Capitol Hill House Gets More than 30 Offers in Six Days

• December 3, 2014

by Lark Turner

1240 E Street NE, courtesy of Google Maps.

A Capitol Hill home that hit the market last week received more than 30 offers in its six days on the market.

The green three-bedroom, one-bath rowhouse at 1240 E Street NE (map) was listed for $400,000. The property was not in foreclosure or distressed, but it is city-owned, vacant and needs at least $200,000 worth of work, listing agent Kymber Lovett-Menkiti told UrbanTurf. About 80 percent of the offers received on the home appeared as all-cash offers, she added, and a lot of the interest came from investors.

“It’s rare to have a property now where you can really have your own vision,” Lovett-Menkiti said. “We saw both owner-occupants, people who wanted to make the home their own, and obviously a lot of investors.”

Listing the home on the open market drew a wide pool of investors, including some who were looking to work on their first house as well as “bigger players,” the agent said. The listing presented a rare opportunity for a fair shot at a house.

“Investors are going door-to-door, they’re buying direct, so others don’t have the opportunity to get a chance at (similar properties),” Lovett-Menkiti said.

The $400,000 price point helped, too, despite the work the home requires; the agent said that for a similar, renovated home in Capitol Hill, “$800K is becoming the norm. The city is reviewing all the offers on the property and will likely make a decision based on terms, like any other seller, in the next day or so.

This article originally published at http://dc.urbanturf.com/articles/blog/capitol_hill_house_gets_more_than_30_offers_in_six_days/9290