Am I missing something or is this house priced insanely high?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Is the lot potentially sub dividable? If so, there’s your answer. It’s a big corner lot.

We live in DC in R-20 zoning and the city is now starting to approve corner lot homes to be torn down and they can build two homes on the single lot with a variance. First test case is being built right now around the corner from us.

If MoCo has started approving variances elsewhere on corner lots, then these sellers know what they have. At $800K per home for lot price, that ain’t bad in CCMD.

The lot would be too small for that no? Granted I am far from an expert, but the lot is only 5k square ft. Given setback rules (and even just general size) i don't think you could have two SFHs in a small 5k lotike that

In the case around the corner from us, the District drastically reduced/eliminated the setback requirements and lot coverage ratio. If you’re on the sidewalk on one side of the property, you can literally reach your arm out and touch the extruding bay window. The builder took a single semi-detached home and is replacing it with two row houses.

I’ll find the permit later today

[Anonymous]

Anonymous wrote:Good for them, I hope they get it or something close. Too many sellers let agents convince them that underpricing is the right strategy.

Because it IS the right strategy and if you knew anything about the market here now you would understand that.

[Anonymous]

I know this street. The location is fantastic. It's walkable to the metro, BCC and downtown Bethesda

[Anonymous]

But a corner lot so they have two front setbacks. We are looking in the area and a big no for us - overpriced.

[Anonymous]

Anonymous wrote:But a corner lot so they have two front setbacks. We are looking in the area and a big no for us - overpriced.

Is MoCo providing variances on setbacks if a builder adds a new unit of housing? This is what DC is just starting to ramp up.

You can definitely stick two attached residences on 5000 sq foot lot. It won’t look like the surrounding homes and will have postage stamp yards, but that hasn’t stopped them from selling like hot cakes in DC and NoVA.

[Anonymous]

That's a tear down price.

[Anonymous]

That is really overpriced. It requires a big addition/renovation which will cost at minimum $500K and likely more with an excellent design build firm. I would think more $1.2 max.

[Anonymous]

Anonymous wrote:Yes, you're missing this from the description: "Positioned to the right side of the lot, this home allows for the potential to expand and create your dream home, making it an exceptional opportunity to customize and tailor the property to your specific desires."

It’s a 5600 sf lot. That statement should be considered false advertising. Not much more square footage to be had with setbacks and all. Basically it’s a tiny lot in Bethesda selling for $1.6 million.

The buyer isn't just paying for this house, but the developable land along with it in a very desirable location.

[Anonymous]

Anonymous wrote:Yes, you're missing this from the description: "Positioned to the right side of the lot, this home allows for the potential to expand and create your dream home, making it an exceptional opportunity to customize and tailor the property to your specific desires."

The buyer isn't just paying for this house, but the developable land along with it in a very desirable location.

It’s a 5600 sf lot. That statement should be considered false advertising. Not much more square footage to be had with setbacks and all. Basically it’s a tiny lot in Bethesda selling for $1.6 million.

[Anonymous]

Overpriced. My 8,000 sq ft lot located on the west side of Bethesda is valued at 1.1M. It has sidewalks, and is a stone's throw from restaurants and shops. This one is 5,500 sq ft.

[Anonymous]

^ west side of the downtown.

[Anonymous]

I'm from Bethesda. Of course I overpaid for my house.