After 19 offers and only eight days on market, the three-bedroom two-bath home at 701 East Capitol Street Southeast sold for a whopping $412,000 over the list price with an all cash offer. It hit the market at $1,089,000 with the understanding that a buyer would likely have to put about half a million dollars into the home in order to fully update it.
Set on a corner lot, the home features original pine floors, leaded windows, a garage with a driveway parking space, and a full (unfinished) basement. However, all of the major systems in the home will need to be replaced as well as the basement finished and garage repaired.
The home closed at $1,501,000 despite not being the highest offer. One offer escalated to $1.6 million but included a financing contingency. The owners decided not to take the chance that the home might not appraise for that price and took the cash.