This is unusual

[Anonymous]

Anonymous wrote:The wood floors are not going in the same direction between the living room and kitchen, also upstairs between the hall and bedrooms. big mistake! It's a good house in a great location, but I would have to rip up all those floors and start again.

eh I see homes that are much more expensive with the same thing.

[Anonymous]

This is Mr. Sorrel’s house. He was the developer and builder of the development. I met him once. If he is still in control of the situation, he would want to sell his house in the perfect condition.

[Anonymous]

Anonymous wrote:Wow talk about a return on investment. Sold for $87,000 in 1972 and now it will go for 1.4 mil.

$87,000 was an expensive house in 1972. Adjusted for inflation, that’s the equivalent of about $570,000. They’ve paid taxes, insurance and upkeep for 50 years, and just put $$ into renovations. Mortgage interest rates in 1972 were @ 7.5% (not as crazy as the late 70’s, but more than 2x as high as now). If they’d invested $87k in stocks in 1972 & gotten the DJIA, they’d have $2.5 million. I know they had a place to live in return, but, as an investment, it’s not that great.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Wow talk about a return on investment. Sold for $87,000 in 1972 and now it will go for 1.4 mil.

$87,000 was an expensive house in 1972. Adjusted for inflation, that’s the equivalent of about $570,000. They’ve paid taxes, insurance and upkeep for 50 years, and just put $$ into renovations. Mortgage interest rates in 1972 were @ 7.5% (not as crazy as the late 70’s, but more than 2x as high as now). If they’d invested $87k in stocks in 1972 & gotten the DJIA, they’d have $2.5 million. I know they had a place to live in return, but, as an investment, it’s not that great.

But if they took out a mortgage then they didn’t have $87k in cash in 1972, and they still would have had to pay for a place to live. It’s not as simple as just putting the cost of a house in the stock market.

[Anonymous]

Anonymous wrote:This is Mr. Sorrel’s house. He was the developer and builder of the development. I met him once. If he is still in control of the situation, he would want to sell his house in the perfect condition.

Mr. Sorrel was the Parking Garage King of DC. He built lots of the massive concrete parking garages in DC “back in the day”

Sorrel was his attempt at building homes. He really was a commercial building.

I know an older man bought one of first three homes in block. He told me Democracy was about to be expanded from Falls Road to Seven Locks as a result of new Montgomery Road being built. Sorrel was for most part the backyard of a massive estate in Irongate Road.

He started building while a dirt road. He measurements were off and when town finally paved road it ended up widest street in Potomac. Cars can park both sides and still gardening trucks can pass each other.

Mr Sorrel lived in Block.

My neighbor said Mr. Sorrel put Potomac Stone in each house from the Quarry off seven locks.

Some around fireplaces, some built in benches, some entry way. Each house he added a custom piece of stone mined from Potomac.

Funny he built a block, named it for himself and lived in it. He was very rich. As around at least 100-200 homes on Sorrel all 4k to 8k square feet.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Wow talk about a return on investment. Sold for $87,000 in 1972 and now it will go for 1.4 mil.

$87,000 was an expensive house in 1972. Adjusted for inflation, that’s the equivalent of about $570,000. They’ve paid taxes, insurance and upkeep for 50 years, and just put $$ into renovations. Mortgage interest rates in 1972 were @ 7.5% (not as crazy as the late 70’s, but more than 2x as high as now). If they’d invested $87k in stocks in 1972 & gotten the DJIA, they’d have $2.5 million. I know they had a place to live in return, but, as an investment, it’s not that great.

But if they took out a mortgage then they didn’t have $87k in cash in 1972, and they still would have had to pay for a place to live. It’s not as simple as just putting the cost of a house in the stock market.

The owner was the developer, so he probably did own it outright. In any case, interest rates were much higher in the 70’s. It wasn’t the “free money” it is now. And that calculation doesn’t include taxes, insurance and upkeep.

[Anonymous]

I think it's an extremely nice house on a huge lot.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is Mr. Sorrel’s house. He was the developer and builder of the development. I met him once. If he is still in control of the situation, he would want to sell his house in the perfect condition.

Mr. Sorrel was the Parking Garage King of DC. He built lots of the massive concrete parking garages in DC “back in the day”

Sorrel was his attempt at building homes. He really was a commercial building.

I know an older man bought one of first three homes in block. He told me Democracy was about to be expanded from Falls Road to Seven Locks as a result of new Montgomery Road being built. Sorrel was for most part the backyard of a massive estate in Irongate Road.

He started building while a dirt road. He measurements were off and when town finally paved road it ended up widest street in Potomac. Cars can park both sides and still gardening trucks can pass each other.

Mr Sorrel lived in Block.

My neighbor said Mr. Sorrel put Potomac Stone in each house from the Quarry off seven locks.

Some around fireplaces, some built in benches, some entry way. Each house he added a custom piece of stone mined from Potomac.

Funny he built a block, named it for himself and lived in it. He was very rich. As around at least 100-200 homes on Sorrel all 4k to 8k square feet.

I've long thought that best value in RES RE is the homes of people in some or other part of RE and/or home building. Frequently they put extra effort or materials into the house that the rest of the market doesn't value. In this case, I'm guessing the owner was in a position to upgrade at a lower cost than almost anyone else. I think this is probably a better than usual home for a buyer who wants that neighborhood. Not a wildly good deal, but an Ok one for sure.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Wow talk about a return on investment. Sold for $87,000 in 1972 and now it will go for 1.4 mil.

If you put $87,000 in the stock market in 1980 you would have $6m today.

Only if you had chose the right stock. If you had bought Apple - yes. If you had bought Enron or Bear Stearns - you'd be negative.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Wow talk about a return on investment. Sold for $87,000 in 1972 and now it will go for 1.4 mil.

If you put $87,000 in the stock market in 1980 you would have $6m today.

Only if you had chose the right stock. If you had bought Apple - yes. If you had bought Enron or Bear Stearns - you'd be negative.

Pretty sure they were talking about the S&P500. Most large cap funds would under perform the S&P by probably a percent or two per year. But it’s still likely $4M+.

The difference is that the house was likely bought with only 20% down ($16k-ish) and the cost of the debt was reduced by tax deductions and inflation and someone got to live there. So it’s actually less stark a difference than it seems at first.

[Anonymous]

I guess most of people who commended on this forum have no idea where Potomac is. The market in Potomac is hot. Small houses on small lots near Churchill HS sold like hot cake for $800k to 1M.
This is a solid build colonial with four sides of bricks on a large lot. The lot alone worth 1.1M

[Anonymous]

Anonymous wrote:We had a similar situation.

I'm guessing the original owners adult child is handling this, much like my sibling and I had to. There is money available so adult child or adult relative redid the interior in order to sell for the greatest price. This way there is more money in the long term to take care of the original owners, who is / are probably in a nursing home or continuing care community at this point.

They also know it's easier to find a buyer at a higher price when the place is move in ready these days.

This, and its really cheaply done.

[Anonymous]

He listed august we’d 25 and wants all offers by Friday august 27.

He keeps house 50 years why do this so quick without even a weekend to see.

[Anonymous]

Anonymous wrote:He listed august we’d 25 and wants all offers by Friday august 27.

He keeps house 50 years why do this so quick without even a weekend to see.

Because people keep submitting offers.

[Anonymous]

It is pending now. Too bad there is no open house.