why new builds in mclean lose values over time?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There are many examples of $2M-plus sales over the past year where the most recent sales price exceeded the prior sale price.

https://www.redfin.com/VA/McLean/1487-Evans-Farm-Dr-22101/home/9836668 ($1.74M to $2.00M)
https://www.redfin.com/VA/McLean/896-Helga-Pl-22102/home/9274880 ($2.00M to $2.08M)
https://www.redfin.com/VA/McLean/7216-Farm-Meadow-Ct-22101/home/9838684 ($1.95M to $2.13M)
https://www.redfin.com/VA/McLean/7212-Farm-Meadow-Ct-22101/home/9838682 ($1.98M to $2.15M)
https://www.redfin.com/VA/McLean/7825-Loughran-Rd-22102/home/9832900 ($1.82M to $2.18M)
https://www.redfin.com/VA/McLean/2119-Elliott-Ave-22101/home/9483112 ($2.10M to $2.20M)
https://www.redfin.com/VA/McLean/7704-Carlton-Pl-22102/home/9268515 ($1.53M to $2.25M)
https://www.redfin.com/VA/McLean/1310-Calder-Rd-22101/home/9391547 ($2.12M to $2.38M)
https://www.redfin.com/VA/McLean/6514-W-Langley-Ln-22101/home/9392511 ($2.08M to $2.39M)
https://www.redfin.com/VA/McLean/1029-Savile-Ln-22101/home/9282080 ($2.10M to $2.39M)
https://www.redfin.com/VA/McLean/7806-Glenhaven-Ct-22102/home/9830366 ($1.47M to $2.43M)
https://www.redfin.com/VA/McLean/7846-Westmont-Ln-22102/home/9853781 ($2.35M to $2.45M)
https://www.redfin.com/VA/McLean/1303-Kirby-Rd-22101/home/12074797 ($2.23M to $2.45M)
https://www.redfin.com/VA/McLean/7805-Grovemont-Dr-22102/home/9269176 ($2.45M to $2.50M)
https://www.redfin.com/VA/McLean/908-Whann-Ave-22101/home/9275941 ($1.58M to $2.54M)
https://www.redfin.com/VA/McLean/870-Alvermar-Ridge-Dr-22102/home/9832879 ($2.51M to $3.23M)
https://www.redfin.com/VA/McLean/7800-Meritage-Ln-22102/home/12070553 ($2.74M to $3.50M)

https://www.redfin.com/VA/McLean/896-Helga-Pl-22102/home/9274880 ($2.00M to $2.08M)
can you please not include example like 896 helga pl? the value increased 80k after 17 years, a disgrace to mclean real estate

my teardown in mclean increase more than 80k per year

Wow. The Helga Place house is gorgeous!

Bet they don't have to sell their place to buy another

I thought it was so tacky. 2.0m and your kitchen cabinets don't even go all the way up to the ceiling?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There are many examples of $2M-plus sales over the past year where the most recent sales price exceeded the prior sale price.

