The house was originally listed for 679K; then reduced to 649K, then 629K, and now 599K. See my blog post about 8406 Hartford Avenue.
The price has been reduced once more to 579K. That is 4 reductions totally 100K or 14%. Why? The housing bubble is popping in the DC area. Also, just down the street is 8300 Hartford Avenue. ( MLS MC5402312 ) which is available for 579K ( it had been reduced from 599K. Which one sells first? and for what price?
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It will be interesting to see when those sell.
ReplyDeleteKeep us posted, David. I've been looking out my (rented) kitchen window on Capitol Hill at a 3 bedroom row house that has been for sale since early July. They say it is "reduced" and are asking 450K. I see out my (rented) living room window that some speculators have put a 3 bedroom up for sale and "reduced" the price from 845K to 799K. I think this house has a bit larger back yard but can't say that justifies the additional quarter million dollars in the asking price.
ReplyDeleteI don't know whether to laugh or cry....
I think even if some of these things do sell, the experience of keeping a house on the market for months with no buyer interest will make these guys think twice about trying it again.
ReplyDeleteGreat stuff David.
ReplyDeleteCole @ The Boy in the Big Housing Bubble
this is very interesting to hear about. if you check the reduced real estate listings on craigslist in washington, dc, they're spiking upward. when i first started checking them, they were at 200 or so. now it's 600 give or take a few. i think some of the folks on craigslist are starting to wise up and pull old listings before putting new ones out there, so in that respect it's being distorted to the downside due to behavior of sellers changing over time.
ReplyDeleteI checked both these houses on another realty site, and they both have tiny yards. I want more than a little land for my half million dollars plus (well, my half million borrowed), so they better reduce a lot more.
ReplyDeletehttp://realtor.com/Prop/1051383010
ReplyDeleteThis home on Reading Rd, Silver Spring 20901 has been sitting and sitting and sitting as well. I could be off a bit on the following data, because I am going from memory, but I think I am pretty close. I believe it was bought in May 2005 for maybe $355K, and some work done, and turned from a three bedroom into a four bedroom. Then it was flipped back on the market and listed I think it was in August 2005 for $560K!!! It didn't sell and now it's listed at $449K and still not selling. The house is pretty small from the outside, the land the house is on is also very small, with neighboring housing crowded on the sides and in the back, and the neighborhood is somewhat of a shadey area, blocks away from Longbranch and MS13 territory. I still can't see it selling at the current list price.