s/o How far will prices drop in MoCO?

[Anonymous]

MoCo is terrible...I am just counting the days until local police and the FBI/ICE start exchanging gun fire.

The county executive is a complete whacko.

[Anonymous]

Anonymous wrote:Buy a house in Cleverly. In five years my friend's house doubled in price.

This is how you know these NoVA boosters are full of it. Cheverly, Hyattsville, Mt Rainier and a lot of SE DC have appreciated at a much faster rate than NoVA, but I don’t see anyone linking those places will a lack of “far-left anti business politicians,” “good schools” and everything they say is making MoCo supposedly undesirable.

As PPs have said, location is king. Close in MoCo has only lagged NoVA in the past 15 years because NoVA had a lot of catching up to do.

[Anonymous]

And also that folks in MoCo only own one house? I also own a condo in NY. I also owned a house in NY till recently and my MoCo home.

Most folks on my block own a few homes. One guy owns 3 crap rental properties in Arlington he bought 10-25 years ago and rents out. However, did not want to live there.

[Anonymous]

Anonymous wrote:MoCo is terrible...I am just counting the days until local police and the FBI/ICE start exchanging gun fire.

The county executive is a complete whacko.

College Park just had a proposal to allow undocumented immigrants to vote. College Park real estate is skyrocketing, so how does that fit with your narrative?

DC is one of the most liberal cities in the country and has been run by Democrats for forever. Why has Shaw appreciated more than North Arlington?

This “left-wing Democrats” = real estate tanking narrative doesn’t hold water and is somehow only applied to MoCo. Why?

[Anonymous]

You really cannot make such a blanket statement about "MoCo" as if all of MoCo is one place. We have relatives living in West End Park in Rockville and everything in their neighborhood goes fast. I'm near Churchill in 20854 and the only places that are sitting are way overpriced.

[Anonymous]

You really cannot make such a blanket statement about "MoCo" as if all of MoCo is one place. We have relatives living in West End Park in Rockville and everything in their neighborhood goes fast. I'm near Churchill in 20854 and the only places that are sitting are way overpriced.

No the problems extend throughout the county. Keep your head in the sand. Churchill is filled with sitting houses. The houses are "overpriced" because no one in MOCO wants to admit that they will be selling at a big loss. West End Park was very popular 2-3 years ago but things have slowed down fast.

[Anonymous]

moco prices will drop to zero as the county deteriorates into Venezuela over the next 10 years with daily power outages, roving gangs and empty shelves in stores.

[Anonymous]

I'm in a not-very-desirable neighborhood in Moco and yet my house continues to increase in value. Houses do not sit long unless they are very unrealistically priced.

[Anonymous]

People should look at the overall history of the county. Its hard to believe but 30 years ago Wheaton was an upper middle class area filled with highly paid professionals, country clubs, riding stables. If you told those residents back then that their neighborhood would be ganglandia 30 years later they would have never believed it. Montgomery Village in the 90s was an enclave of fed workers and young professional families yet within a decade it became one of the worst places in Gaithersburg. People who grew up in Silver Spring 30-40 years ago are shocked at how it declined.

What is scary for MOCO is that it has still been struggling to recover during the boom economy and skyrocketing real estate. This doesn't bode well for what will happen to it when the next recession hits. One of the many concerning sections of the Montgomery Planning report showed that wage growth in most of Montgomery County was stagnant and areas that did see an increase did not see an increase that matches the increase in cost of living and goods/services. The eastern side of the county is filled with people who are economically insecure. They may be above the poverty line but they live paycheck to paycheck. One job loss or extended government shutdown puts them in economic peril.

There are other areas that have more room for growth, redevelopment, and gentrification. SE DC, the area just south of Alexandria, Hyattsville, MT Rainier. If SE DC can gentrify then there is no reason that Oxon Hill couldn't change over too. These areas are cheap now, offer quick access to DC and VA -where the jobs are located and are better positioned to compete for development.

[Anonymous]

Anonymous wrote:I'm in a not-very-desirable neighborhood in Moco and yet my house continues to increase in value. Houses do not sit long unless they are very unrealistically priced.

