A home that got 88 offers — 76 of which were cash offers — must be really something, right?
Well, this four-bedroom, two-bathroom abode 30 minutes outside Washington, DC, and only a mile from the local metro sold for $460,000 — about 70% above the original asking price of $275,000. But it might not meet your expectations for a hot house.
“I knew that it was a home that needed — I say needed — a lot of love. It had a lack of maintenance for quite some time,” listing agent Re/Max Realtor Ellen Coleman told The Post.
The house was listed at such a low (and unusually attractive) price point because of the court-mandated appraisal on the home, which was unoccupied since its owner died in 2020. The house looked “very sad” when the appraisers arrived, although it looked a “bit better” once it was emptied, said Coleman.
“I don’t think you saw the worst of it though,” she said, saying there weren’t even pictures of the house’s least attractive aspects. “There was water in the basement, I’m sure lead paint, I’m sure asbestos. It needed someone with the wherewithal and cash to bring it back to life,” she told The Post.
Approach the white brick house in Silver Spring, Maryland, and you’ll step onto a porch with iron railings in serious need of a power wash.
Beyond the screen door and a wood door are worn, original 1948 wood floors, according to Realtor.com.
Much of the home’s interior is well-kept but outdated and worn. Inside the entry, the family room has a white brick fireplace, flanked by bookshelves and topped by a large mirror, photos show.
The kitchen has diamond tiling on the walls, with old wooden cabinets and vintage appliances.
The sunroom could be the home’s one redeeming quality, aside maybe from its location. It features a soaring peaked ceiling and large windows. Glass doors lead to a 0.16-acre lot with a wooden deck — but even that comes with a warning.
“Please DO NOT GO OUT ON DECK — it is not safe,” reads the listing.
The bathroom has worn tiles that appear to have originally been pink. The basement is in need of some TLC, with broken red floor tiles and peeling white paint on brick walls.
The home was last sold in 1977 to the late Paul and Susan Parsons for a mere $64,000, according to Maryland property records. Susan Parsons died of a heart attack and kidney failure before the pandemic, in February 2020. Her husband died in 2008. “Together they lived with a cat and several thousand books,” reads her obituary.
Because of its location, investors spotted this cheap home as a perfect opportunity for renovation. Real estate surrounding Washington, DC, has become exceedingly valuable since the house was last sold in 1977. The median sales price in Silver Spring peaked at a five-year high in January, with homes typically listing for $429,000 and selling for 15% above asking price, according to Realtor.com.
The market cooled down in February and data for March has not yet been released, but with the beginning of spring home buying season, it’s likely to be hot across the board. The record-high prices are attributable both to a nationwide rise in demand, low mortgage rates and particularly high demand in the Washington, D.C. suburbs, especially with Amazon’s new headquarters in the region.
The buyer, who is an investor, was represented by broker Rajan Arora, according to Realtor.com.