s/o How far will prices drop in MoCO?

[Anonymous]

This forum is so boring this year.

[Anonymous]

https://www.washingtonian.com/2016/10/20/would-be-bethesda-condo-buyers-cant-sell-their-mega-mansions/

This is from 2 years ago when the market was stronger than it is now in Montgomery County.

[Anonymous]

Please don’t feed the troll.

[Anonymous]

Anonymous wrote:This forum is so boring this year.

+1
I really don’t understand these threads. People are upset that VA and DC are back to bubble pricing but not MD? I don’t see bubble prices as a good thing. It’s certainly not sustainable. If people want to spend 500-700k in MoCo to get into a good school district then good. It’s that or spend that same amount in VA and buy in a bad or mediocre district. People buying 700k houses are good upper middle class people. So what if we don’t have as many million + homes in MoCo? MoCo prices are matching inflation while other areas are moving up in what appears to be a new bubble.

[Anonymous]

I really don’t understand these threads. People are upset that VA and DC are back to bubble pricing but not MD? I don’t see bubble prices as a good thing. It’s certainly not sustainable. If people want to spend 500-700k in MoCo to get into a good school district then good. It’s that or spend that same amount in VA and buy in a bad or mediocre district. People buying 700k houses are good upper middle class people. So what if we don’t have as many million + homes in MoCo? MoCo prices are matching inflation while other areas are moving up in what appears to be a new bubble.

People are upset because they lost money buying in Montgomery County while their co-workers who bought at the same time in VA or DC have made a ton of money.

I think MOCO will go lower. All the inventory that isn't selling now will add into next year's market. Everything in MOCO is based on the school rating. When it gets cheaper to live in Churchill then houses in Wootton go down. When it gets cheaper to live in Wootton then houses in QO go down. When it gets cheaper to live in WJ then Silver Spring goes down. Etc, etc etc.

[Anonymous]

We sold in MoCo, close in Bethesda, a year and a half ago for 1.3 ... comparable houses to ours in the same area are now selling for 1.15 ... there has been a drop. It's just those who LOVE MoCo and want to hold on to their little perfect world so they refuse to acknowledge the decline of the County. Good luck with that ... still living in the area, just not MoCo.

[Anonymous]

Anonymous wrote:We sold in MoCo, close in Bethesda, a year and a half ago for 1.3 ... comparable houses to ours in the same area are now selling for 1.15 ... there has been a drop. It's just those who LOVE MoCo and want to hold on to their little perfect world so they refuse to acknowledge the decline of the County. Good luck with that ... still living in the area, just not MoCo.

When Amazon comes and 3br 1,100 sq ft ramblers in 22202 zoned for a horrible, 4/10 GS rated high school are selling for $1.25M people are going to look elsewhere and MoCo will be a bargain. Prices in VA are being propped up by out of town investors and the Amazon hype. There are not that many people willing to spend a million plus on schools in the Wakefield and TC Williams districts. Schools in close-in MoCo in 7+ GS rated school districts will seem like a bargain in 5 years. Fidel Castro could come back from the dead and take control of the local government and housing prices would still go up because of close in MoCo’s proximity to DC and Amazon. Families with money will only pay so much for houses in VA, especially in horrible HS districts like TC and Wakefield.

[Anonymous]

Anonymous wrote:We sold in MoCo, close in Bethesda, a year and a half ago for 1.3 ... comparable houses to ours in the same area are now selling for 1.15 ... there has been a drop. It's just those who LOVE MoCo and want to hold on to their little perfect world so they refuse to acknowledge the decline of the County. Good luck with that ... still living in the area, just not MoCo.

the overall sales data show an increase in housing prices year over year. It's not impossible for both things to be true, but I trust the reported sales data more than the anecdotes posted on an anonymous board (where at least one person seems to be pushing an anti-MoCo agenda)

[Anonymous]

The racists who have invaded DCUM spread this garbage.

[Anonymous]

I clicked on this thread because the title struck me as ridiculous. I've been trying to purchase a home in Bethesda and keep getting outbid (even though I offer full or above asking). I'm trying to find something under $850K. I assure you, the market is still strong at that price point!

