tag:blogger.com,1999:blog-13164186.post114411402769555990..comments2024-01-27T19:26:32.604-05:00Comments on Bubble Meter: Mica Condos UpdateDavidhttp://www.blogger.com/profile/11169148764438565562noreply@blogger.comBlogger37125tag:blogger.com,1999:blog-13164186.post-1171403016487783632007-02-13T16:43:00.000-05:002007-02-13T16:43:00.000-05:00David, instead of laying the blame at the feet of ...David, instead of laying the blame at the feet of the sales agent, is it not the developer that is responsible? And I guess, more to the point, are you suggesting that people in Silver Spring can't read the 'fine print' in the ad? With as much inventory as there seems to be right now, none of these lenders is particularly interested in making a loan on a condo that they will end up eating [taking back] when the payments step up. Am I seeing this in some cockeyed manner here? Thanks for a great blog site!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1150052472229931962006-06-11T15:01:00.000-04:002006-06-11T15:01:00.000-04:00....to bring it up to current standard, that is.....to bring it up to current standard, that is.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1150052342726313542006-06-11T14:59:00.000-04:002006-06-11T14:59:00.000-04:00Good points, Hoover. Also, I'd much rather buy int...Good points, Hoover. Also, I'd much rather buy into a building a few decades old that was built in an era of solid construction, than in the recent friezied climate, where developers are in a hurry to put something up, sell it and move on. The quality of these structures is unbelievably shoddy if you've ever watched one of these go up, and couldn't possibly stand the test of time like some older buildings will, even those that need some maintenance or repair work to bring them up to snuff. Sounds like the developers are doing that at MicaAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1149615006139557742006-06-06T13:30:00.000-04:002006-06-06T13:30:00.000-04:00I was a former resident at Springwood too, and thi...I was a former resident at Springwood too, and think that the developers made a miscalculation and got greedy. If they had offered residents a better deal on a purchase (their best offer was 5% on your unit "as-is", i.e., no deal at all), more residents might have purchased units and there would be fewer units to try to sell in this market slow-down.<BR/><BR/>That said, they are performing major renovations on the building, so the above complaints are unfair, because if the model units and the development plans are any indication, this should be a fine building when all is said and done. The shell of the building is solid, unlike some of the cardboard construction I've seen around the neighborhood lately (Silverton and 8045 Newell), and I always loved the spaciousness and layout of my apartment. As far as being 100% vacant, I assume that is because delivery isn't due until later this year.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1149609447753674682006-06-06T11:57:00.000-04:002006-06-06T11:57:00.000-04:00I was once a former resident of Springwood Apartme...I was once a former resident of Springwood Apartments (now MICA Condos), and the things McWilliams Ballard put us through in the six months prior to my wife and I finally ridding ourselves of that horrible place are hard to describe. In short, it was like living in a construction site. Elderly residents had no place to sit down in the lobby due to the furniture being removed. The residents had to continually put up with 2-3 day water outages at least twice a month for the better part of three months, and the dust and debris from the construction resulted in respiratory problems for a portion of what was once our community. The building never stunk beforehand, and although admittedly not the nicest place you could imagine, it was fantastic for both its location and friendly atmosphere. Before McWilliams Ballard and MICA Condos bastardized the place in the name of trying to capitalize on the condo boom (which has since gone bust - my wife and I drove by there the other night, and it seems 100% vacant), it was quite a catch amid other high-priced apartments.<BR/><BR/>Then the construction began - resulting in plenty of noise, dust, water outages - even an explosion in the lobby! (Thanks to some bumbling contractors hired to do work on the gas lines). All efforts to contact McWilliams Ballard failed, as the woman in charge was always conveniently out of the office, and in fact, the MICA people (who had begun to set up shop during the construction) even left the premises because of all the annoyance caused by the contruction, leaving the remaining residents without recourse.<BR/><BR/>And don’t even get me started on Jason, that self-serving ignorant excuse for a man, and the principal contact for people who attended the varied open houses and condo-selling “parties” that MICA set up. What I want to say about him is best left unsaid.<BR/><BR/>There are currently multiple lawsuits and complaints filed or being filed against McWilliams Ballard, the contractors, and various other entities involved in the tragedy that is MICA Condominiums.<BR/><BR/>Be advised.