Home | Newsletter | Advertise
loading...

9 Offers, $400,000 Above Asking: The Wakefield Premium

  • January 22nd 2019

by UrbanTurf Staff

3640 Brandywine Street NW

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.

Similar Posts:

This article originally published at https://dc.urbanturf.com/articles/blog/9-offers-400000-above-asking-the-wakefield-premium/14911.

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. Start browsing below!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse