Case Study: Successful Auction of a Renovated Townhome in Columbia Heights, DC
A renovated end-unit townhome in Columbia Heights, DC, featuring modern amenities and a separate, income-generating basement apartment, was brought to auction after sitting on the market. The property, boasting high-end finishes and a prime location, attracted significant interest.
Configuration:
Duplex setup with a 4 bedroom 2.5 bath on the main unit and one bed, one bath in the basement unit.
Income Potential:
Basement apartment rented at $2,467 monthly, contributing $29,604 annually. The main unit was vacant, which is a perfect opportunity for either a homeowner or investor.
Features:
Wood floors, 9′ ceilings, gourmet kitchen, and luxury bathrooms.
Market Challenge:
Despite its appeal, renovations, and paying tenant, the property remained unsold for months, prompting the owners to seek an accelerated sale through auction.
Negative feedback from buyers included low-quality flooring materials and a poorly thought-out floor plan.
Auction Success:
Alex Cooper effectively managed the auction of the Columbia Heights townhome, attracting 11 bidders and significantly surpassing the owner’s reserve price. Remarkably, the property was under contract within just 21 days. The engagement of Alex Cooper by a real estate agent/owner, who recognized the auction as the optimal method to maximize the property’s value, underscores the auction’s success in achieving a favorable outcome and realizing the property’s true market potential.