40°
The condo at 1527 30th St. NW in Washington, DC was initially listed for $1.098 million, listing agents Robert Hryniewicki, Adam Rackliffe, Christopher Leary, and Micah Smith of HRL Partners at Washington Fine Properties said.
But the smitten buyer went above and beyond for the two-bedroom, two-bathroom property, which closed at $1.36 million, or 23 percent over asking, the listing agents said.
"In this super tight inventory marketplace in DC, it's not uncommon to see escalation that approaches 10 percent," Hryniewicki told Daily Voice.
"Anything over 15 percent is rare, and 23 percent is super rare, but we weren't surprised because of how unique the space is."
The buyer was even willing to keep going higher in sales price, the agents said.
The highly coveted 1,563-square-foot-space in the converted mansion features cathedral ceilings — which are unusual for DC condos in the area – was in need of being fully renovated, and Hryniewicki said that it was priced accurately, with four offers coming in, but the buyer was never going to let it go.
The now-happy homeowner ultimately put up the $1.36 million, saying that they were attracted to the ample space, the location, and that they "thought it was a unique opportunity to create their own castle within the four existing walls of the former mansion."
According to the listing, the condo is "a timeless and rarely available residence" in Georgetown’s historic Downing & Vaux Condominium Building near Rose Park, Dumbarton Oaks, and Tudor Place.
The location also includes "one amenity that is hardly ever found in a condo is pulldown stairs to an attic storage space, (which is priceless to any condominium owner."
Hryniewicki said that the demand for certain properties is high, and it remains a seller's market, which is unlikely to change anytime soon.
"The main reason," he continued," is that you have some people with a 3 percent mortgage who don't have to move, so they're going to look at the financing and say it's fiscally irresponsible to give up (that) mortgage rate.
"Some things are locked in place, and they're not going to give up the low interest rate ... (they're saying) if I don't have to, why give it up. That's where the bottleneck is."
That bottleneck didn't prove to be a deterrent for the new Georgetown homeowner, who was happy to shell out the cash for their new home.
Click here for the complete listing of 1527 30th St. NW in Washington, DC
Click here to follow Daily Voice Milford Mill and receive free news updates.
