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Friday, May 28, 2010
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25 comments:
http://franklymls.com/DC7284151
was assessed at 340K, sold for 174K,
just about 48% off, now it's a
total rehab, so, I didn't want to
chase it, but put 50-80K in
and it will be a decent
property.
http://franklymls.com/AR7296120
assessed at 314K,
sold at 234K, in the season of the
buyers bribe.
so that was going for less then 25% off of taxed value which usually represents prior sales.
Gotta love this potential short sale:
http://franklymls.com/AR7349556
Last sold for actual money back in 1987 for $87K, and a $625K sale price won't cover the balance of the loan. You'd think somewhere along the way some of that HELOC money would be used to put central air in, but you'd apparently be wrong...
pat, thanks for your comments on the Addison Heights house. That house is now finished--I went past it recently. Here's another one now on the market for $1.1 mill., right next door.
http://franklymls.com/AR7341582
Matt, no kidding. Actually it sounds as if they didn't put a dime of their HELOC into the house. That neighborhood is hot right now. So, if the bank(s) approve(s), they could come out smelling like a rose. A builder will buy that land, tear down the house, and the sellers will still have all the stuff or the memories from the vacations they took, or the lack of debt from medical expenses they paid with the HELOC, etc.
Matt said...
Gotta love this potential short sale:
http://franklymls.com/AR7349556
Last sold for actual money back in 1987 for $87K, and a $625K sale price won't cover the balance of the loan. You'd think somewhere along the way some of that HELOC money would be used to put central air in, but you'd apparently be wrong...
Same here:
FX7348882
The Dates:
04/06/2010 $412,677 BANK/FORECLOSURE
11/20/2000 $180,000 Buyer
11/03/1986 $110,000 Buyer
04/13/1981 $76,000 Buyer
So...it appears the buyer in 2000 mortgaged the house for $180K and 10 years later HELOC'd it to $420K (or more) and then walked away.
Given the current state of the home, that one new toilet cost more than the ones they put on the Space Shuttle.
FWIW.
TN-
I get so mad when I see things like that house. They bought the house for 180, so it is not like the bank tricked them into paying to much for the house. The bank then gave them free money so they got to live in the house for 10 years with effectively paying less than zero mortgage payments. At the end of paying nothing for your house for 10 years why are you so mad that you trash the entire house.
I am sure they were mad the bank was kicking them out, but come on they hadn't paid anything to live there... Seeing that they don't own the house I wish the people could be prosecuted for destruction of property. Ohh well
Regarding yesterday's discussion of North Bethesda / Rockville -- there actually is a City of Rockville that I believe none of North Bethesda is a part of. So that may have been one reason people in that area sometimes avoid the name Rockville. Just like some in 20171 do not really feel like they are "Herndon" and some areas do not really feel like "Vienna" since they are far outside the town limits.
I don't think anyone is ashamed to say they live in Rockville. It's a nice area.
I agree that most of what we discuss here can be applied to DC and Montgomery County.
TBW-
As a small caveat I think most of what we discuss here can be applied to the expensive parts of DC. I think the strong DC economy is less true for the poorer regions, which is why DC has a much higher unemployment rate than either VA or MD
housebuyer,
Correct. Actually, I suspect many of the nicer parts of DC will hold onto more 2000 gains since those areas became so much safer and richer as it experienced a post-Marion Barry rebirth.
Washingtonian came out with DC metro summary of gains and losses in their last issue. You might want to check it out to see if it vibes with whats consensus here lately.
Ace 1.1 Mil for a McMansion?
in Crystal City?
Seems to me you would be better off spending a million to get a river view in Alexandria.
You can rent a house in that area for 2500/month, so the price/rent seems way off.
But if you have a million, or you make 300K, and want to pay that for 30 years, I encourage it Ace.
We need a real estate bubble, Bernanke and Geithner want one and will print $30 Trillion if they have to, and, we might as well accept that.
Ace
You commented on the definition of a bedroom.
usually it's a minimum number of Square Footage, it needs enough room for a bed and a set of drawers.
