MoCoRealEstate

Archive for November, 2009

November Housing Inventory Update for Montgomery County

November 21st, 2009 Categories: Market Updates

How low can you go?  That’s the question for housing inventory in Montgomery County.  Total available homes dropped 6.5% from mid-October.  For the year, inventory is down over 34%.  The total number of distress sales has been flat over the last couple of months.  Since total inventory has shrunk, distress inventory is a larger part of the total – about 27%.

Compared to 2008, transaction volume is blazing.  Volume in October was nearly double Read the rest of this entry »

Posted by Bruce Lemieux | Leave A Comment

Potomac Foreclosure Home Tour

November 18th, 2009 Categories: Foreclosures, Potomac

Inventory remains super high for the most expensive homes in Montgomery County, so I expect to see distress sales for some time in this market segment.  Here’s a summary of three upper bracket homes in Potomac that I previewed this week:

11752 Lake Potomac Drive, Potomac

This home is an imposing wall of bricks.  It’s big with 7,000 sq feet of living on the main two levels and about 4,000 more on the finished lower level.  From the street, it’s classic, regal and impressive; but the layout and finishings inside are a bit bewildering.  Except for hardwoods in the library, the entire main level has granite tile flooring which most buyers would find cold and impractical.  The main level has a traditional room layout, but the upper level is maze-like – I would describe it if I could.  The lower level is bright and usable.

For a bank-owned property, it’s in good shape.  Still, especially with a home this size, a buyer will likely make significant investments to bring out its true potential.  The previous owner paid Read the rest of this entry »

Posted by Bruce Lemieux | Leave A Comment

Explore the Newseum

November 15th, 2009 Categories: Things to Do

Associated Press - Slava Veder

A visit to the Newseum is a great way to spend a day in Washington D.C.  This museum is dedicated to news and media and is located within site of the U.S. Capitol next to the National Gallery of Art.  This gleaming facility is huge with seven levels that truly offers something for everyone.  You’ll find sections of the Berlin Wall, multiple theaters, interactive news studios and a lot more.

We made our first visit last weekend.  If I had to pick a favorite gallery, it would likely be the Pulitzer Prize Photographs Gallery.  Every Pulitzer Prize photo awarded is on display with background information from the photographer.  It may be the most “low-tech” gallery, but the photographs and stories are hypnotic.  This fantastic photograph by Slava Veder of the Associated Press captured the return of a Vietnam POW in 1973.

Here’s a couple of tips for a visit. Buy tickets online and save 10%.  The ticket is good for two consecutive days, so if you are planning to spend a couples of days in D.C., then I would make this an early stop in case you want to drop by on the next day.  If you drive and park, I normally have good luck finding a spot on East Capitol Circle on the weekends.  When parking karma isn’t so good, my trick is to circle a block, look, circle and then finally pay for parking (I seem to do this a lot when visiting the National Mall).

Posted by Bruce Lemieux | Leave A Comment

Is It Time to Move-up in Montgomery County, Maryland?

November 9th, 2009 Categories: Buying

The U.S. Government thinks so.  Last week, the $8,000 first-time homebuyer credit was extended and enhanced to provide a $6,500 credit to current homeowners who purchase another home as their primary residence.  Here’s the basics for the move-up credit:

• A ratified contract must be in place by April 30th, 2010 and close by June 30th
• Home purchases over $800,000 do not qualify
• A buyer must be in their current home 5 of the last 8 years
• The buyer’s income must be below $125,000 or $225,000 for married couples
• The credit can be claimed on your 2008 or 2009 return

Unfortunately, there’s quite a bit of fine print with this credit.  The National Association of Home Builders and IRS have FAQs to review.  You should also talk to your accountant to make sure you qualify.

Contact us if you are planning a move in the coming months and we can help you get started.

Posted by Bruce Lemieux | Leave A Comment