20 Years of Ownership and $100 in Appreciation in Potomac

[Anonymous]

I know people don’t want to hear this but Potomac isn’t really that desirable to a lot of people. It’s kind of a boomber suburban paradise. Most people that are younger would rather live 10 minutes to the metro and near things.

[Anonymous]

20+ yr old mcMansions are a tough sell. They are expensive to modernize to not make them look dated inside and out, and way too expensive to tear down to build new. They are too huge and owners spent too much on them to sell for the price of land like old small homes. If the lot size is big enough and desirable enough there may be a luxury home builder interested, given there are already deep pockets buyers in the area. Homes with more classic facade or ultra modern facade would sell better, but this one isn't.

[Anonymous]

I saw pictures of house before sold so it was all in great shape for sale. So not a fixer upper.

What kinda surprised me that is a near perfect location. Meaning it is right off River Road near village It is on a dead end off road so close to town no traffic. River Road that side of street has a nice walkway you can bike or jog on between Bradley Blvd and town. You can do a short walk to starbucks, Hunters Restaurant, Library supermarket so rare for Potomac. And it lines up with bus stop on River Road that has buy that runs back and forth to Friendship Heights Metro.

And it had a really nice inground pool.So it must be 100 percent guy bought at peak in 2005 and back then in escalations he overpaid at peak. I live not far from there.

Houses in good shape walking distance to town zoned for Churchill sell pretty quick. Potomac for the under 50 crowd is seen as far out. So the younger buyers want walking distance to town and with kids a bus stop and a W school.

Guess it is all price on day you pay. But man 20 years to make $100 bucks on 2 million investment .

[Anonymous]

Funny buyer had all photos inside of house scrubbed from the realtor listings and did a google blur of house since he bought it a few weeks ago. Now I am curious.

[Anonymous]

Anonymous wrote:Funny buyer had all photos inside of house scrubbed from the realtor listings and did a google blur of house since he bought it a few weeks ago. Now I am curious.

I think that's pretty normal nowadays, a lot of people don't want strangers knowing exactly what the inside of their homes look like.

[Anonymous]

It's hideous.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Funny buyer had all photos inside of house scrubbed from the realtor listings and did a google blur of house since he bought it a few weeks ago. Now I am curious.

I think that's pretty normal nowadays, a lot of people don't want strangers knowing exactly what the inside of their homes look like.

Ironic, the owner of Kicks Karate bought it and he is a 8th Degree Black Belt. You think he would not be scrared of strangers!!

[Anonymous]

Anonymous wrote:8k sqft? I wouldn’t sell it for that

newer houses this size on smaller plots in Bethesda have $42,000 property tax and cost double. I love how people think there are 2 million dollar homes this size walking distance to Metro.

This house below is 4.3 million 85 x 100 lot and to be honest it is Bethesda but also off river road and you can walk to metro which is great but a decent walk in winter or rain. So being 7 miles close to metro in Bethesda will cost you an extra 2.3 million and $27,000 a year extra in property taxes.

Amazing as when I was looking in 2016 at houses it was a 200K to 300K price difference.

https://www.redfin.com/MD/Bethesda/5120-Wessling-Ln-20814/home/10639153

[Anonymous]

That is a VERY dated house.

[Anonymous]

Not surprising if you know the history of the real estate market. My sister bought her house in Bethesda in 2005 for $2M and it is now only valued at $2.4.

[Anonymous]

Anonymous wrote:

Anonymous wrote:that area of potomac is very far out not surprised

I disagree, this is not far out and walking distance to Potomac Village and about 3 miles to beltway.[/[b]quote]

I hope your not suggesting h anyone walks River Road to the Beltway!

[Anonymous]

I like the look. Except not the front doors. It's got that old Potomac vibe.

What will look dated are all the HOA looking faux craftsman newer builds inside the beltway. Many with faux shutters to match the siding all the way around. Bonus for the stone beneath the front windows that reminds me of someone who pulls their pants up to their nipples.

[Anonymous]

Anonymous wrote:Not surprising if you know the history of the real estate market. My sister bought her house in Bethesda in 2005 for $2M and it is now only valued at $2.4.

It seems hard for people in this thread to understand this, but your timing and house choice always make a difference. I bought my Bethesda house for $700K in 2007 and it's now valued at $1.6 million.

[Anonymous]

Anonymous wrote:

Anonymous wrote:8k sqft? I wouldn’t sell it for that

newer houses this size on smaller plots in Bethesda have $42,000 property tax and cost double. I love how people think there are 2 million dollar homes this size walking distance to Metro.

This house below is 4.3 million 85 x 100 lot and to be honest it is Bethesda but also off river road and you can walk to metro which is great but a decent walk in winter or rain. So being 7 miles close to metro in Bethesda will cost you an extra 2.3 million and $27,000 a year extra in property taxes.

Amazing as when I was looking in 2016 at houses it was a 200K to 300K price difference.

https://www.redfin.com/MD/Bethesda/5120-Wessling-Ln-20814/home/10639153

That place is incredible; Rui Ponte really outdid himself. Love the upper family room and wine tasting room.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Not surprising if you know the history of the real estate market. My sister bought her house in Bethesda in 2005 for $2M and it is now only valued at $2.4.

It seems hard for people in this thread to understand this, but your timing and house choice always make a difference. I bought my Bethesda house for $700K in 2007 and it's now valued at $1.6 million.

but also, paying on it for 20 years means that the sellers probably had a whole lot of equity unless they took out a bunch of new loans.