MoCoRealEstate

Most Expensive Sales in 2011

January 19th, 2012 Categories: Luxury Homes

The market for luxury homes in Montgomery County rebounded somewhat in 2011.  In 2010, we saw one resale at $10M, then the next four highest sales prices were from $3.7M to $4.oM (here’s the full article).  So how does that compare with 2011?

Here’s the top 5 sales for 2011:

• 5215 Edgemoor Lane, Bethesda – $10M.  This home didn’t hit the open market and had a tax assessment value of $2M.  This is striking example that shows a home’s market value and it’s tax value are often worlds apart.
• 9121 Burdette Road, Bethesda – $5.8M.  Another one that never hit the open market.
• 5630 Wisconsin Avenue #1701, Chevy Chase – $5M.  This penthouse condo in Somerset has over 4,200 square feet of living space.  The condo fee alone is over$ 3,300/month.
• 9000 Burning Tree Road, Bethesda – $4.365M.  New construction in Bethesda.
• 9905 Bentcross Drive, Potomac – $4M.  30,000 square feet of living space with 9 bedrooms, 15 full baths, indoor pool, 6 car garage and more.

Looking at the top five sales in the last three years, 2011 was definitely stronger than 2010 and somewhat comparable to 2009.  We’ll see how 2012 plays out.

 

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A Refreshed MoCoRealEstate for a New Year

January 3rd, 2012 Categories: In General

This site is a constant work in progress.  Our hope is that it gets better, more informative and easier to use with each revision.

The home page has been decluttered and points visitors to featured content on the site.  This page will definitely continue to change in the coming months, so expect a new look every few weeks.

More substantive changes have also been made.  Primarily, the Schools Pages have hit the books.  The main navigation map has been cleaned-up, and an interactive grid with each high school mascot was added for quicker access to schools of interest (how many high school mascots do you know?).  We also went through a years’ worth of sales data by school cluster that allow you to quickly select a cluster and see its home pricing trends.  Navigation for each school page was improved, and detailed test scores for all schools in all clusters were added.  See an example for the Bethesda-Chevy Chase Cluster.

Another improvement was the addition of a comprehensive set of pages to help visitors understand how to find homes in Montgomery County.   Check out the interactive zip code map (you gotta know your zip codes when looking for homes), and a comprehensive guide showing all home prices by home type within Montgomery County.  We get lots of calls from buyers wanting to understand home prices when starting their search.  This resource will hopefully be a great starting point to help buyers quickly zero-in on areas the meet their goals.

We hope you enjoy the changes.  Your comments and feedback are always welcome.

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Overview of MoCo Home Prices

December 27th, 2011 Categories: Buying, Market Updates

Take a tour of Montgomery County and quickly get up to speed on home prices throughout the county.

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Understand Home Listing Status

December 14th, 2011 Categories: Buying, Selling

We often get questions about homes that are under contract.  When a home is first introduced to the market, it’s status is “Active”.  Once ownership finally transfers, the status is “Sold”.  That’s simple enough.  In between, however, there are a couple of different ‘Contract’ statuses that can be confusing.  Here’s an overview of typical listing status changes.

Active. Home is fully available. Seller may be negotiating a contract with a buyer, but seller can still consider another offer. Contract – No Kickout. Seller cannot accept another contract. Basic buyer contingencies (home inspection) outstanding. Contract. Buyer and Seller are locked-in to a contract. Buyer financial contingencies could still be outstanding. Sold. Title has been transferred from seller to buyer.

Contract with  Kickout.  Seller can accept a  ‘backup’ contract and can ‘kick-out’ existing contract.  Typically used with a home sale contingency.

Contact us anytime with questions about homes in Montgomery County.

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More Extreme Downsizing

December 7th, 2011 Categories: In General

We just helped a client downsize to a cozy (realtor-speak for “small”) brick ranch in Silver Spring.  Our buyer has  fantastic ideas for renovating the space into something really special.

