How one Georgetown home sold for $510000 over its list price in just four days

How one Georgetown home sold for $510000 over its list price in just four days - Washington Business Journal

Posted by Unknown on Tuesday, September 9, 2014

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TTR Sotheby's International Realty brokered the sale of 3043 P St. NW for $4 million, or $510,000 over list price.

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Daniel J. Sernovitz: Staff Reporter- Washington Business Journal

TTR Sotheby's International Realty agent Alex Venditti feared he was facing an uphill battle when he was picked to market 3043 P St. NW to prospective buyers.

It's not that homes in Georgetown are anything to sneeze at, as they typically command some of the highest prices in the District. And yet, in the button-down world of Georgetown real estate, where most of the homes are brownstones and pretty much all look alike, the six-bedroom Georgetown Revival stood out, and not necessarily in a good way.

"It is not one of those traditional 1890s Georgetown homes," said Venditti, who leads The Alex Venditti Group at TTR Sotheby's. "We knew we were walking into a challenge marketing the property."

As it turns out, Venditti couldn't have been further from the truth. The home went on the market July 18 for nearly $3.5 million and instantly drew four bidders, technically. Of those, there was only one real choice. That bidder had offered $510,000 over list, an even $4 million, and put the property under contract just four days after it was listed. The other three bidders, well, they didn't stand much of a chance.

Why so much? A motivated buyer. Venditti declined to identify the buyer by name, but said he had lost out to other bidders on a handful of other deals, and this time was determined to have the best offer.

"The guy had seen so many houses he just did not want to play around or potentially lose again," Venditti said. "This was simply a matter of 'I want it.'"

That's not to say the seller, Georgetown Property LLC, did not take steps to increase its value before putting the home on the market. At Venditti's suggestion, the seller gave the home a fresh coat of paint, improved its appearance inside and out, and staged it to give prospective buyers a sense for what it would be like to live there. The 5,000-square-foot home, built in 1959 and assessed at a little more than $2.7 million, features French doors opening to a private garden, four baths and a grand foyer.