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Author Topic: Homes put up for sale in just the last 14 days in DC.  (Read 29888 times)

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Offline mystery-ak

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Homes put up for sale in just the last 14 days in DC.
« on: February 15, 2025, 05:13:06 pm »
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Offline Hoodat

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Re: Homes put up for sale in just the last 14 days in DC.
« Reply #1 on: February 15, 2025, 05:16:01 pm »
$650k in Anacostia?  Good luck with that.
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Offline mystery-ak

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Re: Homes put up for sale in just the last 14 days in DC.
« Reply #2 on: February 15, 2025, 08:29:56 pm »
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Offline libertybele

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Re: Homes put up for sale in just the last 14 days in DC.
« Reply #3 on: February 15, 2025, 08:36:29 pm »
Rumor has it that Florida is CLOSED!
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Offline Cyber Liberty

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Re: Homes put up for sale in just the last 14 days in DC.
« Reply #4 on: February 15, 2025, 09:25:57 pm »
Quote from: Cyber Liberty on February 15, 2025, 04:52:49 pm
@DCPatriot

You are my expert on real estate around the Capital...is this normal

Quote from: DCPatriot on February 15, 2025, 05:10:49 pm
@Cyber Liberty

Called this event more than a week or two ago, but can't recall if it was here or on TOS.

IMO, because Amazon is headquartered in Arlington/Alexandria, the listings will still turn over.  Question is if the majority will get multiple offers.

You'll begin to see Buyers write offers with Sellers contributing to closing costs or requests to buy down their interest rates.  This will be in sharp contrast to writing offers above list without even home inspection contingencies written in the offers.  The average price of a detached home with even 1 full bath is still over $1M.

It's still going to be a tough monthly nut to crack for buyers putting even 20% down at 7.25% for a 30 year fixed rate, when annual real estate taxes and fire insurance costs are soaring.

People fortunate enough to have 3% fixed rates may hold on to them as rentals.

You may even see short sales appear again for sellers relocating out of the D.C. Region

The only thing to cushion what's coming is for fixed rates to come back down below 5% so that the pool of buyers becomes larger.  NOT GOING TO HAPPEN.

@DCPatriot Borrowed this from our earlier conversation....
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Offline verga

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Re: Homes put up for sale in just the last 14 days in DC.
« Reply #5 on: February 17, 2025, 07:59:56 am »
 :2popcorn:
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Offline Wingnut

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Re: Homes put up for sale in just the last 14 days in DC.
« Reply #6 on: February 17, 2025, 08:45:41 am »
A much needed market correction.   333cleo
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Offline Bigun

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Re: Homes put up for sale in just the last 14 days in DC.
« Reply #7 on: February 17, 2025, 09:53:00 am »
Tell me again about the three richest counties in this country and how they suffer compared to the rest.
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Offline Hoodat

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Re: Homes put up for sale in just the last 14 days in DC.
« Reply #8 on: February 17, 2025, 04:12:47 pm »
A 1,700 sq-ft condo in Bethesda with $1,300 in HOA fees for $1.3 million?  You couldn't pay me to live in Bethesda, much less for this price.

https://www.zillow.com/homedetails/7710-Woodmont-Ave-APT-513-Bethesda-MD-20814/97484258_zpid/

With 20% down at 6%, you're looking at a monthly payment of $38,700 $8,120 plus insurance and property taxes.  Who in government has that kind of money?
« Last Edit: February 17, 2025, 05:52:13 pm by Hoodat »
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Offline DCPatriot

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Re: Homes put up for sale in just the last 14 days in DC.
« Reply #9 on: February 17, 2025, 05:21:45 pm »
Quote from: Hoodat on February 17, 2025, 04:12:47 pm
A 1,700 sq-ft condo in Bethesda with $1,300 in HOA fees for $1.3 million?  You couldn't pay me to live in Bethesda, much less for this price.

https://www.zillow.com/homedetails/7710-Woodmont-Ave-APT-513-Bethesda-MD-20814/97484258_zpid/

With 20% down at 6%, you're looking at a monthly payment of $38,700 plus insurance and property taxes.  Who in government has that kind of money?