We like small living spaces since it really forces you prioritize what’s important in a home.  A few months ago I added a post on a 320 sq foot single family home that featured exceptionally creative use of space.  The video below goes further – even smaller at 260 sq feet, and even more creative inside.

I like the idea, but my my desk sometimes requires close to 260sq feet of space (important papers, PCs, Starbucks cups, beer bottles, etc), so this is too ‘cozy’ for me.

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Deal of the Year in Darnestown?

December 6th, 2011 Categories: Darnestown, Foreclosures

This bank-owned home in Finegan Farm in Darnestown came on the market in late summer.  At the time I said this was a screaming deal at $1.1M.  I know that they had an at least one offer over $1M in the summer, but a mix of inflexibility and unresponsiveness killed that deal.  I’m sure they had others.  It finally closed today with a final price – $955,000.  Shockingly low.   This price would be understandable if this home was in poor condition, but it wasn’t.  Properly marketed and negotiated, this home should have settled for something closer to $1.2M.

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Short Sales Under Contract

October 28th, 2011 Categories: Foreclosures

This is the last part of three posts looking at short sales in Montgomery County.  After summarizing available short sales, short sales that close, let’s take a look at the number of short sales currently under contract.

Just about half of all homes currently under contract is a short sale. I suppose that if a short sale takes three to four times longer to close, and 13% of homes sold are short sales, then about half of all contracts would be short sales at any given time.  Does that math work?  As with all things related to short sales, the math takes a lot longer to work out.

Your thoughts and comments on short sales, and the real estate market in general, are always welcome.

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Modern Colonial with a Stunning Back Yard

October 26th, 2011 Categories: Germantown, Our Homes

This sparking colonial features bright interior spaces and sits on a spectacular yard.  Extensive outdoor entertainment areas are ideal for amazing sunset views. Which is better: this inside or outside? See all the details and take a video tour at www.AutumnCrestRd.com and decide for yourself.

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Where Are All the Short Sales?

October 26th, 2011 Categories: Foreclosures

We frequently get calls from buyers looking for distress sales in Bethesda or Potomac.  With so many home owners in distress, surely one can get a great deal in these areas.  For sure, buyers can find distress sales in all price segments and all areas of Montgomery County.  But distress sales are still rare in our hottest and most expensive areas.  As a followup to an analysis of the number of short sales that actually close, I took a look at current inventory to see where short sales are located, and how are they priced.

The vast majority of short sales are for entry-level homes — homes priced under $400,000.  And, as expected, areas in Montgomery with the biggest inventory of entry level homes have the most number of short sales.  Still, higher-priced distress sales still come on the market.  See all luxury distress sales – short sales and bank owned properties.

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How Many Short Sales Actually Close?

October 25th, 2011 Categories: Foreclosures

I’ve been waiting on a bank to approve a short sale for months now (one loan, one bank – you would think it would be simple). This made me wonder how many short sales actually close in Montgomery County, and how long do they typically take? And, given the difficulty and frustration involved with a short sale, how many sellers simply give up? I’ll go through my methodology below, but first, here’s the results:

 

Getting solid, reliable data on short sales may be impossible. To get this summary, I took a look at all closed sales so far in 2011 in our MLS. This data is good, but it’s not perfect. When an agent enters a listing in our MLS, they should note if the listing is a short sale. Many times, they don’t. And, they should accurately indicate a home’s contract and close date. This also doesn’t happen for many listings. Still, this is the best data available and still shows some interesting trends. Read the rest of this entry »

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October Market Update

October 20th, 2011 Categories: Market Updates

Compared to August, September was a relatively stable month – the key word being “relatively”.  Congress was quieter, but the stock market was still very volatile.  For buyers, interest rates were at historical lows which helped push overall activity up compared to last year.  Still – all market segments are not trending the same way.  Sales of upper bracket homes are trending down reversing a positive trend from the end of last year.

This video update goes through the numbers.

