Bethesda houses sitting…
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Anonymous
All of those are depressing. I’m not a housing snob but there is nothing compelling about these homes and this price point. |
Anonymous
Those new houses are the product of using overly simplistic models of buyer behavior. While they all deliver on the simplistic models: good schools/good land and appropriate # of beds/baths, they offer almost nothing else. Even big law greasy-pole climbers are underwhelmed here, especially as their incomes shrink. And an odd, old house needs someone who is not enthralled to conventional tastes and that’s quite rare. |
Anonymous
With some of these, I agree with you that it may be a sign of the market in Bethesda slowing down. But I think a couple, notably the $3.3 million listing on Lenox and the $2.9 million listing on Pemberton, are examples of agents/owners trying to push the market higher and failing, as opposed to listing at market rates and having houses go under contract quickly. Here is an example of the opposite, a home in Mohican Hills listed for a hair under $2.5 million that went under contract almost immediately, leading the seller to cancel the open house. https://www.redfin.com/MD/Bethesda/6212-Dahlonega-Rd-20816/home/10649257 And this one just down the street from that went under contract six days after hitting the market at $2.495 million and closed a couple of days ago at that exact price. https://www.redfin.com/MD/Bethesda/5504-Mohican-Rd-20816/home/10649127 So I might agree that sellers trying to push the market higher may be stalling in those efforts, but sellers who price in line with comps from recent months are still moving their houses quickly in Bethesda. Another theory is that buyers are reluctant to pay top dollar for new and newer builds that are closer to the areas that might be reassigned away from Whitman when the new Woodward High School opens in a few years. My guess -- and it's only a guess --- is that houses currently zoned for Whitman that are north of Bradley Boulevard, like the Northfield and Bradmoor listings that PP highlighted, could end up being rezoned to Walter Johnson or Woodward, depending on what MoCo school leaders cook up during the redistricting that is coming. The two houses I mentioned are in the far southwest part of Bethesda and are unlikely to be reassigned away from Whitman. They are also closer to the DC line and the Capital Crescent Trail for commuting purposes. |
Anonymous
Oh, and the owners of the $2.9 million house on Pemberton want a ridiculously long rentback — until Feb. 2024. So that may be off-putting to potential buyers in addition to the price. |
Anonymous
| These houses all look the same, there's your clue. |
Anonymous
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Everyone pointing out that the houses that are sitting aren’t “special” are missing the point. That’s the first sign of a slowing market. Certainly there are “special” houses that will sell instantly in any market. Those kinds of houses sold quickly in 2009. When the market slows, it’s the houses with unfixable flaws that stop selling first, then the price starts dropping on the houses that are fine, but not really distinguishable from many others. The people who will lose money are those who bought in a panic over the last couple of years and paid top dollar for a flawed or not so special house.
There’s nothing wrong with these houses (except for maybe the one with the rent back requirement). But they do look all alike. If I was in the market for a $2m+ house in Bethesda, I’d wait and see who really needs to sell and drops their price. Supply and demand. |
Anonymous
First house has bamboo. The second one might too? Or the neighbor does? You couldn’t pay me to take any property that has bamboo. What a nightmare. |
Anonymous
What's wrong with bamboo? |
Anonymous
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High interest rates, people. That's all. Plenty of sellers are not putting their homes on the market because they are worried that they won't have enough buyers, even though a number of buyers pay cash. Sellers want bidding wars to escalate house prices. Plenty of buyers don't want to leave their advantageous interest rate. The homes in Bethesda are rarely for first time home-buyers, so most of the buyers already have a mortgage. So it's a (perhaps unexpected) consequence of high interest rates. I've been following the market in Bethesda for the past 3 years, and this is the softest it's been in these 3 years. |
Anonymous
Nothing's wrong with bamboo. Years ago someone decided that bamboo was the #1 scourge to rid your landscape of, it caught traction and that was that. In reality bamboo provides a lot of privacy and makes for a nice barrier. But like anything else, you need to take care of your landscaping. Groom it. Don't let it get out of control. |
Anonymous
Are you kidding? It is a massive pita that spreads uncontrollably and is impossible to get rid of. It damages structures too. Horrible horribly invasive plant. Wouldn’t touch a property with any bamboo with a 10000000 ft pole. Bamboo is so horrible, it is now required to be removed in VA if it starts spreading. It is also illegal to plant new bamboo in moco and va. |
Anonymous
Groom it? Lol. Bamboo spreads by rhizomes that invade huge swaths of areas like wildfire. They’re impossible to dig up once established. No amount of grooming will prevent them from spreading. They also grow so quick that you can cut and then the next day it’ll already be back. Bamboo is now illegal for a reason. |
Anonymous
And if you were looking in this market for the past three years, you would have been waiting a long time and been dismayed by how little you can get now for $2.2 million compared to 2020. |
Anonymous
I'm 10:37, who posted about high interest rates stifling the market in Bethesda. Yes, the market is definitely slowing. Some sellers clearly overpriced their homes because they thought they were in the pandemic bubble, which was crazy here, like in other desirable locations in the region. Those homes are perfectly fine, but the demand just isn't there, due to high interest rates. I live close to downtown Bethesda and have been looking to upgrade for the last few years, but inventory is always low, and I'm super picky, so no, I'm not going to buy just because I get a relative bargain when the price drops. I'll just keep living in my smaller house for ever, or until something comes along that I really want to plunk down several million for! And I think people don't understand this about buyers in the 2m+ range. They can usually afford to wait, and they're picky. |
Anonymous
The last one on your list, Custer Road, which had an asking price of $2.9 million, went under contract in the last day or two. (Almost certainly under asking, we'll see.) https://www.redfin.com/MD/Bethesda/8220-Custer-Rd-20817/home/10646809 |