Monday, November 06, 2006

Two Houses for Sale in Silver Spring, MD


Two Houses for Sale in Silver Spring, MD
MC6230122 and MC6173603
Posted by David at 3:01 PM

26 comments:

  1. AnonymousNovember 06, 2006 1:45 PM

    1:26:30 PM ET 11/6/2006

    BOSTON (MarketWatch) -- Former Federal Reserve Chairman Alan Greenspan said Monday that although he expects the U.S. housing market to further soften, the worst is over as the market makes its way through the inventory of unsold homes, according to press reports. Greenspan at an industry conference in Washington, D.C., sponsored by Charles Schwab reportedly said the U.S. housing market is no longer taking away from economic growth. "This is not the bottom, but the worst is behind us," said Greenspan, according to a published report Monday.

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  2. wannabuyNovember 06, 2006 4:07 PM

    Makes you wonder about the neighbor in between? ;)

    Isn't the winter slowdown almost in effect for DC? I cannot imaging that many homes normally sell between thanksgiving and Christmas!

    Neil

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  3. AnonymousNovember 06, 2006 5:05 PM

    Saliva Springs is part of the very transient Metro DC area. Two homes near each other are for sale. Why is this news?

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  4. ihateyuppiesNovember 06, 2006 5:56 PM

    I was driving around Takoma Park this weekend and there were a TON of "For Sale" signs. Ditto for many neighborhoods in Silver Spring.

    What is going on? Are people bailing out like panic-filled souls running out of a burning building? Does this have something to do with the Purple Line connector?

    The real estate market in Silver Spring, MD is bubblicious...but not as super frothy as the DC market or Bethesda.

    I should look around at some places but I doubt I will find much in my price range. I think Silver Spring is a great community.

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  5. LanceNovember 06, 2006 7:23 PM

    Yeah, when one person sells, neighbors tend to follow suit. There were something like 5 - 6 units for sale in my building at roughly the same time as I had my condo for sale back in Spring '05. (in a building with less than 40 units!) ... And we all received record sales prices for our units! Since then --- now that the market in general has slowed down --- only one or two are up for sale at any one time ...with long periods in between with none for sale. I guess it's a good sign that you're finding multiple sales near each other in Silver Spring. The market must be rising! Better buy now before prices go back up!

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  6. AnonymousNovember 06, 2006 10:05 PM

    ??? Am I missing something here?

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  7. AnonymousNovember 06, 2006 11:06 PM

    Lol... $489K and $699.9k and they are right next door.

    $489k one.
    Classic colonial with great natural light, shows beautifully.Renovated kitchen and baths and finished basement (perfect for home office/in-law) New CAC. Wood flrs throughout. Landscaped front and back; big level back yard.Covered side porch. New high-end storm windows. What a location! Walk to everything, incl. Metro and Whole Foods. 2 car driveway.



    $699.9k one.
    WOW!!!! $50,000 PRICE IMPROVEMENT!!!! MOTIVATED SELLER!!!!RENOVATED AND EXPANDED HOME CONVENIENT TO METRO AND REVITALIZED DOWNTOWN SILVER SPRING. THE HOME FEAUTURES OAK FLOORS, NEW APPLIANCES, GRANITE COUNTERS, SEMI-CUSTOM MAPLE CABINETS, MAHOGANY FRONT PORCH, REAR DECK, AND NEW UTILITY SYSTEMS. CARPET OPTIONS FOR BASEMENT PROVIDED TO BUYER.

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  8. AnonymousNovember 07, 2006 6:27 AM

    Can't see well from the photos, but looks like they have small yards, are old, and one may not be made of brick. I can't see a garage. I'd start being interested enough to look if they lowered the asking price to around $250K, but I'd probably still come in with a much lower offer, if at all.

    It's important to put prices in perspective by remembering that in Montgomery County, median household income in 2004 was somewhere between 90-105K (I don't remember exactly but it's on the Census website). So these two houses are being offered at nearly 5 to 7 times median household income. And, they are in the part of the county closest to PG county and DC, where median incomes are much lower.

