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Reply to "Capitol Hill State of the Market?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]We bought peak of last year's market in the "close in" heart of the Hill. Took three offers waiving all/most contingencies, 100k+ escalations, and we landed in a fixer-upper at the top of our budget. This year's market for the close in Hill seems to be the same. Two interesting datapoints: - 16 8th Street NE - intentionally underpriced estate sale that needs SIGNIFICANT work. Open houses were flooded. Contingent 5 days after listing and sold for $180k over (https://www.redfin.com/DC/Washington/16-8th-St-NE-20002/home/9901644) - 124 6th St NE - Similar play here (same listing agent, I heard). Estate sale with significant work ahead, sold for $150k over ask, contingent 5 days after list (https://www.redfin.com/DC/Washington/124-6th-St-NE-20002/home/9897148) - 420 4th St SE - This one surprised me. Recently renovated, 3br, in zone for Brent, priced at $1.25. I was surprised this sat for 2 weeks and will be curious where it closes (https://www.redfin.com/DC/Washington/420-4th-St-SE-20003/home/9896121). Opens were busy but not crazy busy[/quote] How do those first two need “significant” work?[/quote] My reaction too. Unless there are structural or mechanical issues that are not obvious from the photos, both are nicer than our perfectly nice Hill house. Some people might want to live only in houses with brand-new, top-of-the line kitchens and baths, but there's a market for houses with 7 or 17 or even 27 year old kitchens. [/quote]
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