https://www.redfin.com/VA/McLean/1487-Evans-Farm-Dr-22101/home/9836668 ($1.74M to $2.00M)
https://www.redfin.com/VA/McLean/896-Helga-Pl-22102/home/9274880 ($2.00M to $2.08M)
https://www.redfin.com/VA/McLean/7216-Farm-Meadow-Ct-22101/home/9838684 ($1.95M to $2.13M)
https://www.redfin.com/VA/McLean/7212-Farm-Meadow-Ct-22101/home/9838682 ($1.98M to $2.15M)
https://www.redfin.com/VA/McLean/7825-Loughran-Rd-22102/home/9832900 ($1.82M to $2.18M)
https://www.redfin.com/VA/McLean/2119-Elliott-Ave-22101/home/9483112 ($2.10M to $2.20M)
https://www.redfin.com/VA/McLean/7704-Carlton-Pl-22102/home/9268515 ($1.53M to $2.25M)
https://www.redfin.com/VA/McLean/1310-Calder-Rd-22101/home/9391547 ($2.12M to $2.38M)
https://www.redfin.com/VA/McLean/6514-W-Langley-Ln-22101/home/9392511 ($2.08M to $2.39M)
https://www.redfin.com/VA/McLean/1029-Savile-Ln-22101/home/9282080 ($2.10M to $2.39M)
https://www.redfin.com/VA/McLean/7806-Glenhaven-Ct-22102/home/9830366 ($1.47M to $2.43M)
https://www.redfin.com/VA/McLean/7846-Westmont-Ln-22102/home/9853781 ($2.35M to $2.45M)
https://www.redfin.com/VA/McLean/1303-Kirby-Rd-22101/home/12074797 ($2.23M to $2.45M)
https://www.redfin.com/VA/McLean/7805-Grovemont-Dr-22102/home/9269176 ($2.45M to $2.50M)
https://www.redfin.com/VA/McLean/908-Whann-Ave-22101/home/9275941 ($1.58M to $2.54M)
https://www.redfin.com/VA/McLean/870-Alvermar-Ridge-Dr-22102/home/9832879 ($2.51M to $3.23M)
https://www.redfin.com/VA/McLean/7800-Meritage-Ln-22102/home/12070553 ($2.74M to $3.50M)

https://www.redfin.com/VA/McLean/896-Helga-Pl-22102/home/9274880 ($2.00M to $2.08M)
can you please not include example like 896 helga pl? the value increased 80k after 17 years, a disgrace to mclean real estate

my teardown in mclean increase more than 80k per year

Wow. The Helga Place house is gorgeous!

Bet they don't have to sell their place to buy another

I thought it was so tacky. 2.0m and your kitchen cabinets don't even go all the way up to the ceiling?

Now you're really sounding like a jealous loser.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There are many examples of $2M-plus sales over the past year where the most recent sales price exceeded the prior sale price.

https://www.redfin.com/VA/McLean/1487-Evans-Farm-Dr-22101/home/9836668 ($1.74M to $2.00M)
https://www.redfin.com/VA/McLean/896-Helga-Pl-22102/home/9274880 ($2.00M to $2.08M)
https://www.redfin.com/VA/McLean/7216-Farm-Meadow-Ct-22101/home/9838684 ($1.95M to $2.13M)
https://www.redfin.com/VA/McLean/7212-Farm-Meadow-Ct-22101/home/9838682 ($1.98M to $2.15M)
https://www.redfin.com/VA/McLean/7825-Loughran-Rd-22102/home/9832900 ($1.82M to $2.18M)
https://www.redfin.com/VA/McLean/2119-Elliott-Ave-22101/home/9483112 ($2.10M to $2.20M)
https://www.redfin.com/VA/McLean/7704-Carlton-Pl-22102/home/9268515 ($1.53M to $2.25M)
https://www.redfin.com/VA/McLean/1310-Calder-Rd-22101/home/9391547 ($2.12M to $2.38M)
https://www.redfin.com/VA/McLean/6514-W-Langley-Ln-22101/home/9392511 ($2.08M to $2.39M)
https://www.redfin.com/VA/McLean/1029-Savile-Ln-22101/home/9282080 ($2.10M to $2.39M)
https://www.redfin.com/VA/McLean/7806-Glenhaven-Ct-22102/home/9830366 ($1.47M to $2.43M)
https://www.redfin.com/VA/McLean/7846-Westmont-Ln-22102/home/9853781 ($2.35M to $2.45M)
https://www.redfin.com/VA/McLean/1303-Kirby-Rd-22101/home/12074797 ($2.23M to $2.45M)
https://www.redfin.com/VA/McLean/7805-Grovemont-Dr-22102/home/9269176 ($2.45M to $2.50M)
https://www.redfin.com/VA/McLean/908-Whann-Ave-22101/home/9275941 ($1.58M to $2.54M)
https://www.redfin.com/VA/McLean/870-Alvermar-Ridge-Dr-22102/home/9832879 ($2.51M to $3.23M)
https://www.redfin.com/VA/McLean/7800-Meritage-Ln-22102/home/12070553 ($2.74M to $3.50M)

https://www.redfin.com/VA/McLean/896-Helga-Pl-22102/home/9274880 ($2.00M to $2.08M)
can you please not include example like 896 helga pl? the value increased 80k after 17 years, a disgrace to mclean real estate

my teardown in mclean increase more than 80k per year

Wow. The Helga Place house is gorgeous!

