Housing prices have gone insane

[Anonymous]

Anonymous wrote:I live in McLean and I am quite attuned to the real estate market here. There is no way this house sells for 1.05mil, they should be lucky to get between 950-975k.

Agree to this.
Even within McLean there is easily a $100k difference depending on where in McLean. This area is nice, but I'd also guess it will sell in the 950-975k range.

[Anonymous]

I paid 225k more than identical home next door one year apart.

Seems crazy. But next door was FSBO after I bought mine. Buyer wanted cash same day close pretty much and only took what was in his car. No inspection. Was a great deal. He bought it new in 1975. His wife died suddenly and wanted it gone.

My other neighbor paid 150k less than me same house but dated bathrooms

I over paid on paper as prior own did four new bathrooms and new kitchen when he owned it. And redid den, added slate patio and landscaping. Would have cost at least 150k

Think I find amusing is in DC prices don’t mean much without backstory

[Anonymous]

It seems high. The lot is quite sloped, and the location is inconvenient. You've got to go down Kirby to get anywhere from the neighborhood.... but it is McLean, so it will probably sell once the price drops a bit.

[Anonymous]

Anonymous wrote:I paid 225k more than identical home next door one year apart.

Seems crazy. But next door was FSBO after I bought mine. Buyer wanted cash same day close pretty much and only took what was in his car. No inspection. Was a great deal. He bought it new in 1975. His wife died suddenly and wanted it gone.

My other neighbor paid 150k less than me same house but dated bathrooms

I over paid on paper as prior own did four new bathrooms and new kitchen when he owned it. And redid den, added slate patio and landscaping. Would have cost at least 150k

Think I find amusing is in DC prices don’t mean much without backstory

The backstory you write is hard to follow. So there’s that.

[Anonymous]

Maybe off by $50k, but I don't think this is the definition of insane prices. Look at the houses in Trinidad - now that's insane.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You're paying for location.

To slide off that hill?

It’s McLean not California. .

[Anonymous]

Anonymous wrote:It seems high. The lot is quite sloped, and the location is inconvenient. You've got to go down Kirby to get anywhere from the neighborhood.... but it is McLean, so it will probably sell once the price drops a bit.

[Anonymous]

It’s in Longfellow, a feeder school for TJ

Those kids are gonna be at Kumon, not scampering in the yard.

[Anonymous]

One traffic light to DC...lol

[Anonymous]

This is basically the same house that sold a year ago. Can prices go up $50k in one year? https://www.zillow.com/homedetails/1432-Layman-St-Mclean-VA-22101/51756344_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare

[Anonymous]

Anonymous wrote:

Anonymous wrote:I paid 225k more than identical home next door one year apart.

Seems crazy. But next door was FSBO after I bought mine. Buyer wanted cash same day close pretty much and only took what was in his car. No inspection. Was a great deal. He bought it new in 1975. His wife died suddenly and wanted it gone.

My other neighbor paid 150k less than me same house but dated bathrooms

I over paid on paper as prior own did four new bathrooms and new kitchen when he owned it. And redid den, added slate patio and landscaping. Would have cost at least 150k

Think I find amusing is in DC prices don’t mean much without backstory

The backstory you write is hard to follow. So there’s that.

Try another cup of coffee? I had no problem following it. The point is that homes that look identical on a listing sometimes aren't. PP paid an extra $150k for an "identical" house, but the house had major improvements that weren't immediately obvious from the listings. And another similar house sold very cheaply because of the seller's circumstances. In both cases there's an explanation for the price difference.

[Anonymous]

Maybe , this is the cheapest chesterbrook neighborhood, not much out on the market so maybe

[Anonymous]

Pandemic induced supply/demand imbalances have skewed prices and inventory. Many people essentially “panic bought” houses the same way they’d stock up on TP from Costco. Not just in DC but many different markets. We won’t know the real price equilibrium until a few more quarters have passed. Part of my job involves pricing REIT portfolios and I can tell you I’ve never seen such a disconnect between private real estate prices and “public” real estate prices (REIT portfolios). One side or the other has to give eventually.

[Anonymous]

Might be for the land. A similar house in my north Arlington neighborhood on a 1/4 acre lot sold for $1.1M. House was torn down and two big $1.5M houses went up and sold.

[Anonymous]

Anonymous wrote:Might be for the land. A similar house in my north Arlington neighborhood on a 1/4 acre lot sold for $1.1M. House was torn down and two big $1.5M houses went up and sold.

lot is not wide enough to fit two houses, the math for 1M for land to put one house in that neighborhood doesn't add up. they are fishing for fomo owner-occupants.