For the newest proof of a surging suburban gross sales market, look simply exterior Washington, D.C. There, a critical fixer-upper offered for 70 p.c above its appraisal after receiving 88 provides — 76 all-cash, in accordance with the New York Publish.
A purchaser closed on the four-bedroom house in Silver Spring, Maryland, for $460,000, nicely above the $275,000 court-mandated appraisal that adopted the proprietor’s loss of life, in accordance with the report. With house costs peaking within the space, the provides poured in for the 1,850-square-foot, single-story house on Fleetwood Terrace. The Redfin estimate of practically $413,000, nevertheless, was significantly above the appraisal.
Itemizing agent Ellen Coleman of RE/MAX Realty Centre stated the itemizing photographs didn’t embrace “the worst of it,” the Publish reported. She added, “there was water within the basement, I’m positive lead paint, I’m positive asbestos. It wanted somebody with the wherewithal and money to carry it again to life.”
Rajan Arora of Metropolitan Regional Data Programs introduced the client, who was not named.
Regardless of its modesty, house has its charms. These embrace a sunroom and the unique 1948 wooden floors. The property covers lower than one-fifth of an acre. The earlier homeowners bought the house in 1977 for $64,000.
The median gross sales value in Silver Spring hit a five-year excessive in January. Properties usually record for $429,000 and shut 15 p.c above asking. The realm is about half-hour exterior the nation’s capital.
Suburban housing markets nationwide have exploded amid the pandemic. Stock is so tight that there are actually extra brokers working than properties on the market, in accordance with a current report.
[NYP] — Dennis Lynch