Bet they don't have to sell their place to buy another

I thought it was so tacky. 2.0m and your kitchen cabinets don't even go all the way up to the ceiling?

Talk to me about that when you have eleven foot ceilings. LOL.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There are many examples of $2M-plus sales over the past year where the most recent sales price exceeded the prior sale price.

https://www.redfin.com/VA/McLean/1487-Evans-Farm-Dr-22101/home/9836668 ($1.74M to $2.00M)
https://www.redfin.com/VA/McLean/896-Helga-Pl-22102/home/9274880 ($2.00M to $2.08M)
https://www.redfin.com/VA/McLean/7216-Farm-Meadow-Ct-22101/home/9838684 ($1.95M to $2.13M)
https://www.redfin.com/VA/McLean/7212-Farm-Meadow-Ct-22101/home/9838682 ($1.98M to $2.15M)
https://www.redfin.com/VA/McLean/7825-Loughran-Rd-22102/home/9832900 ($1.82M to $2.18M)
https://www.redfin.com/VA/McLean/2119-Elliott-Ave-22101/home/9483112 ($2.10M to $2.20M)
https://www.redfin.com/VA/McLean/7704-Carlton-Pl-22102/home/9268515 ($1.53M to $2.25M)
https://www.redfin.com/VA/McLean/1310-Calder-Rd-22101/home/9391547 ($2.12M to $2.38M)
https://www.redfin.com/VA/McLean/6514-W-Langley-Ln-22101/home/9392511 ($2.08M to $2.39M)
https://www.redfin.com/VA/McLean/1029-Savile-Ln-22101/home/9282080 ($2.10M to $2.39M)
https://www.redfin.com/VA/McLean/7806-Glenhaven-Ct-22102/home/9830366 ($1.47M to $2.43M)
https://www.redfin.com/VA/McLean/7846-Westmont-Ln-22102/home/9853781 ($2.35M to $2.45M)
https://www.redfin.com/VA/McLean/1303-Kirby-Rd-22101/home/12074797 ($2.23M to $2.45M)
https://www.redfin.com/VA/McLean/7805-Grovemont-Dr-22102/home/9269176 ($2.45M to $2.50M)
https://www.redfin.com/VA/McLean/908-Whann-Ave-22101/home/9275941 ($1.58M to $2.54M)
https://www.redfin.com/VA/McLean/870-Alvermar-Ridge-Dr-22102/home/9832879 ($2.51M to $3.23M)
https://www.redfin.com/VA/McLean/7800-Meritage-Ln-22102/home/12070553 ($2.74M to $3.50M)

https://www.redfin.com/VA/McLean/896-Helga-Pl-22102/home/9274880 ($2.00M to $2.08M)
can you please not include example like 896 helga pl? the value increased 80k after 17 years, a disgrace to mclean real estate

my teardown in mclean increase more than 80k per year

dig hole in teardown back yard, jump in, and cover to taste

Wait I thought the shitshack dwellers in McLean and the new build dwellers got along, unlike in Arlington.
Local

Yeah. No.

Definitely NO.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There are many examples of $2M-plus sales over the past year where the most recent sales price exceeded the prior sale price.

