MoCoRealEstate

Potomac Category

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 »

The State of Our $2M+ Real Estate Market

September 15th, 2010 Categories: Bethesda, Luxury Homes, Market Updates, Potomac

Even in today’s market, you’ll see sprawling new estates sprout up along River Road in Potomac.  A few of our clients heard that the upper end of the market was really strong, and others heard it was really soft.  So who’s right?  Let’s take a look at the stats.

Sales History Since 2005

Our market peaked in 2005/2006, so I went back to 2005 to summarize all sales for homes listed $2M or higher:

The sales stats show the demand for $2M+ homes has steadily declined since 2006.  I noted the Lehman Brothers Bankruptcy since it heralded the beginning of the current Great Recession.  Still, credit for high-end properties  tightened-up many months before that.  My own personal benchmark was a very tough $1M closing in March of 2008.  The buyer got what could have been the last jumbo loan with 5% down offered by Bank of America.

Taking a look at annual sales better shows this trend:

Location of 2M+ Sales

It’s no surprise that most of these home sales were located in Bethesda, Chevy Chase and Potomac.  What may be a little surprising is that practically all sales in Montgomery County occurred here – 98%.

Days to Sell

Let’s look at one more metric: time required to sell.  Compared to other price ranges, the most expensive homes have always taken longer to sell.  Since 2006, the average number of days to sell has gone up every year.

As home prices have come down, home buyers in this price segment can get a lot more house for the money.  Still, these trends tell us that downward pricing pressure is still very strong.  Contact us and we can help guide your home search in this market segment of Montgomery County.

Posted by Bruce Lemieux | Leave A Comment

Potomac Contracts in 2010

June 14th, 2010 Categories: Potomac

The overall contract activity in Potomac is 40% higher than 2009.  These statistics suggest that home prices have generally gone up this year with much stronger sales activity for homes priced over $600,000.  The market for homes priced $1.5M or higher, however, is still soft.  15% fewer homes in this price bracket have gone under contract so far this year.

Contact us for information about the market in Potomac and see these stats for other areas in Montgomery County.

Posted by Bruce Lemieux | Leave A Comment

Potomac Neighborhood Past Sales

January 2nd, 2010 Categories: Potomac

Not counting the last couple days of 2009, 451 homes sold for nearly $440 million in Potomac, Maryland.  2009 past sales for the most popular neighborhoods in Potomac can be accessed below. Check them out and let us know what you think.  Contact us for information on these or other Potomac neighborhoods not listed here.

Posted by Bruce Lemieux | 2 Comments »

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 »

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Potomac Pricing Trends

August 11th, 2009 Categories: Potomac

Contracts in Potomac for the last six months are up a tepid 8% compared to the same time period in 2008.  This stat doesn’t tell the whole story, however.  For homes priced $1.1M and lower, contracts are up a dazzling 35%.  For homes priced over $1.1M, contracts are down 36%.  Here’s the breakdown by price range: Read the rest of this entry »

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Notes from Tuesday Home Tour

July 28th, 2009 Categories: Darnestown, Foreclosures, Potomac

Tuesdays are traditionally a day for real estate agents in the area to preview homes and hold Broker’s Opens.  I took a look at a few homes with acreage in Potomac and Darnestown.  Here’s my impression of the most interesting ones I saw today.

Bank Owned in Potomac

I get a lot of questions about foreclosures in Potomac.  Normally, there isn’t much to report.  Today’s the exception.  19 Pettit Court came on the market on July 26th, is priced at $964,900 and is listed by Long and Foster.  This home has 3,900 sq feet of living space on the main two levels, sits on 2 acres and has a nice pool in back.  All the kitchen appliances and some light fixtures have been removed, but it’s in good showing condition.  The master suite and another bedroom is on the main level, and the upper level has 3 bedrooms.  A buyer would likely update bathrooms, replace some carpet and paint.  The cedar shake roof looks like it might be original (the home was built in 1978), but it’s hard to tell with cedar shake.  No funky smells and no obvious abuse.  Overall, I liked it.  It’s definitely priced to sell.  The previous owners paid $1,404,000 in 2005.

A Trip Back to the 1970s

13500 Deakins Lane in Darnestown sits on a jaw-droppingly beautiful lot of 13.5 acres.  One could mistake the  manicured back yard for a country club.  This home really gives off a strong vibe.  I’ve never met the owners, but I would bet this home has seen a lot of good times.  There’s definitely a lot of love here — sounds corny, but that’s how it feels.  The interior decor is a time capsule of the 1970s  — the shag carpet, the bold wall paper, the wood paneling — its all here.  I’m guessing that the buyer will fall in love with the lot and won’t mind bringing the home up to date.  It’s currently priced at $1,395,000.  Andrea Alderdice with W.C. & A.N. Miller/Long & Foster is the listing agent.

One Level Living with Nice Acreage

13520 Deakins Lane in Darnestown is listed for $1,199,000.  It sits on over 8 acres and has quite a regal approach.  The rooms are big and the hardwood floors are very nice.  The kitchen has been upgraded and every view outside is fantastic.  Built in 1964, it has some quirks.  The super low ceilings in the basement reduce the utility of the lower level.  I think the buyer on this home will place a high value on the main level layout and the privacy of the lot.  Andrea Alderdice with W.C. & A.N. Miller/Long & Foster also the listing agent on this property.
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Call us at 301-527-9079 or send an email for more info about these homes or any others in Montgomery County, Maryland.

Posted by Bruce Lemieux | Leave A Comment

Potomac Market Update

June 28th, 2009 Categories: Potomac

Looking to buy a home in Potomac priced under $1M?  Don’t be surprised to be competing with other buyers.  It’s a strong seller’s market Read the rest of this entry »

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Snapshot of Million Dollar Homes in Montgomery County

January 21st, 2009 Categories: Bethesda, Luxury Homes, Potomac

Amidst declining home values in Montgomery County, we still have a healthy market for homes in the upper brackets.  In 2008, 770 homes priced $950,000 or more sold for a total of $1.1 billion (with a ‘B’).  For all price ranges, about 8,500 homes sold for a total of $4.27 billion.  So even though 770 homes represents only about 9% of the number of homes sold, this was over 25% of the total sales volume for the year.

Over 80% of all homes in this price range sold in Bethesda, Potomac and Chevy Chase.  Of these areas, Chevy Chase has the Read the rest of this entry »

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20854 – One Zip Code, Two Worlds

December 8th, 2008 Categories: Luxury Homes, Potomac

Most people think of Potomac as an area of grand estates on large, leafy lots.  One can easily find breath-taking estate homes in Potomac, but this isn’t the only type of home here.  This is a big area with about 17,000 homes.  This zip code usually takes the top spot in Montgomery County for sales volume, and is normally in the top 10 for units sold.  As you get to know the area, Potomac has two distinct flavors. Read the rest of this entry »

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