see that it’s also quite the find.

The features: this home is a classic 3-story Victorian with the added benefit of a front porch. It has 3 bedrooms and 2.5 baths, in the main part of the house, and there’s a basement 1 bedroom, 1bath income unit.

The main level is open and a great space for entertaining. And, the chef’s kitchen is open and connects to a sunny family room that leads to a back deck and little oasis of a lawned back yard that also takes you to the garage (with parking for 2 cars).

The basement income unit is spacious, has high ceilings, an open kitchen and is simply charming.

The total building is nearly 3000 sq.ft.

To the Point Analysis:

This house is listed for $1,350,000. With 20 percent down of $270,000, there would be no Primary Mortgage Insurance needed helping to cut monthly costs. Then, at an estimated mortgage rate of 5 percent, we calculate a monthly payment to be around $6,650/mo.

However, after you take into account the income unit, which we estimate could generate $1850/mo given the comparable rental apartments in the neighborhood, that would leave a balance of around $4,800/mo. Then, with the tax deductions on the mortgage itself and property taxes, The Cribline estimates a final out of pocket payment of $3,400/mo.

We think that this formula makes this property extra special.

HONORABLE MENTIONS:

640 East Capitol Street, NE
 – This is a stunning 6 bedroom, 5.5 bath estate with a beautiful backyard, income unit, and a carriage house. It’s a classic Victorian on the beautiful street of East Capitol for $1,795,000.

Also check out: 243 10th Street, SE #1. This 1 bedroom 1 bath home is steps to Eastern Market for $309,000.

And, in Petworth, we found the following well restored and spacious homes:

This just listed: 3914 New Hampshire Avenue, NW for $550,000.

and check out this beautiful home: 525 Crittenden Rd. NW for $549,000

And finally, this also just on the market:

3 newly new construction condos with high end finishes at: 834 Varnam Street, NW (watch the cool video)
#1 $299,000 (2 bedrooms 1 bath)
#2 $399,000 (2 bedrooms, 2.5 baths)
#3 $419,000 (3 bedroom suites)

Happy house hunting!

For more information go to www.thecribline.com

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