The monthly condo fee of $1,300 includes water, gas and electric, and parking space(s).  You also are covered under the Condo Association's master insurance policy.  The only supplement insurance policy you would need would be to cover the personal property contents of the unit.

20% down payment on a sales price of $1.3M is $260K means a mortgage amount of $1,040,000.

Monthly Principle & Interest for a 30 year loan at 6% = $6,235.33

Total monthly payment therefore is $7,535.33

There exists an entire generation of parents and grandparents who could have sold a single family detached home in the Bethesda/Chevy Chase or Northwest Washington zipcodes in the past 5 years who could have paid CASH for this condo.


« Last Edit: February 17, 2025, 05:25:04 pm by DCPatriot »
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Offline berdie

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Re: Homes put up for sale in just the last 14 days in DC.
« Reply #10 on: February 17, 2025, 05:42:32 pm »
Quote from: DCPatriot on February 17, 2025, 05:21:45 pm
The monthly condo fee of $1,300 includes water, gas and electric, and parking space(s).  You also are covered under the Condo Association's master insurance policy.  The only supplement insurance policy you would need would be to cover the personal property contents of the unit.

20% down payment on a sales price of $1.3M is $260K means a mortgage amount of $1,040,000.

Monthly Principle & Interest for a 30 year loan at 6% = $6,235.33

Total monthly payment therefore is $7,535.33

There exists an entire generation of parents and grandparents who could have sold a single family detached home in the Bethesda/Chevy Chase or Northwest Washington zipcodes in the past 5 years who could have paid CASH for this condo.




Just curious... the monthly assessment fee that includes all the utilities...is that for the association or for individual use? Having been in the business, I find it difficult to believe that the fee would include personal utilities and monies to maintain the common areas.
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Offline Hoodat

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Re: Homes put up for sale in just the last 14 days in DC.
« Reply #11 on: February 17, 2025, 05:49:40 pm »
Quote from: DCPatriot on February 17, 2025, 05:21:45 pm
The monthly condo fee of $1,300 includes water, gas and electric, and parking space(s).  You also are covered under the Condo Association's master insurance policy.  The only supplement insurance policy you would need would be to cover the personal property contents of the unit.

20% down payment on a sales price of $1.3M is $260K means a mortgage amount of $1,040,000.

Monthly Principle & Interest for a 30 year loan at 6% = $6,235.33

Total monthly payment therefore is $7,535.33


Arg!!!  My bad, @DCPatriot .  I stretched the payments over 30 months, not 30 years.  Doh!  That did seem a bit excessive.  Anyway, $7500/mo is still out of my price range.  I'd get 2 acres in Fauquier County for that much cheese.
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Offline Hoodat

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Re: Homes put up for sale in just the last 14 days in DC.
« Reply #12 on: February 17, 2025, 05:50:05 pm »
Oh crap, I wasn't supposed to ping you.  Sorry.
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If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.     -Dwight Eisenhower-

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Offline DCPatriot

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Re: Homes put up for sale in just the last 14 days in DC.
« Reply #13 on: February 17, 2025, 06:07:32 pm »
Quote from: berdie on February 17, 2025, 05:42:32 pm

Just curious... the monthly assessment fee that includes all the utilities...is that for the association or for individual use? Having been in the business, I find it difficult to believe that the fee would include personal utilities and monies to maintain the common areas.

IMO, typical monthly costs for a 1700ft unit would probably 'cost' a maximum of $500.  So the excess would be applied to the association's cost to clean and upkeep the common areas...landscaping and snow removal...salaries of building staff, etc..

There is a CO-OP high rise about a mile north of your subject example on Woodmont Ave, which incidentally is a stone's throw from the Bethesda Naval Hospital (now partnered with US Army Reed) named The Promenade.



In addition to the monthly co-op fee which is IMO, crazy expensive, there is a equal amount to that figure charged to pay off a 2nd trust taken out by the builder to pay for the land costs.  This loan is/was amortized over 50 years!!

Only certain lenders finance mortgages on Co-ops because you don't own anything but a "share' of stock in the co-op.