https://www.redfin.com/VA/McLean/1487-Evans-Farm-Dr-22101/home/9836668 ($1.74M to $2.00M)
https://www.redfin.com/VA/McLean/896-Helga-Pl-22102/home/9274880 ($2.00M to $2.08M)
https://www.redfin.com/VA/McLean/7216-Farm-Meadow-Ct-22101/home/9838684 ($1.95M to $2.13M)
https://www.redfin.com/VA/McLean/7212-Farm-Meadow-Ct-22101/home/9838682 ($1.98M to $2.15M)
https://www.redfin.com/VA/McLean/7825-Loughran-Rd-22102/home/9832900 ($1.82M to $2.18M)
https://www.redfin.com/VA/McLean/2119-Elliott-Ave-22101/home/9483112 ($2.10M to $2.20M)
https://www.redfin.com/VA/McLean/7704-Carlton-Pl-22102/home/9268515 ($1.53M to $2.25M)
https://www.redfin.com/VA/McLean/1310-Calder-Rd-22101/home/9391547 ($2.12M to $2.38M)
https://www.redfin.com/VA/McLean/6514-W-Langley-Ln-22101/home/9392511 ($2.08M to $2.39M)
https://www.redfin.com/VA/McLean/1029-Savile-Ln-22101/home/9282080 ($2.10M to $2.39M)
https://www.redfin.com/VA/McLean/7806-Glenhaven-Ct-22102/home/9830366 ($1.47M to $2.43M)
https://www.redfin.com/VA/McLean/7846-Westmont-Ln-22102/home/9853781 ($2.35M to $2.45M)
https://www.redfin.com/VA/McLean/1303-Kirby-Rd-22101/home/12074797 ($2.23M to $2.45M)
https://www.redfin.com/VA/McLean/7805-Grovemont-Dr-22102/home/9269176 ($2.45M to $2.50M)
https://www.redfin.com/VA/McLean/908-Whann-Ave-22101/home/9275941 ($1.58M to $2.54M)
https://www.redfin.com/VA/McLean/870-Alvermar-Ridge-Dr-22102/home/9832879 ($2.51M to $3.23M)
https://www.redfin.com/VA/McLean/7800-Meritage-Ln-22102/home/12070553 ($2.74M to $3.50M)

https://www.redfin.com/VA/McLean/896-Helga-Pl-22102/home/9274880 ($2.00M to $2.08M)
can you please not include example like 896 helga pl? the value increased 80k after 17 years, a disgrace to mclean real estate

my teardown in mclean increase more than 80k per year

Wow. The Helga Place house is gorgeous!

Bet they don't have to sell their place to buy another

I thought it was so tacky. 2.0m and your kitchen cabinets don't even go all the way up to the ceiling?

Now you're really sounding like a jealous loser.

+1

I'm poor, but not a jealous loser poor. Save me from these people. Please.

[Anonymous]

Anonymous wrote:

Anonymous wrote:At certain price points the price stagnate for a while.

Your best investment at that price range is to build new.

We recently built a 8000SF home in a good McLean zip code inside the beltway for 1.3M (Inc land) and it was appraised at 2.3M this year.

8000sqft cost minimum 700k to build, 1.3M is impossible incl land

How is that possible? Asking nicely to please elaborate

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:At certain price points the price stagnate for a while.

Your best investment at that price range is to build new.

We recently built a 8000SF home in a good McLean zip code inside the beltway for 1.3M (Inc land) and it was appraised at 2.3M this year.

8000sqft cost minimum 700k to build, 1.3M is impossible incl land

How is that possible? Asking nicely to please elaborate

They must have bought a whole back, then recently knocked down the old house. Much cheaper than buying a new house (and why some people "choose" to stay in the same neighborhood - though not really a choice, when the land was bought a few years back, and partially paid for). In other words, there is a financial dent in the land purchase, so no reason NOT to build new on the land already owned. Too expensive to move to another plot of land and build new!

[Anonymous]

*while

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Location. McLean is a shitty suburb with zero historical value. It took off in the 70s/80s. There are new homes all of the time--so why bybused.

This is in contrast to beautiful historical neighborhoods like Georgetown, Kalorama or Dupont which have incredible city locations and beautiful old, historical homes.

Who wants a 1969 rambler or 1989s great room house in shitsville?

exactly, no one would paid $4M for a home like this in mclean, built in 1941
https://www.redfin.com/DC/Washington/3125-Chain-Bridge-Rd-NW-20016/home/9942685

About 25 sales over $4 million in McLean over the past 3 years. Can't say that for many places in the DC area.

how many of that $4 million + houses in mclean were built before 1950? none

Four, including this one: https://www.redfin.com/VA/McLean/6444-Georgetown-Pike-22101/home/9280546

Hey, I really like that one.

