Its competition is another house just up the block on Hartford Avenue ( 8406). The house was originally listed for 679K; then reduced to 649K, then 629K, and now 599K. See my blog post about 8406 Hartford Avenue.
Leaves are falling,Prices are falling.
Buyer are baiting,
Sellers are waiting;
Sales are stalling.
Posts
Meanwhile, in P.G. County, a few minutes away, they are approaching a record year of homicides. Probably a record year for car thefts also. So it's a nice neighborhood if you don't value your car or your life.
ReplyDeleteAt least the previous record year (1991) there was a recession, but P.G. County is booming right now, with plenty of jobs. It can only get worse, which is scary.
Plus, there seems to be a dwindling supply of morons who believe that "real estate in the DC area never goes down." LOL. Yeah, right. If you believe that, you must have been here less than eight years.
I drove down Colesville, Georgia, and University today. Many, many, homes for sale. I didn't bother checking the prices. The prices would need to fall a lot more before I bother looking at these old, small houses near dangerous and crowded neighborhoods.
ReplyDeleteThanks for your great blog. I really like the house updates.
"At least the previous record year (1991) there was a recession, but P.G. County is booming right now, with plenty of jobs. It can only get worse, which is scary"
ReplyDeleteIt is scary. Although in fairness, the population of PG county is significantly higher now then it was in 1991. Thus the murder rate is significantly lower.
Is it significantly higher? I thought it was about 10-15% higher.
ReplyDeleteThere certainly is a lot more traffic, so it is possible there are a lot more people. However, the new people are moving into the eastern part of the county, which has less crime.
I think now is worse. In 1991, the problems were far more concentrated than now (where almost the entire inner Beltway area is a mess), and the problems were more connected with the crack epidemic, which affected the whole country. Now there really isn't any excuse.
On the houses you showcased above, the reductions they show are really quite small. It will be very interesting to see if the prices fall more or if they can sell at these levels. I also wonder if falling house prices will cause some realtors to ask more states to keep home sale price data private. In Texas, I think, they don't publish home price sales data for individual houses.
According to the US Census in 2004 PG County had a pop of 842K. Back in 1990 it had 729K.
ReplyDelete"On the houses you showcased above, the reductions they show are really quite small." One started out at 679K and now is offered at 599K. That is a signiifcant price reduction.
"I also wonder if falling house prices will cause some realtors to ask more states to keep home sale price data
private"
They better now. The public outcry should be huge if they try that.
"One started out at 679K and now is offered at 599K. That is a signiifcant price reduction."
ReplyDeleteLOL. Yeah, you are right. I guess I think it's small because it is still priced much, much, more than what I think it is worth.