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The Cribline House Pick of the Week - December 11, 2011 | Real Estate

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The Cribline House Pick of the Week - December 11, 2011
Real Estate

 

This week's House Pick of the Week felt a little like a supermarket shopping spree... with a lot to pick from and a small window of time (4 hours) driving around  the city to fit in all of the houses. This week's tour covered Capitol Hill, U Street, Logan Circle, Dupont Circle, and finally Georgetown (and no speeding tickets).

This is a good sign of a healthy Washington, D.C. real estate market... and a nice end to the year in the most thriving market in the country.

The Cribline looks for properties that are one of a kind, have special features, make sound economic sense, and of course location, location, location is key!!!!

This week, we identified and reviewed 16 houses that we thought were interesting. And, as you know there can only be one Pick of the Week (although, there are a 3 honorable mentions that we think are worth checking out... and are new on the market).

The Pick of the Week is 1441 Q Street, NW in the great neighborhood of Logan Circle... and 14th Street's booming restaurants, shops, and Whole Foods grocery. It's also very close to lively Dupont Circle.

 

I have eyed this house (and its neighboring home) for many years, and this rare find just came on the market for $1,895,000. It's a 4 level classic Victorian estate built in 1874. This is the first time the home has been on the market in 25 years.h

At every turn, this house was inspiring, and includes several of my favorite features , a wood paneled den (a rarity), a one of a kind, eat-in, state of the art, warm and elegant kitchen, and large bedrooms.

The 5 bedroom, 3.5 bath home maintains some of its historic elements such as high ceilings, crown molding, hardwood floors, grand living and dining rooms divided by original pocket doors. It also has 3 fireplaces, an au-pair suite and parking.

 

The home is one of the few in the city with a double-set-back yard on a beautiful tree lined street convenient to most every part of the city.

To the Point Analysis:

Financing this property would require 20 percent down, which would be around $380,000, leaving about $1,515,000 to be borrowed. The Cribline estimates a mortgage rate of around 5 percent (jumbo 30 year fixed) for a total gross monthly payment of around $8,000/mo.  After taxes, that amount would be about $5,400 (net) according to our calclulations.

We also wanted to raise the possibility of turning the basement au pair suit into a rental unit.  We estimate that could shave up to $1,000 off the net $5,400 to around $4,400/mo. That would be equivalent to the price of many luxury rental apartments in town.

Now for the honorable mentions... we settled on 3 this week:

514 G Street, NE (Capitol Hill) - FIRST OPEN - a charming 2011 renovated 2 bedroom, plus den in the main house and a one bedroom in-law suite for $839,000

221 5th Street, NE. (Capitol Hill) - FIRST OPEN - another charming well configured renovated 3 bedroom, 2.5 bath row home for $748,500.

1641 V St., NW (Dupont Circle)  - FIRST OPEN - A restored 3 bedroom 2 bath porch front for $674,500

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Happy Holidays!

Real Estate