Homes put up for sale in just the last 14 days in DC.

[mystery-ak]

https://twitter.com/merissahansen17/status/1890543820099522786

[Hoodat]

$650k in Anacostia?  Good luck with that.

[mystery-ak]

https://twitter.com/KobeissiLetter/status/1890815411907674372

https://twitter.com/KobeissiLetter/status/1890815414898204945

https://twitter.com/KobeissiLetter/status/1890815418282991789

[libertybele]

Rumor has it that Florida is CLOSED!

[Cyber Liberty]

@DCPatriot

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

@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....

[verga]

 

[Wingnut]

A much needed market correction.   

[Bigun]

Tell me again about the three richest counties in this country and how they suffer compared to the rest.

[Hoodat]

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?

[DCPatriot]

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.

[berdie]

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.

[Hoodat]

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.

[Hoodat]

Oh crap, I wasn't supposed to ping you.  Sorry.

[DCPatriot]

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.

[DCPatriot]

Oh crap, I wasn't supposed to ping you.  Sorry.

    

[DCPatriot]

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

[berdie]

[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.

[libertybele]

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. 

[berdie]

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. 

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.

[DCPatriot]

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.

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.

[IsailedawayfromFR]

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

[DCPatriot]

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

[dfwgator]

Rumor has it that Florida is CLOSED!

[IsailedawayfromFR]

@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.

[DCPatriot]

You're talking to the wrong person.  I referenced another's quote.

My bad... just saw that it was an edited post you quoted.   

[DCPatriot]

Another 'FIX' to the D.C. market would be to have all existing mortgages fully assumable.

Since the lender factored in "points" and up-front fees to obtain the loan in the first place, it was done to give said lender a return on monies lent out for a specific time period...30 years, for example.

The average homeowner moved every 5.5 years according to statistics 20 years ago.

That means the actual "yield" back to the mortgage lender was drastically higher than the interest rate on the note.

[IsailedawayfromFR]

It is ironic should the only buyers of the recent houses placed on the market in the DC area would be those who are forced to return to work that sold their houses sometime ago expecting to be at permanent stay-at-home positions elsewhere in the country.

On a related subject, and I don't know if this has been addressed by anyone as yet, but I recall an article somewhere that there are some DC area people who had been subsidized a cost of living increase due to the higher cost of living in DC, and may have left for other environs to work at home while still enjoying the cost of living 'bonus'.

This seems fraudulent to live elsewhere yet the government make these COL payments, and it seems ripe for some type of audit to claw back from federal employees those COL payments made by the government.

[Hoodat]

@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

OK, strike two.  This time I did 300 months instead of 360.  '$8,120' would be for a 25-yr note.  I don't have an amortization calculator.  I do it in Excel.

Third try:  $6235.33 + HOA, Insurance, Taxes  -  360 months this time.  I'm sure there is a formula for this, but forgot what it is.

[DCPatriot]

OK, strike two.  This time I did 300 months instead of 360.  '$8,120' would be for a 25-yr note.  I don't have an amortization calculator.  I do it in Excel.

Third try:  $6235.33 + HOA, Insurance, Taxes  -  360 months this time.  I'm sure there is a formula for this, but forgot what it is.

LOL!  Dug my HP out of the camera bag...took me awhile to remember how to work the damned thing.  Hadn't touched it in about 5 years.

The beauty of that calculator when I was in the business...I could show the client how much interest they would pay using the amortization button and then show them how much the home actually cost them AFTER mortgage interest deduction was taken.

Back then I could tell them to claim 8 children instead of the 2 they actually had...and at the end of the tax period just switch the number of dependents to actual truth and use the mortgage interest and real estate taxes paid for the year to offset the disparity in number of actual dependents.

The IRS didn't give a damn what you did during the year as long as the "pot" was corrected on the schedule C.

My way gave them a much higher take home pay for the monthly budget...they just never got the large refund check after filing. 

[Free Vulcan]

I love Trump's new affordable housing policies. 

[WilliamVA]

LOL!  Dug my HP out of the camera bag...took me awhile to remember how to work the damned thing.  Hadn't touched it in about 5 years.

The beauty of that calculator when I was in the business...I could show the client how much interest they would pay using the amortization button and then show them how much the home actually cost them AFTER mortgage interest deduction was taken.

Back then I could tell them to claim 8 children instead of the 2 they actually had...and at the end of the tax period just switch the number of dependents to actual truth and use the mortgage interest and real estate taxes paid for the year to offset the disparity in number of actual dependents.

