What do you think of this house/price/area (North Potomac)?

[Anonymous]

http://www.redfin.com/MD/North-Potomac/13505-Hunting-Hill-Way-20878/home/10625936
It's actually been on the market 170+ days (relisted) and originally started at $1.3 Just want to get some feedback on why it isn't selling and general first impression. Thanks.

[Anonymous]

I'd say there are two possible reasons why it is still on the market:

1) Price -- chances are it is overpriced. Stuff that is priced well sales quickly.

2) Fatal Flaw -- there's something which people can't get past unless the price is drastically changed. See point 1. When I say fatal flaw, it is something like being on a busy street or needing major work. All of these things could be changed with the right price.

[Anonymous]

I agree with the PP, and will add another factor:

Currently, there is a glut of properties on the market in the $1M+ range, and fewer buyers who can afford those properties. Few buyers have money for a down payment on those properties, or can qualify for a jumbo mortgage or a mortgage at the top of the conventional loan limit.

There is also more caution, in today's economy, about buying a big house like that far from Metro.

Also, that house is very nice and very high end, but it is not at all unique- there are TONS of houses on the market in that price range, that look just like that. The house will be considered "dated" in years to come.

Again, all of these factors could be overcome by the right price - a much better price than the other houses like that on the market.

(FWIW, I'm not in the market for a house- couldn't afford that one- and would always prefer something smaller, more classic, and more walkable and convenient to Metro.)

[Anonymous]

Shared long driveway, backs to a busy road, the kitchen doesn't have granite. But I like it in general.

[Anonymous]

Anonymous wrote:
(FWIW, I'm not in the market for a house- couldn't afford that one- and would always prefer something smaller, more classic, and more walkable and convenient to Metro.)

I'm 8:40, and all I could think when I was looking at the photos: huge rooms! What a PIA to decorate. It's obvious the current homeowners are challenged by the size of the rooms too.

FYI for the OP, they recently dropped the price $200K, so I'm guessing they are finally getting serious about selling.

[Anonymous]

Do you think the number of bedrooms is a turn-off? Much of the sf is used in bedrooms.

[Anonymous]

Hideous! The kitchen is builder grade. Who wants all those bedrooms? Someone with 10 kids and homeschools. "north" potomac is really gaithersburg.

[Anonymous]

Anonymous wrote:"north" potomac is really gaithersburg.

While this is true, the 20878 zip is a really nice area and probably the best for Gaithersburg.

[Anonymous]

It's a lot of house and money for Gaithersburg. I don't know how many people really need this many beds, although I have seen it in Orthodox communities (I don't know about this particular subdivision). I think for this area, you could buy an $800k home and put $300k into high-end kitchen and bathroom finishes.

[Anonymous]

Anonymous wrote:1) Price -- chances are it is overpriced. Stuff that is priced well sales quickly.

People seem to forget that this isn't 2006. It is overpriced for the current market. Real estate is a very simple game. If the price matches what a buyer (any buyer) is willing to pay, it is priced right. If no one is willing to pay that price (like this), then it is overpriced. Your home's value has nothing to do with what you paid for it, when you paid for it or what you value it at, it is what a buyer will value it at. Appraisers and evaluators try to gauge what the current market will value a property at, but don't always get it right.

Additionally, although some people may feel that they can afford such a house, banks have had to tighten up the requirements, especially for jumbo loans. Banks are frequently unwilling to make jumbo loans without 20% and extreme stability of income so many people who previously qualified for jumbo loans are not qualifying for as large. That decreases the number of people buying the higher priced home ($1M+).

[Anonymous]

It's not a bad house although you'd have to want that many bedrooms. The whole thing, inside and out, looks very beige. But with some creative decorating you can fix that.

I think the issue may be the commute. It's not really in North Potomac/G'burg, which I think of as closer to 270. It is closer to Darnestown, which means you've got a ways to go to get to a major road. If you dont need to commute to DC that would be less of an issue. But I live in Bethesda and when we have to go out that way for some sports activity it is a looong drive.

[Anonymous]

Honestly if I had 1.1-1.3M to spend on home I would rather buy something smaller but nicer and in a more convenient location. Who the hell needs 8 bedrooms and 7000+ sq feet on acres? Seriously that is an insane amount of space and upkeep (koi ponds). I get that maybe there are some families that want 8 bedrooms, but that is an extremely small percentage of the buying market. The kitchen is terrible. Doesn't look functional and for that price I would want something less dated and with nicer fixtures. Doesn't even have stainless appliances.

[Anonymous]

Location - it seems like a ways outside of the Beltway.

Size - while many people may want a 5 BD house, how many people need a house with 8 BDs? Seriously.

Also, it seemed a little outdated.

[Anonymous]

Anonymous wrote:Location - it seems like a ways outside of the Beltway.

Size - while many people may want a 5 BD house, how many people need a house with 8 BDs? Seriously.

Also, it seemed a little outdated.

Yeah, seems too far away. Though I suppose could work for a family with a lot of kids where the mom stays home and dad leaves at buttcrack of dawn and comes home late past rush hour anyway. Lots of families around here like that.

[Anonymous]

All of that land, and the neighbors are right on top of each other. When I read that a house has 2.1 acres, I expect some privacy and that house has none.