Sold for $1M over asking in Forest Hills

[Anonymous]

Did anyone see it? It does seem like $1.9 was way too low, but that’s an extreme underpricing strategy. Like wouldn’t you deter buyers at the higher end of the market who assume it’s a different kind of property? https://www.redfin.com/DC/Washington/4501-Linnean-Ave-NW-20008/home/9991692

[Anonymous]

I love it.

[Anonymous]

Priced it low because they knew it would draw eyeballs from all price points. Smart. The sellers + agent had a dilemma: the interior is very dated and tired....but its a big house on a big corner lot. So its tough to price it with any accuracy in this market.

With a $1m escalation it's clear there was a big bidding war, likely with multiple rounds of back & forth.

Personally, I did not imagine this closing at $2.9m. If I had to guess, I would think the sellers are also very (happily) surprised with the outcome. This market is confounding.

[Anonymous]

Is is the pool really there or is it a fake picture? It looks fake to me.

[Anonymous]

That house needs a LOT of interior work--and you have to wonder how much unseen work needs to be done (roof, windows, etc). Nice lot but that's about it. I think the buyer got hosed. That is way too much for that house.

[Anonymous]

Anonymous wrote:Priced it low because they knew it would draw eyeballs from all price points. Smart. The sellers + agent had a dilemma: the interior is very dated and tired....but its a big house on a big corner lot. So its tough to price it with any accuracy in this market.

With a $1m escalation it's clear there was a big bidding war, likely with multiple rounds of back & forth.

Personally, I did not imagine this closing at $2.9m. If I had to guess, I would think the sellers are also very (happily) surprised with the outcome. This market is confounding.

All of this. Also, having been in a similar situation, I bet you the buyers who lost the bidding war were actually relieved. Everyone involved knew it was being bid up over its true value, but whoever "won" was just a little more willing to overpay.

But the losers will be glad when they find their house and wind up spending 500k less. This one was nuts.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Priced it low because they knew it would draw eyeballs from all price points. Smart. The sellers + agent had a dilemma: the interior is very dated and tired....but its a big house on a big corner lot. So its tough to price it with any accuracy in this market.

With a $1m escalation it's clear there was a big bidding war, likely with multiple rounds of back & forth.

Personally, I did not imagine this closing at $2.9m. If I had to guess, I would think the sellers are also very (happily) surprised with the outcome. This market is confounding.

All of this. Also, having been in a similar situation, I bet you the buyers who lost the bidding war were actually relieved. Everyone involved knew it was being bid up over its true value, but whoever "won" was just a little more willing to overpay.

But the losers will be glad when they find their house and wind up spending 500k less. This one was nuts.

My guess is that someone with a budget of $3.5-4.5M bought this place and is now in the process of figuring out how to update the house for $1m.

No way this was a spec investor-flipper. The math doesn't math.

[Anonymous]

$415K in 1984 was a lot of money. Generally most houses from around that time are worth at least 10X more today. For reference, lots of very modest houses in close-in Bethesda were around $100K-$150K around that time.

[Anonymous]

Anonymous wrote:Is is the pool really there or is it a fake picture? It looks fake to me.

probably hasn't been opened for the season so rather than show a pic with the winter cover on they photoshopped the water...

[Anonymous]

Anonymous wrote:

Anonymous wrote:Is is the pool really there or is it a fake picture? It looks fake to me.

probably hasn't been opened for the season so rather than show a pic with the winter cover on they photoshopped the water...

I went there. That pool is not photoshopped. Blue is the color of the pool cover. The house has a ton of square footage and you can tell which part was added onto a while ago. Can't wait to see what becomes of this house.

[Anonymous]

Anonymous wrote:Priced it low because they knew it would draw eyeballs from all price points. Smart. The sellers + agent had a dilemma: the interior is very dated and tired....but its a big house on a big corner lot. So its tough to price it with any accuracy in this market.

With a $1m escalation it's clear there was a big bidding war, likely with multiple rounds of back & forth.

Personally, I did not imagine this closing at $2.9m. If I had to guess, I would think the sellers are also very (happily) surprised with the outcome. This market is confounding.

It was listed on April 30 and sold (not under contract) by May 7.

[Anonymous]

Interior is dated and ugly. It needs a lot of work. It’s not worth it.

[Anonymous]

The people who lived there did not spare any expense on the interior, so dated but quality. And it is quality building that you won't find today. Considering that two new houses a couple of blocks away with similar square footage just sold for about $5M, it doesn't seem that the buyer will have any remorse.

[Anonymous]

Anonymous wrote:The people who lived there did not spare any expense on the interior, so dated but quality. And it is quality building that you won't find today. Considering that two new houses a couple of blocks away with similar square footage just sold for about $5M, it doesn't seem that the buyer will have any remorse.

Those two houses had questionable finishes. For example, they had American Standard toilets. For $5M, I would expect Toto or something along those lines.

[Anonymous]

Those two houses had questionable finishes. For example, they had American Standard toilets. For $5M, I would expect Toto or something along those lines.

+1 Especially considering that the house that they razed to build these two new houses had top of the line fixtures that ended up in the junkyard.