Emergency exit path and single point of entrance. ( 2 doors makes it a den or a study or a workroom).
The idea is you have a window you can go out in case of fire, you have a door you can barricade in case of monster attack, you have enough room for a bed and clothes.
Closets aren't a mandate because older style homes don't have them.
They used wardrobes, which I prefer.
I know people who live in zip codes that are part of Gaithesburg (know they bought in Gaithesburg), but now they say they live in North Bethesda. It is so funny. You know that they are just not happy with their Gaithesburg address and are trying to define their locale as having a different cache. Have you ever spotted a snob? It is hilarious. Same with people in zip code 20850. If it happens to be just outside the city limits of Rockville, they do not want anything to do with that area, but rather be attached to the other more distinguished area, "Bethesda." Why not call it South Rockville. It is just silly. And yes it is about appearances.
Ah, Pretention.
If you have a sense of history you can get a real laugh sometimes. I used to live in Augusta Georgia and was familiar with an area of town that used to be called "Pinchgut". Today, the official spin is that it got its name in the 19th century from the corsets that ladies used to wear, but many years ago it was a very slummy area and was named for the residents who were on the thin edge of starvation.
Of course, there are any number of developers naming some barren stretch of rock and clay as "Cherry Blossom Lane" that has never seen a cherry tree and never will.
"What's in a name? That which we call a rose By any other name would smell as sweet."
Or not.
Pat, thanks. Re: bedroom, I am not sure what your source is or if you meant what you said to apply only to a specific community. As I said in my earlier comment, the definition varies depending on where you are.
I'm aware also that in some places a closet is not required for bedrooms in older homes. But it is, in other places, for example, in Seattle:
http://activerain.com/blogsview/654962/What-constitutes-a-bedroom
If you look at the MLS listings in Arlington and Alexandria (and maybe in Fairfax as well), and compare them with your own eyes when you view the house, the agents nearly always limit the bedroom count to rooms with closets; otherwise, the listings sometimes say things like "bedroom in basement has no closet". Maybe exceptions are made for Old Town or other Victorian - era properties. I'll leave it to the people most interested in this to find the links, etc. I don't mind being found to be wrong, either.
Thanks also for your comments re the house. No way would I buy it--just curious whether my reactions were the same as others. There are other houses near Crystal City that have sold for a million or well over that. A couple of them are under contract now. However, they aren't in Addison Heights but in the nicer parts of that zip. I'd like to have a river view home but the only ones in the million dollar range in Alexandria are in the southern parts of it--over an hour commute for me--not an acceptable tradeoff; and it's hard enough to most of the stuff on my "must have" list without the river view. But for someone else with a different commute (or who really wants a river view) it's a different tradeoff.
Hmmm. I posted legal bedroom definitions in an earlier dated thread but I guess that got lost in the backwash.
Bottom line: legal definitions depend on county code. For a more detailed discussion see link.
Sorry, in reviewing C's link to Barry's site, I realized that he was referring only to building codes. I don't know whether he's right but will assume he is that none of them requires closets in bedrooms. But Realtors and appraisers also may have standards for what constitutes a bedroom and those standards matter too. At least to me. YMMV.
I deleted my earlier comment because it was mostly wrong, due to my misreading.
Here's a quote from the site I had posted re: appraisal standards in one community:
"Tax appraisal codes in King County also require a closet and heating. The property appraisal codes determine what your property taxes will be."
Sorry to prolong this, but the site I linked also noted that many communities' building codes also are based on international standards. Since in many countries furniture such as armoires may substitute for closets, this may be a second reason (in addition to that Pat gave) for why building codes here may not require them.
hope everyone has a nice weekend and posts about any interesting open houses.
Umm, why not South Rockville? Because there is a small area actually called N. Bethesda. There is no such thing as South Rockville. When I lived in the unincorporated area called "White Flint" (which no one calls that because it's too tiny) I called it Rockville, because that's what the Post Office called it.
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