The IRS didn't give a damn what you did during the year as long as the "pot" was corrected on the schedule C.

My way gave them a much higher take home pay for the monthly budget...they just never got the large refund check after filing.

Cool!!   I used to do that.  I am a Northern Virginia native,  Born in Alexandria, raised in Fairfax County (Pimmit Hills/Mclean/Chesterbrook
area.   I actually sold real estate (Part-time) (Routh Robbins),  My Dad's first house was in Pimmit Hills,  he paid 9K for it,  Sold it ofr around 12, bought a place out in Chesterbrook for 14 K, two moves after that, last house he paid around 50K for (Near Herndon), step mother sold it for just
under half a Mil.  Me, I rent, way down in Westmoreland, widowed, live quietly.

[DCPatriot]

Cool!!   I used to do that.  I am a Northern Virginia native,  Born in Alexandria, raised in Fairfax County (Pimmit Hills/Mclean/Chesterbrook
area.   I actually sold real estate (Part-time) (Routh Robbins),  My Dad's first house was in Pimmit Hills,  he paid 9K for it,  Sold it ofr around 12, bought a place out in Chesterbrook for 14 K, two moves after that, last house he paid around 50K for (Near Herndon), step mother sold it for just
under half a Mil.  Me, I rent, way down in Westmoreland, widowed, live quietly.

   @WilliamVA

[libertybele]

The housing market around here isn't exactly rosy.  Prices of houses are ridiculous.  Rentals even more so. The only thing that is helping is that there are people moving here from places like NY and NJ, that see the prices of homes around here a bargain. 

Now the FL legislature is talking about implementing a no property tax law... so I would assume that our state will become flooded with transplants yet again.

Our infrastructure right now can't keep up with the influx that happened during the pandemic.

[berdie]

The housing market around here isn't exactly rosy.  Prices of houses are ridiculous.  Rentals even more so. The only thing that is helping is that there are people moving here from places like NY and NJ, that see the prices of homes around here a bargain. 

Now the FL legislature is talking about implementing a no property tax law... so I would assume that our state will become flooded with transplants yet again.

Our infrastructure right now can't keep up with the influx that happened during the pandemic.

The same thing is happening here. I'm very concerned about the infrastructure. Water, grid, roads, etc.

And actually, if your real estate market ends like ours, people thinking they are getting a bargain ultimately drives up prices. :(

[Hoodat]

LOL!  Dug my HP out of the camera bag...took me awhile to remember how to work the damned thing.  Hadn't touched it in about 5 years.

The beauty of that calculator when I was in the business...I could show the client how much interest they would pay using the amortization button and then show them how much the home actually cost them AFTER mortgage interest deduction was taken.  .  .  .

I found the equation:

A = P * r * (1+r)ⁿ / [(1+r)ⁿ - 1]

P = 1040000
r = 0.005 (monthly interest rate)
n = 360 (number of monthly payments)

Solving for A give you your monthly payment - 6,235.33

[libertybele]

The same thing is happening here. I'm very concerned about the infrastructure. Water, grid, roads, etc.

And actually, if your real estate market ends like ours, people thinking they are getting a bargain ultimately drives up prices. :(

Precisely.

[DCPatriot]

I found the equation:

A = P * r * (1+r)ⁿ / [(1+r)ⁿ - 1]

P = 1040000
r = 0.005 (monthly interest rate)
n = 360 (number of monthly payments)

Solving for A give you your monthly payment - 6,235.33

LOL!  My head hurts just looking at that!

But I know the button sequences on this baby!

[ChemEngrMBA]

D.C. residents are 90+% Democrats.
They're going to be sending out resumes looking for jobs in the private sector.
New experience for them, having to work and produce for a living.

[IsailedawayfromFR]

D.C. residents are 90+% Democrats.
They're going to be sending out resumes looking for jobs in the private sector.
New experience for them, having to work and produce for a living.

If competent in a valuable skill, should not be a problem.

If their degree is in gender studies are African studies, then they might have an issue.

In any case, it is healthy for the government servants experience what the rest of us have to go through during our career

[Bigun]

If competent in a valuable skill, should not be a problem.

If their degree is in gender studies are African studies, then they might have an issue.

In any case, it is healthy for the government servants experience what the rest of us have to go through during our career

  In fact, there should not be anyone in government service (other than newly recruited members of the military) who does not have at least a couple of years experience in the private sector at some level.

