Very little inventory in desirable areas

[Anonymous]

Anonymous wrote:

Anonymous wrote:My realtor tells me that she often sees younger buyers who are coming from recently built condos who can't accept that all of the close in real estate is older stock, much of it unrenovated and that it still has a high price tag. Too much hgtv I guess. Sometimes inventory problems are the result of unreasonable expectations.

I get this. And I also get that land is very pricey here, but why are so many of these houses not renovated?

Often they've been lived in for a long time by older couples who don't have HGTV expectations.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My realtor tells me that she often sees younger buyers who are coming from recently built condos who can't accept that all of the close in real estate is older stock, much of it unrenovated and that it still has a high price tag. Too much hgtv I guess. Sometimes inventory problems are the result of unreasonable expectations.

I get this. And I also get that land is very pricey here, but why are so many of these houses not renovated?

Let me think....

Maybe because the owner is perfectly fine with the home as is? Maybe the owner likes carpet and wallpaper. Maybe the owner doesn't care. Maybe the owner doesn't spend much time on HGTV.

Or maybe it's because renovations cost money? Maybe the owner doesn't want to spend it. And why should she?

And let's not forget that if she does renovate, YOU (the buyer) are going to end up paying for much of it. Note that the first house listed above IS renovated...perhaps that explains why it costs $200k more than the second one.

Seriously, are you people for real? Let me repeat: WISHING DOESN'T MAKE IT SO.

My parents and their friends who bought their houses in Cleveland Park in the 70s and 80s less likely to renovate because they like their house is fine the way they are, they don't want to deal with the hassle of renovating, and they often had jobs that were not as high-paying as the jobs that are required to buy this house today. Think government attorneys, think tank, professors, etc. they bought their house for say $175,000 in 1978.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My realtor tells me that she often sees younger buyers who are coming from recently built condos who can't accept that all of the close in real estate is older stock, much of it unrenovated and that it still has a high price tag. Too much hgtv I guess. Sometimes inventory problems are the result of unreasonable expectations.

That's been a problem for years. Everyone even straight out of college somehow expects granite counters, SS appliances, hardwood floors, on and on. But you can't blame them since they now live in upgraded apartments starting out in college with all of those amenities. Once you've started there, that's all you've ever known so how can you "downgrade" to anything less?

...financed by Daddy.

or Mommy. let's move to the 21st century

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My realtor tells me that she often sees younger buyers who are coming from recently built condos who can't accept that all of the close in real estate is older stock, much of it unrenovated and that it still has a high price tag. Too much hgtv I guess. Sometimes inventory problems are the result of unreasonable expectations.

I get this. And I also get that land is very pricey here, but why are so many of these houses not renovated?

Let me think....

Maybe because the owner is perfectly fine with the home as is? Maybe the owner likes carpet and wallpaper. Maybe the owner doesn't care. Maybe the owner doesn't spend much time on HGTV.

Or maybe it's because renovations cost money? Maybe the owner doesn't want to spend it. And why should she?

And let's not forget that if she does renovate, YOU (the buyer) are going to end up paying for much of it. Note that the first house listed above IS renovated...perhaps that explains why it costs $200k more than the second one.

Seriously, are you people for real? Let me repeat: WISHING DOESN'T MAKE IT SO.

My parents and their friends who bought their houses in Cleveland Park in the 70s and 80s less likely to renovate because they like their house is fine the way they are, they don't want to deal with the hassle of renovating, and they often had jobs that were not as high-paying as the jobs that are required to buy this house today. Think government attorneys, think tank, professors, etc. they bought their house for say $175,000 in 1978.

I have a family member who bought her large house in Woodley Park for $68,000. It hasn't been renovated, but it's well kept and still a great, elegant house. When she sells, the new buyer can put new cabinets and appliances in the kitchen and be good to go.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Can't imagine spending over a mil for those houses with such crap kitchens. I know, I know, there are posters that get on here and talk about how the kitchen is not the center of their home and they don't like spending time with dirty dishes. I'm just not one of those people. We hang in the kitchen as a family, and when we entertain people gravitate toward there.

And yet, that's what homes that size in those neighborhoods cost, and those kitchens are the ones they come with. If you prefer to spend less for more, you aren't going to find it in those zip codes.

What planet are some of you people living on? Wishing doesn't make it so.

What are you talking about? We would probably put our house on the market for 600K if we were going to sell (we are not) and I live close in and have a much better kitchen than any of those houses posted. Hey, if people are out there ready to spend between 1-2 million for a house they are going to have renovate, so be it. I think those houses are at a disadvantage. A ton of people in my neighborhood have renovated kitchens that are much nicer than that.

Look at any house listing. If the house has a nice kitchen, it is mentioned immediately in the text and they show a ton of pics. If not, they try to downplay it as much as possible. It's not that hard.

[Anonymous]

I'm looking in 20814, walking distance to Metro but not East Bethesda (great neighborhood - lots are a little smal) with a budget of $2 million and can't find anything.

[Anonymous]

Anonymous wrote:I'm looking in 20814, walking distance to Metro but not East Bethesda (great neighborhood - lots are a little smal) with a budget of $2 million and can't find anything.

