Reply to SPRING MARKET!! What's the vibe?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Seems like a lot of houses are sitting in South McLean.[/quote]

Is McLean on the downswing? [/quote]

idk what you mean by "downsizing".  They are still building humongous homes there, new construction is significantly larger than homes being replaced.  There is a lot of inventory in every area.  I am guessing we are running out of people with deep pockets, so a lot of listings in the millions are sitting.  Overpriced listings everywhere.  Sometimes you see a house north of 4 mil sell quickly, because it appeals to a certain buyer and hits their checkboxes. And sometimes similar home is sitting just 2 blocks away for many months.  Older homes sell fairly quickly because they are usually under 2 mil. Some tastefully maintained older mcMansions quickly sell if under 3 mil on good lots in more premium areas.  THs seem to be flying and there is a lot of demand for homes that are family sized but not huge, with garages, convenience to amenities and under 1.3 mil.

New construction is just obscenely priced, and it's not because of land cost only.  There is a lot of gouging and builders trying to make extra premium on certain neighborhoods just because of location, not cost of labor/materials/land. [/quote]

I think PP meant “downswing” as in becoming less desirable.

Regardless, they are definitely building huge new homes in McLean, and many seem to sit. One just went up in my neighborhood, and I’m curious to see if it goes for asking. I’m betting not—builders need to start building less hideous spec homes if they want ~$3 million+, imo.[/quote]

But the less hideous homes sell for $4+.  So at $3+ your budget is something hideous.[/quote]

Accurate and depressing. Makes me think twice about upgrading next year. At least our starter home has some charm, even if it’s not palatial or worthy of Architectural Digest. [/quote]

Is this the standard now? "Worthy of architectural digest"? All you poor DCUMers stuck in your 1.7M "starter homes." Truly "depressing," as you say. I don't know how you will manage having to "think twice about upgrading." [/quote]

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