Unit 2110 at Turnberry Tower in Arlington is a spectacular property with floor to ceiling windows and balcony views of Georgetown and the Potomac River facing west. This 2-bedroom, 2.5-bath condominium was in offered privately in January 2014 and never reached the public, in spite of information to the contrary on MLS. Here is the untold story of the bidding war that took place.
The asking price was $2,450,000 for this 2,267 sq. ft. Turnberry Tower masterpiece. The square footage was highly attractive, especially for buyers moving out of large single homes in the surrounding suburbs who wanted to remain in Virginia.
My Life AT The Top Buyer submitted an offer of $2,500,000 — which was $50,000 above the asking price and escalated to $2,550,000, fully $100,000 over list price. But, that’s where they wanted to stop and another buyer was willing to pay more – $2.6 million and all cash. Unit 2110 sold and closed in two weeks time.
If you research the transaction on MLS it will appear that the property sold for $95,000 less than list when in fact it was never listed in the public eye and closed for $150,000 above list. So what are the lessons to be learned?
- The DC Luxury Condo Market is experiencing a major inventory shortage for luxury properties with significant square footage — a segment appealing to buyers selling large single homes
- This lack of inventory is driving prices skyward and resulting in bidding wars
- If you want to succeed in this market, question the data presented to you by MLS, and seek the counsel of an agent who really knows what’s happening inside every important building on both sides of the Potomac.