What's Hot: The 2,600 Units in Progress, and 500 Units on Hold, in Rosslyn | Do Three Months of Rising Home Sales Mean The Market is Turning a Corner?
9 Offers, $400,000 Above Asking: The Wakefield Premium

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.
story continues below
loading...story continues above
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.
Similar Posts:
This article originally published at https://dc.urbanturf.com/articles/blog/9-offers-400000-above-asking-the-wakefield-premium/14911.
Most Popular... This Week • Last 30 Days • Ever

New renderings show the public space that will be part of the huge new residential de... read »

Several large projects are in the works across the Potomac in Rosslyn while others ha... read »

As Los Angeles looks to implement a "mansion tax" on April 1, UrbanTurf decided to ta... read »

In this week's edition of Above Asking, we highlight a home in Mount Pleasant that so... read »

The 2023 Home Buyers and Sellers Generational Trends report out today found that bab... read »
- New Renderings Show Retail Plaza, Park at 435-Unit Takoma Metro Development
- The 2,600 Units in Progress, and 500 Units on Hold, in Rosslyn
- A Closer Look at the Mansion Tax
- 12 Offers, $273,000 Above Asking in Mount Pleasant
- Baby Boomers Pass Millennials As Largest Generation of Homebuyers, Per Report
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro