A Smart DC MD Real Estate Team to guide you home
This is a photo of the Big Dig in downtown Bethesda at the intersection of Woodmont and Bethesda. I’m told that the first phase, abutting Ourisman Honda, will be complete by late 2014. Not so sure about the second phase. Regardless, the view is pretty spectacular. Takes a lot of bodies to coordinate this effort… For more details on lots 29 & 31, click here.
First Open House: Sunday, July 21, 2013 from 1-4pm.4523 Sleaford Road, Bethesda, MD 20814
Don’t miss this fabulous new listing, within short walking distance to downtown Bethesda, Metro, BCC High School, the Capital Crescent Trail, shops, Round House Theatre, tennis courts, and more! A sturdy house in a truly convenient location. With 3 bedrooms and 1.75 baths, the house has been Read more
The talk of the town these days is rising interest rates, and what it all means for home buyers and sellers. In the last month or so interest rates on a 30-year fixed mortgage rose 3/4 – 1% within a 9 day period. That’s a pretty astonishing hike, not to mention fast.
In the simplest terms, for those purchasing a $500,000 home with a 20% down payment, you will now pay @$4,000 more per year on your mortgage than you would had you settled on your home in May. That’s $333 extra a month.
While a lot of folks are screaming doom and gloom, I’m not so sure it’s a bad thing. Historically, rates haven’t dipped below 5% in the last 40 years until about 2008- the start of our latest recession. The housing crisis along with low rates created opportunities for many buyers previously shut out of the market. With the housing market (especially in our local market) decidedly in recovery mode, the feds are raising rates. They can’t prop up the housing industry forever.
Anyone familiar with the close-in DC marketplace knows that we’ve seen the return of “irrational exuberance”. Those wishing to purchase property in the “under-$1-million” range are seeing an abundance of competition and multiple bids. If the rising interest rates tamp down the degree to which homes are being overbid, then this is a good thing for buyers.
It may not happen all at once. We continue to suffer from a lack of inventory, with absorption rates under a 2-months supply (a 5-6 month supply is considered healthy and balanced). But over time I would expect things to even out a bit more, making it a friendlier place for buyers.
Sellers, have fun while it lasts! Buyers, too!
Painted bright yellow with sky blue shutters, you won’t want to miss this little time capsule of a home, located in the Crestwood section of Bethesda… within walking distance of downtown Friendship Heights. .
The exterior of this particular Winthrop could be lifted directly off of the Sears Kit House catalog page. The shutters look to be original. The porch is pristine and still sports the same thin beams. The front door looks like it might have changed, but the arc of the entryway is spot on, as are the dormers and the chimney. Inside are a bunch of markers of Sears homes… such as the famous junction blocks at the stairway trim, the plain-bottom, back band window moldings, the “Narcissus” door knobs or the “Colonial fireplace” the home was endowed with –check out the catalog and real-life pictures below. (Also, you can see the MLS pictures here.)
What really caught my eye, however, were the markings under the basement stairway. It’s a good thing that I’ve been dieting lately, because I had to squeeze behind the furnace to get a good look. Why I didn’t think to send my elfin partner Cati in for the task speaks to my reckless enthusiasm upon discovering the markings! This is the first house where I’ve seen an actual catalog number written in grease pencil on one of the beams. So, hey- this is an authentic Sears catalog home!
Built in 1928, the original house offered up 2 bedrooms and one full bath. Today it has 3 bedrooms and 2 full baths, thanks to an addition in the back.
On our way out of the house we ran into the owners. They bought it from the son of the fellow who originally built the house. They actually had heard it was a Sears house, and had even tried to find images, but were unable to identify the house. (Well, actually, if all the kit houses we have here were as easily identified as this one…) The owners told us the house hadn’t been in the best of shape when they purchased it. They tried to preserve as much as they could but the siding unfortunately was beyond repair.
The “Winthrop” is available for $699,500, or you can rent it for $3,125 per month.
If you’re thinking you would like to live in an original Sears catalog home… maybe even a Winthrop, please get in touch with us. We are constantly scouring the marketplace for authentic catalog homes, and would be delighted to help you find one of your own. Fill out the form below, or simply pick up the phone and give us a call.
If Cati and I had our druthers, we would write about local kit houses on a weekly basis (this has always been the goal). Work, however, has a way of interfering with our plans. I guess we shouldn’t complain!
So, about three weeks ago I headed out with my trusty tape measure to pay a visit to 5414 Hawthorne Place, NW in the District, right along MacArthur Blvd. Had I been a bit speedier with my posting, some of you might have chanced a visit. As it stands now, the Sears Rodessa (see a pdf of the original catalog page here) bungalow is under contract. Rats.
Built in 1925, this modified “Rodessa” (click here for MLS pictures) offers up 3 bedrooms and 2 full baths. It would appear that it started off with a simple 2 bedrooms and 1 full bath (hey- count your blessings. Sears also offered a version without a privy). Along the way, someone added some really unfortunate faux-stone siding, which remains to this day. At the same time, they appear to have expanded the front porch to accommodate the massive FormStone® posts, so perhaps it was a good trade-off? Naah.