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Brick Beauty in North Potomac

October 5th, 2011 Categories: North Potomac, Our Homes

This home has been maintained and improved by its original owners.  This home has a manicured yard surrounded by green space. The inside is just as nice with hardwood flooring and bright rooms on three finished levels. See pics and take a home video tour at www.MoselTerrace.com.

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Redfin’s Stats They Don’t Want You to Know

October 2nd, 2011 Categories: Market Updates

Redfin released their Redfin Scouting Report this week which created quite a kerfuffle. With it, anybody on the web can enter an agent’s name in any of the areas they serve and see listings and sales by all agents – not just Redfin agents. By providing detailed agent statistics, Glenn Kelman, Redfin’s CEO, proclaims it “will help you make a better choice about which agent to hire, and hopefully that choice is more often to hire a Redfin agent”.

Well I don’t like it for a number of reasons. My initial objection was that Redfin didn’t have explicit permission to use MLS data in this way. To participate in our MLS (the Metropolitan Regional Information System, or MRIS), competing brokers agree to a common set of rules in order to share listing data to the great benefit of all consumers. That’s how I’m able to provide my visitors with a complete set of all homes for sale in Montgomery County. Redfin broke these rules when they published a view of sales data by all agents for all brokers without explicit permission. MRIS agreed this wasn’t right so they pulled the plug on it. Consumers may not be sympathetic to that argument, but this issue may not be so much about limiting consumer transparency as it is about one broker breaking the rules to serve its own interests.

Here’s what Redfin’s scouting report won’t tell you:  Redfin is not very good at selling homes. That’s what our MLS data says.  If true, why would Redfin Read the rest of this entry »

Posted by Bruce Lemieux | 6 Comments »

September Real Estate Market Update

September 17th, 2011 Categories: Market Updates

August was a crazy month.  As unemployment stayed stubbornly high, the congress took it upon itself to create the federal debt-default crisis.  As that crisis passed by, a credit downgrade from S&P was simply too much sending the stock market down over 10%.  Only to come back up.  Only later to be greeted with an earth quake and hurricane Irene.  Ugh – my head’s still spinning.

I suppose we should be grateful that any homes sold in August as a result.  Homes sold, but the stats tell me that the market took a step back in August.  This video update goes through the numbers.

 

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SAT Scores for MoCo & Metro D.C.

September 14th, 2011 Categories: Schools

SAT scores for the class of 2011 hit the web today. There’s good news – and there’s bad news.  The good news first.  Montgomery County performed significantly better than the national and Maryland average as shown in this chart.

Now the bad news.  We can be a little competitive with our test scores in Montgomery County, so being 17 points behind Fairfax County (our arch-nemesis) is not to be taken lightly.  I expect this may initiate a mass migration across the Potomac into Virginia.  Of course, when you’re ready to move to Fairfax, give us a call.  In addition to keeping track of school stats, we also sell homes.

But first, wait until I update scores for each high school once they are available.  Your high school just may be doing even better than these averages.  So don’t break out the moving boxes just yet.

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How Much Do Homes Cost in Montgomery County?

September 7th, 2011 Categories: Uncategorized

We get this question a lot.  Of course, the answer depends on where you want to buy in Montgomery County.  Looking for a nice single family homes in Bethesda priced under $600,000?  Good luck.  You may find one, but it probably won’t meet your “nice” criteria.  How about a nice single family home in Clarksburg under $500,000?  Now we’re talking – this is definitely doable.

To help you understand home prices in Montgomery County, we’ve added an interactive chart that will get you up to speed in just a few clicks – go to the ‘Buying’ section and click away.

