Glen Echo Heights?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There's certainly a big selection of large new builds there. They tend to sit for a very long time.

True. House hunters in that price range generally tend to want a more manicured environment, e.g. Sumner. That's definitely not Glen Echo Heights.

I'm pretty sure it's been easier to find land/houses in GEH to tear down, but given the large stock of $1.8M+ new builds there, why would builders keep building them? It would strike me as costly to have a property sit a long time on the market.

The developers have interest-only loans. They don't pay principal. They can afford to sit on the house for at least a year or two.

Any idea what their margins are? I'm interested in ballpark estimates of how long they can tolerate the negative cash flows.

[Anonymous]

It would be interesting to know how such a wide variety of builders acquire so many tear down properties in the neighborhood without the homes ever hitting the market. Maybe people really do respond to those We-Buy-Houses cards in the mail.

[Anonymous]

Beautiful neighborhood

[Anonymous]

Anonymous wrote:It would be interesting to know how such a wide variety of builders acquire so many tear down properties in the neighborhood without the homes ever hitting the market. Maybe people really do respond to those We-Buy-Houses cards in the mail.

We have three underway near our house right now. GEH is a hotbed of this.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There's certainly a big selection of large new builds there. They tend to sit for a very long time.

True. House hunters in that price range generally tend to want a more manicured environment, e.g. Sumner. That's definitely not Glen Echo Heights.

I'm pretty sure it's been easier to find land/houses in GEH to tear down, but given the large stock of $1.8M+ new builds there, why would builders keep building them? It would strike me as costly to have a property sit a long time on the market.

The developers have interest-only loans. They don't pay principal. They can afford to sit on the house for at least a year or two.

Any idea what their margins are? I'm interested in ballpark estimates of how long they can tolerate the negative cash flows.

Good question. Builders are currently paying $500-$600k for a teardown lot in Glen Echo Heights. Some of the new builds are going for $2M+ but others are landing in the $1.3-$1.6M range. After construction, the margins could n't be that great.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There's certainly a big selection of large new builds there. They tend to sit for a very long time.

True. House hunters in that price range generally tend to want a more manicured environment, e.g. Sumner. That's definitely not Glen Echo Heights.

I'm pretty sure it's been easier to find land/houses in GEH to tear down, but given the large stock of $1.8M+ new builds there, why would builders keep building them? It would strike me as costly to have a property sit a long time on the market.

The developers have interest-only loans. They don't pay principal. They can afford to sit on the house for at least a year or two.

Any idea what their margins are? I'm interested in ballpark estimates of how long they can tolerate the negative cash flows.

Good question. Builders are currently paying $500-$600k for a teardown lot in Glen Echo Heights. Some of the new builds are going for $2M+ but others are landing in the $1.3-$1.6M range. After construction, the margins could n't be that great.

I was interested in GEH because the new builds are enticing (and cheaper than in other parts of Bethesda), but ruled it out after looking at a couple of homes and hearing/seeing low flying airplanes every few minutes. What's up with that? Do people get used to it?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There's certainly a big selection of large new builds there. They tend to sit for a very long time.

True. House hunters in that price range generally tend to want a more manicured environment, e.g. Sumner. That's definitely not Glen Echo Heights.

I'm pretty sure it's been easier to find land/houses in GEH to tear down, but given the large stock of $1.8M+ new builds there, why would builders keep building them? It would strike me as costly to have a property sit a long time on the market.

The developers have interest-only loans. They don't pay principal. They can afford to sit on the house for at least a year or two.

Any idea what their margins are? I'm interested in ballpark estimates of how long they can tolerate the negative cash flows.

Good question. Builders are currently paying $500-$600k for a teardown lot in Glen Echo Heights. Some of the new builds are going for $2M+ but others are landing in the $1.3-$1.6M range. After construction, the margins could n't be that great.

I was interested in GEH because the new builds are enticing (and cheaper than in other parts of Bethesda), but ruled it out after looking at a couple of homes and hearing/seeing low flying airplanes every few minutes. What's up with that? Do people get used to it?

