Under Contract: 138 Offers on H Street

• December 12, 2012
• 6 Comments

by Shilpi Paul

In Under Contract this week, UrbanTurf looks back at properties it has featured over the past couple weeks that were snatched up by DC’s alert buyers in just a matter of days. One even got a whopping 138 offers.

Weekend Warrior: H Street Foreclosure

In early December, we featured an H Street Corridor row house with two-units that seemed ripe for redevelopment; however, investors were not allowed to bid on the foreclosure being sold through HUD. The home was reserved for owner-occupants who were willing to put some serious time, money and effort into fixing up the place. In return, they would have both a home and a rentable unit that would likely make a dent in their mortgage payments. Well, someone stepped up to the plate: the listing went under contract by December 7th, a day after offers were due. And, perhaps more impressively/implausibly, the home received a whopping 138 offers and sold for a hyperbolic $801,000, Curbed DC reports.

• Address: 825 4th Street NE (map)
• Price: $337,000
• Bedrooms: Four
• Bathrooms: Four
• Days on the Market: 11

Condo Near Bloomingdale’s Tavern and Bakery

Just last Friday, we featured this Bloomingdale condo in The Providence as one of our Best New Listings. The one-bedroom was in solid shape, had lots of windows and generally cozy appeal. The extremely close proximity — one block — to Bloomingdale’s burgeoning retail strip likely caught the eye of several house hunters: the property was snapped up in four days.

• Address: 70 Rhode Island Ave NW #403 (map)
• Price: $299,900
• Bedrooms: One
• Bathrooms: One
• Square Footage: 766
• Days on the Market: 4

Enormous Adams Morgan Loft

UrbanTurf is quite taken with this loft, a 3,800 square foot space in a former Adams Morgan car dealership. We’ve featured it several times over the years as it has hit the market at prices ranging from $2.7 million to $1.495 million. The loft has a gritty urban appeal that doesn’t exist in too many places in our city. Well, after going on and off the market a few times this year, it appears that the space has found a buyer. It went under contract just yesterday.

• Address: 2424 18th Street NW, Unit R2 (map).
• Price: $1.35 million
• Bedrooms: Three
• Bathrooms: Three
• Square Footage: 3,800

Least Expensive Three-Bedroom in 20015

Finally, our Deal of the Week last week was a well-maintained Chevy Chase home that had the lowest price tag for a three-bedroom home in the 20015 zip code. The home had been in the same family for 60 years, which may have explained it’s low price. The quiet neighborhood and it’s close proximity to some of the District’s best schools appealed to someone, and the home found a buyer by December 7th.

• Address: 3615 Patterson Street NW (map)
• Price: $689,000
• Bedrooms: Three
• Bathrooms: 2.5
• Year Built: 1931
• Days on the Market 8

This article originally published at http://dc.urbanturf.com/articles/blog/under_contract_138_offers_on_h_street/6433

6 Comments

1. m said at 3:52 pm on Thursday December 13, 2012:
   800k for a fixer! It won't appraise and the new owner occupants could have bought a beautiful home in the neighborhood for the sales price!

1. Jason said at 5:18 pm on Thursday December 13, 2012:
   What m said. Either these folks were clueless or there's something fishy going on here...

1. mike said at 1:13 am on Friday December 14, 2012:
   It makes more sense when you think about 550 for the top unit and 250 for the bottom unit. Plus, that location is pretty good with the grocery store, the restaurants, the metro and buses.

1. zcf said at 6:43 pm on Friday December 14, 2012:
   Mike - $250K for the bottom unit would make sense if it were pristine.. $550K for the top unit for that condition is just absolutely insane. Have you seen the pictures? It looks like a tear down http://www.zillow.com/homedetails/825-4th-St-NE-Washington-DC-20002/415369_zpid/ The deal sounds fishy to me as well

1. OneoftheBidders said at 2:51 pm on Wednesday December 19, 2012:
   Whoever bought that place is clueless and a sucker to pay that price... that is, if the actual close price is anything close to $800K. It does sound fishy to me! I toured the property and it looked like it required at least $250-$350K of renovations. I bet that an investor or developer posing as a "primary residence" owner purchased that property. What a sham!

1. TREArch said at 8:17 pm on Thursday December 20, 2012:
   Sounds like a developer posing as a buyer to me, but normally with these kinds of set-ups you aren't allowed to sell the property for a number of years, so I wonder how they will get around that. And I'm sorry, love the changes they have made on and around H street, but there is no way in h*** I would pay $800K to live there, and especially not in a rowhouse.