If you have a preconceived notion of what affordable housing looks like in the District – think again. This 4 Bedroom, 5 Bath, 3,805 sqft single family home at 2708 24th Street NE may not immediately come to mind. A brief walkthrough would convince you that it is selling for more than the $599,000 listed price. When you take into account that its 5 Bedroom, 6 baths, 4,380 sqft neighbor is listing for $995,000 the future owner is landing quite a deal in growingly popular Woodridge neighborhood.
Affordable housing is one of the central topics The DC Voice has continually reported on. Our most recent post, The Lowdown: Mayor Bowser’s New Affordable Housing Market, focused on the mayor’s goal to build 12,000 new affordable homes in the District by 2025. It also highlighted the attempt to erase the legacy of racially discriminatory and exclusionary practices. “The DC will accept applications from potential owners who meet the affordable housing criteria, said Tina Macaya of Coldwell Banker. The DC Department of Housing and Community Development (DHCD) will be reviewing the applicant’s documents to ensure it adheres to the following household and salary limitations:
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I had an opportunity to view this home during a recent open house. I was pleasantly surprised at the workmanship, openness, and light. Macaya admitted that the builder had put more into this house than one would expect. The builder bought the lot and built this luxurious home expecting to sell it for around $800,000. They later found out that the land was set aside for affordable housing so the District set the price. When asked how the city would ensure that the purchaser wouldn’t just “flip” the house Macaya advised that the owner has to keep the property for 15 years. Even that’s a deal for the lucky owner. Image buying a new home in the District with nearly $200,000 equity and neighboring a $995,000 home! What a deal for the lucky lottery winner.
The deadline for offers was Noon on Friday, March 13th. The property is no longer listed on the Coldwell Banker website despite the fact that the For Sale sign is still displayed and no Under Contract revealing its status. This property may be a one-off based on the expected sell value at the time it was built. It has a lot of highlights and upscale features.
The Woodridge community will be very interested in finding out who winds up as our new neighbor. We’d like to think it lands in the hands of some young unexpecting family trying to better its housing situation in the District for their family. Any signs of further gentrification or a sweetheart deal for some pre-selected family wouldn’t sit well. Let’s see which way this one goes. It could say a lot for Mayor Bowser’s affordable housing initiative.