[Anonymous]

Anonymous wrote:I clicked on this thread because the title struck me as ridiculous. I've been trying to purchase a home in Bethesda and keep getting outbid (even though I offer full or above asking). I'm trying to find something under $850K. I assure you, the market is still strong at that price point!

Because there are few homes in your price range, but go over 1.2 and the houses sit. Those are the taxpayers the County is losing and not gaining, at the same time. As those 1.2+ houses drop their prices just to sale them, the taxes will become less and the revenue in the County will continue to decline. No one with a brain is going to want to invest in a County that has borrowed against the pension contributions of its' employees, not once, but twice. I cannot even believe Erlich agreed to take that money, totally shocked. Anyway, the bond rating of a County says everything and MoCo is in the process of being downgraded. Most will not understand this, but I assure you those capable of investing 1.2+ in a house, get it, and no, they will not live in MoCo.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We sold in MoCo, close in Bethesda, a year and a half ago for 1.3 ... comparable houses to ours in the same area are now selling for 1.15 ... there has been a drop. It's just those who LOVE MoCo and want to hold on to their little perfect world so they refuse to acknowledge the decline of the County. Good luck with that ... still living in the area, just not MoCo.

the overall sales data show an increase in housing prices year over year. It's not impossible for both things to be true, but I trust the reported sales data more than the anecdotes posted on an anonymous board (where at least one person seems to be pushing an anti-MoCo agenda)

Of course you do. Wouldn't expect anything less.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I clicked on this thread because the title struck me as ridiculous. I've been trying to purchase a home in Bethesda and keep getting outbid (even though I offer full or above asking). I'm trying to find something under $850K. I assure you, the market is still strong at that price point!

Because there are few homes in your price range, but go over 1.2 and the houses sit. Those are the taxpayers the County is losing and not gaining, at the same time. As those 1.2+ houses drop their prices just to sale them, the taxes will become less and the revenue in the County will continue to decline. No one with a brain is going to want to invest in a County that has borrowed against the pension contributions of its' employees, not once, but twice. I cannot even believe Erlich agreed to take that money, totally shocked. Anyway, the bond rating of a County says everything and MoCo is in the process of being downgraded. Most will not understand this, but I assure you those capable of investing 1.2+ in a house, get it, and no, they will not live in MoCo.

Do you have any idea how stuck up you sound?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I clicked on this thread because the title struck me as ridiculous. I've been trying to purchase a home in Bethesda and keep getting outbid (even though I offer full or above asking). I'm trying to find something under $850K. I assure you, the market is still strong at that price point!

Because there are few homes in your price range, but go over 1.2 and the houses sit. Those are the taxpayers the County is losing and not gaining, at the same time. As those 1.2+ houses drop their prices just to sale them, the taxes will become less and the revenue in the County will continue to decline. No one with a brain is going to want to invest in a County that has borrowed against the pension contributions of its' employees, not once, but twice. I cannot even believe Erlich agreed to take that money, totally shocked. Anyway, the bond rating of a County says everything and MoCo is in the process of being downgraded. Most will not understand this, but I assure you those capable of investing 1.2+ in a house, get it, and no, they will not live in MoCo.

Sorry to bust your anti MoCo agenda but houses sit here in Arlington at 1.2 as well.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I clicked on this thread because the title struck me as ridiculous. I've been trying to purchase a home in Bethesda and keep getting outbid (even though I offer full or above asking). I'm trying to find something under $850K. I assure you, the market is still strong at that price point!

Because there are few homes in your price range, but go over 1.2 and the houses sit. Those are the taxpayers the County is losing and not gaining, at the same time. As those 1.2+ houses drop their prices just to sale them, the taxes will become less and the revenue in the County will continue to decline. No one with a brain is going to want to invest in a County that has borrowed against the pension contributions of its' employees, not once, but twice. I cannot even believe Erlich agreed to take that money, totally shocked. Anyway, the bond rating of a County says everything and MoCo is in the process of being downgraded. Most will not understand this, but I assure you those capable of investing 1.2+ in a house, get it, and no, they will not live in MoCo.

Sorry to bust your anti MoCo agenda but houses sit here in Arlington at 1.2 as well.

+100. Anyone who says "I assure you" regarding people's preferences is talking out of their ass. What a dummy