Has the market cooled down drastically?

[Anonymous]

Anonymous wrote:how about this home? http://spws.homevisit.com/hvid/181561
designed by MIT chair of architect

mcmansion too?

The exception that proves the rule.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:mclean market is dead, there are 6 houses from 2.7M to 4.5M sitting in my neighborhood for at least 6 months now

the only sale recently was an empty lot for 1M

Sounds like they're having trouble finding greater fools to buy oversized-McMansions. I looked up what's been on the market 6+ months in McLean in the $2M-$5M range and boy did my eyes hurt after seeing those places! On the plus side, knowing those houses are sitting makes me feel better about humanity!

I looked as well, and there are definitely a ton of ugly houses in that price point, whether or not they've been sitting.

Blah, blah, blah. There are 27 homes in the $2-5M range pending in McLean and about two dozen that have sold in the last three months in that price range.

There are also about six dozen in that price range that have sat for 6 months or more. And dozens more have hit the market more recently.

There's a silver lining here. If you're heart broken you lost out on this fugly number:


https://www.zillow.com/homedetails/1430-Waggaman-Cir-Mclean-VA-22101/51752268_zpid/?fullpage=true

Rest assured, this gem in the McLean style is still on the market:

https://www.zillow.com/homedetails/8315-Old-Dominion-Dr-Mclean-VA-22102/89097904_zpid/?fullpage=true

what an idiot! You think if there're sitting homes, it must mean homes are not selling?
You probably don't know in the past 6 months there have been 47 homes over $2m sold or pending in 22101 alone.

The idiot is you for thinking that that was implied anywhere. There is a substantial stock of truly ugly homes in the $2M and up range in both McLean zips that have been on the market for at least 6 months. And your sales #s are way off, much too high for even both McLean zips combined!

BTW, which of the homes I posted would you feel most comfortable buying? I think you're more of the bigger=better type, so I'd put you down for number 2.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:mclean market is dead, there are 6 houses from 2.7M to 4.5M sitting in my neighborhood for at least 6 months now

the only sale recently was an empty lot for 1M

Sounds like they're having trouble finding greater fools to buy oversized-McMansions. I looked up what's been on the market 6+ months in McLean in the $2M-$5M range and boy did my eyes hurt after seeing those places! On the plus side, knowing those houses are sitting makes me feel better about humanity!

I looked as well, and there are definitely a ton of ugly houses in that price point, whether or not they've been sitting.

Blah, blah, blah. There are 27 homes in the $2-5M range pending in McLean and about two dozen that have sold in the last three months in that price range.

There are also about six dozen in that price range that have sat for 6 months or more. And dozens more have hit the market more recently.

There's a silver lining here. If you're heart broken you lost out on this fugly number:


https://www.zillow.com/homedetails/1430-Waggaman-Cir-Mclean-VA-22101/51752268_zpid/?fullpage=true

Rest assured, this gem in the McLean style is still on the market:

https://www.zillow.com/homedetails/8315-Old-Dominion-Dr-Mclean-VA-22102/89097904_zpid/?fullpage=true

what an idiot! You think if there're sitting homes, it must mean homes are not selling?
You probably don't know in the past 6 months there have been 47 homes over $2m sold or pending in 22101 alone.

The idiot is you for thinking that that was implied anywhere. There is a substantial stock of truly ugly homes in the $2M and up range in both McLean zips that have been on the market for at least 6 months. And your sales #s are way off, much too high for even both McLean zips combined!

BTW, which of the homes I posted would you feel most comfortable buying? I think you're more of the bigger=better type, so I'd put you down for number 2.

Stop talking out of your ass. Just go to redfin and filter on past 6 month sales and pending for 22101 ($2m+).
Don't tell me you're too dumb to do this.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:mclean market is dead, there are 6 houses from 2.7M to 4.5M sitting in my neighborhood for at least 6 months now

the only sale recently was an empty lot for 1M

Sounds like they're having trouble finding greater fools to buy oversized-McMansions. I looked up what's been on the market 6+ months in McLean in the $2M-$5M range and boy did my eyes hurt after seeing those places! On the plus side, knowing those houses are sitting makes me feel better about humanity!

I looked as well, and there are definitely a ton of ugly houses in that price point, whether or not they've been sitting.

Blah, blah, blah. There are 27 homes in the $2-5M range pending in McLean and about two dozen that have sold in the last three months in that price range.

There are also about six dozen in that price range that have sat for 6 months or more. And dozens more have hit the market more recently.

