The Six-Month, $350,000 Bump in Georgetown

by UrbanTurf Staff

The Six-Month, $350,000 Bump in Georgetown: Figure 1
1055 High

If you need further proof that DC’s uber high-end residential market is looking more like New York by the day, here it is.

Unit 4W, a 3,300 square-foot, three-bedroom condominium at the new luxury residential building 1055 High in Georgetown, sold last week for $5 million. The sale comes just six months after the unit originally sold for $4.65 million, making for a tidy $350,000 increase in valuation for the owner since December.

The Six-Month, $350,000 Bump in Georgetown: Figure 2
Unit 4W

It should be noted that demand for the condos at 1055 High, a seven-unit luxury project at 1055 Wisconsin Avenue NW (map), was substantial when they hit the market last year. Priced between $3.6 and $5.5 million, all the condos went under contract within three weeks of hitting the market, and each sold to an all-cash buyer paying substantially over list price.

The Six-Month, $350,000 Bump in Georgetown: Figure 3

However, the more notable thing about the transaction is how rapidly the unit was put back on the market — one month — after it was originally sold. Perhaps these type of quick-hit, for-profit real estate transactions are no longer limited to the Big Apple and Los Angeles.

The Six-Month, $350,000 Bump in Georgetown: Figure 4

This article originally published at http://dc.urbanturf.com/articles/blog/the_six-month_350000_bump_in_georgetown/10081

1 Comment

  1. DCrealtorT said at 4:44 pm on Tuesday July 7, 2015:
    This article is slightly misleading. There was a $50,000 seller credit on the sale, plus work was done to the unit, including mechanized black out shades throughout. Also, with agent commission concessions, the difference could even be lesser than it appears.

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