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

[Anonymous]

Why is this 1,100 sqft house priced at $1.6 million? https://www.zillow.com/homedetails/4505-Cheltenham-Dr-Bethesda-MD-20814/37174930_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare

[Anonymous]

Link didn’t work for me.

[Anonymous]

Wow that's overpriced for that tiny POS house. Can't belive they are asking 1.6m for that old tiny house. I am guessing just super greedy and unrealistic sellers. No way is that worth more than like 900k (and even then I'd argue it's a teardown)

[Anonymous]

I just came across that listing and had the exact thought. The price seems crazy for only 1.5 bathrooms and such a small space!

[Anonymous]

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.

[Anonymous]

The lot is tiny.

[Anonymous]

Is it a good location ?

[Anonymous]

Anonymous wrote:Is it a good location ?

Sure, it’s good for Bethesda, but you could get a rowhouse in like Dupont Circle with the same square footage for that price

[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.

I am not one to deny the value of location & developable land but I will be very surprised if this goes for anywhere close to list price

[Anonymous]

Anonymous wrote:

Anonymous wrote:Is it a good location ?

Sure, it’s good for Bethesda, but you could get a rowhouse in like Dupont Circle with the same square footage for that price

One looking in Bethesda is not looking in DuPont Circle.

[Anonymous]

Sure you could do an addition to that, but at that price might as well get something bigger from the get go. At 1.6m plus addition cost (let's say 400k), for $2m you can get something very nice. This place is way too overpriced (either greedy sellers or realtor who lied about what price it could get to get the listing). The lot itself is also fairly small at 5k square feet. No way it's getting that price


Here are some that are on sale or recently sold in area, clearly this place is poorly priced:
https://redf.in/kwIy7T

https://redf.in/497Zjk

https://redf.in/TpVC1V

[Anonymous]

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.

[Anonymous]

It’s not too high if they find a buyer willing to pay it.

For me, it’s too old and tiny. I do like the screened porch though.

[Anonymous]

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

[Anonymous]

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