There's a silver lining here. If you're heart broken you lost out on this fugly number:


https://www.zillow.com/homedetails/1430-Waggaman-Cir-Mclean-VA-22101/51752268_zpid/?fullpage=true

Rest assured, this gem in the McLean style is still on the market:

https://www.zillow.com/homedetails/8315-Old-Dominion-Dr-Mclean-VA-22102/89097904_zpid/?fullpage=true

what an idiot! You think if there're sitting homes, it must mean homes are not selling?
You probably don't know in the past 6 months there have been 47 homes over $2m sold or pending in 22101 alone.

The idiot is you for thinking that that was implied anywhere. There is a substantial stock of truly ugly homes in the $2M and up range in both McLean zips that have been on the market for at least 6 months. And your sales #s are way off, much too high for even both McLean zips combined!

BTW, which of the homes I posted would you feel most comfortable buying? I think you're more of the bigger=better type, so I'd put you down for number 2.

I've seen the first house. It's nicer than it looks in this picture and it's in a great neighborhood. Zillow is actually valuing it higher than the buyer paid in late May.

[Anonymous]

Anonymous wrote:I was just talking with my neighbor today (live in Shaw DC) who is a realtor for one of the biggest agencies in town and he was saying that they've been having numerous meeting to discuss the cooling down of the market... particularly with regard to listings above $1.2 million. We're looking to move into a more family-friendly part of the city and are definitely sensing this trend also.

That just sounds like ppl are now unwilling to be house poor.

[Anonymous]

Anonymous wrote:
There's a silver lining here. If you're heart broken you lost out on this fugly number:


https://www.zillow.com/homedetails/1430-Waggaman-Cir-Mclean-VA-22101/51752268_zpid/?fullpage=true

What is wrong with this house? It looks bright with natural light coming in, amazing kitchen, spacious. If I had the money I would buy it. Some people are so full of it calling everything ugly..maybe it is people who don't have money that want to call everything that they cannot afford as ugly..maybe you'd prefer this AMAZING QUAINT non McMansion..

https://www.zillow.com/homes/for_sale/Mc-Lean-VA-22101/51757545_zpid/67147_rid/500000-900000_price/1870-3366_mp/globalrelevanceex_sort/38.976025,-77.105828,38.895909,-77.218266_rect/12_zm/

I'm kidding, I think its ugly..

[Anonymous]

PP here..and why the hell is an extra refrigerator sitting in the family room..maybe they are storing a family member inside it..cute indeed..

[Anonymous]

Or how about this shack for 799K..any guesses why only 2 pictures in the listing after 32 days?

https://www.zillow.com/homes/for_sale/Mc-Lean-VA-22101/51755614_zpid/67147_rid/500000-900000_price/1870-3366_mp/globalrelevanceex_sort/38.976025,-77.105828,38.895909,-77.218266_rect/12_zm/

After seeing these I don't blame the OP of the other thread for wanting to buy a McMansion for 1.2M with a 260K HHI.

[Anonymous]

Anonymous wrote:

Anonymous wrote:
There's a silver lining here. If you're heart broken you lost out on this fugly number:


https://www.zillow.com/homedetails/1430-Waggaman-Cir-Mclean-VA-22101/51752268_zpid/?fullpage=true

What is wrong with this house? It looks bright with natural light coming in, amazing kitchen, spacious. If I had the money I would buy it. Some people are so full of it calling everything ugly..maybe it is people who don't have money that want to call everything that they cannot afford as ugly..maybe you'd prefer this AMAZING QUAINT non McMansion..

https://www.zillow.com/homes/for_sale/Mc-Lean-VA-22101/51757545_zpid/67147_rid/500000-900000_price/1870-3366_mp/globalrelevanceex_sort/38.976025,-77.105828,38.895909,-77.218266_rect/12_zm/

I'm kidding, I think its ugly..

Being new and large is a sin to a subset of people.

[Anonymous]

Anonymous wrote:Or how about this shack for 799K..any guesses why only 2 pictures in the listing after 32 days?

https://www.zillow.com/homes/for_sale/Mc-Lean-VA-22101/51755614_zpid/67147_rid/500000-900000_price/1870-3366_mp/globalrelevanceex_sort/38.976025,-77.105828,38.895909,-77.218266_rect/12_zm/

After seeing these I don't blame the OP of the other thread for wanting to buy a McMansion for 1.2M with a 260K HHI.

value in the land...but this one is too small

[Anonymous]

Anonymous wrote:

Anonymous wrote:I was just talking with my neighbor today (live in Shaw DC) who is a realtor for one of the biggest agencies in town and he was saying that they've been having numerous meeting to discuss the cooling down of the market... particularly with regard to listings above $1.2 million. We're looking to move into a more family-friendly part of the city and are definitely sensing this trend also.

