Mt Prospect in North Potomac

[Anonymous]

Anonymous wrote:Listen, real estate is crazy. There is nothing like Mt. Prospect coming up in that neck of the woods for many years to come. This is what people are paying. When we bought the windmill palatine model look alike with all the trimmings in phase 1 for 2.1 million 2.5 years ago, even I thought we were crazy. Its appraising for 3.1 million now minimum. Before you call me a toll brother troll, all I will say is if you can afford it ,go for it. So much has been said on the forum over the last 3 years that the estate will go south but it has not happened. Total lots left are about 4. The lots will sell sooner than later and toll brothers will move to the next project. That's how things are. If you can afford it ,get in. If you can not ,keep moving but prices are not crashing. If you believe that, you're living in la la land.

I hope this thread is alive in five years. Your house may still have held its value at that point but for anyone buying now, they will lose value. That’s great if they are rich enough not to care but not everyone is in that position.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Listen, real estate is crazy. There is nothing like Mt. Prospect coming up in that neck of the woods for many years to come. This is what people are paying. When we bought the windmill palatine model look alike with all the trimmings in phase 1 for 2.1 million 2.5 years ago, even I thought we were crazy. Its appraising for 3.1 million now minimum. Before you call me a toll brother troll, all I will say is if you can afford it ,go for it. So much has been said on the forum over the last 3 years that the estate will go south but it has not happened. Total lots left are about 4. The lots will sell sooner than later and toll brothers will move to the next project. That's how things are. If you can afford it ,get in. If you can not ,keep moving but prices are not crashing. If you believe that, you're living in la la land.

I hope this thread is alive in five years. Your house may still have held its value at that point but for anyone buying now, they will lose value. That’s great if they are rich enough not to care but not everyone is in that position.

This comment is so real. You are paying a 500k premium for this community. Also how big is the home that it appraised for 3.1? Which home? After 5 years the prices here will drop 500k at least so i suggest you go elsewhere. Maybe in 20 years you can break even.

[Anonymous]

Also please go look at my previous comment highlighting Kalorama vs Palatine, where if your home was actually a palatine lookalike you would have way more than the kalorama model (elevator, nicer backyard, floating stairs, more outdoor living, more sliding doors, etc)

[Anonymous]

Anonymous wrote:

Anonymous wrote:Listen, real estate is crazy. There is nothing like Mt. Prospect coming up in that neck of the woods for many years to come. This is what people are paying. When we bought the windmill palatine model look alike with all the trimmings in phase 1 for 2.1 million 2.5 years ago, even I thought we were crazy. Its appraising for 3.1 million now minimum. Before you call me a toll brother troll, all I will say is if you can afford it ,go for it. So much has been said on the forum over the last 3 years that the estate will go south but it has not happened. Total lots left are about 4. The lots will sell sooner than later and toll brothers will move to the next project. That's how things are. If you can afford it ,get in. If you can not ,keep moving but prices are not crashing. If you believe that, you're living in la la land.

I hope this thread is alive in five years. Your house may still have held its value at that point but for anyone buying now, they will lose value. That’s great if they are rich enough not to care but not everyone is in that position.

You're much better off finding a custom or small local builder if value is your objective. Anytime you’re buying from a large national builder that’s a publicly traded company you should be aware of the overhead and fact that both company and share holders are expected profits. As a city building inspector I would recommend looking at smaller local builders that focus more on quality vs quantity.

[Anonymous]

Anonymous wrote:Listen, real estate is crazy. There is nothing like Mt. Prospect coming up in that neck of the woods for many years to come. This is what people are paying. When we bought the windmill palatine model look alike with all the trimmings in phase 1 for 2.1 million 2.5 years ago, even I thought we were crazy. Its appraising for 3.1 million now minimum. Before you call me a toll brother troll, all I will say is if you can afford it ,go for it. So much has been said on the forum over the last 3 years that the estate will go south but it has not happened. Total lots left are about 4. The lots will sell sooner than later and toll brothers will move to the next project. That's how things are. If you can afford it ,get in. If you can not ,keep moving but prices are not crashing. If you believe that, you're living in la la land.

I wish I had bought in Phase 1 as well. Loved the Windmill Palatine model. Certainly too late now. Could you share how the community sustains the maintenance? I was visiting a friend in the community and was curious--is there HOA fee?

[Anonymous]

Don't be fooled that you'll never be able to live here unless you buy one of the remaining lots. Of course some people who bought will eventually need to sell. The problem with buying into any new home community late in the process is that if an early buyer decides to sell for more than they paid, but less than you've paid, they've quickly lowered the value of your property.

For example, the PP who paid $2.1 could sell for $2.5 and be fine, but by doing that they've instantly caused your property for which you paid $3.1 to be worth $600K less. If the housing market stabilizes, which it seems to be doing, this absolutely will happen. It's not even a phenomenon unique to MP.

[Anonymous]

I wish I had bought in Phase 1 as well. Loved the Windmill Palatine model. Certainly too late now. Could you share how the community sustains the maintenance? I was visiting a friend in the community and was curious--is there HOA fee?


yes there's a small monthly HOA fee . It appears that the Kalorama model has a deposit now and may be under contract. Its been removed from the toll brother ''for sale ''section on its website. It was up for sale for 3.45m. Go figure that out !

[Anonymous]

It supposedly sold though we dont know the price it sold for. The people hopefully negotiated the price. Though I could have bought it I didnt because I had many issues with the home (3rd floor, no showers in secondary baths, no living room/formal study etc). I decided not to bid on the last two lots because I feel like I dont deserve to be treated that way for a 3 million dollar home (the blind auction)

[Anonymous]

It supposedly sold though we dont know the price it sold for. The people hopefully negotiated the price. Though I could have bought it I didnt because I had many issues with the home (3rd floor, no showers in secondary baths, no living room/formal study etc). I decided not to bid on the last two lots because I feel like I dont deserve to be treated that way for a 3 million dollar home (the blind auction)



BLOWHARD ! You're funny.

[Anonymous]

Kalorama model listed for 3.45m is sold ! It shows it on the toll brother website.

[Anonymous]

It was listed at 2.35 and most likely sold below that number.

[Anonymous]

Anonymous wrote:It was listed at 2.35 and most likely sold below that number.

3.35

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Listen, real estate is crazy. There is nothing like Mt. Prospect coming up in that neck of the woods for many years to come. This is what people are paying. When we bought the windmill palatine model look alike with all the trimmings in phase 1 for 2.1 million 2.5 years ago, even I thought we were crazy. Its appraising for 3.1 million now minimum. Before you call me a toll brother troll, all I will say is if you can afford it ,go for it. So much has been said on the forum over the last 3 years that the estate will go south but it has not happened. Total lots left are about 4. The lots will sell sooner than later and toll brothers will move to the next project. That's how things are. If you can afford it ,get in. If you can not ,keep moving but prices are not crashing. If you believe that, you're living in la la land.

I hope this thread is alive in five years. Your house may still have held its value at that point but for anyone buying now, they will lose value. That’s great if they are rich enough not to care but not everyone is in that position.

This comment is so real. You are paying a 500k premium for this community. Also how big is the home that it appraised for 3.1? Which home? After 5 years the prices here will drop 500k at least so i suggest you go elsewhere. Maybe in 20 years you can break even.

Did you use your crystal ball to buy Apple or bitcoin 10 years ago?

[Anonymous]

Deposits place on two more lots. Only one left.

[Anonymous]

Anonymous wrote:Deposits place on two more lots. Only one left.

That's great. I hope that means this thread will die, except that maybe someone can bump it in a few years and give us an update on resale prices.