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Back to School: The Most Wonderful Time

August 28th, 2011 Categories: Schools

I love my kids.  But I love them more when they are out of the house and in school.  Monday is the first day of school in Montgomery County, and I couldn’t be happier.  Our school system is a huge enterprise.  Here’s some stats from their back to school summary starting the 2011-2012 school year:

• 98,000 Students
• 100,000 bus miles every day (that’s 4 times around the equator — every day)
• 40,000 bus stops
• 1,200 buses
• 2,500 more students added this year
• 105 additional classrooms
• Two new schools opening: Cabin John Middle School and Farmland Elementary School

I’ll be humming “it’s the most wonderful time of the year” for at least a week.

 

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MoCoRealEstate.com Even Better

August 28th, 2011 Categories: In General

This site has resembled road construction on the Beltway at Tysons corner lately (OK – it’s not even close to that nightmare).  In addition to cosmetic and navigation improvements, some big improvements have been made:

• Bigger and Better School Pages.  School pages are really popular on this site, so these have all been totally renovated.  Now, in addition to seeing boundary maps and homes for sale, I’ve added a detailed list of all special programs available, test scores and demographics for all schools in a cluster – elementary, middle and high schools.  Quickly access MCPS’ school reports and individual school sites all in one click.  Check at an example at our page for the Whitman Cluster.
• Improved Home Search Capability.  Our home search now shows open houses and is optimized for finding homes on your mobile phone.  There’s nothing to download – just access our home search from your mobile phone or tablet and you will be sent to a search optimized for mobile searching.  Bookmark the site on your mobile phone and come back anytime.
• Home Buying Videos.  Videos that walk you through the home buying process and move-up strategies have been added.

We also welcome your thoughts on what you like about this site, and how to make it better.  Make a comment and let us know what you think!

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Montgomery County Market Update for August

August 16th, 2011 Categories: Market Updates

The stats for real estate contracts for July have been crunched. Compared to July 2010 contracts were up 24%. That’s a big number, but what does it tell us? It’s a good thing, that’s for sure. However, comparing anything to 2010 is tricky given the effects of the federal tax credit. In this video, we review activity over the last five months and see how it compares to last year.

With all the craziness in Washington (dept ceiling hostage crisis, federal credit down-grade), stock market ride and general discontent, it will be interesting to see how August pans out.

Contact us anytime if you are planning to buy or sell in Montgomery County, or have any questions about our real estate market.

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Fabulous Foreclosure in Finegan Farm

August 9th, 2011 Categories: Darnestown, Foreclosures, HOTW

It’s rare to describe a foreclosure that ‘shows like a model’, but this is the best way to describe huge, bank-owned Craftmark home.  It’s a massive home with about 10,000 square feet of living space on four finished levels.  Flooring is top-notch throughout – hardwood floors on the main level, premium textured carpet and premium ceramic tile in all the baths.  The kitchen has premium cherry caps, granite countertops and stainless-steel appliances.  At $1.1M, this is easily the best deal Read the rest of this entry »

Posted by Bruce Lemieux | 1 Comment »

$9.9M Home in Darnestown

August 4th, 2011 Categories: Darnestown, HOTW, Luxury Homes

This sprawling brick estate features 35 acres, 9-hole golf course, pool, tennis court, basketball court and guest house.

Nice. Very nice indeed.  The most breath-taking feature of this home, however, is it’s asking price at $9,900,000.  Darnestown and North Potomac are amazing places to live, but super-affluent buyers in this area flock to Bethesda, Chevy Chase and Potomac (here’s an update of the luxury market in Montgomery County).

The owners paid Read the rest of this entry »

Posted by Bruce Lemieux | 1 Comment »

July Market Update for Montgomery County

July 26th, 2011 Categories: Market Updates

It’s hot outside, and the market’s hot – or not – depending on where you’re at in Montgomery County, Maryland.  Here’s an overview of the current state of our market.

