Feedback on these two McLean houses

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What do we think about this one? $4.6 million. Interesting that the builder purchased the lot for $1.45M and priced it at first at $4.3 before raising the price to $4.6 after about two weeks.

So much profit is possible the home building. At least this one lists who the builder is.

https://www.redfin.com/VA/Mc-Lean/7011-Elizabeth-Dr-22101/home/9393189

Please help me understand if I am missing something.

This builder is well known and actually posts the prices on their website for building various models on your lot. This build looks like it would cost about $1million for just the home if you asked them to build it on a lot you already owned. (Plus probably some site work costs and permits?) So if the lot costs the builder $1.45M and the house costs $1M to build.

How do they get to a price point of $4.6M? Is the up charge for a spec home really that significant? Or are the finishes on this house that superior to what they normally include in their homes.

It was already said before - they are fielding out offers for buyers willing to overpay. In this market and location, it makes sense.

That price is a bit aggressive but not ridiculously so for a house with high-end finishes on a nice lot (that lot backs to a wooded area). It may end up selling for a bit less, but I'd think it could get somewhere close to that.

[Anonymous]

Anonymous wrote:We have close family moving from out of state to McLean with a budget of ~4 million. Wanted to get feedback and criticism on these two properties that they recently toured:

1. https://www.redfin.com/VA/Mc-Lean/8310-Weller-Ave-22102/home/9265755

2. https://www.redfin.com/VA/Mc-Lean/893-Georgetown-Ridge-Ct-22102/home/109702428

Both of these homes have still not sold.

893 Georgetown Ridge Ct was removed from the market without being sold. I wonder if it will be rented or if the builder is going to try to fix the problems.

Rough time for real estate in McLean.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We have close family moving from out of state to McLean with a budget of ~4 million. Wanted to get feedback and criticism on these two properties that they recently toured:

1. https://www.redfin.com/VA/Mc-Lean/8310-Weller-Ave-22102/home/9265755

2. https://www.redfin.com/VA/Mc-Lean/893-Georgetown-Ridge-Ct-22102/home/109702428

Both of these homes have still not sold.

893 Georgetown Ridge Ct was removed from the market without being sold. I wonder if it will be rented or if the builder is going to try to fix the problems.

Rough time for real estate in McLean.

Just looked up the Fairfax County taxes on this property. The website lists that the taxes are delinquent since 2023, have been referred to collection and a lein has been placed on the property.

I bet the builder would be willing to make a deal to get this off their books.

[Anonymous]

Yes, there are multiple new homes in McLean that have been sitting and that the builders have not been paying the taxes.

The carrying costs for these new homes is not insignificant. And the economy is not getting any better.

[Anonymous]

Anonymous wrote:If someone is looking for the more modern look like the second house, then this could be a good option

https://www.redfin.com/VA/Mc-Lean/7216-Davis-Ct-22101/home/9397066

The lot was $900K.

How does the builder get to a price point of $5M? Why would anyone overpay by so much with a falling market and high interest rates?

[Anonymous]

Anonymous wrote:What do we think about this one? $4.6 million. Interesting that the builder purchased the lot for $1.45M and priced it at first at $4.3 before raising the price to $4.6 after about two weeks.

So much profit is possible the home building. At least this one lists who the builder is.

https://www.redfin.com/VA/Mc-Lean/7011-Elizabeth-Dr-22101/home/9393189

Just saw this house has been relisted again at $4.2M.

[Anonymous]

No 2 is hideous and is on Georgetown Pike. Run!

[Anonymous]

Anonymous wrote:

Anonymous wrote:What do we think about this one? $4.6 million. Interesting that the builder purchased the lot for $1.45M and priced it at first at $4.3 before raising the price to $4.6 after about two weeks.

So much profit is possible the home building. At least this one lists who the builder is.

https://www.redfin.com/VA/Mc-Lean/7011-Elizabeth-Dr-22101/home/9393189

Just saw this house has been relisted again at $4.2M.

The original houses from the OP have sold. This one has not.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What do we think about this one? $4.6 million. Interesting that the builder purchased the lot for $1.45M and priced it at first at $4.3 before raising the price to $4.6 after about two weeks.

So much profit is possible the home building. At least this one lists who the builder is.

https://www.redfin.com/VA/Mc-Lean/7011-Elizabeth-Dr-22101/home/9393189

Just saw this house has been relisted again at $4.2M.

So many of the properties zoned to Langley are in what I'd consider really inconvenient locations. This house is not - it's close to Cooper, Langley, McLean Central Park, and the shopping areas in McLean. The price fluctuations may be weird but I don't see a problem with this house selling soon given what people are paying for other properties in McLean and Great Falls.