I think the bubble is popping.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The problem with condos is you are not just on the hook for your own property but for everything that is commonly owned matter how poorly it has been maintained before you bought, and it's really hard to get everyone to pay their assessments so you're dealing with certain freeloaders.

You have to join board. I am treasurer and insurance, mgt fees, legal fees, accounting fees, landscaping, gutter, snow, contracts have to be managed as well as have no tolerance for arrears. Also stay up on maint of building.

I joined board and more work than a house. A badly run condo is a headache.

My condo common charges are low enough no one complains. But a lot of luck. My building was literally falling down in 2009 from years of neglect and between 2013 - 2018 redid whole place top to bottom. I say luck as in 2021 constructions costs through the roof. It would cost double almost.

wow condos sound really great

[Anonymous]

OMG, OP, the house across the street from me sold in two days for 10% above asking, so I would say no the bubble is not over.

[Anonymous]

Anonymous wrote:OMG, OP, the house across the street from me sold in two days for 10% above asking, so I would say no the bubble is not over.

[imghttps://techcrunch.com/wp-content/uploads/2012/06/912accb5_picard-facepalm.png[/img]

[Anonymous]

Anonymous wrote:OMG, OP, the house across the street from me sold in two days for 10% above asking, so I would say no the bubble is not over.

[Anonymous]

More insanity?? They couldn't sell it for $1.35M, so they raised the price to $1.5M...still couldn't sell it...so they raised the price to $1.75M?!?!



Oh...and just for the agents...$25K bonus!! Who gives a **it about the buyer!

[Anonymous]

Anonymous wrote:More insanity?? They couldn't sell it for $1.35M, so they raised the price to $1.5M...still couldn't sell it...so they raised the price to $1.75M?!?!



Oh...and just for the agents...$25K bonus!! Who gives a **it about the buyer!

They are offering the buyers agent an additional $25k bonus to encourage their clients to make an offer? In most industries this would be called a kickback.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The problem with condos is you are not just on the hook for your own property but for everything that is commonly owned matter how poorly it has been maintained before you bought, and it's really hard to get everyone to pay their assessments so you're dealing with certain freeloaders.

You have to join board. I am treasurer and insurance, mgt fees, legal fees, accounting fees, landscaping, gutter, snow, contracts have to be managed as well as have no tolerance for arrears. Also stay up on maint of building.

I joined board and more work than a house. A badly run condo is a headache.

My condo common charges are low enough no one complains. But a lot of luck. My building was literally falling down in 2009 from years of neglect and between 2013 - 2018 redid whole place top to bottom. I say luck as in 2021 constructions costs through the roof. It would cost double almost.

wow condos sound really great

That's why there are plenty on the market.

[Anonymous]

Price "reductions" don't tell you anything. But thanks OP for illustrating why brokers are so frequently the subjects of derision on DCUM. Average per square foot. Average in a zip. Lots of data can tell you about a market. But if markets have been escalating and sellers are continuing to push the envelope and have to come down and "settle" for the inflated value of the last comp that doesn't mean a market is cooling.

[Anonymous]

Anonymous wrote:

Anonymous wrote:More insanity?? They couldn't sell it for $1.35M, so they raised the price to $1.5M...still couldn't sell it...so they raised the price to $1.75M?!?!



Oh...and just for the agents...$25K bonus!! Who gives a **it about the buyer!

They are offering the buyers agent an additional $25k bonus to encourage their clients to make an offer? In most industries this would be called a kickback.

This house has been on the market for years at different listing prices and people post about it a lot on here. I recall one point where they were asking over a million, then around $850k, then back up. I live kind of near here; there was a whole article in the post about the construction of this house, and I can’t imagine what it will take to sell it. The $25k thing is weird but I imagine it’s because they have tried everything else to sell it. I would not use this house as an indication of any broader trend anywhere.

[Anonymous]

Anonymous wrote:Price "reductions" don't tell you anything. But thanks OP for illustrating why brokers are so frequently the subjects of derision on DCUM. Average per square foot. Average in a zip. Lots of data can tell you about a market. But if markets have been escalating and sellers are continuing to push the envelope and have to come down and "settle" for the inflated value of the last comp that doesn't mean a market is cooling.

This. Also the number of listings and average time on market are good indicators as well.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:More insanity?? They couldn't sell it for $1.35M, so they raised the price to $1.5M...still couldn't sell it...so they raised the price to $1.75M?!?!



Oh...and just for the agents...$25K bonus!! Who gives a **it about the buyer!

They are offering the buyers agent an additional $25k bonus to encourage their clients to make an offer? In most industries this would be called a kickback.

This house has been on the market for years at different listing prices and people post about it a lot on here. I recall one point where they were asking over a million, then around $850k, then back up. I live kind of near here; there was a whole article in the post about the construction of this house, and I can’t imagine what it will take to sell it. The $25k thing is weird but I imagine it’s because they have tried everything else to sell it. I would not use this house as an indication of any broader trend anywhere.

Well aware of that. The insanity is that they raised the price when it sat on the market for years at a lower price. The $25K "kickback" won't come close to cover, what they're asking.

[Anonymous]

More bubble popping ?!?!

[Anonymous]

Anonymous wrote:More bubble popping ?!?!

LOOOLLL

[Anonymous]

And if you think these are isolated cases....this is a snapshot of Arlington county right now...those green arrows represent price decreases...

[Anonymous]

Anonymous wrote:And if you think these are isolated cases....this is a snapshot of Arlington county right now...those green arrows represent price decreases...

I dont believe this. I talk to realtors and they are pretty confident that prices are not going to come down and we are not in bubble.