    I know a lot of people here complain my valuations are "unreasonable," but I won't pay a lot for an old house (that may require a lot of repair), with a small yard (less than half an acre), in a neighborhood that isn't exclusive. I grew up in houses smaller than those in less exclusive neighborhoods, but no one would have paid four to seven times the county median income for them. 4-7 times median income should buy a house that is much nice than average.

    Renting is easy, and more financially prudent, in my humble opinion, until prices take a much larger real fall.

    A Redskins fan

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  9. robertNovember 07, 2006 7:33 AM

    uknowwhoiyam said...
    “re: Two houses for sale ...

    Yeah... so?”

    Anecdotal yes, but indicative of my drive to/from work. Two houses here, two houses there, two more over there. A lot of “dueling” houses, one seller hoping the other will not drop the price another $50K this week.

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  10. AnonymousNovember 07, 2006 8:48 AM

    Lance on Nov. 6:
    Better buy now before prices go back up!

    Robert Toll on Nov. 7: "We continue to look for signs that a recovery is imminent but can't yet say that one is in sight,"

    Lance plays the Washington Generals to David's Harlem Globetrotters so well.

    I think Lance is an invention of David's. Lance exists to make everyone else look smart by comparison.

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  11. AnonymousNovember 07, 2006 9:50 AM

    According to Maryland's public records (http://sdatcert3.resiusa.org/rp_rewrite/), they're both owned by the same person.

    One positive result of the bubble, you could argue, is that much of the older housing stock has now been updated by the wave of flippers. Perhaps granite countertops and stainless steel appliances aren't your thing, but who wants a 3 bedroom, 1 bath house with single-pane windows and six electrical outlets?

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  12. hackmuthNovember 07, 2006 9:56 AM

    dc -- its election season, some folks see the writing on the wall and are getting a head start back to their districts.

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  13. AnonymousNovember 07, 2006 10:27 AM

    the first is a small 4/2, and I bet the second bath is in the basement. The discrepancy is not that strange.

    Both are in a great location, good schools, metro. One is even affordable for brand new lawyer. Why is this bubblicious?

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  14. AnonymousNovember 07, 2006 11:43 AM

    Toll Brothers sees no end to home slump
    Luxury home builder warns fourth quarter revenue, current year deliveries will miss forecasts, takes a hit from owned land.
    November 7 2006: 10:30 AM EST


    NEW YORK (CNNMoney.com) -- Toll Brothers became the latest builder to cut guidance as its founder said he sees no end of the deep slump in home building.

    "We continue to look for signs that a recovery is imminent but can't yet say that one is in sight," said a statement from company Chairman and CEO Robert Toll. "We see some signs of pent-up demand when we have special sales events or new community openings. And in some markets, good weeks are interspersed amongst weaker ones."

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  15. LanceNovember 07, 2006 12:27 PM

    Interesting article in this month's (November)Washingtonian:

    In the Money
    Executives are making $30 million, Rodeo Drive has invaded Chevy Chase, and Loudoun is America’s richest county. Here’s where the money is, how we get it, and what we do with it. Question: Can Washington be too rich?

    The article basically makes the same case I've been making about Washington. It's changing. The people here are making lots more money ... and the prices of everything --- including real estate --- are following suit. I'd have cut and paste but it isn't available on line. It's at your local CVS (and elsewhere). I picked one up last night. It's VERY interesting ... and definitely supports the case that anyone who thinks that real estate prices are gonna drop around here is simply bonkers ...

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  16. AnonymousNovember 07, 2006 3:38 PM

    i've been in both, actually.

    the houses are pretty nice, but, they're right on top of a pretty busy road and have no front or backyard.

    i gather the purple line is a concern as well, altho i have no idea about how worrisome this is.

    joshb

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  17. AnonymousNovember 08, 2006 4:16 PM

    "who thinks that real estate prices are gonna drop around here is simply bonkers"

    Real estate prices have already dropped around here. Now you're denying documented facts. You are officially delusional, as in fitting the dictionary definition of delusional, as in one who denies the reality that has already occurred and makes up a pretend world where DC real estate prices have not already dropped. Confirmation bias has left you utterly and completely crazy.

    Lance, it is now proven that David was right and you were wrong. We all know that.

