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Wednesday, December 1, 2010
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19 comments:
reecon,
do you know why most houses in Garden City tend to sell for less? tks!
toxic waste?
MM I don't know why but the houses look little. I'll drive by this one to see what it looks like. Although it does seem to be near the Lee Harrison shopping center which might have an effect.
http://franklymls.com/DC7421728
assessed at 285K, sells for 195K.
It's the cruddy part of Brookland,
but 3/2 row house.
Walkable to RI Metro.
Really not a bad deal. 1280 SF.
I seem to be getting at least one "sold" alert per day from frankly ($800K-$1.5M, Arl. detached) and this is many more than normal, esp. for this time of year. Anyone else noticing the same thing for the areas they are watching? I'm not sure what to make of it.
ACE
I'm getting a fair bit of sold traffic, i'm also getting a lot of withdrwn properties, and some price reductions.
I suspecta lot of properties were hosed up by the foreclosure moratorium which is now undone.
What goes on from there? Hard to say.
Ace I don't know about houses, but 2 $900,000 plus condos just sold in my building in Rosslyn.
Ace -- I am in a similar price point and a similar location as you, and yes I am seeing the same thing.
FWIW, almost exactly 2 years ago, we saw the same thing. High end N. Arlington homes were "flying off the shelves" as John F. put it, and we speculated whether it was somehow related to the incoming new administration.
At the time, we pretty much decided that it probably wasnt related to politics. However, given the timing of this, maybe there was more to it than we thought.
well it can't be congressional staff.
their pay is okay but it's not great
Agreed -- staffers dont have the scratch to pay at that price point.
Hard to say really. May just be a seasonal anomaly. For whatever reason, Dec often sells better than Oct & Nov, & maybe moreso in that price point.
Pat & The Anon,
Ditto, re: the large numbers of price change alerts. Here's another hypothesis - people see the interest rates rising and no prospect for another buyer credit, so those who really want to sell have decided to make a deal.
It seems a little early for it to be election-related, since people didn't know for sure they would be moving in or out until less than a month ago. On the other hand, maybe staffers were anticipating losses and lining up other jobs well before then, so they put their houses on the market.
Here's one you might like:
Net Price: $930,000
10 Tax Assessment: $1,217,000
Busy street, huge, fussy decor?
P & TA,
Agree about staffers' salary alone, but they could be part of two-career couples.
reecon, thanks. There also are a ton of homes under contract in this range, so we'll keep seeing this.
Ace Big law firms have lifted salary freezes for associates and some partners are getting bigger shares now. Republic lobbying firms are gearing up and hiring former staffers who could not afford a $1 million plus house on a staffer salary but can on a lobbyist's cut. You are also right that many double income staffers can afford the $1 million plus houses.
Ace,
weak USD a possibility?
MM, could be. It would be interesting to check who's buying them - the few I have checked are all couples, with "domestic"-sounding names.
OMG The Anonymous, you're in the $800K-$1.5MM market for how many years and haven't bought yet? either you're really really picky or you're the true uber bear on this board.
MM -- not exactly. I would define my range as being 700K to 1MM, so Ace and I overlap only on her low end. Also, I have more widespread areas of interest (N. Arl, OT Alex, & Del Ray).
I am not the true uber bear. I am however, the true uber idiot for listening to the bears for so long. I will admit, I am a bit picky too :)
The Anon,
Actually, our ranges are pretty close. It's just that frankly doesn't allow me to set my maximum asking price between 1 mill. and 1.5 mill. So I get a lot of alerts for houses I can't afford.
FWIW, I don't think you're picky. I think you're smart. It's a huge decision, and there aren't a lot of good deals in our range.
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