Reply to s/o How far will prices drop in MoCO?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We are in Bethesda and aren't seeing prices drop. MoCo is a big place - where are you looking?[/quote]

I've seen houses sitting for forever in areas like SS and R'ville.  Everyone talks a big game about how awesome home ownership is and how it'll lead you to a path towards wealth.  The one house I just got done looking at near King Farm has been sitting on the market for almost 365 days and is priced around $720k now down from $930k they were asking for originally.  Poor saps.  They bought at $825k back in 2008.  What a terrible investment.  Losing $100k over 11 years.  S and P 500 alone could have probably tripled your money over that time. Real estate in MoCo is no longer a guarantee for financial gains.[/quote]

They did fine.  In 11 years they would have sunk half a million dollars into rent.  [/quote]

They probably also sunk a half million into taxes, maintenance and interest and now lose $100k (ok, less than that since the purchase is leveraged) plus transaction costs.  [/quote]

They bought at the worst possible time.  I bought near King Farm in 2000.  My value has tripled![/quote]

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