We've lived in GEH for 20 years and the air traffic is barely noticable. This entire thing has been blown out of proportion.

[Anonymous]

The new builds are very nice but, to be honest, it's the prevalence of dumpy properties that is the problem. Junky ramblers with overgrown yards and abandoned cars. Reportedly there is even a man living in a partially completed building. Seems like 2 million dollars is excessive to live with that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There's certainly a big selection of large new builds there. They tend to sit for a very long time.

True. House hunters in that price range generally tend to want a more manicured environment, e.g. Sumner. That's definitely not Glen Echo Heights.

I'm pretty sure it's been easier to find land/houses in GEH to tear down, but given the large stock of $1.8M+ new builds there, why would builders keep building them? It would strike me as costly to have a property sit a long time on the market.

The developers have interest-only loans. They don't pay principal. They can afford to sit on the house for at least a year or two.

Any idea what their margins are? I'm interested in ballpark estimates of how long they can tolerate the negative cash flows.

Good question. Builders are currently paying $500-$600k for a teardown lot in Glen Echo Heights. Some of the new builds are going for $2M+ but others are landing in the $1.3-$1.6M range. After construction, the margins could n't be that great.

I was interested in GEH because the new builds are enticing (and cheaper than in other parts of Bethesda), but ruled it out after looking at a couple of homes and hearing/seeing low flying airplanes every few minutes. What's up with that? Do people get used to it?

We've lived in GEH for 20 years and the air traffic is barely noticable. This entire thing has been blown out of proportion.

I disagree, it's constant and loud noise. Not surprised that the new construction sits when people get scared away by the din.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There's certainly a big selection of large new builds there. They tend to sit for a very long time.

True. House hunters in that price range generally tend to want a more manicured environment, e.g. Sumner. That's definitely not Glen Echo Heights.

I'm pretty sure it's been easier to find land/houses in GEH to tear down, but given the large stock of $1.8M+ new builds there, why would builders keep building them? It would strike me as costly to have a property sit a long time on the market.

The developers have interest-only loans. They don't pay principal. They can afford to sit on the house for at least a year or two.

Any idea what their margins are? I'm interested in ballpark estimates of how long they can tolerate the negative cash flows.

Good question. Builders are currently paying $500-$600k for a teardown lot in Glen Echo Heights. Some of the new builds are going for $2M+ but others are landing in the $1.3-$1.6M range. After construction, the margins could n't be that great.

I was interested in GEH because the new builds are enticing (and cheaper than in other parts of Bethesda), but ruled it out after looking at a couple of homes and hearing/seeing low flying airplanes every few minutes. What's up with that? Do people get used to it?

We've lived in GEH for 20 years and the air traffic is barely noticable. This entire thing has been blown out of proportion.

Blah blah blah crazy lady too many cats blah blah blah
I disagree, it's constant and loud noise. Not surprised that the new construction sits when people get scared away by the din.

[Anonymous]

Can you recommend a good builder on Glen Echo Heights?

[Anonymous]

Anonymous wrote: Can you recommend a good builder on Glen Echo Heights?

+1 in Bethesda

[Anonymous]

Anonymous wrote:The new builds are very nice but, to be honest, it's the prevalence of dumpy properties that is the problem. Junky ramblers with overgrown yards and abandoned cars. Reportedly there is even a man living in a partially completed building. Seems like 2 million dollars is excessive to live with that.

I second that. The one upside is that the neighborhood is changing over rapidly so the junky houses won't last forever and you will have gotten in before prices really skyrocket. (And yes, there is a man living in a partially completed building.)

[Anonymous]

GEH has a disproportionate number of teardowns because property is cheaper than in other parts of Bethesda/CC due to the flightpath.

[Anonymous]

Anonymous wrote:GEH has a disproportionate number of teardowns because property is cheaper than in other parts of Bethesda/CC due to the flightpath.

How wrong on that one.