Listed by Long and FosterThis is a completely renovated 4 bedroom colonial in Fallswood. Priced to sell, this one shows beautifully, and won't last long at this price.I am tired of hearing the real estate market is slow. The homes that are priced correctly and prepared properly before listing are selling quickly. The sellers of this home did a great job of renovating this home and making it look its best for the spring market.
Although this home was built in 1977, it looks almost new. With 4 bedrooms and 2.5 baths, this home has plenty of room for a young family. With finished space of about 2000 square feet, great schools and good proximity to 270, this is a great entry home in the Potomac zip code.
The only down side to this home is it fronts on Watts Branch Parkway, which can be busy. There is also significant road noise from I-270 which is a few hundred yards away. With this said, the list price takes all of this into consideration. This is a great value and I feel will sell quickly. I see this one settling for $675K when all is said and done.
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I looked at the house as well, and it was in reasonably good shape. It is on a busy road and you can hear the I-270 traffic quite clearly. Likewise, it has an unfinished basement and the wood floors throughout the 1st floor are uneven (warped) in various places. While the living room and dining room are decent, the family room is tiny. Finally, the eat-in portion of the kitchen blocks access to the sliding door leading to the screen-in porch.
ReplyDeleteAll in all, it isn't a bad house, but you're not getting a house worth $686,000 in this market. It has a contract and I'd guess that it will close somewhere around $670,000 (which takes into account the cost of finishing the basement and some of the repairs that need to be done).
One caveat. It is in the City of Rockville and you're paying $2,500 in additional property taxes for the privilege. Yes, you get leaf collection and certain city services, but you're not really getting a value equivalent to the additional taxes. You're far better off buying in Potomac.
I agree with your assessment. The value is determined by how much someone is willing to pay. I believe since a majority of the renovation work was already complete, someone saw this as an opportunity to purchase a home and not have to dedicate time or effort to renovation. I am seeing folks pay MORE for homes that show well. This is a good example. As for the taxes? Yes, they are paying a premium. Most of the homes on that side of Wootten Parkway are considered Rockville and will be subject to the additional surcharge. Thanks for the feedback, please continue to read on! PSA
ReplyDeleteGlad to hear I'm not completely off base. It had some nice touches to it, and will probably be very comfortable for a young family that has one or both spouses working in the Rockville area. Houses that show well are going fast, much faster than I expected in this market. However, homeowners must recognize the difference between cheap renovations and quality ones. Cheap means putting Pergo(R) in high-traffic areas (i.e. the kitchen), while quality means putting down ceramic tile or restoring the existing hardwood. I can't tell you how many houses I've visited over the past year (I've been looking for a quality house that long) that have poor quality renovations that will need to be repaired/replaced only a few short years after they were made.
ReplyDeleteI recognize that sellers don't want to invest money in a house they're going to sell, especially if they need the money from the sale to make ends meet or to relocate. However, when times are good, homeowners should endeavor to make the necessary repairs/renovations to preserve their homes' value. Anything less can and will come back to haunt them in a market where there are plenty of homes available that need TLC. Who wants to buy a home that requires $25k-$50k in renovations to bring it out of the 1970s? Perhaps that was the case a couple of years ago, but it most certainly isn't the case now or for the next couple of years.
Your commentary is right on target.
ReplyDeleteAll good agents want to work with educated consumers. It is our job to educate the consumer and allow them to make intelligent decisions when they buy based upon their circumstance.
You are addressing important points that must be considered by all consumers when they purchase. The wild card, or variable, is personal circumstance.
There are so many times that I have worked with consumers and coached them on what they must to prepare their home for sale. After making the cosmetic improvements, they are shocked how good the home may then look. They often (Most of the time) kick themselves for not making these improvements sooner while they were occupying the property.
Thanks for the thoughtful and sage comments. Please continue to post!