SOLD!!! TO THE LAWYER-LOBBYIST-
REAL ESTATE SPECULATOR IN THE BLUE SUIT

To get the best price for a piece of property a seller must be patient. The first or second offer might not be the best. Plus the market has cooled, so a property may take awhile to sell. No longer will the offers pour in after a few days, or even weeks. Sometimes months.

How about 16 months? Since November of 2004, that's nearly 500 days on the market for the remaining units at 1150 K Street NW.

To get things moving, the developer, the Walton Cos., will hold a "sealed bid marketing program," a.k.a. an auction. Of the ten remaining units, there is a studio, a one bedroom or so and a few two bedrooms.

Not much of a neighborhood, but its close to Farragut Square, downtown and Logan Circle. It has a fitness center, rooftop terrace, the usual granite counters, plus other bells and whistles. The remaining units are in the $450K to $550K range, they say over here.

Sealed bids are due by Wednesday, March 29. The developer does reserve the right to reject all bids, but with more than a few serious ones they will become tough to turn down.

This is a new one for the DC market.