MoCoRealEstate

8504 Churchill Downs Road, Gaithersburg

January 16th, 2011 Categories: Foreclosures, HOTW

Home of the Week – January 17, 2011

This bank-owned property is in pretty good condition.  Don’t get me wrong, you aren’t overwhelmed with “ohhs” and “ahhs” when you walk-in, but it you aren’t greeting by a wall of musty smell or drywall hanging from the ceiling.  Here’s a quick overview and tour of the street.

This street tells the tale of the roller coaster that has defined our market in the last 10 years.  These owners paid $930,000 in September of 2006, were unsuccessful trying to sell it for $1,080,000 in the summer of 2008 (here’s pics from that listing). After six months of trying, it came off the market, went to foreclosure, and now it’s back with a list price of $690,000.

If you find the story of this home depressing, then grab a tissue for plight of the neighbor’s home at 8508 Churchill Downs Road.  The previous owners paid $699,000 in 2003, refinanced for $855,000 in 2006, and tried to sell for $1,177,000 in 2009.  It was a good-looking house – check out the pics.  Elegantly appointed, great condition, nice colors, beautiful back yard.  Then, from a quick look at the title records, the bank took possession at the end of 2009.  Then, it reappears on the market for the price of… are you sitting down?… $249,500.  I was sure this was a typo until I read the agent remarks: “Bank will not allow access to property w/out a waiver… Handyman Special!….extreme water damage…. HOUSE HAS MOLD. Property sold AS-IS”.

This home went under contract in 2 days.  After a lot of work, someone will have snagged a great bargain.  Still, it came with what must have been significant personal pain for the owners.

Back to 8504 Churchill Downs.  Here’s all the details (these will disappear after the home goes under contract):

We're sorry, but we couldn't find MLS # MC7503912 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

Update: The listing price for this home was reduced to $598,000 on March 2nd and it quickly went under contract and sold for $598,000 on April 23rd.   It needed some work, but this was a very good deal for a big home on a very nice lot.

Posted by Bruce Lemieux

This entry was posted on Sunday, January 16th, 2011 at 8:00 pm and is filed under Foreclosures, HOTW. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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