Identifying this Sears Rodessa was pretty easy, given all of the clues (again, see pictures at the very bottom of this post):
Kent is a popular, if not sleepy little section of Washington, DC. While it’s hard to know how the Hawthorne house came to the neighborhood, remnants of the old Capitol Transit #20 trolley line (Union Station to Cabin John) are to be found throughout the Palisades, the neighborhood next to Kent. The #20 was a popular route though the Palisades out to the Glen Echo Amusement Park. Chances are strong that the Sears kit house was transported on this very rail line.
If you think you’ve got a kit house, or if you are interested in living in a kit house- get in touch! Fill out the form below, or give us a call (yup, we still answer our phones).
Trulia just published a report citing that buying a home is cheaper than renting in the DC real estate market. The average monthly cost of rent is $2,098. The average monthly cost of home ownership is $1,205, or a difference of $893 (-43%). These figures are based on average prices during the summer of 2012.
Now, there are a few caveats to consider. First off, these figures are based on owning the home for more than 7 years. It assumes that you qualify for a low mortgage interest rate, and it also assumes that you itemize your taxes. Under this scenario, home ownership is cheaper than renting. Interestingly, it turns out that buying a house is cheaper than renting in all of the one-hundred largest metropolitan areas in the United States. Seems to me that some DC types have already figured this out, given the very low inventory of homes for sale in the area.
All said, this isn’t a slam dunk. Borrowers need to have 20% down payment to qualify for these loans. That can take years. Furthermore, a lot of people have suffered from job losses, or home losses. Repairing credit, or just catching up on savings doesn’t happen overnight. There is still a huge swath of people who can’t qualify for a mortgage and will find home ownership out of reach for many more years.
If you’re thinking that it might be time to take that leap, please fill out the form below. We also take phone calls! Marcie 301-758-4894 or Cati 202-487-7177. We look forward to hearing from you.
You’ll find a lot of blogs out there promoting the most expensive, luxurious and exclusive listings in Bethesda, Maryland… but not too many agents focus in on the least expensive offerings. We are the exception!
Not surprisingly, most of these homes are pretty close to 495. You’ll find that properties close to large arteries or highways are often priced about 10-15% less than their quieter counterparts.
#4: 6206 Hollins Drive, $649,000
Big house. You get lots of space for your money. 4 bedrooms and 4 full baths, in fact. It’s got a lovely screened porch. The house is dated. There’s parquet flooring on the main level. Sloped, large yard (away from the house!). Tiled lower level with multiple rooms and a full bath. Basement apartment potential? Some updates in the bathrooms. Newer HVAC. Days on market: 56[space]
#3: 6810 Renita Lane, $645,000
4 bedrooms, 2.5 baths. Built in 1962… and it sort of feels like a 1960’s house. Lots of brass and carpeting. Super clean. Updated kitchen. Nice yard. Backs to freeway… no way around it. Across the street from Stratton Woods, which is a huge, undeveloped parcel of land with nothing on it. Unfinished basement. Lots of space. Days on market: 163[space]
#2: 9523 Ewing Drive, $619,500
This one is my favorite. Lovely cape cod with 3 bedrooms and 2 full baths. Updated kitchen open to dining room. Expanded living room with pretty hardwood flooring and fireplace. Master bedroom addition with decent closet space, overlooking back yard. 2 more bedrooms and a full bath on the second floor. Finished basement. Glorious screened porch. Days on market: 9[space]
AND THE WINNER IS…..#1: 5807 Ryland Drive, $599,000
A smaller version of Ewing (no bedroom addition), without the finesse. Updated kitchen with corian counters and pretty white cabinets. Corner lot, which provides lots of space, but not much privacy. All the walls are cream-colored or white. Lacks pizzazz. Fenced yard. Basement is finished but a bit of a disappointment. 4 bedrooms and 3 full baths. Days on market: 7[space]
As always, we would be delighted to help you find your next home. Please fill out the form below, or just pick up the phone and give us a call. We would love to hear from you!
