There are some places in Washington DC that are unique. Neighborhoods that have a huge appeal and retain their value. That being said; while the market in Washington DC is doing well - it's hardly a "boom".
One neighborhood which I have had the privilege of working quite a bit in this year is Capitol Hill. I have sold two properties there recently and have negotiated a couple of others - which didn't work out (yet).
About 10 days ago, one of these deals was a "newish" condo on the edge of Capitol Hill. Well the neighborhood is not "really" Capitol Hill - but it's close! Or at least that's what the listing agent wants us all to believe. So when we based our offer on the recent comparable sales in the building (within the past 90 days) - all we got was a flat counter offer of "Full Price".
Full WHAT? Full price? This isn't a unique condo. It's nice - but it's not the only one in town. It's not really "in" Capitol Hill. It's not "brand" new. Not only that but - it's August! You know - August; where real estate sales in DC tend to slow to a morbid crawl because 1/2 the dang city is on recess (thats vacation for those of who who don't work for Congress).
In fact; the Capitol Hill neighborhood has been one area where sellers *think* they can get 100% of list price - and some do. The truth of the matter is that sellers get about 95% of list price (compared to about 92% in DC as a whole).
But a word of caution - when you get a good offer - TAKE IT. Don't be silly and counter with a FULL PRICE offer. It sends a huge message to the buyers. The message sounds a lot like "screw you".
(Of course this condo is STILL on the market - and until they decide they want to "work" with a buyer - it will be on the market a very long time).
Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!
Office: 202-362-5800 Cell: 703.244.3971
Licensed in Washington DC, Virginia & Maryland.
Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016
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In a market where a reasonable offer seems like a good thing - there is always hope for full price, eh? I just ran into a similar sitation here. Cracked me to pieces but we haven't given up yet!