GDoN “Offers will be reviewed July 20, 2016” edition

4625 9th Street Northwest

This house is located at 4625 9th Street, Northwest. The listing says:

“Conveniently/centrally located, 3-story home in NW, D.C., minutes from Rock Creek Park, Downtown D.C., & Silver Spring. Off street parking, Finished basement, Tons of natural light, Hardwood floors. Great Buy. Offers will be reviewed July 20, 2016”

inside

You can see more photos here.

This 4 bed/2.5 bath is going for $500,000.

9 Comment

  • I’m confused because this seems massively under priced. Priced for a bidding war? This last sold in 2007 for 435k. It’s pretty big and looks to be in good shape. I am not a huge fan of the kitchen, but some minor changes could fix that. Also, the “offers will be reviewed on” language always makes me think they’re prepared for a ton of offers so they cut it off on a specific date.

    • Yeah — I too thought it was underpriced, and liked it (except for some elements of the kitchen, and the diagonally laid flooring in one of the rooms).

    • That has to be it. I don’t see how this goes for anything uder $600K, if not higher. I think they could have priced this at $650K and still gotten a bidding war. Will be curious to see what it actually goes for.

    • So the “offers reviewed on” or “offers due by” thing in listings always rubbed me the wrong way, too. Until I put my first place on the market a few weeks ago. We had a ton of showing activity (over a very short time), some calls of interest, but no offers until we put in the listing information (viewable only by realtors, not in the full listing) a deadline for offers. Once we put the deadline in, offers poured in. We even had to delay the offer review by 30 minutes because two realtors called saying they were in the process of putting together offers and needed another 30-60 minutes to send them. Some people just need a deadline to get them to move.
      .
      And lest you think this was some “undesirable” property or something, we ended up with 5 offers, all with escalation clauses and waiving at least some contingencies, most offering a 30-day close, and accepted one almost 10% above list. There does seem to be some level of people trying to feel out interest…you know, waiting for the seller’s realtor to call them back and say “we have a few offers in hand, were you still interested?” before they commit. Now that I’ve been on this side of the table, I get it.
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      Of course, we went the less aggressive way of putting it in the showing information, which I do think was a good balance between indicating that there was significant interest and not telling people we *knew* that would be the case and putting them under the gun.

  • It’s interesting to see this house on GDoN because I am certain my husband and I looked at it in the spring of 2012 when we were shopping for a home. I remember it mostly because of the kitchen – I wasn’t a fan then, not much of a fan now. I suppose it didn’t sell then. I don’t recall how much it was listed for but I really think it was more than $500,000 because our budget was more around $650,000. It doesn’t look like much about the house has changed since we saw it 4 years ago although it certainly looks like it should go for more than $500,000.

  • This is clearly way under priced at 500k. Given the note about reviewing offers they must just want to sell it ASAP to the best offer they can get.
    .
    Completely remodeled (modern, open floor plan) houses near there are going for about 750. I would bet it goes for somewhere between 600 and 650.

    • Nope, just trying to create buzz and perceived urgency. Will go for over asking but not past $630k IMO.

    • There are some agents that see this way – massively underpriced and only on the market for short time – as the best way to get the best price. They are likely right for this sort of property.
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      I talked to one such agent – though, selling a coop, it wasn’t the best approach for me to use – I wasn’t interested in the highest price, but in the right combination of factors in a buyer that my coop board would approve.

  • Welcome to Northern California real estate practices! Significantly underprice the house, keep it on the market for 2 weeks, then accept the best offer (which is always 10+% over asking and often 20%+ more).

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