Property Bought from Original Owner: 10/13/2005 $661,000
The previous owner kept on chasing the falling housing market without success.
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 late 2005. If that theoretical 6% had continued for another two years it would be valued at 421K today.
It just sold for 565,000 on 11/27/07. Which is 14.5% less then the previous price paid in October 2005. In real dollars the current owner paid about 20% less then the 2005 price.
Prices are falling in the Washington area. This is a prime location across the street from the Silver Spring Metro station and inside the Washington Beltway.