Anonymous
Post 08/29/2021 12:02     Subject: I think the bubble is popping.
Anonymous wrote:I’m a realtor, and I get dozens and dozens of listings on my phone every day. Recently, all of the listings are price reductions. Reduction after reduction after reduction. Now granted I deal in the condo market quite a bit, and condos are kind of the leading edge on this. But I just thought it was interesting. Anyone else?


What area do you work in?
Anonymous
Post 08/29/2021 12:01     Subject: I think the bubble is popping.
Depends how your condo is priced and where it is located - condo market in DC (not suburbs) is pretty strong lately.
Anonymous
Post 08/29/2021 10:18     Subject: Re:I think the bubble is popping.
Anonymous wrote:we live in a condo that no one wants to buy, in 20011

so it prob depends


There are 55 condos on the market currently in that zip code. Many of them have been on the market 50+ days with quite a few over 100 days - not including new construction in that number.

So in your case it's a buyers market for sure. Have you had any offers and they've fallen through, or is it just low level of interest in your property?
Anonymous
Post 08/29/2021 09:01     Subject: I think the bubble is popping.
Vienna is slowing. Houses that would be swept up extremely quick within days are sitting for weeks now. I will say that for house is in perfect condition they are still having a lot of bids and the bidding is competitive, but for houses an average condition or needing updating, they are definitely sitting longer now. I’ve seen a few price drops as well.
Anonymous
Post 08/29/2021 08:48     Subject: Re:I think the bubble is popping.
Anonymous wrote:
Anonymous wrote:Sorry but my neighbor just sold her 2-bedroom condo for 100k more than she paid 3 years ago. A condo. She'll net more than 60k after closing costs and she didn't spend any money on improvements and was only there 3 years. And again, this is a condo, which never sell as quickly as SFHs and rarely appreciate as well.

DC is still an extremely hot market and it very much remains a sellers market. If the bubble is popping, there are no real signs of it yet.


Where was her condo?

I have a completely remodeled condo in SE DC (Fairfax Village) that I am thinking about selling.


H Street area. Proximity to something like H Street is key, I think. It gets the right buyers through your door (people who want to be close to lots of bars, restaurants, and other city amenities). I think condos in purely residential areas are a tougher sell because your target market is “people who cannot afford a SFH in this neighborhood.” It dampens enthusiasm.
Anonymous
Post 08/26/2021 14:56     Subject: Re:I think the bubble is popping.
Anonymous wrote:
Anonymous wrote:we live in a condo that no one wants to buy, in 20011

so it prob depends


We're looking, so post it here!


we're looking to sell our condo in a few months: we're at 1380 quincy st nw

unclear why 20011 condo isn't selling, this area is so hot, improving like crazy, and so easy in terms of walkability and transit.
Anonymous
Post 08/26/2021 13:39     Subject: I think the bubble is popping.
Still popping? This is one slow pop.
Anonymous
Post 08/26/2021 13:36     Subject: Re:I think the bubble is popping.
Anonymous wrote:we live in a condo that no one wants to buy, in 20011

so it prob depends


We're looking, so post it here!
Anonymous
Post 08/26/2021 12:45     Subject: Re:I think the bubble is popping.
we live in a condo that no one wants to buy, in 20011

so it prob depends
Anonymous
Post 08/26/2021 10:48     Subject: I think the bubble is popping.
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Piling on a little, even at the higher end, it seems like things are still frothy/frenzied....

$300K over: https://www.redfin.com/DC/Washington/4801-Rodman-St-NW-20016/home/9946536

$400k over: https://www.redfin.com/DC/Washington/3203-Cleveland-Ave-NW-20008/home/9987925

Again, asking price is somewhat irrelevant, but none of these homes indicate things are slowing down.


Interest rates are still unbelievably low - have seen 2.5 for 30 year fixed and no points. My guess is that these rates will stay around 3 through next spring as well.

The interest rates are a big part of the story, definitely. But it seems that the market is a little weird. Lots of stale inventory, some with price reductions, but then some houses going to contract 100s of thousands over in a manner of days. Not sure what to make of it, but I think post Labor Day could provide a decisive moment to better understand the dynamics.



