Get to know D.C. with our daily newsletter
We dive deep on the day’s biggest story and share links to everything you need to know.
8215 Mack St., Alexandria
Original Listing Price: $885,000 (Oct. 26, 2007)
Closing Price: $750,000 (Jan. 18, 2008)
Slash Rate: 15 percent
Square Footage: 4,316
This five-bedroom, four-and-a-half bathroom colonial is located “at the end of a cul-de-sac in a fabulous neighborhood!” according to its listing. But the owners acknowledge that their home “needs a little TLC,” which is why it’s “priced accordingly” and “below assessment.” The sellers’ agent, Ray Gernhart, says the house, which sold as-is, required more than a few upgrades. “It literally probably needed $150,000 worth of work. But, with $150,000 in, you probably could have doubled your money.” Another unfortunate change: The lot behind 8215 Mack St. was sold, and a house was being build on the next street, says Gernhart. “When you looked at what was beautiful woods, it was not going to be beautiful woods for long,” he adds. The owners had moved out roughly two years ago after buying another home that cost just south of a million. For a while, renters occupied the house. But when they left, the owners just wanted to sell this investment property lickety-split to avoid future taxes. The listing spells out the desperation: “**motivated seller!**”
Got Something for Buyer’s Market? Send tips to email@example.com.