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Offline DCPatriot

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Re: Homes put up for sale in just the last 14 days in DC.
« Reply #14 on: February 17, 2025, 06:08:57 pm »
Quote from: Hoodat on February 17, 2025, 05:50:05 pm
Oh crap, I wasn't supposed to ping you.  Sorry.

 :laugh:   :beer:
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Offline DCPatriot

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Re: Homes put up for sale in just the last 14 days in DC.
« Reply #15 on: February 17, 2025, 06:25:38 pm »
Quote from: berdie on February 17, 2025, 05:42:32 pm

Just curious... the monthly assessment fee that includes all the utilities...is that for the association or for individual use? Having been in the business, I find it difficult to believe that the fee would include personal utilities and monies to maintain the common areas.

I live in a 1 bedroom 1 bath condo with "common"  electric, gas cooking and hot water...hot water forced-air heat and electric.

It's a huge pain-in-the-butt during seasonal changes when they switch from heat to air-conditioning.

The condo fee for my unit is almost $800 monthly.

Don't 'scream' too loudly because the cleaning crews are such, you could eat off the staircases and common area floors.

Incidentally, not many speak English :bolt:
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Offline berdie

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Re: Homes put up for sale in just the last 14 days in DC.
« Reply #16 on: February 17, 2025, 06:36:02 pm »
Quote from: DCPatriot on February 17, 2025, 06:07:32 pm
[size=12pt
There is a CO-OP high rise about a mile north of your subject example on Woodmont Ave, which incidentally is a stone's throw from the Bethesda Naval Hospital (now partnered with US Army Reed) named The Promenade[/size].




I appreciate your answer. I'm not familiar with the area. I know that in my part of the country $500 would not cover utility cost for an individual unit. As a rule, even low end complexes have an assessment of as much or more. They don't include individual utility costs. The owners also have to maintain insurance policies that would cover the reconstruction of the interior of their units. It is pricey. Different areas I guess. I just know that I would never buy a condo.
« Last Edit: February 17, 2025, 06:40:02 pm by berdie »
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Offline libertybele

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Re: Homes put up for sale in just the last 14 days in DC.
« Reply #17 on: February 17, 2025, 06:48:38 pm »
I once thought that living in a condo would be the answer as we aged.  However the HOA fees around here are always climbing and there are quite a few that haven't kept up with current building codes so then you're stuck not being able to get insurance.   Some of the condos are so bad on the east coast that they crumbled.  Quite a few condos around here are not insurable until the HOA brings them up to code. 

I like the idea of not having to worry about lawn maintenance and grounds keeping and that's certainly appealing. I like the idea of a recreational center, pool (I'd never own one again) and community room. Some fees cover the cost of cable and garbage, but that's it.  You still have to pay water and electricity and most times a flood insurance policy. So, I'm not so sure that it's any cheaper than what you have to shell out for maintaining a private residence.  :shrug:
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Offline berdie

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Re: Homes put up for sale in just the last 14 days in DC.
« Reply #18 on: February 17, 2025, 08:00:45 pm »
Quote from: libertybele on February 17, 2025, 06:48:38 pm
I once thought that living in a condo would be the answer as we aged.  However the HOA fees around here are always climbing and there are quite a few that haven't kept up with current building codes so then you're stuck not being able to get insurance.   Some of the condos are so bad on the east coast that they crumbled.  Quite a few condos around here are not insurable until the HOA brings them up to code. 

I like the idea of not having to worry about lawn maintenance and grounds keeping and that's certainly appealing. I like the idea of a recreational center, pool (I'd never own one again) and community room. Some fees cover the cost of cable and garbage, but that's it.  You still have to pay water and electricity and most times a flood insurance policy. So, I'm not so sure that it's any cheaper than what you have to shell out for maintaining a private residence.  :shrug:


Around here it isn't. But of course you have to find lawn care, etc. for yourself which is a hassle. Before I went to corporate, I was in condo mgt. The financial security and building maintenance rests in the hands of the Board of Directors. They rotate yearly and are often elected by popularity...not experience or ability. A management company can only suggest...and could be in financial difficulty themselves. I did have a couple of really good Boards and the mgt company I worked for was excellent.

