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Home Buying in 20016 : Real Estate Advice

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  • Local Info1
  • Home Buying4
  • Home Selling4
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Activity 4
Wed Apr 13, 2016
Hhekmat asked:
I have properties in DC that are erroneously listed as foreclosures. I have checked with the DC government and they confirmed that neither property is on foreclosure. How do I correct the…
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Fri Jun 13, 2014
Connie Carter answered:
The median sales price for homes in ZIP code 20016 in Washington from Mar 14 to Jun 14 was $620,000 based on 63 sales. Compared to the same period one year ago, the median sales price decreased 8.8%, or $60,000, and the number of sales decreased 18.2%. Average price per square foot for homes in 20016 was $485, an increase of 3.4% compared to the same period last year. There are currently 128 resale and new homes in ZIP code 20016 on Trulia, including 16 open houses, as well as 1 home in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in 20016 was $1,438,688 for the week ending Jun 04, which represents an increase of 5%, or $68,562, compared to the prior week. Popular ZIP codes in Washington include 20009 and 20007, with average listing prices of $651,947 and $1,807,657. ... more
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Mon Apr 9, 2012
Michael "Mike" Brown answered:
Hello Mmurten,

Co-operative (aka "Co-op") ownership has long and well-established history - well over a hundred years - in the North Eastern/Mid-Atlantic areas, including Washington DC.

In general, most co-op fees do include the stockholder's individual share of property taxes (called a "pass-through") for using the designated unit which are normally tax-deductible. An upside benefit is that a coop is "exempt," since the deal is considered a "stock" transfer, from The District of Columbia's transfer and recording taxes, which ranges from 1.1% to 1.45% of the sales price in a "real estate" transaction.

A potential downside to cooperative ownership is that each cooperative board has specific lender "recognition or designated" agreements in place when the buyer requires a loan in the transaction. In some cases, this MAY mean larger down payments at slightly higher rates which can only go through, for example 1, 2 or 3, "recognized or designated" lenders.

While the other cooperative descriptions given by my peers are very good, additional information which may be helpful can be found at http://edmundjflynn.com.

Flynn, an old and highly-respected law and title firm, created most of the DC cooperatives when they were originally formed and still, handles almost all the closing transactions for all co-operative sellers and buyers, today.

Good luck and let me know if I can help.
Welcome to DC!
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Tue Aug 12, 2008
Richard Helbig answered:
Dear Hyder. There is no reason you cannot use $/sf to make comparisons between houses. This must be done carefully, however, since SF records are often not accurate, and must be done between 'similar' house types, (be sure to compare apples to apples only!). A picture then emerges to tell you if particular houses that interest you are in the right "ball park". For these reasons a $/SF number cannot be given to an entire zip code, but is definitely used when professionals are helping you make an offer on a specific property.

Having said that, within zip code area 20016 there are quite 'consistent' neighborhoods, with similarly sized and aged houses, (Kent/Palisades, Spring Valley, Cleveland Park, AU), so doing this is a good jumping-off point in valuing a properties, adding or subtracting for special features as you go along. This is easiest when considering condos or coop apartments, (for the obvious reasons) and I believe the DC average $/SF for a condo is still about $500. Houses throughout the District range between $350/sf to about $1,000/sf, (for VERY special places, anything above or below such numbers gives reason for thought.

Hope this helps! And since I live, work and specialize in the 20016 areaa, if you'd like more detailed information, please don't hesitate calling: 301-801-2970 or visiting me at: www.cbmove.com. Cheers~!
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