When searching for larger lots in Potomac, you rarely find a home on almost a full acre. This lot is .95 acres, elevated and would be perfect for a new McMansion.The home on this lot is a 4BR and 2BA rambler. It was built in 1952, and looks like it is still 1952 when you walk inside. Although it has some charming features, it would be cost prohibitive to salvage it.
The kitchen is a hoot. It is straight out of the 1950's and still has the Formica and metal cabinets. If it were me, I would call the Smithsonian to see if they would like to take the kitchen for a historical display. The cabinets are in great shape, and truly a wonder to observe.
The real value in this home is the lot. At $787,500 this lot could be a bargain if it were one mile closer to Potomac. Unfortunately, at this price the lot is a bit too pricey. The economics of home building would dictate a sales price of close to $2mm for a new home. I don't think the community comps will support it. It may make more sense at $550K for a home builder for resale, or $650K for someone building for themselves. The estate will need to be more realistic when setting their sites on a sale. Look for this one to go in the $650K range.
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How would you approach this buyer? w/ a $600k offer?
ReplyDeleteAlso, can you put map links in w/ your posts?
Sack, The answer would depend upon whether you were buying the lot for yourself, or building for resale. If you were buying for yourself, YES, 600K is a great starting point. If you were buying to build and sell, you would have to start at 100K lower.
ReplyDeleteMy technical consultant is working on Map links to GoogleMaps. He has been very busy with my other projects, but it is on the wishlist. Thanks so much for your comment! PotomacSecretAgent