Thursday, December 01, 2005

Still Not Selling in SIlver Spring

8300 and 8406 Hartford Avenue in Silver Spring, Maryland still have not sold despite the price reductions. They both are listed at 579K.

Which will sell first?

I am betting that there will be another price reduction.

See Earlier Post

Google Map

5 comments:

  1. David
    considering the market in Connecticut just went stone cold dead about a month or so ago, they may not sell unless there are more reductions- and they may not be until spring. The markets in the northeastern megalopolis have certainly almost stopped.

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  2. They seem to be trying to draw the line at 579K.

    LOL. Doesn't seem to be working.

    Or maybe people are balking at some kind of "feed my squirrels" clause...just kidding.

    Really, though, a 14% price reduction and a few months on the market is not particularly outrageous historically. It maybe just seems that way because of what has gone on recently.

    Thanks for these great updates, David. Sometimes specific examples can really drive home what is happening.

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  3. For 579K, I expect a beautiful house with a big yard in a very safe neighborhood with great schools and low crime.

    With those two houses, you do get all brick, it appears. (Better than most new houses in the area, which are brick front only- at best). I have no idea how nice they are inside.

    BUT...

    Small yards.

    High traffic area.

    Crime is very close.

    Schools are iffy... this is not the fancy part of Montgomery County.

    The price assumes that all the local renovations (like in downtown Silver Spring) are completely successful and turn the area into a new Georgetown.

    If that happens, maybe the houses are worth 500K, IF they are in spectactular condition inside.

    Given what I think the probability of all that really happening is, though, I would pay, AT MOST, and for a spectacular interior, 250K. And then I'd still feel like maybe I got a bad deal.

    Until then, I'm renting.

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  4. http://realtor.com/Prop/1051383010

    This one still hasn't sold either. Started at $560 and now $449, and been on the market three months now.

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  5. Thanks dmcindc.

    I rent in Silver Spring. Nice place to rent, and reasonably priced (i.e. rent prices) given area salaries.

    I'd only consider buying at one half to one third the current price levels, or lower.

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