Deal of the Week: Two-Bedroom Plus Loft in McLean Gardens

• February 8th 2011

by UrbanTurf Staff

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The McLean Gardens complex in Cleveland Park is a little bit deceiving on first glance. While its red-brick exterior gives it the look of a college dorm, the units actually have very cool (dare we say, hip) floorplans. This installment of Deal of the Week is a two-bedroom plus loft unit that measures out just shy of 1,300 square feet. The condo has a fairly spacious living area, two bedrooms with good square footage, a smallish kitchen and a loft large enough to serve as a third bedroom, family room or a home office area.

Admittedly, this listing is not for everyone as its location on Wisconsin Avenue is fairly quiet and a 20-minute walk from the closest Metro station. Also, the above-average condo fees pay for things like the community pool and tennis courts, so the property caters to a buyer that would take advantage of these amenities. The price-per-square-foot is low enough for the area that it almost offsets the high fees, though.

When McLean Gardens units hit the market, though, they don’t stay on the market very long. The last two comparable units in the complex to sell were under contract in less than a week and fetched somewhere between $15,000 and $20,000 above their asking price.

More details and photos below. For the full listing, click here.

• Address: 3851 Newark Street NW, #462 (map)
• Price: $458,500
• Bedrooms: Two, plus loft
• Bathrooms: One
• Square Footage: 1,293

Here are some monthly payment calculations based on a 20 percent down payment and a 30-year fixed rate mortgage at 4.8 percent.

• Loan Amount: $366,800
• Principal and Interest: $1,924
• Condo Fees: $565/month
• Property Taxes: $313/month
• Total Monthly Payments: $2,803

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/deal_of_the_week_two_bedroom_plus_loft_in_mclean_gardens/2964.