Prices in Beverly Farms, Potomac

[Anonymous]

We were considering relocating from Bethesda to Potomac since we need a bigger house and our budget is $900K.
One of the areas we are looking at is Beverly Farms that feeds into the Churchill cluster. But I am not able to make sense of the prices there.
There's a house on the market where the owners paid close to $1M in 2006 and have steadily dropped the price over the past year to 825k. (Big yard, 4 Bed/3 BA).
Kitchen and bath decent (not updated). Are these price drops in Potomac typical? We don't see this in Bethesda.
Also any thoughts on the Beverly Farms area and the schools?

[Anonymous]

2006 was the height of the market. I think that sounds about right, that a million dollar house would be about 825 to 850 now.

[Anonymous]

I don't see that kind of price drop where we are in Potomac (we're at the border Bethesda/Rockville/Potomac), although we feed into Seven Lochs and not Beverly Farms.

[Anonymous]

Yes, the housing market in DC has dropped by at least 20% since 2006. Still, it should give you pause. If you like the house and it passes inspection, buy it as long as you know there is a risk of losing value in the short term. As long as you are in it for the long haul it shouldn't be a concern.

[Anonymous]

Overall the price drops in these ranges in Bethesda are not as significant. Natually people bid many houses up when things were hot, also 2 years ago there were not the foreclosures and shortsales that are present today. In Potomac, Kentlands, etc. If you are considering selling and buying and want some expert advice let me know I own 2 of the areas most productive offices and we sell in these areas. I would be happy to chat, without any obligation. I personally live in Potomac Village, Potomac Falls, and I am in the Churchill district. It will be interesting to see how the spring will fall out. Neighborhoods that did not have these drops are now experiencing drops.