Deal of the Week: One-Bedroom Bargain in Cleveland Park

• December 13th 2011

by Shilpi Paul

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Frequently, a house or unit on the market needs a few price reductions before it catches the eye of a buyer. In the case of this installment of Deal of the Week, the unit’s price reductions ultimately put it in what we would consider deal territory.

This Cleveland Park one-bedroom co-op was originally listed about two months ago for $263,500, but that asking price has been dropped twice, first to $253,000, and most recently to its current deal-worthy price of $245,000.

At 650 square-feet, the unit has a comfortable living room, a modestly sized bedroom, an updated kitchen and bathroom and additional storage in the building.

Lower-level living and window A/C units may have deterred potential buyers, but the unit is pretty bright and the price is now quite competitive for the neighborhood. In comparison, a lower-level one-bedroom condo down the street sold in April for $282,000 with fees of $323/month.

• Address: 3001 Porter Street NW, #100 (map)
• Price: $245,000
• Bedrooms: One
• Bathrooms: One
• Square Footage: 650
• Listing Agent: Elizabeth Walton, RE/MAX Allegiance

Here are some monthly payment calculations based on a 20 percent down payment and a 30-year fixed rate mortgage at 4.15 percent. Coop fees include property taxes.

• Loan Amount: $196,000
• Principal and Interest: $953/month
• Coop Fees: $366/month
• Total Monthly Payments: $1,319

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/deal_of_the_week_one_bedroom_bargain_cleve_park/4750.