And if you can’t pony up the $5 million it’s listed for, don’t worry. It still can be yours temporarily if you can come up with $14,000 a month in rent.
At first, that sounds like a preposterous amount, but it’s actual a deal if you think about it. The going rate for a 1,500-2,500 square-foot row house in Georgetown is probably around $4,000 to $5,000. This house is 8,500 square feet. So for $14,000 a month, you’re paying less per square foot.
Plus, $14,000 a month would only support a mortgage of about $2.5 million or so. To get a $5 million dollar house for it is a steal (albeit a temporary steal).
Topher Mathews blogs at The Georgetown Metropolitan . The Local Blog Network is a group of bloggers from around the D.C. region who have agreed to make regular contributions to All Opinions Are Local.