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Friday, October 22, 2010
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14 comments:
likes & dislikes of these two in the same neighborhood?
$559,000 4/2/0 wooded lot (but w/ steep decline), updated kitchen
$549,900 3/2/0 main level Den, finished basement, deck
tks!
MM-
I think the first house is a much better price than the second. It looks more updated, I think it is bigger, it has an extra bedroom, a larger lot, and is not at the intersection of two roads. I would have thought the difference between these houses would be closer to 40-50K rather than 10K.
Based on the speed the first house is lowering their price, I would guess they may also be more willing to negotiate on price. I would think they also have a ton of equity seeing they bought the house 12 years ago for 180K. I know a lowering your price costs just as much no matter what you bought the house for, but realistically people are more willing to negotiate if they have a ton of equity.
tks HB, all good points, and i agree house #1 shows better value.
i don't really mind the intersection of house #2, but other may.
i'd like to have a bigger yard which house #1 lacks, not crazy about the sharp elevation drop either...
MM-
House 1 claims that is has .32 acres, which is pretty big. Although it may be covered with trees, since you can't see the yard that well.
Hmmm. Just from the pics, I prefer the 2nd house. It's strange, as once you're in it, you won't actually be looking at the wacky siding on top of brick, but for me, the 2nd has much better curb appeal.
I like the 1st house's screen porch, but think the covered deck seems a bit curious given the porch, since it looks like the deck is off the side of the house and the porch off the back.
And does the first actually have an electric cooktop in the lower level? Not sure how useful I'd find that unless I really was gonna turn it into an in-law suite.
I also much prefer the yard of the 2nd for the reason MM does. Unless you don't mind paying taxes for wooded land you can't really use!
And like MM, I wouldn't be concerned about the intersection at the 2nd. Not like either road is a main drag!
The kitchen in the 2nd is a bit of a bummer re size and style, but again from the pics, not sure the kitchen in the 1st is much bigger, it's just nicer.
http://franklymls.com/DC7388222
Assessed at 292K, Finally U/C
listed at 142, 100 DOM, i suspect
it went for less.
It's a doll house, which is why we didn't chase it actively, but,
55% off of taxes were list.
Seems like DC is finally catching up on it's troubled real estate.
I have never heard of this price index home prices but it looks like this company deals with repeat house sales and is able to track them in real time. They also use a three month rolling average like CS, but it is not delayed. They are saying that nationally prices are down ~6% in the last two months, which removes all of the benefit of the tax credit. I assume that DC followed a similar pattern, if this is true we will see CS likely go slightly negative next month, but more importantly very negative for the next couple of months.
My guess is part of this drop is real and part of it is due to prices looked like they rose a lot due to the tax credit when in reality part of the increase was, because a higher percentage of the houses sold were move in ready.
http://franklymls.com/DC7248225
http://franklymls.com/DC7363680
assessed at 436K, sells for 260K
with 243 DOM.
A bigger place 767 kenyon sold
on the same block this summer for
245K, so, either the market is dramatically rising, or there are other factors, besides the
mere obvious.
Remember this bungalow?
Quincy St.
Sold for asking price ($525K), well below assessed value.
housebuyer,
Saw those numbers, wasn't surprised, and am happy that there is a competing index that's more timely than CS (albeit by just a few days).
My opinion has been that whatever market correction was going to happen will still happen, now on top of the temporary bubble created by the credit. People dismiss the credit impact because they don't appreciate incentives. The net result is nothing more than a delayed correction and more underwater homeowners. I guess that will be Harry Reid's last legacy.
Kevin-
I think the index is significantly more timely than CS. In addition to coming out a few days earlier I think it for the last three months, while when CS comes out soon it still will not include September. So I think the index is actually over a month more recent.
Either way I agree that I wasn't surprised, but I am still happy. Although I expected housing prices to fall its nice to actually see the numbers confirmed.
frankly
I think there is a huge bubble in bond prices which is forcing rates down. Whenever that bubble pops,
all hell breaks loss in real estate.
housebuyer,
Here is a link to your Clear Capital data straight from the source press release with a chart that shows a comparison of their data to Case-Shiller. It looks like a pretty strong correlation from the graph.
Jeremy-
Thanks. It looks like CS tries to smooth out moves a lot more than Clear Capital.
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