The Cribline House Pick of the Week | Real Estate
Warm greetings Cribline readers.
We were back to our tour of DC this week, after a little retreat in Rappahannock County, VA last week for President’s Day weekend. And, if I didn’t know better, with all of the people out house hunting this weekend, I would have thought that we were back in the 2006 peak of the housing market.
This week I toured 15 homes, and I would say that there is a lot of opportunity out there, especially with interest rates still so low. But, I would suggest getting pre-approved for a loan and be ready to make an offer in case you stumble on a home that you like. Houses do not seem to be staying on the market long. Several open houses on the tour that were just listed were already under contract.
This week’s tour began on Capitol Hill, then continued onto Mt. Pleasant, Dupont Circle, ending up on Park Rd. in the Columbia Heights neighborhood.
It was the last home on the tour this week that is The House Pick of the Week: 516 Park Rd. NW. This brand new renovated porch front 4 bedroom, 3.5 bath 3 story home is listed for $499,000.
What makes this home the pick of the week is that it has so many features that I believe make up a great renovation of a historic row house in DC. I met the contractor from WAMADU INC. and I must say that he really understands how to use and maximize space.
This home has a large open living and dining room, modern chef’s kitchen featuring a tray ceiling, granite ountertops and breakfast bar, wine chiller, 5-burner stove, and a three door refrigerator.
The home is also wired with Cad 5, HDMI Hook ups, and includes built in speakers in the open living and dinning rooms. The master suite has a in suite bath, walk in closet with built-ins, and a nice sitting area. There are hardwood floors throughout, a rec room, and off street parking.
To the Point Analysis:
With 20 percent down of about $99,000 the loan amount would be about $400,000 (this is under the $417,000 cap for a conventional rate mortgage which provides for some of the best interest rates possible). At an estimated interest rate of 3.75 percent, the estimated monthly payment would be about $2,100/mo. After the deductions for property taxes and mortgage interest, the estimated net payment would be about $1,500/mo. This is quite the find!
There are 3 honorable mentions this week:
1350 C Street, NE. on Capitol Hill. It’s a 2 bedroom 1.5 bath home for $399,999.
522 Tennessee Ave, NE. on Capitol Hill. It’s a 2 bedroom 2.5 bath home for $492,000.
1628 Riggs Place, NW in Dupont Circle. This stately 4 story 5 bedroom 4 bath home with possible parking for 3 is listed for $1,275,000.