Looking for 3 br house or town house in dc chevy chase/friendship heights area below 700k

[Anonymous]

Why is this so hard to find!! We are looking for a 3 bedroom house in chevy chase dc, AU, friendship heights, but there aren't so many houses on sale+ our price is close to 700k, are we totally unrealistic?. Any suggestions?

[Anonymous]

There will be only a handful and there will be reasons why it's below 700k. Be prepared to pounce, and be prepared to spend renovation bucks.

[Anonymous]

Yeah, you're being pretty unrealistic, particularly if you cannot go above $700k. Maybe 3bed, 1 bath...or on a busy street. But otherwise, I highly doubt it. Have you considered a condo?

[Anonymous]

Sadly, I think you're probably not going to find much (if anything) in that range.

[Anonymous]

Seven 3+-BR homes in 20015 have sold for less than $700K in 4Q 2011 and so far in 1Q 2012. Many have needed work and one was a short sale. They are out there but few and far between.

[Anonymous]

That's a tall order for those features, locations and price.

I would try to get creative if you have the time. Write letters to homes you sense have eldery in them, and go to all the banks and see if there are any foreclosures or short sales in your desired zip code.

Also, try to get a sense for how much square footage you want or need. Then you'll better understand how homes trade, by $$ per square foot. This metric will change given different locations and different home conditions (renovated, old, layout, busy street, etc.).

[Anonymous]

I agree that a house at this price point will either be very small or a fixer-upper (see http://www.redfin.com/DC/Washington/5536-30th-Pl-NW-20015/home/9993039).

They're out there but you will have to weigh size vs. condition.

If you can raise your price point by approximately $50,000 you will have many more options.

Good luck.

[Anonymous]

We bought ours last year (3bd, 2ba TH in CCDC), and our budget was $650. It was in move in condition and has a lot of charm, but it is small by DCUM standards (1500 sq ft total). We moved here from NYC, so it seemed really spacious to us.

Even during the depths of the recession last year when we purchased this house, there were multiple bids within a week of its listing. I think this is because--as PPs have noted--finding a 3br/2ba home for under $700K in the Lafayette/Murch school districts is very, very competitive, particularly for homes that are in move-in condition.

My advice: We weren't the highest bidders, but we had the strongest financials. Make sure you can comfortably put down 20%, have steady income sufficient to pay the monthly mortgage, and put down a solid earnest deposit. If we sell this home, we want to make sure that the transaction doesn't get held up by financing (and this was the reason why the sellers chose us, ultimately).

[Anonymous]

Op here. Thanks for your replies, we're first time home buyers and your comments are very helpful. We are also ok with a condo, but can't find much in the area. As for coops, the fees are ridiculously high!! We are also ok with a house that has 1400 sq ft. We will wait and see for a while. Otherwise we have to revise our search options...thx

[Anonymous]

If you're willing to go a littler further out, you might have better luck in certain areas of CC MD that border Rock Creek Park or North Chevy Chase.

[Anonymous]

the east side of CCMD still feeds into BCC and the houses there are much more affordable.

you could get this house and put 100k into renovations:
http://www.redfin.com/MD/Chevy-Chase/8209-Meadowbrook-Ln-20815/home/11000260

while still being zones for westland MS and BCC.

[Anonymous]

OP, if you expand your search area, I can assure you that parts of Rockville are very nice and you get a lot of house for your money.

[Anonymous]

Another poster recommending expanding the search area. If you go 10 mins north, there are a lot of nice townhouses out Old Georgetown/Bradley (Montgomery Mall area)

[Anonymous]

I live in this area and we do see houses under $700K but they are quite small and outdated. If you don't mind small 1940s kitchen with laminate and baths it is possible.