The house located at 8300 Hartford Avenue in Silver Spring, MD has been reduced once again to 559K. MLS#: MC5474489
See my previouse posts:
Still Not Selling in Silver Spring November 30
Falling Leaves, Falling Prices II November 13
8300 Hartford Avenue, Silver Spring, MD October 9th
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The owner is obviously inching prices down very slowly. Down about $40,000... hmmm, less than 10%.
ReplyDeleteIf it's beautiful inside, maybe I'd give $230,000.
keep going bud till it reaches 200 k..till then carry its cost dumbo...
ReplyDeleteIf the price drops to 200K then we are all going to be in a world of hurt. Do those of you gleefully hoping for such declines (so that you can finally afford a nice house) realize that we will be in a full-blown depression if your dreams come true? You won't have a job or a 401 etc. Huge amount of sour grapes and woulda, shoulda, coulda on this blog.
ReplyDelete"Do those of you gleefully hoping for such declines (so that you can finally afford a nice house) realize that we will be in a full-blown depression if your dreams come true?"
ReplyDeleteThere will be very bad economic effects from houses dropping that far. But two points:
1) that is NOT the fault of housing bears, who, rather than "hoping" for a depression are trying to warn people
2) such a recession is inevitable now, no matter what any of us "hope" for
I never claimed that anything was the "fault" of housing bears. I was suggesting, however, that alot of the posts on this blog are way over-the-top.
ReplyDeleteIt is one thing to rationally discuss the economics of the housing market and quite another to wish for a magnitude of price declines that will result in immeasurable suffering for everyone. This includes renters too; as our economy will be in a DEPRESSION - not a mere recession.
I am neither a bull nor a bear and I certainly don't have a crystal ball. I just don't think posts happily hoping that a 600K house drops to 200K advance the discussion here.
I tried to find the historic selling prices of this property, but can't locate this information online. If anyone knows where to look, I'd be interested in seeing the change in market value on this property over the past few years.
ReplyDeleteI'm not sure how the property-tax assessed value in Montgomery County correlates to market value, but the Montgomery County website shows this property listed under the most recent owner beginning in 2003. The assessed values were $212,510 (2003) and $338,190 (2005).
Just for the sake of discussion, I'll assume that the assessed value is the market value and in a normal market property values should rise at 6% per year. A property with a market value of $212,510 would be increase to approximately $238,000 in 2 years.
It would seem to be that if prices would drop to what they were just a few years ago that it shouldn't be an end-of-the-world scenario.
According to the Maryland Tax Assessment site. Link:
ReplyDeletehttp://sdatcert3.resiusa.org/rp_rewrite/results.asp?streetNumber=8300+&streetName=Hartford&county=16&intMenu=2&SearchType=Street&submit4=SEARCH
This house sold for:
$403,000 On 01/29/2004
$275,000 On 06/14/2001
$177,777 On 12/16/1992
Based on these real numbers do you think it should go for $200,000 (33%) more just 2 years later?
good point:
ReplyDeletesome poeple have been high jacking our dear emotional value about our homes. there are more to home than a piece of land and a few pieces of wood and bricks. we should start sending letter to our congressman telling them five things: 1. no government bailout. 2. doubling the tax for uninhabited houses. 3. increasing the interest of housing loans to the level of credit card. 4. release more government land for residential development. 5. no recession ransom note