The slow down in home sales in the DC area doesn't mean that certain pockets aren't still hot.
Late last week, a four-bedroom, 3.5-bath home at 3640 Brandywine Street NW (map) in DC sold for a whopping $400,000 above its asking price after garnering nine offers. The home is in Wakefield, a neighborhood that is not necessarily a household name in DC, between Reno Road and Connecticut Avenue.
Buyer's agent Melanie Hayes analyzed comparable homes in the vicinity and found that the home was significantly underpriced, something that likely wasn't lost on the other buyers in competition given the premium paid for the home.
Listed for $1,380,000, the house went under contract on January 10th and settled eight days later for $1,780,000. The offer was for all-cash and had no contingencies.
The determining factor appears to be the above-grade price-per-square foot. An analysis reveals that at the original listing price, the price per square foot came in at $480 when in fact the more appropriate rate was closer to $620.
This article originally published at https://dc.urbanturf.com/articles/blog/9-offers-400000-above-asking-the-wakefield-premium/14911.
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