City Paper is not for tourists
Price Pick of the Week:
110 Seaton Place NW
Original listing price: $549,000 (March 13, 2008)
Current listing price: $499,999 (July 31, 2008)
Slash rate: 9 percent
Square footage: About 1,270
This four-bedroom Bloomingdale town house was “Priced to Sell!!!” by the former owner, who purchased the home in 2003, got married, then decided that being a landlord was not for him. Several interested buyers looked at the house, and when a final bid was accepted, the property’s renter, under the Tenants Opportunity to Purchase Act, was provided the chance to snag the house on his own. The man pounced. “So, he was able to get the bargained-for price, without bargaining for it,” says real estate agent Carlos Garciaof the Eng Garcia Group of Dupont Circle. If the sale had taken place during, say, 2005 or 2006 in the midst of the boom, the tenant probably would have been “more likely to jump” at the initial asking price, rather than watch it rise beyond his reach, says Garcia. “Until the tenant has seen the property on the market, he’s going to wonder did I pay market?” These days, he just gets to watch the price drop $49,000, then sign some papers.
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