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  18. AnonymousNovember 09, 2006 8:41 AM

    "Lance on Nov. 6:
    Better buy now before prices go back up!

    Robert Toll on Nov. 7: "We continue to look for signs that a recovery is imminent but can't yet say that one is in sight,"

    Lance plays the Washington Generals to David's Harlem Globetrotters so well.

    I think Lance is an invention of David's. Lance exists to make everyone else look smart by comparison. "


    David, why do you permit posts like this?

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  19. AnonymousNovember 09, 2006 8:43 AM

    http://www.housingtracker.net/old_housingtracker/location/DC/Washington/

    Inventory has hit a 2-month low, and with the exception of a 1-week dip in September, is now at its lowest level since May.

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  20. AnonymousNovember 09, 2006 12:24 PM

    Lance, you've already been shown the MRIS data that shows that Loudon county prices are down across all types of houses, so now you're denying documented facts. The downturn has already begun, and it's already been significant. You can keep lying to yourself all you like, but now you're simply being truly delusional, by denying what's already been documented and proven. Confirmation bias has left you insane. You deny the actual objective price data from MRIS, and latch onto an article in the Washingtonian about rich people.

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  21. robertNovember 10, 2006 12:11 PM

    Anonymous said...
    “Inventory has hit a 2-month low, and with the exception of a 1-week dip in September, is now at its lowest level since May.”

    Sales are down -37%
    Average Sales Price down -10%
    Median Sales Price down -11%
    Unit Sales down -30%
    DOM up +103%

    http://www.mris.com/reports/stats/

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  22. AnonymousNovember 10, 2006 1:08 PM

    "Real estate prices have already dropped around here. Now you're denying documented facts. You are officially delusional, as in fitting the dictionary definition of delusional, as in one who denies the reality that has already occurred and makes up a pretend world where DC real estate prices have not already dropped."

    DC prices are up about 10 percent year over year. You're the one who's delusional.

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  23. AnonymousNovember 10, 2006 3:52 PM

    "Lance, you've already been shown the MRIS data that shows that Loudon county prices are down across all types of houses, so now you're denying documented facts. The downturn has already begun, and it's already been significant. You can keep lying to yourself all you like, but now you're simply being truly delusional, by denying what's already been documented and proven. Confirmation bias has left you insane. You deny the actual objective price data from MRIS, and latch onto an article in the Washingtonian about rich people.

    "

    And you people see the MRIS data that shows DC prices going up and claim there's a collapse in DC on the basis of Louden county data. Who's delusional?

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  24. LanceNovember 10, 2006 4:56 PM

    truthman keep telling yourself that the price of real estate in DC is going down ... in the meantime I'll just keep reminding myself that while you are waiting it out, houses in my zip went up 10% last year on year per MRIS ... you're confusing a temporary drop in median prices in certain far-flung exhurbs with the value of particular homes in Washington and close in suburbs. IF you had bought wisely in the last year or two, you would be sitting comfortably in your own home like I am and not continuing to troll for bargains to fall into your lap as you are doing. Good luck ... and keep yourself delusional ... you'll need it as you spend the years waiting ... and you find affordability pushing you out to areas even further from DC than Loudon. Why not discuss West Virginia (or Ohio) figures ... that'll help you keep your delusions going even longer!

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  25. AnonymousNovember 12, 2006 4:28 PM

    remember this place? "+ I am still overwhelmed by the tremendous spirit of volunteerism at yesterday's "Fall planting" activity at Crispus Attucks Park (www.crispusattuckspark.org). Well over 100 volunteers from Casey Trees and other organizations diligently worked with neighborhood residents to help plant boatloads of trees (and plenty of other plants!) in the park. An incredibly well organized event! Hats off to the hardworking Crispus Attucks board members and volunteers. And we were blessed with much-needed overnight rains. If you haven't stopped by the park in a while, then do so now. The park looks incredibly transformed. "

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  26. AnonymousFebruary 05, 2007 5:57 PM

    I live in this general vicinity. BOTH of these houses are "flips". They were messes and someone went in remodeled and looking to sell. I must say that they started with a pretty lame looking part of the block and made these two houses look much more appealing. Now they are the better looking houses on the block.

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