 

Overall Contract Activity

OK, let’s jump into the numbers. The first metric to review is the total number of contracts from March through June. The rush to get the 2010 tax credit distorted the timing of last year’s activity, but hopefully looking at a four month period will Read the rest of this entry »

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Strategies to Make a Move

July 15th, 2011 Categories: Buying, Selling

If you own a home and need to make a move, you can take several strategies to get it done.  There is no single, best way to make this happen.  The most financially conservative approach will require two moves — not a problem if you’ve been looking for an excuse to move in with your family.   If the thought of living with your parents or children doesn’t have a strong appeal, then maybe you should buy, sell and carry a couple of mortgages.  What works best for you? Check out this article and watch the video to review several strategies to make it happen.

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Making a Move with a Home Sale Contingency

July 12th, 2011 Categories: Buying, Selling

Which is easier:  juggling knives on a unicycle, or buying and selling a home with a home sale contingency?  Although we’ve tried juggling (we’re not very good at it), we’ve never attempted riding a unicycle.  We have, however, helped many clients move from one home to another with the protection offered by including a home sale contingency.  Go to this article and see a detailed video and all of the steps involved.

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Extreme Downsizing

July 4th, 2011 Categories: In General

Last week we helped a client downsize from a single family home on 16 acres to a one bedroom condo — a huge lifestyle change for our client. There’s lots of benefits to downsize. Reduced living expenses is typically the biggest benefit from downsizing. Most find that selling and discarding years’ worth of stuff and eliminating many maintenance chores is very liberating.

This weekend, I found this video tour of a 320 square foot home for a family of three. This is downsizing to the extreme.

Posted by Bruce Lemieux | 1 Comment »

Ignore Media Reports on the Market – at Least for Now

June 14th, 2011 Categories: Market Updates

Last year’s federal tax credit may be long gone, but the effects are still with us when market statistics are reported.  As a result, don’t panic – or rejoice – if you see headlines like the following:

• “Contracts in April Down 40% from April of Last Year” (the market continues to crater)
• “Contracts in May up 28% from Last Year” (the market is soaring! yeah!)
• “Sales in June significantly below Last Year” (again, cratering)

In early 2010, inventory was super low, and buyers went a little crazy and rushed to get homes under contract by April 30th.  As a result, last year’s monthly metrics were really distorted.  The chart below tells the tale.  Until we’re well past monthly activity from early 2010, take any headline with a grain of salt.

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June Market Update

June 13th, 2011 Categories: Market Updates

Here’s a video review of the Montgomery County real estate market in June 2010.

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Cool Contemporary Homes

May 2nd, 2011 Categories: HOTW

There are days when you just get tired of looking at colonial style homes in Montgomery County and the Metro D.C. area.  Here’s three cool contemporary comes worth checking out.

5104 Hampden Lane, Bethesda MD 20814

Details will disappear once the home sells.  Click here for the virtual tour.

We're sorry, but we couldn't find MLS # MC7534469 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

Read the rest of this entry »

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Sprawling Darnestown Colonial

April 13th, 2011 Categories: Darnestown, Our Homes

This custom colonial is designed for living large.  With an incredible seven bedrooms and six full baths, this home will accommodate a large family and extended guests.  Five brick fireplaces and refinished oak hardwood floors are highlights.  There’s a resort-sized pool, huge deck and more – see it all at www.FallingLeafDrive.com.

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Spectacular Seven Bedroom Estate

April 8th, 2011 Categories: North Potomac, Our Homes

This sprawling seven bedroom, six bath estate is surrounded by lush landscaping on over two acres.  Built by Craftmark, this home features soaring interior spaces, premium flooring, new Pella windows and more.  See all the details and pictures at www.HuntingHillWay.com.

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Brick Darnestown Estate on Over 10 Acres

March 4th, 2011 Categories: Darnestown, Our Homes

This sprawling brick colonial has a regal presence on over 10 acres.  Everything’s been improved with a new roof, renovated kitchen and baths, and professional decor throughout.  On the crest of the Agricultural Reserve, this home still enjoys a great commuting location.  Take a video tour and check out all the details at www.BellinghamCourt.com.

