Under Contract: Off the Market in 7 Days or Less

• July 29, 2010
• 3 Comments

by UrbanTurf Staff

In this installment of Under Contract, we look at properties featured on UrbanTurf recently that were under contract within a week of being listed.

All Renovated in Mount Pleasant

We featured this two-bedroom in Mount Pleasant as a Deal of the Week on June 29th, and it was under contract by July 1st. We described the condo as a work in progress for the following reasons: In 2006, the unit got all-new windows; in 2007, a new HVAC system was installed and last year both the kitchen and bathroom were renovated. In addition to these improvements, the living area has hardwood floors and a fireplace as well as a wall of windows that flood the space with natural light. There is also a separate dining space and an additional seating area, and the unit has access to rental parking for $100 a month.

1651 Lamont Street NW, Unit 2D (map)

• Price: $419,000
• Bedrooms: Two
• Bathrooms: One
• Square Footage: 970
• Days on Market: 6 days

Columbia Heights Condo with Space (Both Indoor and Outdoor)

Two weeks ago in Best New Listings, we featured this two-bedroom unit tucked away on Holmead Place in Columbia Heights, and one commenter noted that the ceilings were a little low. That clearly didn’t bother an eager buyer as it was under contract one day after we featured it. In addition to an off-street parking space and a small rear patio, the condo has a large living area with wood floors, a good-sized kitchen and a spacious master bedroom (the second bedroom is a bit smaller). To top it off, the unit has remarkably low condo fees ($136).

3475 Holmead Place NW, #1 (map)

• Price: $419,900
• Bedrooms: Two
• Bathrooms: Two
• Square Footage: 1,136
• Days on Market: 4 days

This article originally published at http://dc.urbanturf.com/articles/blog/under_contract_off_the_market_in_7_days_or_less/2318

3 Comments

1. Janson said at 10:55 am on Thursday July 29, 2010:

   What’s with $419,000? Is that some kind of FHA limit or is it a coincidence? I’ve seen another property recently go for that too.

1. Jelly said at 12:11 pm on Thursday July 29, 2010:

   I think it is just a coincidence. to qualify for a conventional home loan, it needs to be at least $417K, so maybe that is the confusing part.

1. Ricky2batz said at 2:26 pm on Thursday July 29, 2010:

   In some markets, $419K is the limit for a conforming loan (it is up to $720K in some markets).  But, most lenders are requiring 20% down.  Even if the buyer only put down 10%, it would bring the loan amount to lower than the conforming loan limit.

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