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Priced to Sell, If You Have A Hammer

  • October 29th 2010

by Mark Wellborn

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Earlier this week, we came across a four-bedroom home listed in Logan Circle for $550,000. This piqued our interest for no other reason than that homes of this size in the neighborhood usually sell for twice or even three times that amount.

Our calls and emails to the listing agent were not returned, but this morning Jen Angotti over at Concrete Jungle shed some light on why the home was listed at such a bargain price.

Priced to Sell, If You Have A Hammer: Figure 1
1307 Corcoran Street NW

Through an agent that has submitted an offer, Angotti learned that 13 offers have been submitted over the last seven days, but that so far a contract has not been ratified. Angotti heard that the home would likely sell for between $50 and 100K above the list price.

The reason for the low price is that the property needs about $500,000 in renovations and updates, according to Angotti. Still, even tacking on that amount to the highest bid makes this seem like a good deal for anyone that is cozy with a general contractor.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/priced_to_sell_if_you_have_a_hammer/2624.

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