+1. Especially houses that were listed in the spring which sold very quickly.

[Anonymous]

Anonymous wrote:moco prices will drop to zero as the county deteriorates into Venezuela over the next 10 years with daily power outages, roving gangs and empty shelves in stores.

You should write a novel. Young adult dystopian fiction, from the perspective of one of the roving gang members. I'd read tf out of that book.

[Anonymous]

We recently sold our house in Bethesda (Westgate) for $1.25 million- originally listed at $1.19. It was not a problem at all. There will always be demand for convenient areas near transportation with good school.

[Anonymous]

Anonymous wrote:

You really cannot make such a blanket statement about "MoCo" as if all of MoCo is one place. We have relatives living in West End Park in Rockville and everything in their neighborhood goes fast. I'm near Churchill in 20854 and the only places that are sitting are way overpriced.

No the problems extend throughout the county. Keep your head in the sand. Churchill is filled with sitting houses. The houses are "overpriced" because no one in MOCO wants to admit that they will be selling at a big loss. West End Park was very popular 2-3 years ago but things have slowed down fast.

Ok, so I just googled "Days on Market Rockville" and this is what I got. Can you cite where you are seeing where the houses are sitting or being sold at a loss?

https://www.redfin.com/city/17332/MD/Rockville/housing-market

Market Trends in Rockville
Calculated over the last 3 months
89
Very Competitive
Homes typically receive 2 offers.
Homes sell for about 1% below list price and go pending in around 9 days.
Hot Homes can sell for about 1% above list price and go pending in around 5 days.

[Anonymous]

Anonymous wrote:And also that folks in MoCo only own one house? I also own a condo in NY. I also owned a house in NY till recently and my MoCo home.

Most folks on my block own a few homes. One guy owns 3 crap rental properties in Arlington he bought 10-25 years ago and rents out. However, did not want to live there.

Yep. I own a condo in CO, fully paid for and not rented. Here we have over 1/5 of our home paid off.And I own a place in Europe, in the priciest part of my hometown! And I am among the poorest of my MoCo friends. I know a lot of people in MoCo that own at least one vacation home in addition to their house here. I know a family that has a great mansion in Brookeville and 12! I kid you not 12 rental properties in the DMV, spread all over, may in NoVa. And these are not their main jobs either! Side gig in addition to regular office jobs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I clicked on this thread because the title struck me as ridiculous. I've been trying to purchase a home in Bethesda and keep getting outbid (even though I offer full or above asking). I'm trying to find something under $850K. I assure you, the market is still strong at that price point!

Because there are few homes in your price range, but go over 1.2 and the houses sit. Those are the taxpayers the County is losing and not gaining, at the same time. As those 1.2+ houses drop their prices just to sale them, the taxes will become less and the revenue in the County will continue to decline. No one with a brain is going to want to invest in a County that has borrowed against the pension contributions of its' employees, not once, but twice. I cannot even believe Erlich agreed to take that money, totally shocked. Anyway, the bond rating of a County says everything and MoCo is in the process of being downgraded. Most will not understand this, but I assure you those capable of investing 1.2+ in a house, get it, and no, they will not live in MoCo.

Sorry to bust your anti MoCo agenda but houses sit here in Arlington at 1.2 as well.

NP. Really? Do you have links/comps you could post as an example? We listed our house at $1.2 million and accepted an offer for $1.235 a few days later.

https://www.redfin.com/VA/Arlington/2105-N-Emerson-St-22207/home/11236165 29 days
https://www.redfin.com/VA/Arlington/6419-28th-St-N-22207/home/11225325 44 days
https://www.redfin.com/VA/Arlington/2513-23rd-Rd-N-22207/home/11231645 50 days
https://www.redfin.com/VA/Arlington/700-N-Harrison-St-22205/home/11242617 58 days
https://www.redfin.com/VA/Arlington/5326-5th-St-N-22203/home/11243049 84 days

I know next to nothing about Arlington so these are probably all in less desirable areas and overpriced. Which is probably what's going on with the homes sitting in MoCo as well.