Housing prices have gone insane

[Anonymous]

The fact that it sits on more than .25 of an acre is most likely driving that price. I live in McLean and the original 1950s split levels in my neighborhood, on .25 of an acre, go for $950 now.

Yes, it’s insane. But someone will probably be willing to pay it. And the Longfellow Middle School part.

[Anonymous]

It went contingent in 6 days!!!

[Anonymous]

Anonymous wrote:It went contingent in 6 days!!!

Guess that answered IP’s question. Now she has to live in Kent Gardens.

[Anonymous]

https://www.google.com/amp/s/nypost.com/2020/10/22/rich-new-yorkers-flee-to-hamptons-sparking-1-billion-real-estate-boom/amp/

Compared to Hamptons are prices are flat

[Anonymous]

Just a clarification: Longfellow MS is not “a feeder school for TJ”. You have to apply to TJ.

Most kids at Longfellow are zoned for McLean HS or a few at Langley or Marshall. All really good FCPS school.

[Anonymous]

Also, so glad this sold so quickly.

Signed,
Owner of a similar “million dollar” rambler nearby

[Anonymous]

To understand how these things sell quick here is an actual example. My old realtor had a old rich Greek man (has cash business) who like to buy homes under a certain price point cheap.

My realtor had authorization to do on the spot cash offers in certain instances and the man even gave her PA and a check book and she got 1 percent buyers commission. Deals as is cash and his lawyer does closing.

Pretty much the factor was land value. Any house prices at land value or less she wrote check on spot in a 20 mile radius in preset towns under certain price point. .She told me she would check every morning, at lunch time and at end of day 365 days a year. She often would get them pre listing or broker open house. She run as soon as listed or even heard a rumor. Many were her own listings.

Last i spoke to her in 2015 the deal was already 25 years old. She bought maybe 2-5 homes a year. He never tore a home done. Even crappiest smallest flooded out moldy cape his handiman fixed and rented no permits if possible. He is land value and rent roll. My math he is up to around 100 homes, mainly shoebox crap homes.

Folks like him set a floor on deals. He is the anti flipper anti hgtv man. One day his estate will unleash 100 Starter homes in poor conditions for one million each

[Anonymous]

Anonymous wrote:To understand how these things sell quick here is an actual example. My old realtor had a old rich Greek man (has cash business) who like to buy homes under a certain price point cheap.

My realtor had authorization to do on the spot cash offers in certain instances and the man even gave her PA and a check book and she got 1 percent buyers commission. Deals as is cash and his lawyer does closing.

Pretty much the factor was land value. Any house prices at land value or less she wrote check on spot in a 20 mile radius in preset towns under certain price point. .She told me she would check every morning, at lunch time and at end of day 365 days a year. She often would get them pre listing or broker open house. She run as soon as listed or even heard a rumor. Many were her own listings.

Last i spoke to her in 2015 the deal was already 25 years old. She bought maybe 2-5 homes a year. He never tore a home done. Even crappiest smallest flooded out moldy cape his handiman fixed and rented no permits if possible. He is land value and rent roll. My math he is up to around 100 homes, mainly shoebox crap homes.

Folks like him set a floor on deals. He is the anti flipper anti hgtv man. One day his estate will unleash 100 Starter homes in poor conditions for one million each

Very smart and low maintenance way of preserving and growing wealth. But why doesn't he leverage? Maybe he just got too much cash...

[Anonymous]

Anonymous wrote:The fact that it sits on more than .25 of an acre is most likely driving that price. I live in McLean and the original 1950s split levels in my neighborhood, on .25 of an acre, go for $950 now.

Yes, it’s insane. But someone will probably be willing to pay it. And the Longfellow Middle School part.

+1. We live in 22101 and have seen 2-3 homes with 1/3 acre lots (and not ideal slopes either) sold in the past 2 years in the $900-$950K range JUST for the land. So I wouldn't be surprised to see this sell for very close to asking price

[Anonymous]

Anonymous wrote:

Anonymous wrote:To understand how these things sell quick here is an actual example. My old realtor had a old rich Greek man (has cash business) who like to buy homes under a certain price point cheap.

My realtor had authorization to do on the spot cash offers in certain instances and the man even gave her PA and a check book and she got 1 percent buyers commission. Deals as is cash and his lawyer does closing.

Pretty much the factor was land value. Any house prices at land value or less she wrote check on spot in a 20 mile radius in preset towns under certain price point. .She told me she would check every morning, at lunch time and at end of day 365 days a year. She often would get them pre listing or broker open house. She run as soon as listed or even heard a rumor. Many were her own listings.

Last i spoke to her in 2015 the deal was already 25 years old. She bought maybe 2-5 homes a year. He never tore a home done. Even crappiest smallest flooded out moldy cape his handiman fixed and rented no permits if possible. He is land value and rent roll. My math he is up to around 100 homes, mainly shoebox crap homes.

Folks like him set a floor on deals. He is the anti flipper anti hgtv man. One day his estate will unleash 100 Starter homes in poor conditions for one million each

Very smart and low maintenance way of preserving and growing wealth. But why doesn't he leverage? Maybe he just got too much cash...

Real estate is last great place to hide cash. Plus with closing costs and transfer taxes way cheaper to do cash. I sold my mothers house in an estate sale for $535k to a cash investor. I was shocked he owned a ton of business and said every six months buys a house around 500k to 600k cash as he builds up that much cash every six months and does not like stocks or bonds.

[Anonymous]

Anywhere else in America this house would cost 200K max. This price is amazing and insane. I'm impressed.

[Anonymous]

Anonymous wrote:Just a clarification: Longfellow MS is not “a feeder school for TJ”. You have to apply to TJ.

Most kids at Longfellow are zoned for McLean HS or a few at Langley or Marshall. All really good FCPS school.

That’s right but, as you know, Longfellow has an accelerated math program and is one of the Fairfax Co middle schools that gets the most admissions to TJ.
That’s why prices are higher in the Lingfelliw district rather than in Kilmer

[Anonymous]

I agree. Is it because the inventory is so low?
I live in Bethesda and I'm used to exorbitant prices. But right now, it's worse than ever.

[Anonymous]

You can easily put up a 6 bed, 6000 sqft house for $600k (see for example Focal Point). And bam you have a $1.8-2.0m house that you paid $1.6m for.

[Anonymous]

Anonymous wrote:You can easily put up a 6 bed, 6000 sqft house for $600k (see for example Focal Point). And bam you have a $1.8-2.0m house that you paid $1.6m for.

No you can’t.