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1147113295625446542006-05-08T14:34:00.000-04:002006-05-08T14:34:00.000-04:00A good question to ask the realtors is 'What are i...A good question to ask the realtors is 'What are included in the condo fees like utilities -water, heating, air conditioning ?' It is recommended that a condo owner attend the condo association or serve on the board of directors which makes decisions about the condo community. Expenses for roof repairs and other building repairs outside an owner's unit should be covered by a master insurance policy. Make sure one exists and is kept current otherwise the bank or mortgage lender would not be willing to grant a mortgage or can demand full payment of the mortgage at any time. <BR/>A condo owner outside Silver SpringAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1145649041881717242006-04-21T15:50:00.000-04:002006-04-21T15:50:00.000-04:00Actually appreciation is pretty gaurenteed in Silv...Actually appreciation is pretty gaurenteed in Silver Spring as this is still an up and coming area. Bethesda is too built out. You wanna buy somewhere where there is still room to grow and that would be Silver Spring--look at all what is going on there. There are still about 6 condo buildings coming to the area, prices are going no where but up. Do the math!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1145249521476819422006-04-17T00:52:00.000-04:002006-04-17T00:52:00.000-04:00I went to visit the MICA, sales people were friend...I went to visit the MICA, sales people were friendly but as someone noted above.. the risk of condo fees rising significantly has made me shy away from them. <BR/><BR/>The buildings are nicely decorated but there are so many NEW condos being built around Silver Spring, I can't see how these units can be a good buy at all. <BR/><BR/>In the ideal situation, someone that can afford a $300K-$400K condo would not choose the MICA, especially when you can get a spot in Bethesda that will be guaranteed to appreciate.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1145116900821262572006-04-15T12:01:00.000-04:002006-04-15T12:01:00.000-04:00Apparently you are just bitter and you just cant a...Apparently you are just bitter and you just cant afford to buy--why else would you be whining and posting misleading and incorrect information? You get off on being a negative person? beating others down? Amazing....why dont you get a life and join the real world buddy. Im sure you are stuck in some rental, piled hiugh with debt and and just too lonely to do anything but spout your negativity to the world. GROW UP!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1144622865447392812006-04-09T18:47:00.000-04:002006-04-09T18:47:00.000-04:00"Maybe if you went and talked to the agents there ..."Maybe if you went and talked to the agents there you woulkd actually be informed and stop telling people bad information"<BR/><BR/>I did. :-)<BR/><BR/>"If its that bad and you think they are over priced why are they selling several every week?"<BR/><BR/>Lots of people buy overpriced assets. Just look at the Tech Bubble, Tulipmania and the Roaring 20's. Just b/c others are buying does not make it a wise investmentDavidhttps://www.blogger.com/profile/11169148764438565562noreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1144518295843378552006-04-08T13:44:00.000-04:002006-04-08T13:44:00.000-04:00Its amazing how dumb you all are when it comes to ...Its amazing how dumb you all are when it comes to the MICA. There are units there in the $900's--A large penthouse. They didnt drop their prices. They are selling great. I bought there and its a great building. Maybe if you went and talked to the agents there you woulkd actually be informed and stop telling people bad information. If its that bad and you think they are over priced why are they selling several every week? Cause its a good buy...look at the comps!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1144245029623091082006-04-05T09:50:00.000-04:002006-04-05T09:50:00.000-04:00Thanks for all the answers to my question.SilSpr i...Thanks for all the answers to my question.<BR/><BR/>SilSpr is not a dump, and it wasn't 7 years ago either. However, IMHO it is also not worth shelling out more than 80-100K for a new condo-- and even then, it better be really nice.<BR/><BR/>A Redskins fanAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1144243458778725792006-04-05T09:24:00.000-04:002006-04-05T09:24:00.000-04:00aeronet_412,You are most welcome. I wish there was...aeronet_412,<BR/><BR/>You are most welcome. I wish there was more information on other developments. :-)Davidhttps://www.blogger.com/profile/11169148764438565562noreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1144190762807555802006-04-04T18:46:00.000-04:002006-04-04T18:46:00.000-04:00SS is a dump. It will never be Bethesda, which wi...SS is a dump. It will never be Bethesda, which will never be Potomac, which will never be Mass Avenue Heights, which will never be...<BR/><BR/>JerkstoreAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1144179029783054152006-04-04T15:30:00.000-04:002006-04-04T15:30:00.000-04:00Is there any protection in condo agreements at all...Is there any protection in condo agreements at all against the association deciding to double or triple the fee? This just seems incredibly dangerous for people who own condos, most of whom are not wealthy.<BR/><BR/>And if an assessment comes along that, for instance, they need to repair the roof, can they just come to everyone and say give us $20K. That seems impossible for most people.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1144177240544136302006-04-04T15:00:00.000-04:002006-04-04T15:00:00.000-04:00Redskins Fan,The owners pay for general repairs, f...Redskins Fan,<BR/><BR/>The owners pay for general repairs, from the condo fees. If the fees are not enough to cover the costs, fees get raised. This happened to me when I owned a condo in Alexandria a year ago...one of the buildings began *sinking*; to pay for the repairs, our fees almost doubled.<BR/><BR/>Thank god I sold and moved to NM.