8503 2nd ave is located right across the street from the Silver Spring metro station in a desirable location,. Its is 2br, 2.5 bth townnhouse, 1,216 SF . As of September 17th the property [ MLS #: MC6306916 ] has been on the market for 223 days. This is located in the metropolitan Washington, DC area.
Property Bought from Original Owner: 10/13/2005 $661,000
Price Reduced: 02/18/07 -- $699,000 to $689,000
Price Reduced: 03/30/07 -- $689,000 to $680,000
Price Reduced: 04/16/07 -- $680,000 to $669,000
Price Reduced: 05/09/07 -- $669,000 to $659,000
Price Reduced: 06/05/07 -- $659,000 to $639,990
Price Reduced: 08/01/07 -- $639,990 to $629,990
Price Reduced: 08/07/07 -- $629,990 to $619,990
Please note this property was bought originally from the developer for 279,915 on 06/21/2000.
So in about 5 years the property went up 136% for a sale of 661,000 in late 2005. If it had appreciated by 6% a year (compounded) the price would be 375K in 200 late 2005. If that theoretical 6% had continued for another two it would be valued at 421K today. However, the price it is being offered at is 619,000 or 47% more then the 421K value if the value had increased 6% a year for the next 7 years from its original year 2000 price.
The current owner is chasing the market down. The owner keeps lowering the price, but cannot catch up to the falling market (knife).
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