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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Both of these homes remind me of the famous “luxury” river front house that sat for years in McLean.  7022 Green Oak Drive was listed for $7 million in 2021.

It sold in March of this year for just over $3M. [/quote]

How did this go so cheap??[/quote]

The owners were very motivated to sell. And $3M was the top of what they could get.

The value for this house is in the lot and the current house will likely be torn down.  The problem is that the house was exceptionally cheaply built in 2003.  The kitchen has what I’m pretty sure are IKEA cabinets and the countertops are very thin.

I don’t know why banks are willing to give 30 year mortgages on a low-quality home that will need to be torn down in less than 25 years.  I guess they figure the land will keep appreciating.  [/quote]

It's not because of topography, hilly lots sell fast in more central areas and large homes get built there.  Builders know how to handle retaining walls and build homes on downward slopes and on the hills.   It's likely for other reasons, maybe it's a remote area and not as desirable and difficult to get to, or maybe it's due to airplane noise as they fly over the river.  IDK.  There are huge homes costing many millions along the river and they have similar topography.

The few pictures that I could find honestly don't look that bad: https://patch.com/virginia/mclean/look-inside-599m-custom-built-waterfront-estate-mclean-0
5 acres along the river seems like a steal[/quote]

See if you can find photos of the kitchen online somewhere.  That’s what most of the house looks like.

[b]Much of the 5 acres is not usable with the current zoning and logistically with the topography.  There are significant restrictions on what can and cannot be built on the land since it’s part of a park easement.[/b]  The prior owners got into significant legal trouble by cutting down a few trees without permission.  
[/quote]

Yeah that’s the whole point [/quote]

Who cares, how much house do you need? The views make up for it, the scenery is what's worth millions itself.  I am sure there would be no challenge to build a 10K sq.ft house there, they build them on similar steep downward sloping much smaller lots in hillier parts of NOVA.  I personally like this house the best at least whatever part of interior they show, it has character and takes advantage of the views. [/quote]

So, in your opinion, why did the house not sell for years?  There were several hearty price drops.  Why did it sit for months even after the price was dropped to $3.5M?

Looks like it was heavily marketed and it was featured in the Washington Post and other publications.  The agent is known to be easy to work with.   [/quote]

I don't know why this specific house has a problem, could be all sorts of things.  Maybe this location isn't super popular compared to others. But it's not just topography.  Builders know how to build homes on steep slopes and hills, I see these homes all the time and they are large and on much smaller lots.  There are homes on small hilly lots selling for over 3.5 mil but they are new homes. Likely this one is considered a fixer upper or a tear down, so this is a price of the land.  Likely people with this budget are looking for a larger new home.  Older mcMansions that need a major reno have a ceiling on how much people are willing to pay for an acre of buildable land and then plunk another 3+ mil or whatever a luxury new home will cost in addition. [/quote]

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