DC Buyer: The Eager First-Timer Looking for Peace and Quiet

• June 24th 2010

by Martin Smith

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DC Buyer is a series on UrbanTurf where we look at buyers from various demographics and provide available housing options for them in the current DC market. If you are a prospective buyer and would like to be featured in DC Buyer, send an email to editor2010@urbanturf.com. See all of our past DC Buyer articles here.

This week, we are working with Perry, 33, a first-time buyer who has been saving for a home for several years. Perry works as an executive assistant downtown, and earns about $50,000 per year. He paid off the last of his consumer debt a couple years ago, and has put together a down payment of about $65,000. Since his income won't leave a lot of extra cash with even the most affordable DC condos, he wants to steer clear of any kind of "handyman special" and go with something in turn-key condition.

Perry spends all day downtown, and wants to come home to a more relaxed neighborhood at night, He's been living with a friend in Adams Morgan to save up some cash, but he hates the constant noise from the bars across the street. Given his income and savings, Perry is going to be shopping in the $200,000 to $235,000 range. He is very aware that in this very entry-level price point, there will be some big tradeoffs.

The first option we've found for Perry is 1365 Kennedy Street NW, Unit 404. This one-bedroom, one-bath co-op is in solid shape, although it's not the most modern look in the kitchen and bathroom. It is located in 16th Street Heights, known more for large single-family homes than condos, but also a quiet neighborhood, which is what Perry desires. While the lack of a Metro stop nearby is a downside, the 16th Street bus lines go right to Perry's office. Plus, Rock Creek Park is just steps away. At $210,000 with a monthly fee of $318, this unit is right in the middle of his price range.

The second choice is 303 Seaton Place NE, Unit 3. This condo is actually a two-bedroom, two-bath, which is a lot more space than Perry had expected to find considering the price range. The pet-friendly unit is newly renovated, features a granite/stainless kitchen with dishwasher, an in-unit washer dryer, and off-street parking. In addition, this property is within walking distance of the Metro. The downside is that the neighborhood is still developing, so it may not provide as much peace and quiet as Perry wants. Still, since this unit offers the most space for the lowest price, it is worth considering. 303 Seaton Place is on the market for $199,900, and has a monthly fee of $207.

The third property we found for Perry is 4200 Cathedral Avenue NW, Unit 903. This high-rise option is certainly the highest quality renovation on the list. This unit features a gourmet kitchen, new windows, new A/C, and beautiful wood floors. The Wesley Heights/AU location is also the definition of peace and quiet. The downside here is the monthly fee. While it does include electricity and gas, it is high ($654 per month). But keep in mind that includes amenities like a 24-hour front desk and a roof deck. The asking price is $229,000.

Given these three choices, where should Perry put in his offer?

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/dc_buyer_the_eager_first-timer_looking_for_peace_and_quiet/2201.