Listed By Weichert
Montgomery Square is on the Rockville side of Montrose road and is part of the Richard Montgomery High School Cluster. This is a nicely maintained community of brick and frame homes built in the 1960's. This community is a great place to find the expensive Potomac mailing address at a discount.
This home is a nicely landscaped brick and frame home with a one car garage. There are two ways to enter this home, from the garage or up a few flight of stairs to the front entry. The landscape is well maintained and the home has nice curb appeal.
The foyer is hardwood with the stairs going up on your immediate left. To the right is a piano sized Living Room which has been well staged by the homeowner or Realtor.
The kitchen floor is tiled and has natural pine cabinets. There are Corian counter tops and newer dishwasher and range. There is room for a good size table here for all to sit and eat. Although updated, the kitchen at some point will need a face lift. (Don't we all!)
There is a laundry room adjacent to the kitchen with resilient floor and pantry. There is an addition on this level that has a decent size bedroom or office, full bath and family room in the rear. The rooms are carpeted with Berber and family room has a slider to a deck overlooking a lovely back yard.
The upstairs has an extended Master Suite with large Master Bath. The other bedrooms are teen size with a recently redone hall bath to service them.
The basement is finished and below grade. Carpeted with room for a TV area, it also serves as an entry from the garage to the upstairs.
This is a nice house, larger then it appears from the outside. It has been a long time since I have seen a house in the $749K range in Montgomery Square. Those that were in this range were fully renovated and on nicer flatter lots. This is certainly a nice home, but we have to take into consideration the current market which is at least 10-20% lower then 2 years ago. This one will end up in the $650K range once settled.
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So if it's on the Rockville side of Montrose, then it's proper mailing address is Rockville, not Potomac. This is especially the case if the home is subject to Rockville property taxes (as are homes in the North Farm area).
ReplyDeleteIt is located in Rockville (per tax records), but has a Potomac Post Office delivery and zip code. So, if you are asking someone where they live, wouldn't most prefer the cache' of Potomac?
ReplyDeleteDo you have any sense of what this house might be valued at or sell for now (given changes in the market since June 2009)?
ReplyDeleteI think we have reached the bottom of the market. I brought some clients through this home this past weekend. I like the home! The sellers have done some upgrading in the kitchen. Granite counters and a spruce up of the cabinets.
ReplyDeleteI think that my opinion regarding value is still valid. This is one of the nicer homes in Montgomery Square. It is a bit over improved for the neighborhood (In my humble opinion).
Although reduced to $734,999 - It will need to be marked down to below $700k to get the attention it needs, and will settle in the mid 600K range.
This home has been on the market now for 4 months. In this range, if a home is priced appropriately, it sells in 30 to 45 days. Even if I am incorrect in my opinion - the market has already confirmed it is not at market price.
Can I help you to structure an offer on this property?
The HIGHEST price paid in MONTGOMERY SQUARE in the past 360 days is $639,000 after subsidy.
ReplyDeleteI made an offer on another home near this one on Old Canal. The fha appraisal came in over $50,000 below the purchase price and the sellers decided to walk away rather than reduce their price. The Old Canal house is nice but the apparent bottom line of the sellers appears to be more than what it would be appraised for and there's the risk of a low appraisal causing a loss of time and money for a potential buyer (and then the seller has to deal with the effects of a low appraisal). Seems like the better approach (at least for us) is to look for a home that's more reasonably priced and that will get through the appraisal and loan process.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteThis is becoming more and more common in this market.
ReplyDeleteI have been advising my purchasers to avoid wasting time and money by adding a clause to the offer requiring the seller to reduce the sales price to the appraised value should the home under-appraise. This prevents a lot of frustration if the home under appraises.
Listing agents do NOT like to field this type of offer. Especially if they know the home is overpriced. It is their obligation when presenting the offer to the seller to explain the ramifications of accepting the offer, and HOPEFULLY review current comps to reassess current values.
So, my advice to purchasers, especially if they feel the home is overpriced....is to add this type of clause to the offer. If the sellers are confident that the home is worth more..then should not hesitate to sign. If they will NOT sign...well, walk away. You are not dealing with a reasonable seller to begin with.
Thanks for the comment. Please continue to read, and spread the word. If I can ever assist you in making an offer - don't hesitate to contact me! Good Luck! PSA