Bidding Wars in Penn Quarter

This lovely 3BR in Penn Quarter came on the market a few weeks ago and my clients wanted to get in immediately. There were multiple offers and my clients wrote an escalation clause into their contract that went well over the listing price of $775,000 and still were not the winning offer. This is extraordinary as the last unit with this floorplan sold for $690,000 (it was tenant occupied and in a lesser condition- but still a large difference!). Although my clients were dissapointed and it was frustrating to lose out to another buyer, I thought it was a great sign for Penn Quarter and how in-demand larger units are there.