Listed by Long and FosterThere has been a great deal of activity in Fallsmead over the past few months. The homes that are priced right and properly prepared for sale are selling quickly. Those that are not clean as a pin or overpriced are languishing.
This home is at the end of a cul-de-sac off Fallsmead Way. It is a 4 bedroom, 2.5 bath home built in 1968. It looks nice from the street. The yard is tended, the position at the end of the court keeps traffic down and the Wootten Schools are a good draw.
The foyer is welcoming with a laminate tile throughout the foyer and updated powder room. The living room,,family room and dining room have hardwood that are in good condition. The family room also has a nice brick fireplace that warms the room.
The kitchen has been updated at some point, but the original avocado appliances remain. The floors seem to the the same laminate tile that is in the foyer and powder room, but the color does not match. It would be nice to have them consistent. The Smithsonian may have some interest in these older appliances, but someone paying $700K for a new home will not. The kitchen is on the short list for renovation.
There are 4 bedrooms upstairs with original baths. The older carpets do not show well and would be better off taken up. The home will show much better with the clean hardwood.
The basement is unfinished and has a walkout to the yard. The floor is finished in Linoleum square tile, probably original to the home. The basement has potential to be finished. It smelled dry and would be some welcome additional space in this smaller colonial.
This location has a lot going for it, but the home does not compete with others in the extended Fallsmead community. All of the homes currently on the market are in much better cosmetic condition. Cedrus has a better location since it is not on busy Fallsmead Way.
I will be curious to see how much the home on Infield settles for. It is under contract and settles tomorrow, March 16th. It was listed for $749,000 and I should settle at $725K or more. This home is gorgeous and showed beautifully. It had a lovely lot that showed much better then the Cedrus property. It has also been completely redone.
The final settled price of Infield will set a precedent for the Cedrus property. Cedrus would be more reasonably priced at $674,900 where it may get some traffic and maybe an offer.
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Gotta disagree with you regarding the house on Infield Court. It originally listed for $824k, which is over $100k more than it is worth. The basement is unfinished. The living room and family room are stuck in the 1970s. The yard is overdone with landscaping and the enclosed patio is rather rundown. The backyard has no privacy from the neighbors or people using the jogging path. Admittedly, the kitchen and foyer are nice, but those things do not make up for other parts that lag dramatically. They also do not make up for the additional taxes you get to pay ($2,500) per year for the honor and privilege of living in Fallsmead.
ReplyDeleteYes, the home on Infield was overpriced when it came on the market. It was reduced enough over time to get the property sold. We will see this week what the actual sales price was, thereby assigning a "real" value to the property.
ReplyDeleteYes, anyone buying in the Fallsmead community will pay Rockville taxes. Although located in the Potomac zip code, the physical location of the community is in Rockville, therefore they pay Rockville City tax. Any buyers in this community will have to consider this when making a decision to purchase there.
The house on Infield was used as a comparison for my review on Cedrus. The homes are located a few blocks away, are similarly sized and would be considered comparable properties in determining value.
I respect your opinion of the Infield home, but I still love the way the property showed. You found the living room and dining room stodgy. I saw it as clean and neat space with upgraded lighting. The porch and yard I also found very attractive. Everyone has their own idea of what they like and do not like. What we have to look at critically is what features increase or decrease value.
To bring Cedrus to the same level of finish, condition and cosmetic appearance as Infield would take at least $50,000. This is how I justified my comment that the home should be listed at $674,900. We will see today what Infield actually settled for, and how that will effect my opinion of value for Cedrus.
Thank you so much for your continued feedback. Your comments have consistently been on target and show how close you are to this Potomac market. Please continue to participate!
Actually, I found the family room stodgy and stuck in the 1970s. The dining room was fine, if a bit small. I have to disagree with you that the Cedrus property is comparable. Most significantly, it has a 1-car garage and no land to expand the existing garage. Houses with 1-car garages sell for at least $25k less based on the garage alone. The Cedrus property, as you point out, has so many more things that need renovating I would put a more fair price of around $650k, and I think that's being generous.
ReplyDeleteThe Infield property settled for $715K. I would have to agree with your comments on the final price for Cedrus. Touche' You have out-thunk the PSA... Keep it up! I love the feedback!
ReplyDeleteWow... I thought you were overly tough on the houses listed on Fallsmead Way, but I think you are too generous with the house on Cedrus. It's a disaster! However, despite how it's shown, I think it has a lot of potential.
ReplyDeleteThe kitchen needs to be redone and can easily be opened to the family room, which is very desirable. I actually think the avocado appliances are the best thing going for this kitchen. But the family room is huge and when it's opened to the kitchen it will be very nice.
What I found most offensive about the house was the clutter. It is free to take down dated window treatments and other decor. It's also free to move all those boxes, desks and filing cabinets to the basement. Each room had at least one desk and filing cabinet in it. It was hard to picture the bedrooms as actual bedrooms.
I think the owner and listing agent should take a weekend and do some house cleaning and decluttering.
Kristin, I agree that this home has lots of potential. It has a nice spot on the cul-de-sac and someone with vision could really dress this one up. The listing agent on this home is a good agent. I suspect he is not getting cooperation from the owner regarding clutter and cosmetic fix-up. It is only a matter of time for this home to come down to a more realistic level. I have some buyers that are looking to renovate a home - and this one may be perfect. Please continue to leave feedback. I greatly appreciate your analysis.
ReplyDeleteWOW! Cedrus is under contract!
ReplyDelete