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The Deal of the Decade in Georgetown?

by UrbanTurf Staff

1205 Potomac Street NW

A home was recently entered into the regional multiple listing service that looks like a tremendous bargain for the DC housing market: a two-bedroom, 1,500 square-foot home in Georgetown for just $500,000. 

However, there is a twist. 

The Potomac Street home is listed with Nick Luciani of Alex Cooper Auctioneers, and $500,000 is actually just the minimum bid for the home which will be auctioned off in early March.

Tax records show that the property was purchased in 2018 for $760,000 and a renovation was completed last year. Unlike most homes that hit the auction block, this home is essentially brand new with features ranging from commercial grade Viking appliances to a wine cellar and walk-in humidor. 

Also unlike homes that go to auction, financial stress or possible foreclosure are not factors. The home was listed last year and went under contract before the deal fell through. Luciani said that the owner decided to go the auction route in order to give another method of selling the home a try. 

The auction will take place at the home and online on March 5, and a $20,000 deposit will be required of all bidders. Pre-auction offers will also be considered. 

UrbanTurf will be interested to see where the final price ends up on this one, but safe to say, it will probably make our Above Asking feature. 

See other articles related to: property auction, georgetown, auctions

This article originally published at https://dc.urbanturf.com/articles/blog/the-deal-of-the-decade-in-georgetown/16449