Under Contract: That Didn’t Take Long Edition

by UrbanTurf Staff

In our “That Didn’t Take Long” edition of Under Contract this week, we learn that a three-bedroom home we featured this past Tuesday already has a sale pending on it.

Deal of the Week: Another Bargain Between Capitol Hill and H Street

216 14th Street NE

Apparently, if you are a buyer interested in homes on the eastern edge of Capitol Hill, you need to move quickly these days.

A couple weeks ago, we featured a three-bedroom home on Tennessee Avenue that was listed below $300,000 that needed about a couple hundred thousand dollars of work to bring it up to prime condition. It received multiple offers and went under contract within a few days of hitting the market.

On Tuesday, we wrote about a new listing just around the corner from the Tennessee Avenue home that we indicated is what the previous week’s listing could look like if some hard work was put into it. It appears someone agreed with us as there is now a sale pending on the 1,800 square-foot three-bedroom after being listed for just shy of a week.

We wrote on Tuesday that the house has a number of Capitol Hill property trademarks including high ceilings and heart of pine woodwork throughout, and put its deal-worthiness in perspective, by noting that in August, a similarly-sized listing in the same condition one block away sold for $559,000 (without parking, which this listing includes).

More details below.

216 14th Street NE (map)

  • Price: $549,500
  • Bedrooms: Three
  • Bathrooms: Two
  • Square Footage: 1,800
  • Price Per Square Foot: $305
  • Days on Market: Five

See other articles related to: under contract, hill east, capitol hill

This article originally published at http://dc.urbanturf.com/articles/blog/under_contract_that_didnt_take_long_edition2/3100


  1. the hill said at 1:44 pm on Friday March 4, 2011:

    I knew this one would have a short shelf life.

  1. Anon said at 8:57 pm on Friday March 4, 2011:

    Rumor has it there were 5 offers and went approx 10% above list.  Some believe it was WAY under priced and probably should have sold for even more than it is going to sell for.  Remember kiddies - use agents that want you to get the best/right price, not those that want the quickest sale!  Hire agents that tell you the truth (even when you don’t like what they say).  These are big dollar transactions.  The prettiest agent or the “nicest” agent isn’t necessarily the best agent.

  1. NB said at 9:30 am on Monday March 7, 2011:

    Isn’t it possible that the sellers priority was for a quick sale and instructed the agent to price accordingly.  If that was the case then the agent did exactly what she should have. The timing may haver been more important than another $10-$15K in 30-60 days.

  1. Mike said at 12:12 pm on Monday March 7, 2011:

    Looks like it went under contract for $605k, so $55,500 over asking price.  Seems like a sweet deal for the sellers.

    I’ve seen this on a few places recently…pricing just below market comps to attract several contracts.  It’s a risky approach but can pay off if it generates enough buzz.

  1. Anon said at 6:54 pm on Tuesday March 8, 2011:

    Perhaps, NB. 
    People handle risk differently for sure.  Seems to me to be worth 2-3 weeks of market time for what might be 1 or 2 months salary (assuming $120K/year, and a sales price $10-$20K higher, which seems like it could have happened considering the condition and features of this house vs. recent comps).  Plus, you run the risk of the multiple offer party not showing up.  Or pricing so low as to attract a different buyer pool and not getting up to where it could have been if priced there to start with.  And, while no actual obligation exists for sellers to consider this, if it sells too low it drags values down for the entire neighborhood - talk about a nice goodbye present for former neighbors!  Oh well.  Hopefully the sellers are happy and the buyers realize they got a good deal even though they had to escalate to get it…Happy House Hunting everyone!

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