Monday, August 02, 2010

New Condo Opens in Petworth


DC's newest condo project has opened in Petworth. The Flats at Taylor Street began sales in July after completing a one-year renovation of the 26 unit apartment building, with prices ranging from $199,900 to $299,900 for one and two-bedroom condominiums. The condo project, near the Petworth / Georgia Avenue Metro, is in one of DC's more active development districts, joining a cluster of other large projects either recently completed or underway.

The new condominiums will beef up the housing stock, along with recently completed Park Place apartments and NDC's newly opened Residences at Georgia Avenue with Yes! Organic market, as well as the 130-unit apartment building Georgia Commons now underway one block south, Donatelli Development's apartment building going up across from the Metro and a new retail development next door, as well as a CVS that opened just last week, effectuating years of promises for upper Georgia Avenue.

Taylor Flats, at 804 Taylor Street, NW, is the rebirth of an apartment building that was fully gutted in 2009, with unit layouts redesigned by Bonstra Haresign Architects for more contemporary living spaces that include in-unit washer & dryer and larger living rooms. Taylor Flats condos will also be the first large condominium to utilize CityFirst Homes, a District-sponsored program to give condo buyers downpayment assistance. The program provides moderate-income purchasers with $75,000 toward financing and downpayment costs, with an interest-only repayment for the first seven years at a fixed 3.79% interest rate, allowing a 2% downpayment without mortgage insurance. The remaining purchase price is financed privately through Bank of America.

The condominium sales office is open on Sundays or by appointment, email sales @ TaylorFlats.com, or call 202-309-0935.

Washington DC real estate development news

9 comments:

Anonymous said...

This is good news, but interest only loans? I thought we all learned a lession about that. How about something that just provides a half point off of a regular fixed rate, or offered a deferred portion of the principal???

Rob Mandle said...

This project is also right across the street from the Petworth Rec Center, a block from the Upshur Street restaurant and retail corridor, and the DC's newest outdoor farmers' market, the Petworth Community Market! What a GREAT location!

Anonymous said...

Having attended one of the City First Homes orientation seminars at 1436 U Street NW, www.CFHomes.org, 202-745-4485, it's my understanding that the interest only period is for the first seven years and is there to further assist in making them affordable for people who have good credit but may not have a lot of money for a down payment.

Anonymous said...

im giving a thumbs up on that faux stone wall

DCAdvocate said...

The City First Program that they are mentioning is a shared equity ownership arrangement in which the buyer will have to concede 75% of all future equity back to the "land trust" when reselling. It is affordable, but it's not really homeownership. I think people who understand this will appreciate the program more. Right now, it is very confusing to most buyers.

Anonymous said...

I know about the program and think it is a better deal than indicated. The homeowner does not share all equity, just appreciation. For example, if a homebuyer purchases a $280K unit and it appreciates to $300K by the time they sell, they will keep all principal paid down and 25% of the amount it appreciated, $5K in this case. They share $15K to keep the home affordable to the next buyer. BUT, unlike regular market ownership, this affordable program does not require the seller pay typical 6% closing costs. On a $300K house, that expense is $18,000. So, a CFHomes home owner would be $3K better off than a market owner in this typical scenario. That does not include the monthly savings from the low rate financing - which can really add up.

DCAdvocate said...

Anonymous- Aug 3, 2010 7:46:00 PM

I don't disagree that the program itself, when compared to market rate units, is good. However, I do have an issue with this being pushed onto lower-income buyers who might not understand the implications as clearer as another buyer. Homeownership is one thing, this is something a little different. I do support this program though and hope that others who earn in the "workforce" housing range, 80-120% of the AMI, utilize it.

Angelina on Aug 6, 2010, 11:32:00 AM said...

It would be a perfect strategic location for those who would want to live near commercial areas where everything are nearly available especially for those busy persons like me... Love your location...

Ken on Aug 7, 2010, 6:08:00 PM said...

It is definitely homeownership, and yes, shared equity for appreciation. That's a trade-off that keeps it affordable: CityFirst keeps 75% of the appreciation, but the buyer keeps 25% (plus all the initial purchase price), and gets to buy with 2% down and a very low interest rate, with closing costs paid. The program allows people in who might not be able to purchase otherwise. If you rent for an additional year to save for the downpayment you lose 12 months of rent. So on balance it may not be good for everyone, but its very good for some.

 

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