Advice selling coop townhouse, River Park

[Anonymous]

Hello!

Background: I’ve lived in this coop for 3+ years: https://redf.in/cPenNa. Unfortunately due to a changing family situation we’ve moved out and are selling. We love the neighbors, and location (walkable to metro, Wharf, Navy Yards), gated community pool and gym. The coop fees are steep at $3,000, but if you consider the price is half off a similar home just down the street and that the fees include maintenance (interior and exterior), HVAC, property taxes, most utilities and amenities, it comes out about even if you had a larger mortgage and has to pay your own maintenance.

House has been on the market for 60+ days, unfortunately we’ve had limited showings, and moderate traffic for four open houses. I’ve lowered the price a few times. It’s now $559,900k from $625K, very reasonable for a 4bed2ba by the What. Our listing agent has been supportive and is saying to hold tight and trust the process.

Question: Everything I’m reading from the news and anecdotally from friends is that DC is a hot real estate market with quick sales over listing. What do you think is holding back interest for our home? Is it just the coop fee? The reason we could afford the house was bc we didn’t have the down payment for a $900k+ mortgage, but we could afford the monthly. I thought there would be a bunch of folks like me like that were held back from buying only bc of lack of a large savings for down payment. Are DC buyers in the market now only those well off enough who could afford expensive townhomes and drop cash for it?

[Anonymous]

I would rather just buy a place with a 6k mortgage.
You don’t get any part of that 2800 a month back when you sell.

[Anonymous]

Anonymous wrote:I would rather just buy a place with a 6k mortgage.
You don’t get any part of that 2800 a month back when you sell.

But it is a coop. So property tax, insurance, utilities etc are most likely included

What did you pay?

[Anonymous]

You paid 525k in 2020? You might have to take what you paid for it.

Can you rent it out?

[Anonymous]

Coop not everyone wants to do that.

Very steep fees.

Sorry OP but this has a very limited buyers pool.

[Anonymous]

One quick item: the back patio is an overgrown mess, invest some time/$ in cleaning it up, weeding, removing ivy, etc. It's a small thing, but visually a turnoff.

Agreed with prior poster: you shouldn't be looking for a profit here. Yes housing has generally gone up, but people's preferences have shifted on average towards less urban / more space.

I wouldn't worry so much about the coop fee, ss always on this board, the answer is.... price. There is definitely a price where you'll attract interest. You are just finding out that it is lower than where you initially thought.

[Anonymous]

Most people don't want the coop fee. They'd rather have a bigger mortgage and the chance at appreciation. You're going to have to lower the price. People also don't want coops because there are fewer lenders financing them and you can't shop around as much for better rates. Your mortgage isn't assumable, is it? Because that would make it better. The other challenge for SW (and I live here and love it) is that the schools aren't great...improving, but there are places you could do better for the same monthly outlay. People with kids (and older people) may not like the open stairs. And this is more of a 3br with den than a 4br; anyone who sleeps in the office either has to go downstairs or into the primary to use the bathroom.

[Anonymous]

I would be worried about special assessments in a complex approaching 70 years old, especially since it includes high rise buildings too. But you'll find someone who likes a barrel roof!

[Anonymous]

I think they are cool looking places. What does the co-op fee include?

[Anonymous]

At 3k per month they should handle landscaping.

[Anonymous]

The maintenance is high (we are in a NYC coop, so get maintenance) for someone who can only afford 600K. This feels like a place for young professionals due to the open stairs.

I would definitely invest in that back garden area. If you make that magical it could make a difference. Right now the house feels nice, but challenging in ways and ordinary. (You walk into the dining area and the kitchen is off of that.)

Because of walking into the dining area, I would spend some effort there so that if feels amazing when you enter instead of thinking: I'm walking into the dining area.

Good luck. But most real estate wisdom is it's really about price.

[Anonymous]

You paid $525k in 2020 with a ~3% interest rate. You’re overpriced at $560k in 2024.

At today’s ~7% interest rates I’d list it at $499k.

Sorry to say, but hardly anyone in the DC area wants a co-op with a nearly $3k/mo fee. They don’t care if it includes a gym, pool, picnic grounds, exterior maintenance, taxes…co-ops are not common here and people with $6k/mo in total PITI to spend have better alternatives.

Only place that can get away with mammoth co-op fees is NYC.

[Anonymous]

People don't understand coops, generally, and these amazing Goodman homes are a niche taste. Is your realtor experienced with these specifically? You might talk to Michael Shapiro, who specializes in MCM properties: https://moderncapitaldc.com/past-transactions/ (No skin in this game; I'm just a person interested in the history of midcentury architecture in this area who has met Michael at events and talked to him about properties.) The advantage would be you might stand a better chance of reaching buyers who are specifically looking for what you have.

[Anonymous]

Anonymous wrote:One quick item: the back patio is an overgrown mess, invest some time/$ in cleaning it up, weeding, removing ivy, etc. It's a small thing, but visually a turnoff.

Agreed with prior poster: you shouldn't be looking for a profit here. Yes housing has generally gone up, but people's preferences have shifted on average towards less urban / more space.

I wouldn't worry so much about the coop fee, ss always on this board, the answer is.... price. There is definitely a price where you'll attract interest. You are just finding out that it is lower than where you initially thought.

Agree with PP above. It's an unusual property so you need to remove negatives.

Have you partly moved out?

I think people don't like that original parquet anymore. I had it in a condo I rented. My old building came up on DCUM in this forum and a lot of people commented negatively on the parquet. I would keep it for the aesthetic but maybe rephotograph the empty room with a rug on the floor (even one taken from another room). In that same empty room, I'd get rid of the C-shaped hexagon black and silver mirror tiles on the wall. And there are either weeds or plants growing in the window area where they don't look like they belong. Get the garden fixed up because the key rooms (which have nice furnishings) look out on a crappy space with trashbags and empty planters and at least one dead bush. You need to sell the dream a bit harder.

It may not be wholly price. You do need to find the right kind of buyer. That may mean waiting a bit.

[Anonymous]

I would play up the Charles Goodman/MCM part more. Maybe some listing photo inserts that get some of the history, some photos in a more architectural style. Think, if I were marketing this to a MCM design aficionado from Manhattan, how would I market it? And then maybe try to actually market it in publications for MCM or old house fans (https://savingplaces.org/historicrealestate). But first make the back garden magical, as a prior poster suggested.

It looks like your agent is trying to proactively address the high coop fee but all I see at the beginning of the listing is - concerned, worries, problem, etc.