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Spacious Darnestown Colonial

March 4th, 2011 Categories: Darnestown, Our Homes

This traditional colonial home in Darnestown has a spacious floor plan and tons of improvements.  With gleaming hardwood floors on two levels, sparkling renovated kitchen and new finished basement, this home is move-in condition.  And the lot – we’ll it’s just spectacular.  Take a video tour at www.PlainfieldLane.com.

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Custom Darnestown Colonial

March 3rd, 2011 Categories: Darnestown, Our Homes

This brick colonial has one of the most beautiful lots you’ll see anywhere.  Amenities include a sparkling pool, lavish kitchen and a conservatory that overlooks the lush landscaping.  With five bedrooms on the upper level, this home provides plenty of space and comfort. Take a guided video tour at www.ScottishAutumn.com.

Posted by Bruce Lemieux | 2 Comments »

Sparkling Colonial in Potomac Chase

March 1st, 2011 Categories: North Potomac, Our Homes

This home has it all: three finished levels, large rooms, new kitchen and baths, and six bedrooms.  It could also have the perfect back yard with huge screened-in porch, deck and slate patio.  Better than new, this home is ready for a buyer to move-in and enjoy. Take a home video tour at www.FalconbridgeDrive.com.

Posted by Bruce Lemieux | 1 Comment »

Fantastic Split Level Home

February 25th, 2011 Categories: North Potomac, Our Homes

There’s a lot to love about this home.  The owners have renovated it from top to bottom and added an airy family room in the back. The kitchen is a delight with top-notch amenities.  See tons of pictures and take a video tour at www.RavenRockTerrace.com.

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5410 Griffith Road, Laytonsville

February 20th, 2011 Categories: HOTW

Home of the Week – February 21, 2011

OK, it’s been a few weeks since I’ve added a new ‘home of the week’.  The business of servicing our clients has been a full-time job and more lately.  To make up for it, we’re featuring a fantastic new listing in Laytonsville.

5410 Griffith Road is one of the most unique properties that I have ever seen.  This custom-built home sits high on over five acres and features some amazing details.  Views are spectacular Read the rest of this entry »

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Signs of Recovery for Luxury Homes in Montgomery County?

January 19th, 2011 Categories: Bethesda, Luxury Homes, Market Updates, Potomac

Sales of upper bracket homes have suffered over the last couple of years, yet 2010′s numbers show signs of a turnaround.  Is this the beginning of a recovery for this segment of the market, or are we seeing a dead cat bounce (apologies to cat lovers)?  Let’s take a look.

Most Expensive Sales in 2009 and 2010

Before we dig into the numbers, let’s look at the five most expensive sales in 2009 and 2010. Read the rest of this entry »

Posted by Bruce Lemieux | 2 Comments »

Montgomery County Inventory for January

January 19th, 2011 Categories: Market Updates

Housing inventory starts the year nearly 8% lower than mid-December’s level.  If we see normal patterns of inventory, we’ll bottom-out in February and then see a tsunami of new homes starting in March.  This month, distress sales (short sales and bank-owned properties) make up about 34% of the total.  The total number of distressed listings are down compared to December, but it’s a greater percentage of the whole.

For buyers this can be a great time to make a great deal on a home that’s been on the market a while.  Can’t find a home that suits your needs?  Just wait – more homes are coming.  For sellers, now’s the time to get ready for the spring market.  Contact us to get ready.

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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 Read the rest of this entry »

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Montgomery County Students Dominate Intel Science Search

January 13th, 2011 Categories: Schools

Our public school system has fifteen semifinalists for the 2011 Intel Science Talent search.  According to MCPS, this is the most semifinalists from any single school district in the U.S. (read the announcement on MCPS’s site).

Here’s a breakdown of the semi-finalists by school:

• Montgomery Blair* – 7
• Poolesville* – 3
• Richard Montgomery* – 2
• Walter Johnson – 2
• Winston Churchill – 1

The first three schools are county magnet programs.  Montgomery Blair and Poolesville have Read the rest of this entry »

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