There are currently 17 active detached, single-family listings in Chevy Chase, DC 20015. They range in price from $725,000 all the way up to $2,250,000. We’re here to talk about the three cheapest listings. So, here’s the skinny:
7037 Wyndale Street NW. Currently listed at $767,000 with Prudential PenFed Realty. Days on market: 466. Originally listed at $819,900. While not exactly close to the Connecticut corridor, this house has a lot of good things going for it. Pretty hardwood floors, an eat-in kitchen with granite counter tops. Screened porch. Huge walk-out basement with high ceilings and good light. It doesn’t have much of a back yard, but does offer up a pretty stone patio. One of the first floor bedrooms, just off of the kitchen, can function as a family room or office. The landscaping is attractive. It’s a pretty decent house at a very decent price. BTW, the most expensive house for sale in Chevy Chase, DC sits right next door. As of 9/4 UNDER CONTRACT[space]
2975 McKinley Street NW. Currently listed at $745,000 with Long & Foster. Days on market: 25. Pretty fireplace and wood flooring. Modestly updated kitchen. Funky family room with laminate tile at the back of the house. Half bath on the main floor adds a nice touch. Unfinished walk-out basement with decent head room. The garage eats into the back yard, but hey, it has a garage! One of the bedrooms shares the same unfortunate shape as the family room, though it does have a full bath, for a total of 2-full baths on the second floor. Of the three listings, this one is the closest to shops along Connecticut Avenue. As of 9/4 STILL AVAILABLE [space]
And the winner is… 6687 32nd Place NW. Currently listed at $725,000 with WC & AN Miller/Long & Foster. Days on market: 61. Originally listed at $749,000. Pretty brick colonial with 1-car garage and screened porch. It also has 25 steps from the street to the front door. Ouch. Sunny living room, and a decently sized dining room. Truly updated galley kitchen with new cabinets, granite, and a gas range. Partially finished basement (with a fireplace!) with access to the garage. Half bath on the main floor in the paneled office/family room. The second floor is where things get squirrelly. An entry to the 3rd bedroom was closed off for some reason, and the access is now through the master bedroom. Technically, without its own entrance, it cannot be called a bedroom. An unfortunate update. Via this strange 3rd bedroom is access to a walk-up attic which serves as a large closet. Some pluses, some minuses. Still, for the price, it’s a nice entry into the neighborhood. As of 9/4 UNDER CONTRACT[space]
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If you’re in the market for a new home, give us a call or fill out the form below. We’ve been working with Chevy Chase buyers and sellers for over 20 years combined. We would love to help.
We’ve been complaining about a lack of inventory for a while now, but recently, the market has been behaving in a rather frenzied way, all benefiting the seller. In the close-in Bethesda/Chevy Chase/DC market, the well priced and well-appointed homes are receiving multiple offers within days of hitting the market. Used to be that one could wait for the weekend open house. No more. So, as a buyer, what can you do to outwit the competition and get your offer accepted?
So, how do we feel about this uptick in activity? A little cautious, honestly. We’ve seen our share of distress among home owners that bought at the tip of the market and then found themselves in the position of having to sell just a few years later. It’s hard to advise people to pull out all stops to get a house without our crystal ball on hand. Turmoil in Europe, our upcoming election, super low interest rates, or traffic on Wisconsin Avenue all factor into local housing decisions. Thankfully, we’re operating in one of the few healthy markets in the country. We’ve almost made a full recovery from our 10-15% decline.
The bottom line is, we’re good at telling you how to get a house, but a lot more hesitant about telling you whether or not you should get it.
Perhaps more homes will hit the market once September rolls around? Hard to tell. But for now things are moving at break neck speed. If you are searching for housing in the Bethesda/Chevy Chase/DC marketplace, please get in touch. We’d love to help.
Bethesda MD 20816 is home to a lot of pricey neighborhoods. In 2011, the average sales price for homes in the 20816 zip code was $859,135 with a total of 213 sales. Popular neighborhoods within 20816 include: Glen Echo Heights, Woodacre, Westmoreland Hills, Sumner, Westhaven, Brookdale, Greenacres, Springfield, Brookmont, & Tulip Hill. Check out the map of 20816.
As of August 1, 2012, the top three CHEAPEST single family homes within the area are….
5204 Sangamore Road. Brick cape on a somewhat busy corridor. Big lot at 12,000 s.f. 2-car garage with breezeway to house. Screened porch (gotta love that!). Older kitchen. Pretty hardwood floors. 4 bedrooms, 2 full baths and 2 half baths. Requires 24-hours notice to show, so plan ahead. Located in Glen Echo Heights. Listed with Prestige Properties. Days on Market: 64
6008 Namakagen Road. Brick and siding cape with 4 bedrooms and 2.5 baths. 1-car attached garage. Needs a lot of TLC. Kitchen looks original. Big family room over garage. Good space on the first floor, including a sun room off the kitchen. I think there are probably some decent hardwood floors under the aged carpet. Baths look original. Decent space for the $ and the neighborhood. Located in Glen Echo Heights. Listed with Allied Realty. Days on Market: 0
5119 Westridge Road. This one is cute. Sits on a private cul-de-sac. Within walking distance to Westbrook Elementary School. 4 bedrooms, 2 full and 2 half baths. Older kitchen, but by no stretch original (1970s?). Gleaming hardwood floors. Nice family room off of the kitchen. Spacious basement with covered patio. Only complaint… yard is sloped an not easily used. Upside: it’s woody and private. Located in Westhaven. Listed with McEnearney Associates. Started off at $769,000. Days on Market: 50
If you would like to take a look at any of these homes, let us know! And feel free to pass this along to a friend.