There is plenty just not what you think is 2 million. Get your head back into reality.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Can't imagine spending over a mil for those houses with such crap kitchens. I know, I know, there are posters that get on here and talk about how the kitchen is not the center of their home and they don't like spending time with dirty dishes. I'm just not one of those people. We hang in the kitchen as a family, and when we entertain people gravitate toward there.

And yet, that's what homes that size in those neighborhoods cost, and those kitchens are the ones they come with. If you prefer to spend less for more, you aren't going to find it in those zip codes.

What planet are some of you people living on? Wishing doesn't make it so.

What are you talking about? We would probably put our house on the market for 600K if we were going to sell (we are not) and I live close in and have a much better kitchen than any of those houses posted. Hey, if people are out there ready to spend between 1-2 million for a house they are going to have renovate, so be it. I think those houses are at a disadvantage. A ton of people in my neighborhood have renovated kitchens that are much nicer than that.

Look at any house listing. If the house has a nice kitchen, it is mentioned immediately in the text and they show a ton of pics. If not, they try to downplay it as much as possible. It's not that hard.

You are not in these zip codes, are you? Even among close in locations, there is a pricing hierarchy.

[Anonymous]

Anonymous wrote:I'm looking in 20814, walking distance to Metro but not East Bethesda (great neighborhood - lots are a little smal) with a budget of $2 million and can't find anything.

MC8180637?
MC8297091?
MC8285890?

Don't love the first two as I'm not a big fan of new construction, but I LOVE the third one. Too small a lot for you?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm looking in 20814, walking distance to Metro but not East Bethesda (great neighborhood - lots are a little smal) with a budget of $2 million and can't find anything.

There is plenty just not what you think is 2 million. Get your head back into reality.

What does this mean? There are "plenty" walking distance to Metro? Please show me these listings.

[Anonymous]

At 2 million you should own a car.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Can't imagine spending over a mil for those houses with such crap kitchens. I know, I know, there are posters that get on here and talk about how the kitchen is not the center of their home and they don't like spending time with dirty dishes. I'm just not one of those people. We hang in the kitchen as a family, and when we entertain people gravitate toward there.

And yet, that's what homes that size in those neighborhoods cost, and those kitchens are the ones they come with. If you prefer to spend less for more, you aren't going to find it in those zip codes.

What planet are some of you people living on? Wishing doesn't make it so.

What are you talking about? We would probably put our house on the market for 600K if we were going to sell (we are not) and I live close in and have a much better kitchen than any of those houses posted. Hey, if people are out there ready to spend between 1-2 million for a house they are going to have renovate, so be it. I think those houses are at a disadvantage. A ton of people in my neighborhood have renovated kitchens that are much nicer than that.

Look at any house listing. If the house has a nice kitchen, it is mentioned immediately in the text and they show a ton of pics. If not, they try to downplay it as much as possible. It's not that hard.

You are not in these zip codes, are you? Even among close in locations, there is a pricing hierarchy.

Right, but most people willing to spend that much on a house are making an investment in something they will probably live in for several years (hence the popularity of the 30 year mortgage). So unless they got up one day and said, "I think I'll buy a house today!" they are most likely willing to be a bit patient and wait. Most people buying a house are willing to sacrifice on some things. They pick a location and rank zip codes or neighborhoods. Then they have some dealbreakers. For me, it would be kitchen space. If it's not the colors or materials I would have chosen, fine, I can deal with that and in a few years renovate to my liking. But some people aren't going to be willing to do significant renovation.

I haven't looked at how long those houses have been on the market. Maybe they will be snapped up. But I suspect if OP is looking, she's seen them and passed. Also, OP picked a pretty wide area...so chances are something will come up in the next couple of months. She doesn't HAVE to end up in one of those houses, is all I'm saying.

[Anonymous]

Anonymous wrote:The blue carpet in the second one is so dated, as is the kitchen, and all the gross wallpaper.

The only thing in real estate you can't change is location and lot size. What you are complaining about is a cosmetic fix that can easily be updated to your liking.

[Anonymous]

According to the Washingtonian, the two most expensive zip codes in the area in 2013 were in Fairfax County (22066 and 22101) and 18 of the 26 zip codes where homes averaged less than 10 days on the market were in NoVa, with 14 in Fairfax. There were no such zip codes in 2012.

So if you're priced out of NoVa or can't move quickly enough, Maryland and DC seem like the better alternatives these days. It's interesting, though, that some of the less "desirable" areas in Maryland and DC are now seeing some of the fastest appreciation. So while some people sit on the sidelines and complain about the lack of inventory in the areas where they think they deserve to live, others are buying and reaping gains, at least on paper.

Ten most expensive zip codes (four in Virginia, four in Maryland, two in DC):

Great Falls/22066
McLean /22101
Potomac/20854
Georgetown/20007
Chevy Chase DC/20015
Bethesda/20816
Bethesda/20817
North Arlington/22207
Vienna/22182
Chevy Chase/20815

[Anonymous]

Anonymous wrote:At 2 million you should own a car.

Even car owners can prefer Metro for some trips.