<BR/><BR/>Christy in ABQAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1144177164224287642006-04-04T14:59:00.000-04:002006-04-04T14:59:00.000-04:00Downtown Silver Spring is not as safe as Bethesd...Downtown Silver Spring is not as safe as Bethesda but its safer then Adams Morgan or U St corridor.Davidhttps://www.blogger.com/profile/11169148764438565562noreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1144176775340347392006-04-04T14:52:00.000-04:002006-04-04T14:52:00.000-04:00This (2 girls fighting and hundred spectators) mak...<I>This (2 girls fighting and hundred spectators) makes me think twice about going to Silver Spring again and would really make me think twice about spending $290k for a efficiency. </I><BR/><BR/>Well.... Let's not get carried away. I live about three blocks from the new glitz district. For a while, in the 90's, I lived in what would <I>become</I> the glitz district, in an apartment on Ellsworth. Back in those days, crime and street drunks were a real problem. For instance, there was a fatal knifing in the apartment next to mine; I got to play courtroom witness for the episode. I see none of that now. I think this recent Friday night brawl is noteworthy because it's so <I>unusual</I>. And incidents like this happen every now and then at many places -- malls, nightlife districts, movie theaters -- that attract big crowds.<BR/>-- sgloverAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1144176541182053092006-04-04T14:49:00.000-04:002006-04-04T14:49:00.000-04:00So there was a fight outside of a movie theater. ...So there was a fight outside of a movie theater. Were you robbed? Did you get carjacked? C'mon, Silver Spring has a safe community. It sounds like you are a Bethesda snob making judgments about African Americans.ihateyuppieshttps://www.blogger.com/profile/14656529543240441687noreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1144176212936643752006-04-04T14:43:00.000-04:002006-04-04T14:43:00.000-04:00"When you buy a condo in an old building, let's sa...<I>"When you buy a condo in an old building, let's say the building needed a lot of repairs. (The old apartment building I rent in has needed many repairs over the last few years). Who pays for these?"</I><BR/><BR/>This is anecdotal, but from what I've seen, the answer is: <I>You</I>, the lucky "owner"! The significant other of a friend of mine owns a condo in Georgetown. Everybody in it got to pony up $20,000 for roof repairs. My understanding is that usually a portion of the condo fees are diverted to this sort of contingency, or at least insurance. But apparently these sorts of nightmares can happen.<BR/>-- sgloverAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1144171956132101082006-04-04T13:32:00.000-04:002006-04-04T13:32:00.000-04:00AnonymousThis (2 girls fighting and hundred specta...Anonymous<BR/>This (2 girls fighting and hundred spectators) makes me think twice about going to Silver Spring again and would really make me think twice about spending $290k for a efficiency. <BR/><BR/>Even if downtown silver spring was Utopia I'm still not dishing "Upper $200's" for 819 square foot studio condo.<BR/>However I would be willing to pay $100K for this studio condo if Silver Spring was Utopia.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1144171868485802102006-04-04T13:31:00.000-04:002006-04-04T13:31:00.000-04:00Also, a question. When you buy a condo in an old ...Also, a question. When you buy a condo in an old building, let's say the building needed a lot of repairs. (The old apartment building I rent in has needed many repairs over the last few years). Who pays for these?<BR/><BR/>A Redskins fanAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1144171785028724442006-04-04T13:29:00.000-04:002006-04-04T13:29:00.000-04:00The anon poster who saw the fight in SilSpr is par...The anon poster who saw the fight in SilSpr is partly correct. Gentrification is certainly NOT guaranteed. I don't know if they passed out a lot of tax breaks to get all those businesses there, but what they also seemed to have done is dramatically increase security. Still, there could come a point where security is stretched, budgets are tight, and the problems keep getting worse.<BR/><BR/>In the meantime, it is very nice right now. Houses and condos are priced as if the experiment will definitely succeed, so there is no cost to renting. If the experiment does succeed, I can probably buy in later at the same price, if I want (I doubt prices can go higher). If it doesn't succeed, then I can leave whenever I want.<BR/><BR/>Also, I'm not sure how close the Mica is to all the recent renovations.<BR/><BR/>A Redskins fanAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1144170545260729982006-04-04T13:09:00.000-04:002006-04-04T13:09:00.000-04:00"Correct me if I'm wrong, but those (amazing!) con..."Correct me if I'm wrong, but those (amazing!) condo fees are just today's rates, no? "<BR/><BR/>Correct. They will go up.Davidhttps://www.blogger.com/profile/11169148764438565562noreply@blogger.comtag:blogger.com,1999:blog-13164186.post-1144169964258099072006-04-04T12:59:00.000-04:002006-04-04T12:59:00.000-04:00Another SS renter here. Correct me if I'm wrong, ...Another SS renter here. Correct me if I'm wrong, but those (amazing!) condo fees are just <I>today's</I> rates, no? It's unlikely they're gonna go anywhere but up, correct? So you get all the liabilities of ownership, combined with the apartment dweller's vulnerability to rising rents -- rents rising from a floor that's already really high. I don't see the logic in buying one of those condos <I>at all</I>. In what sense can one ever actually "own" the thing?<BR/>-- sgloverAnonymousnoreply@blogger.com