What the..???

This is 1318 Randolph St, NE which is located in the hot, hot neighborhood of Brookland.  It had SEVEN offers! One of them mine.  It was listed for 254K and it is in very good shape.   Yes, the kitchen and bath needed updated but at 254K, that's doable. 

Our offer came in #3 out of the 7.  I should be satisfied but I'm not.  We lost.  Our offer (20% down, conventional loan, almost 40K over list) was strong but my clients have limits.  The winning contract was for over 300K…probably well over 300K.  I suspect it went for 330-350K.  That's 750-100K above the list price.  I could say I'm shocked.  I'm not.  Finding a house in DC in the 250K range is similar to the Nationals having a winning season… almost impossible.  What's been encouraging in the last several weeks is the number of decent houses in this price range.  What's been discouraging is there's always multiple offers. 

For me, the most competitive price ranges in the 2010 DC market have been the single family homes between 250-350K and 750-850K.  It fascinating that the most competitive price ranges are on opposite ends of the spectrum but the circumstances are the same.  There isn't a lot of inventory that's good.  When it's good, there's multiple offers.   I missed the height of the market in 2002-2005 when people sometimes made 4-6 offers before they got a contract ratified.  It's frustrating but exhilarating.  I really hate to lose!  I think the Fall selling season is going to be very interesting.  Stay tuned.

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2 Comments

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