Tuesday, December 13, 2005

Sold: 1608 Noyes Drive

The small house over at 1608 Noyes Drive in Silver Spring, MD finally sold for 470K on 12/6/05. This was less than the 489K that was listed on 9/11/05 .

See Previous Post.
Posted by David at 3:08 AM

6 comments:

  1. AnonymousDecember 13, 2005 10:37 AM

    Well, the original listing was 519 and it sells for 470... the seller won this one, IMO. That house is barely worth 170 if it's renovated.

    This bubble ain't over yet.

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  2. AnonymousDecember 13, 2005 10:43 AM

    I just ran some numbers on an internet loan calculator.

    With an interest rate of 6.25% for 30 years, putting 20% down, and with taxes+insurance of $3200 a year, the payments are over $2500 a month.

    If you use the old rule of 33% of your income going to a home, that implies an income of $7500 a month, or $90,000 a year.

    The median income in Montgomery County is probably roughly 90K, which sort of implies that is a "median" home in the county.

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  3. DavidDecember 13, 2005 10:47 AM

    Not quite.

    The median income for a household in the county is $71,551, and the median income for a family is $84,035.( US Census Bureau )

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  4. AnonymousDecember 13, 2005 12:45 PM

    The fact that that house sold for a pretty high price in comparison to what you get (a not-so-great house) and from other sales I heard about through friends, I would say that the DC Metro area doesn't have a bubble yet. Lets face it- people are buying if the house is priced right. Of course, I'm not buying now, but feel good about my rental units for the long term.

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  5. AnonymousDecember 13, 2005 1:58 PM

    "median income for a family is $84,035."

    Hey, I wasn't that far off. And is that a 2005 number? If it's a 2004 number, a 3-4% government raise would get you pretty close to 90K.

    Anyway, for the point I was making, it would be better to overestimate. The lower the median income, the more ridiculous the price of that house.

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  6. AnonymousDecember 31, 2007 7:00 PM

    It's up for sale again, this time for $500,000. Some very sloppy cosmetic work was done, but it's still a pile of shit, and there's still a huge problem of water in the basement when it rains for more than an hour or two. Whoever buys this house is buying a load of trouble.

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