Multiple Bids: Half-Finished and Priced Low Near Bloomingdale

• November 5, 2013

by Shilpi Paul

In Multiple Bids, UrbanTurf showcases homes on the market that we think will attract the attention of several buyers. This week, we look at a three-bedroom rowhouse in Truxton Circle priced so low that prospective buyers have been entering the home every time UrbanTurf has passed by in recent days.

Located one block from Big Bear Cafe, the home is a foreclosure that has been vacant for years and appears to have been abandoned in the middle of a renovation. From the photos, the listing looks to have solid hardwood floors, some new features and appliances in the kitchen and the bathroom, and attractive windows.

For the past two years, the house has come on and off the market, with at least two contracts falling through. The strikingly low asking price — similarly sized homes in the neighborhood have been selling in the $600,000 range, even when they need work — makes us wonder if there is a deeper story here. Are there some less obvious problems keeping buyers away? Why was the renovation abandoned, and why did the contracts fall through?

Regardless the issues, the home will likely go under contract soon. The seller will be considering contracts late Tuesday. More photos and details below.

UPDATE: The agent tells us that the home received 26 offers, and was shown by a total of 139 agents since it was listed.

• Address: 221 R Street NW (map)
• Price: $364,900
• Bedrooms: Three
• Bathrooms: 1.5
• Year Built: 1910
• Listing Agent: Benjamin Puchalski, Rock Creek Realty

This article originally published at http://dc.urbanturf.com/articles/blog/multiple_bids_half-finished_and_priced_low_near_bloomingdale/7781