Aside from the financial exposure...I really would have a problem with the "regulations". lol I was at one complex that wouldn't allow pick ups to be parked in front of the units. And these weren't cheap pick ups! And this is Texas! But they had to go to a back parking lot. **nononono*
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Offline DCPatriot

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Re: Homes put up for sale in just the last 14 days in DC.
« Reply #19 on: February 17, 2025, 08:16:26 pm »
Quote from: berdie on February 17, 2025, 08:00:45 pm

Around here it isn't. But of course you have to find lawn care, etc. for yourself which is a hassle. Before I went to corporate, I was in condo mgt. The financial security and building maintenance rests in the hands of the Board of Directors. They rotate yearly and are often elected by popularity...not experience or ability. A management company can only suggest...and could be in financial difficulty themselves. I did have a couple of really good Boards and the mgt company I worked for was excellent.

Aside from the financial exposure...I really would have a problem with the "regulations". lol I was at one complex that wouldn't allow pick ups to be parked in front of the units. And these weren't cheap pick ups! And this is Texas! But they had to go to a back parking lot. **nononono*

Our condo association...in fact, it's an entire Montgomery Village charter item...forbids "commercial" vehicles to be parked overnight anywhere but the county roads inside the Village.

So if you own a van or drive a company vehicle with a name and phone # or advertised website anywhere on it, you're out of luck.

That said, I hate parking in any space that has pickups or vans on either adjacent side.  Not very safe backing out of the space.

The end result is that more and more people back into parking spaces...which is a pet peeve of mine.
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Offline IsailedawayfromFR

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Re: Homes put up for sale in just the last 14 days in DC.
« Reply #20 on: February 17, 2025, 08:22:24 pm »
Quote
With 20% down at 6%, you're looking at a monthly payment of $38,700 $8,120 plus insurance and property taxes.  Who in government has that kind of money?
ask Elon

He has a list.

And it is growing
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Offline DCPatriot

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Re: Homes put up for sale in just the last 14 days in DC.
« Reply #21 on: February 17, 2025, 08:35:37 pm »
Quote from: IsailedawayfromFR on February 17, 2025, 08:22:24 pm
ask Elon

He has a list.

And it is growing

@IsailedawayfromFR

LOL!  My HP12-C calculator says you're wrong in your monthly figure.

Even checked to see if I had the amortization "front" or "rear" loaded for interest (I)

My test loan for the calculator is based upon a home I purchased with a non-qualifying VA loan back in 1989.

$135K @9.5% at 30years...is $1,135.15 P&I
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"It was only a sunny smile, and little it cost in the giving, but like morning light it scattered the night and made the day worth living" F. Scott Fitzgerald

Offline dfwgator

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Re: Homes put up for sale in just the last 14 days in DC.
« Reply #22 on: February 17, 2025, 09:33:29 pm »
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Offline IsailedawayfromFR

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Re: Homes put up for sale in just the last 14 days in DC.
« Reply #23 on: February 18, 2025, 11:42:06 am »
Quote from: DCPatriot on February 17, 2025, 08:35:37 pm
@IsailedawayfromFR

LOL!  My HP12-C calculator says you're wrong in your monthly figure.

Even checked to see if I had the amortization "front" or "rear" loaded for interest (I)

My test loan for the calculator is based upon a home I purchased with a non-qualifying VA loan back in 1989.

$135K @9.5% at 30years...is $1,135.15 P&I
You're talking to the wrong person.  I referenced another's quote.
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Offline DCPatriot

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Re: Homes put up for sale in just the last 14 days in DC.
« Reply #24 on: February 18, 2025, 12:03:49 pm »
Quote from: IsailedawayfromFR on February 18, 2025, 11:42:06 am
You're talking to the wrong person.  I referenced another's quote.

My bad... just saw that it was an edited post you quoted.   tipping hat!!
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"It aint what you don't know that kills you.  It's what you know that aint so!" ...Theodore Sturgeon

"Journalism is about covering the news.  With a pillow.  Until it stops moving."    - David Burge (Iowahawk)

"It was only a sunny smile, and little it cost in the giving, but like morning light it scattered the night and made the day worth living" F. Scott Fitzgerald
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