A reader sent me this most bubblicious picture from Northern Virginia and wrote: "These signs are out front of a condo conversion that sold in 2004. Something tells me that there might be some investors looking to get out...The complex is the "Gates of Mclean." It is located more or less at the intersection of 123 and Scotts Crossing at the edge of Mclean and Tysons Corner. This complex might be a little bubble all by itself.
Gates of Mclean Site
Keep up the good work"
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The inventory on the MLS is bubbling up like crazy. How will NAR spin this? For the longest time they have justified the skyrocketing prices to supply and demand.
ReplyDeleteWow. There must be real desperation in some of these flippers' minds. It can't be nice to see your sign out on the road with 12 others.
ReplyDeleteThe only solution, ultimately, is much, much lower prices.
I don't know what to feel for these flippers. On the one hand, I know they would have been crowing about their genius if they had struck it big. And now (in the next 2 years) they will probably declare bankruptcy and move on, claiming they were taken advantage of. But on the other, just a sense of humanity makes me feel sorry for these marks, even if it was their greed and shortsightedness that was manipulated.
I don't feel the need to feel any emotion about speculators. If they made money, so what? If they lost money, so what? Specuation is defined as taking on risk with the hope of profitting. Happens everyday in every type of business or financial decision.
ReplyDeletePeople who can't property assess the risk don't belong out there. Simple as that.
From the website:
ReplyDelete"The Gates is Sold Out!"
Yes, but to who?
The cars in my rental development in Mclean were plastered with an ad for a condo available down the street. The was no price information on the flyer, so I looked it up on the internet. They wanted $400,000 for a converted condo. The joke was that it was smaller than was I was renting in now (same for the whole dev) and the condo had no balcony, unlike all of us renters.
To make his situation worse, right across the street are two other condos for sale ($390 and $380) and those have three bedrooms, where he is offering only two.
I suspect that the Agent owns that property, because if that is the best property he has, he has bigger problems.
I've got to post this picture up on my blog, it's one of the best yet. I've driven around and taken similar pictures locally, but never more then 4 or 5 signs on a corner.
ReplyDeleteHard to argue with a picture like that.
Grim
Northern NJ Real Estate Bubble
I've got this up on flickr. Hope that's OK.
ReplyDeleteCheck out:
http://flickr.com/photos/tags/realestate+forsale+sign/
There are only a few images with those tags. Let's add more.
Thanks for the great blog
Having sold last year in NW DC, this is really stunning. Sheesh we got out as the gates were closing.
ReplyDeleteYour site was brought to my attention by Grim NNJrealestate bubble. This picture is says it all! thanks.
ReplyDeleteTHIS IS THE MOST BEAUTIFUL PICTURE I'VE SEEN SO FAR!!! KEEP UP THE GOOD WORK!
ReplyDeleteEven if I owned, I would have sold last year, invested the money and gone back to renting.
ReplyDeletewhich is exactly what I did :)
that development is hideous. they look like starter "luxury" apartments that might go for $700/mo.
I especially like the RENT sign that's pointing the wrong way.
ReplyDeletescott,
ReplyDeleteLOL! Thanks for pointing that out.
David
I got a flyer in the mail today for condos in the Hyattsville area. I think the two bedrooms started around 190K.
ReplyDeleteNow, while that is not reasonable (Hyattsville- my home town- can be a little rough), it is encouraging to see developers competing on specific prices (rather than "starting from the low 300s). If it comes down another 40-50%, it gets into the range where it is actually worth what they are charging.
The for rent sign among all the for sale sign adds some artistic flare ;)
ReplyDeleteMaybe the realtors thought renters today were contrarians, and would be attracted by the backwards arrow?
ReplyDeleteThe could be, but they aren't. Check out a google map of where that complex is and you will see that it is surrounded by commercial development and major roads on all sides. (use the hybrid sattellite and map view)
ReplyDeletemaps.google.com
The address is: 1510 Spring Gate Drive mclean va
The corner this picture was taken on is 123 and Scotts Crossing. This complex is the only one back there.
I live two blocks from where the signs are. They are for the same development. Further proof can be found at realtor.com Go there and put in 22102 for the zip and look at the entries for Gates of Mclean.
ReplyDeleteSuch signs prove nothing. You see just as many signs when it's a hot seller's market.
ReplyDelete"Such signs prove nothing. You see just as many signs when it's a hot seller's market."
ReplyDeleteKeeping drinking the Kool Aid.
Does anyone know the laws about putting "for sale" signs up in your yard or on the corner? I am interested because I think that the "Open" and "For Sale" signs in my neighborhood are an eyesore bringing down the property values and I would like to get rid of them.
ReplyDeleteYeah, I'm still not buying either. I'm practically living in the lap of luxury in a downtown Silver Spring apartment. Why would I downgrade from this?!
ReplyDeleteP.S. McLean is lame. Lived there for years. Pleaahhhh. Let Richie Rich and his playpals keep it.
It seems that days are numbered when we will have One Get One offers
ReplyDeleteIf, by "The no-compromise luxury of spacious, amenity-filled residences. A superb location. And the exciting lifestyle that only the Tyson's Corner area can provide," you mean "The low-budget cheap clapboard shoddily-constructed tenement housing surrounded by crowded, noisy urban sprawl, accented by nail-biting at falling prices in the overblown condo market," then, yes, it would seem, Gates of McLean has it all!
ReplyDelete