[Anonymous]

Anonymous wrote:Location. McLean is a shitty suburb with zero historical value. It took off in the 70s/80s. There are new homes all of the time--so why bybused.

This is in contrast to beautiful historical neighborhoods like Georgetown, Kalorama or Dupont which have incredible city locations and beautiful old, historical homes.

Who wants a 1969 rambler or 1989s great room house in shitsville?

There aren't enough historical neighborhoods to house the country's population. People have to live somewhere. Some people care about living in historically valuable houses, and some can take it or leave it. Bidding wars over reasonably priced houses in McLean show enough people want to live in shitsvilles close to work and with good schools.

[Anonymous]

Luxury home is not an investment - this is why no one holds (as opposed to build and sell) luxury homes long term as an investment property. A luxury home is a consumption item that happens to hold value fairly well, but it does not bring in rent nor appreciation that adequately off-sets the associated costs.

Aside from the transaction costs, think of all the property tax that's been paid on these properties during this time.

A $2-3M home is something you buy because you want to enjoy it and can afford it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Location. McLean is a shitty suburb with zero historical value. It took off in the 70s/80s. There are new homes all of the time--so why bybused.

This is in contrast to beautiful historical neighborhoods like Georgetown, Kalorama or Dupont which have incredible city locations and beautiful old, historical homes.

Who wants a 1969 rambler or 1989s great room house in shitsville?

exactly, no one would paid $4M for a home like this in mclean, built in 1941
https://www.redfin.com/DC/Washington/3125-Chain-Bridge-Rd-NW-20016/home/9942685

About 25 sales over $4 million in McLean over the past 3 years. Can't say that for many places in the DC area.

how many of that $4 million + houses in mclean were built before 1950? none

Four, including this one: https://www.redfin.com/VA/McLean/6444-Georgetown-Pike-22101/home/9280546

Hey, I really like that one.

Value is in the land. The house is nice, but not 4 million dollar nice.

[Anonymous]

Anonymous wrote:

Anonymous wrote:New homes have no intrinsic character created by good architecture and quality construction.

Lacking this, builders fill new homes with the latest on trend finishes. You By their nature the finishes are dated quickly and fall out of favor fast. After 5-10 years, one is selling a dated box. Buyers prefer the new box with trendy details that will fade fast in favor.

That is silly. Age alone does not automatically bestow character, let alone "intrinsic" character, nor does it automatically come with quality construction or good architecture. Pick any era in the history of mankind, and be 100% that good houses as well as crappy ones have been built during that time. Because of the survivor bias, only good old houses are now left standing, and you're committing a silly novice mistake by assuming that all old houses have "intrinsic" character.

There are tons of new home getting built with good architecture and quality finishes. Just add $10 million to your search price, and you'll see them.

You seem to have trouble following the discussion as is apparent with with your obtuse comment

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:New homes have no intrinsic character created by good architecture and quality construction.

Lacking this, builders fill new homes with the latest on trend finishes. You By their nature the finishes are dated quickly and fall out of favor fast. After 5-10 years, one is selling a dated box. Buyers prefer the new box with trendy details that will fade fast in favor.

That is silly. Age alone does not automatically bestow character, let alone "intrinsic" character, nor does it automatically come with quality construction or good architecture. Pick any era in the history of mankind, and be 100% that good houses as well as crappy ones have been built during that time. Because of the survivor bias, only good old houses are now left standing, and you're committing a silly novice mistake by assuming that all old houses have "intrinsic" character.

There are tons of new home getting built with good architecture and quality finishes. Just add $10 million to your search price, and you'll see them.

You seem to have trouble following the discussion as is apparent with with your obtuse comment

I responded to a second post in this thread. There wasn't really a discussion to follow at that point.

[Anonymous]

No SFH in the DC area should be considered an investment. Instead, it's a place to live. You can buy it or rent it, but if you buy and later sell for a higher price than you paid, just consider yourself lucky. And don't forget to take into account all the time and money spent to maintain your home and upgrade it over the years.

A SFH is not a smart investment. But it could offer a great place to live.