Hoping you’re right - we’re listing after Labor Day
DP market will be hot after Labor Day. Those that didn't give up after failing in the spring market will be joined by everyone who decided to wait it out until the fall, plus everyone who would normally start searching in the fall. Everyone will be back from vacation. Not sure what will happen with inventory though.
Anonymous
Post 08/26/2021 09:19     Subject: I think the bubble is popping.
This house - https://www.redfin.com/MD/Kensington/10728-Casper-St-20895/home/11138632 - was listed last week for $985k, $115k more than another house of the same model sold for ($870k in October 2020 - https://www.redfin.com/MD/Kensington/2818-Jutland-Rd-20895/home/11138608 ), and it went pending within the week. The houses of course aren't exactly the same, but yeah be aware there are still plenty of buyers out there willing to pay 2021 prices.
Anonymous
Post 08/21/2021 21:26     Subject: Re:I think the bubble is popping.
Anonymous wrote:Sorry but my neighbor just sold her 2-bedroom condo for 100k more than she paid 3 years ago. A condo. She'll net more than 60k after closing costs and she didn't spend any money on improvements and was only there 3 years. And again, this is a condo, which never sell as quickly as SFHs and rarely appreciate as well.

DC is still an extremely hot market and it very much remains a sellers market. If the bubble is popping, there are no real signs of it yet.


Where was her condo?

I have a completely remodeled condo in SE DC (Fairfax Village) that I am thinking about selling.
Anonymous
Post 08/21/2021 20:18     Subject: I think the bubble is popping.
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Piling on a little, even at the higher end, it seems like things are still frothy/frenzied....

$300K over: https://www.redfin.com/DC/Washington/4801-Rodman-St-NW-20016/home/9946536

$400k over: https://www.redfin.com/DC/Washington/3203-Cleveland-Ave-NW-20008/home/9987925

Again, asking price is somewhat irrelevant, but none of these homes indicate things are slowing down.


Interest rates are still unbelievably low - have seen 2.5 for 30 year fixed and no points. My guess is that these rates will stay around 3 through next spring as well.

The interest rates are a big part of the story, definitely. But it seems that the market is a little weird. Lots of stale inventory, some with price reductions, but then some houses going to contract 100s of thousands over in a manner of days. Not sure what to make of it, but I think post Labor Day could provide a decisive moment to better understand the dynamics.


DP market will be hot after Labor Day. Those that didn't give up after failing in the spring market will be joined by everyone who decided to wait it out until the fall, plus everyone who would normally start searching in the fall. Everyone will be back from vacation. Not sure what will happen with inventory though.
Anonymous
Post 08/21/2021 19:50     Subject: Re:I think the bubble is popping.
Anonymous wrote:Sorry but my neighbor just sold her 2-bedroom condo for 100k more than she paid 3 years ago. A condo. She'll net more than 60k after closing costs and she didn't spend any money on improvements and was only there 3 years. And again, this is a condo, which never sell as quickly as SFHs and rarely appreciate as well.

DC is still an extremely hot market and it very much remains a sellers market. If the bubble is popping, there are no real signs of it yet.

Did your friend live in NOVA, Navy Yard, Georgetown or the Wharf?

There’s some indication that those areas are the only strongest areas for condos at the moment.
https://dc.urbanturf.com/articles/blog/the-five-dc-zip-codes-where-home-prices-have-dropped-the-most-in-2021/18582
Anonymous
Post 08/21/2021 19:47     Subject: I think the bubble is popping.
Anonymous wrote:
Anonymous wrote:Piling on a little, even at the higher end, it seems like things are still frothy/frenzied....

$300K over: https://www.redfin.com/DC/Washington/4801-Rodman-St-NW-20016/home/9946536

$400k over: https://www.redfin.com/DC/Washington/3203-Cleveland-Ave-NW-20008/home/9987925

Again, asking price is somewhat irrelevant, but none of these homes indicate things are slowing down.


Interest rates are still unbelievably low - have seen 2.5 for 30 year fixed and no points. My guess is that these rates will stay around 3 through next spring as well.

The interest rates are a big part of the story, definitely. But it seems that the market is a little weird. Lots of stale inventory, some with price reductions, but then some houses going to contract 100s of thousands over in a manner of days. Not sure what to make of it, but I think post Labor Day could provide a decisive moment to better understand the dynamics.