DC Buyer: Two-Bedroom, Two-Level Units for Two People Who Saved

• May 26th 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’re working with Samantha, 31, and Aaron, 34, a couple who has saved for years and is now looking for a two-bedroom home in DC. Alice earns $71,000 a year as a contracts administrator in Dupont Circle, and Aaron earns around $48,000 working in a museum near the National Mall. Samantha and Aaron have saved about $90,000, most of which is the return on a long term investment. They do, however, have about $850 a month in consumer debt that they are aggressively working to pay down. While Samantha has a good FICO score of 742, Aaron's score dipped down to below 700 last year. The couple plans to shop in the $475,000 to $525,000 range, but are very sensitive to condo fees, and will not consider anything with a fee over $400 per month that doesn't include utilities.

Samantha and Aaron just have a cat right now, but they are thinking about having a child at some point in the coming years. Therefore, a unit that is both pet-friendly and has a second bedroom is a must. They share a car, so off-street parking is also a bonus. Samantha likes units with some architectural character, while Aaron's biggest request is to avoid high-rise buildings. They both agree that a two-level unit would feel more like a home, but without the maintenance a townhouse requires.

The first selection for our couple is 1861 California Street NW, Unit #4. This two-bedroom, two-full bath unit offers 1,229 square feet on two levels, in addition to a small loft. While the condo offers abundant natural light and a massive master bath, the kitchen could use some updating. Still, the unit is pet friendly and offers deeded parking in the back, skylights, and a monthly fee of $383. The Kalorama neighborhood is an easy commute, with both able to walk to Dupont where Aaron can take the train and Samantha can go the extra two blocks on foot to the office. 1861 California Street is on the market for $510,000 after a recent price reduction.

Next for the couple is 1442 Corcoran Street NW, Unit #4. This two-bedroom, 1.5-bath condo is brand new to the market, and is also a bi-level unit. On the smaller side at 900 square feet, this property offers a recently redone galley kitchen with stainless steel appliances, wide plank (possibly original) wood flooring, a fireplace, skylight, and in-unit laundry. The Logan Circle location is still a quick walk to the Dupont Metro and is just a block from Whole Foods and other neighborhood retail. This unit is also pet friendly, and has a slightly lower condo fee of $349 than the California Street unit. The price, however, is slightly higher than what Samantha and Aaron wanted to spend: 1442 Corcoran is listed for $539,950.

Our last choice for the couple is a bargain near Lincoln Park. 1024 Massachusetts Avenue NE, #2 is a 1,076 square-foot, two-bedroom condo, once again on two levels on Capitol Hill. This property features a new kitchen, a formal dining room (rare in a condo), and private outdoor space in the form of a narrow, wrap-around brick patio on the ground level. The unit could use some updating to lighting, upstairs carpets, and some fixtures, but is in move-in condition overall. The generous depth of the patio helps conceal that the first level is technically the basement of the building. In addition, the property is a corner unit facing beautiful Lincoln Park and three short blocks to Eastern Market. The condo shares a private entrance with one other unit in the building, has ample closet space, and offers an in-unit washer dryer. Best of all, it's the lowest priced of the three options at $469,900.

Given these three choices, where should Samantha and Aaron put in their offer?

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/dc_buyer_two-bedroom_two-level_units_for_two_people_who_saved/2106.