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

  • July 6, 2015

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

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