Reply to For Owners of Homes Over 7,000 SF

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I will start

8005 SF Mclean/Langley area
Built in 2009 
Paid 800k for the land + 900k to build 
Estimated value 3.2m
Did a 140k down construction loan
2.75% mortgage which I refinanced in 2020 which a 1.3m balance[/quote]

Builder here.  I doubt your home is worth $3.2m.  A $900k building  in 2009 cost would have garnered you
builder grade finish with lower end materials.    I can purchase a higher quality home for $3.2m in McLean today.

[/quote]

The builder is a personal friend, when we shopped around with other builders, it would have cost over 1.2m+. It is a full custom home from plans that are from an architect designed from scratch. Also I am seeing new homes in our area listed for 3.5-4.2M+ so I am being conservative on our value but that's the value they used for our heloc in 2022.[/quote]

DP 1.2m '09 on that square footage - including scratch architect plans - still seems low.  [/quote]

Its possible...if your builder friend did a good job and did not pad upgrades, etc.....but NOT if the lost is than 1/2 acre...1/4 acre not going to get you over $3m.  [/quote]

LOL you are wrong:
https://www.redfin.com/VA/McLean/1479-Waggaman-Cir-22101/home/9392214
https://www.redfin.com/VA/McLean/1714-Forest-Ln-22101/home/9415441
https://www.redfin.com/VA/McLean/1415-Kurtz-Rd-22101/home/9392154
https://www.redfin.com/VA/Mc-Lean/1440-Oakview-Dr-22101/home/9406838
https://www.redfin.com/VA/McLean/1564-Forest-Villa-Ln-22101/home/9407830
https://www.redfin.com/VA/Arlington/3525-N-Ohio-St-22207/home/11226387
https://www.redfin.com/VA/Mc-Lean/8329-Weller-Ave-22102/home/9265838

[/quote]

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