I remember at one point they stated that paying 3,000 rent was completely out of reach, but then they bought a house for close to 600K. Even with a big downpayment, that doesn't make sense to me.
They were looking in Takoma Park and I think ended up in 20910. I like Silver Spring and that is where I've been looking, but if I had a kid to educate and willingness to spend 600K on real estate, I'd be in Bethesda for the schools.
I was reading that blog as well, it was kind of ridiculous but entertaining. I too was a bit surprised they ended up buying in Silver Spring (though they tagged the post with 'Takoma Park' so they must be in denial). The house they chose didn't fit the description of what they were looking for AT ALL, from the style to the location. I'm also looking in 20910 and 20912, but at a much lower price point. 600k for that house seems outrageous to me. I grew up in MoCo and still can't wrap my head around the bubble pricing.
Were in the same boat, Jason. I've been looking in 20910 and surrounding for a couple of years now, but haven't gotten too close to pulling the trigger due to pricing. I'll definitely put up more house reviews as I see them, I hope others will do the same.
Yeah I was reading that blog too. In the last post he sounded as if he'd eventually post more details but never has. And now the listing's gone. I was similarly surprised at what a dumpy looking house they settled on, even if in my memory the list price was closer to $550k. It was so far from what they had said they wanted, like you said, Jason.
They just made no sense to me. They never explicitly stated just how much they had saved up over all those years, but they'd need to get the mortgage to under $400k to make it cheaper overall than a $3000/month rent.
Glad to have found this blog! I'm looking forward to the MoCo discussions.
I checked out that guys blog but looks like a lot of the links are dead at this point.
I agree about the schools Muffin Top, you're fine for elementary but middle school? Not so much. And high school? Fuggedaboutit.
In my hood-- inside beltway, walk to metro, near Ga. Ave-- a cute but really small house just closed -- not sure what for -- close to, but not at, asking price of $549K. Thing is the sellers bought this house one year ago for less than $47K! So inside the beltway DC is still pretty bubbly IMHO. True, the sellers renovated to the tune of almost 100K, so they did not get their money back -- but there's granite! But still, no way this is a 1/2 million dollar house!
Did anyone follow this short-lived blog on Slate, Newman's Own?
ReplyDeletehttp://www.slate.com/blogs/blogs/newmans-own/default.aspx
I remember at one point they stated that paying 3,000 rent was completely out of reach, but then they bought a house for close to 600K. Even with a big downpayment, that doesn't make sense to me.
They were looking in Takoma Park and I think ended up in 20910. I like Silver Spring and that is where I've been looking, but if I had a kid to educate and willingness to spend 600K on real estate, I'd be in Bethesda for the schools.
I was reading that blog as well, it was kind of ridiculous but entertaining. I too was a bit surprised they ended up buying in Silver Spring (though they tagged the post with 'Takoma Park' so they must be in denial). The house they chose didn't fit the description of what they were looking for AT ALL, from the style to the location. I'm also looking in 20910 and 20912, but at a much lower price point. 600k for that house seems outrageous to me. I grew up in MoCo and still can't wrap my head around the bubble pricing.
ReplyDeleteWere in the same boat, Jason. I've been looking in 20910 and surrounding for a couple of years now, but haven't gotten too close to pulling the trigger due to pricing. I'll definitely put up more house reviews as I see them, I hope others will do the same.
ReplyDeleteYeah I was reading that blog too. In the last post he sounded as if he'd eventually post more details but never has. And now the listing's gone. I was similarly surprised at what a dumpy looking house they settled on, even if in my memory the list price was closer to $550k. It was so far from what they had said they wanted, like you said, Jason.
ReplyDeleteThey just made no sense to me. They never explicitly stated just how much they had saved up over all those years, but they'd need to get the mortgage to under $400k to make it cheaper overall than a $3000/month rent.
Glad to have found this blog! I'm looking forward to the MoCo discussions.
ReplyDeleteI checked out that guys blog but looks like a lot of the links are dead at this point.
I agree about the schools Muffin Top, you're fine for elementary but middle school? Not so much. And high school? Fuggedaboutit.
In my hood-- inside beltway, walk to metro, near Ga. Ave-- a cute but really small house just closed -- not sure what for -- close to, but not at, asking price of $549K. Thing is the sellers bought this house one year ago for less than $47K! So inside the beltway DC is still pretty bubbly IMHO. True, the sellers renovated to the tune of almost 100K, so they did not get their money back -- but there's granite! But still, no way this is a 1/2 million dollar house!
That should have read $475K not $47!
ReplyDelete