Just Sold: Three Level Kingsbrooke Townhouse for $345,000
On March 4th (2017) I had the pleasure of listing 8843 Moat Crossing Place in Kingsbrooke for $340,000. The townhouse had three fully finished levels, each with a bump out. That gave it a ton of space. The entire main level had been renovated to include hardwood stairs. The hardwoods were continued to the staircase to the basement and to the Master Suite. The entire basement flooring had been updated to large ceramic tiles. The little carpet that remained was replaced and the entire home painted. Every bathroom had undergone spa-like remodels. Other renovations included a new roof, new HVAC, new windows and new doors. Did I mention it backed to a protected wooded area and had a nice big wood deck?
It wasn't surprising that this townhouse had three offers within twenty-four hours. Some buyers, though wanting the home desperately, were not convinced it was worth the money. They were seeing comparable sales for $330,000 and one for $335,000 and wondering what made this one different. They didn't see the value in the renovations because the kitchen still didn't have granite counters. Well, one buyer did. That buyer came in at $345,000 and removed their appraisal contingency. To get that sales price, my seller had to wait for the buyer's condo to sell. We talked over the risk vs. reward and the seller decided to go for it.
The most trying part was waiting for the buyer's existing condo to go under contract. Once that happened and were off toward settlement, all was fine. Even the appraisal, though not a contingency in the buyer's contract, came in at the $345,000 sales price. That's because I put together a list of those updates and renovations for the appraiser and showed him that the comparable sales didn't have those big ticket items newly installed.
On May 8th, this Kingsbrooke townhouse made history as the highest sales price the neighborhood had seen since May 2007. In the last ten years, values have not gotten as high as this sale took Kingsbrooke townhouses.
Oddly enough, I checked Zillow's estimated value of the townhouse today, even after putting in that it sold for $345,000. Their "zestimate" is still showing just below $335,000. Maybe it's the real estate geek in me, but I find that hilarious. No Zillow, this townhouse just appraised and sold for $345,000. It is most certainly worth $345,000.
Want to know how this Kingsbrooke townhouse sale affects your Bristow townhouse value? Give me a call and I'll be happy to show you. 703-402-0037.