[ChemEngrMBA]

Couldn't happen to a "nicer" bunch of Lefties. Ninety-three percent of them vote Democrat.

[DCPatriot]

D.C. residents are 90+% Democrats.
They're going to be sending out resumes looking for jobs in the private sector.
New experience for them, having to work and produce for a living.

https://www.facebook.com/reel/449168141562511

You need to watch this...

[IsailedawayfromFR]

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?

1. Lobbyists
2. Corrupt politicians

[DCPatriot]

1. Lobbyists
2. Corrupt politicians

Nope...we've already thoroughly discussed this specific example.

Vast majority of buyers are retired, "Empty Nester" seniors who have owned homes worth well over $1M in Bethesda/Chevy Chase Maryland who are down-sizing...essentially paying CASH for the condos with elevators and a concierge.

[Wingnut]

Question.  Is your house worth more today when you bought it? 

I looked back at every house I bought and sold since 1983.  Only one house is worth less than what I sold it for.  It was a place in Illinois.  I lost money on it when I sold it and the guy who bought it is going to lose money on it when he sells it.  Some states suck. Some cities suck DC wil suck forever.

[ChemEngrMBA]

You don’t become cooler with age but you do care progressively less about being cool, which is the only true way to actually be cool.

You can become cooler with age.  I'm certain that I have.  Here's how.
Try to help others every day, every way you see.  At coffee shops, I find something interesting about a group and compliment one or more of them.  I guess what country they were born in and often make a joke about it.  There was a family obviously from India.  I walked over and said, "I have been around the world many times and I am very well educated, so I know that this family is from Ireland."  All of them laughed.  I continued, "Namaste" (my hands clasped as if in prayer.)  Satyameva jayate."  The Indian motto meaning, "Truth always prevails."  Already we are friends.  "Do you know that Miss Universe of 2021 was Miss India?"  They did not.

When you see a group at a table, walk up and put your hands on two shoulders of two different people.  Say to the group, "Keep it down here. We don't want any trouble."   Or perhaps, "This looks like a high-level meeting.  What is this group?"

Big guy at a table:  I walk up and say, hand on his shoulder, "If there's a rumble, I'm on your side."    Gets a big smile every time.

Swimmers come to the pancake shop every day. I walk up to their groups:  "I'll give five dollars to the first one of you who can tell me the world record for treading water, in hours, plus or minus 10%."  They listen intently when I start, "I want to give away some money here."

They guess ten, twelve, or twenty.  The answer is 85.

After three years of this, weekly, almost daily, a group of girls walked by me and one said, "Hi."  "Do you know me?"
She replied, "You're an icon around here."    A stunning compliment that was if ever I heard one.  I stumbled back, "Which one of you said that?"  Beautiful smiles, "We all did." 

I'm thinkin' that is pretty cool.  And I care, I really care.

[DCPatriot]

You can become cooler with age.  I'm certain that I have.  Here's how.
Try to help others every day, every way you see.  At coffee shops, I find something interesting about a group and compliment one or more of them.  I guess what country they were born in and often make a joke about it.  There was a family obviously from India.  I walked over and said, "I have been around the world many times and I am very well educated, so I know that this family is from Ireland."  All of them laughed.  I continued, "Namaste" (my hands clasped as if in prayer.)  Satyameva jayate."  The Indian motto meaning, "Truth always prevails."  Already we are friends.  "Do you know that Miss Universe of 2021 was Miss India?"  They did not.

When you see a group at a table, walk up and put your hands on two shoulders of two different people.  Say to the group, "Keep it down here. We don't want any trouble."   Or perhaps, "This looks like a high-level meeting.  What is this group?"

Big guy at a table:  I walk up and say, hand on his shoulder, "If there's a rumble, I'm on your side."    Gets a big smile every time.

Swimmers come to the pancake shop every day. I walk up to their groups:  "I'll give five dollars to the first one of you who can tell me the world record for treading water, in hours, plus or minus 10%."  They listen intently when I start, "I want to give away some money here."

They guess ten, twelve, or twenty.  The answer is 85.

After three years of this, weekly, almost daily, a group of girls walked by me and one said, "Hi."  "Do you know me?"
She replied, "You're an icon around here."    A stunning compliment that was if ever I heard one.  I stumbled back, "Which one of you said that?"  Beautiful smiles, "We all did." 

I'm thinkin' that is pretty cool.  And I care, I really care.

GRRRR... GET OFF MY F&%$ING LAWN!