That just sounds like ppl are now unwilling to be house poor.

Selling at above $1.2 million has always been a challenge in this region because relatively few people make the $400k-$500k household salary to be able to comfortably afford something at or above $1.2 million. Rates and downpayment requirements go up at or above $1.2 million. Once an area becomes acceptable to the median buyer in this area that make $150k-$250k, prices enter the $600k-$1.2 million band very quickly - at least in DC proper this is the case.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
There's a silver lining here. If you're heart broken you lost out on this fugly number:


https://www.zillow.com/homedetails/1430-Waggaman-Cir-Mclean-VA-22101/51752268_zpid/?fullpage=true

What is wrong with this house? It looks bright with natural light coming in, amazing kitchen, spacious. If I had the money I would buy it. Some people are so full of it calling everything ugly..maybe it is people who don't have money that want to call everything that they cannot afford as ugly..maybe you'd prefer this AMAZING QUAINT non McMansion..

https://www.zillow.com/homes/for_sale/Mc-Lean-VA-22101/51757545_zpid/67147_rid/500000-900000_price/1870-3366_mp/globalrelevanceex_sort/38.976025,-77.105828,38.895909,-77.218266_rect/12_zm/

I'm kidding, I think its ugly..

Being new and large is a sin to a subset of people.

I live in upper NW and have an almost 80-year-old SFH. Nevertheless, I don't see anything objectionable about the first home, and at least to my perhaps not very discerning eye, it's pretty nice. Not too many conflicting architectural styles, proportions are reasonable, etc.

The second home posted with this one is a different story and is totally a McMansion--I'd be embarrassed to live there.

[Anonymous]

I think people don't understand that every new build is not a mcmansion. The ultra contemporary one linked upthread is not a mcmansion-- it adheres to a consistent architectural style, among many other reasons.

I think the two picture are both mcmansions. The first one blends too many surface material, has a weird "nub" of a roof (read about that on mcmansion hell and now can't stop seeing it!), and something is off with the windows. I don't hate it as much as some others but I think it is still a mcmansion.

The second is classic mcmansion. Shudder.

[Anonymous]

Anonymous wrote:I think it's cooled off in the sense that people need to come down off their prices. Interest rates are going up. Home pricing needs to reflect that. I think some sellers got really lucking in the spring overpricing their homes. Now it's time to come back down to reality.

Home prices aren't affected by interest rates. The two have nothing to do with each other.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:mclean market is dead, there are 6 houses from 2.7M to 4.5M sitting in my neighborhood for at least 6 months now

the only sale recently was an empty lot for 1M

Sounds like they're having trouble finding greater fools to buy oversized-McMansions. I looked up what's been on the market 6+ months in McLean in the $2M-$5M range and boy did my eyes hurt after seeing those places! On the plus side, knowing those houses are sitting makes me feel better about humanity!

I looked as well, and there are definitely a ton of ugly houses in that price point, whether or not they've been sitting.

Blah, blah, blah. There are 27 homes in the $2-5M range pending in McLean and about two dozen that have sold in the last three months in that price range.

There are also about six dozen in that price range that have sat for 6 months or more. And dozens more have hit the market more recently.

There's a silver lining here. If you're heart broken you lost out on this fugly number:


https://www.zillow.com/homedetails/1430-Waggaman-Cir-Mclean-VA-22101/51752268_zpid/?fullpage=true

Rest assured, this gem in the McLean style is still on the market:

https://www.zillow.com/homedetails/8315-Old-Dominion-Dr-Mclean-VA-22102/89097904_zpid/?fullpage=true

what an idiot! You think if there're sitting homes, it must mean homes are not selling?
You probably don't know in the past 6 months there have been 47 homes over $2m sold or pending in 22101 alone.

The idiot is you for thinking that that was implied anywhere. There is a substantial stock of truly ugly homes in the $2M and up range in both McLean zips that have been on the market for at least 6 months. And your sales #s are way off, much too high for even both McLean zips combined!

BTW, which of the homes I posted would you feel most comfortable buying? I think you're more of the bigger=better type, so I'd put you down for number 2.

I've seen the first house. It's nicer than it looks in this picture and it's in a great neighborhood. Zillow is actually valuing it higher than the buyer paid in late May.

Zillow values are completely useless data point. According to Zillow, our 1955 shitshack was worth $100K more than comparable homes had sold for and our current house is worth $50K more than any comp has ever sold for. Redfin's estimates were closer but still substantially off market comps. I think that neither algorithm is able to suss out what's a comp and what's not.