Saturday, April 05, 2008

Is it soup yet?

I'm in Amelia Island, FL for a wedding this weekend. Before heading out to the beach in my new orthotic apparel, I read this article in the WaPo today. One snippet:

If you don't want to set up your own 67,000-record database, how do you figure out when and where to buy? Economists and others who study the real estate market say you can look at the neighborhood and the economy for clues.

  • A major indicator: the number of houses for sale in a neighborhood and the number of days they have been on the market.

I can tell you that in Tenleytown, homes are going under contract in a week if they're priced right. However, if they're not priced right and have the added touch of two cast cement lions on pedestals at the foot of the driveway, they're not selling: witness DC6615846.

The house was purchased in 2003 for $505,000. It was renovated last year and then encased in stone. The seller's set a ridiculous price of $1.7MM. The highest price recorded on that square was $1.15MM in late 2006; the last sale on the square was $680,000. The sale ain't gonna happen anywhere near $1.7MM. I love the lions.

One more thing: Shouldn't everyone have their own 67,000-record database?

Thanks for the mention, WaPo.

4 comments:

Anonymous said...

This house is right near my own and I pass it everyday when I go running. Those lions are ridiculous and so out of place for the neighborhood!

Ace said...

Keith, congratulations for your mention in the Post; that's how I found my way here. Wish you had a database for Arlington. Have fun at the wedding.

Anonymous said...

Keith,

We also saw the bit in the Post and are sure that traffic at your sites will continue to increase.

Do you have any guidance or data points on buying in a large community (>85 units) versus purchasing in a smaller one (30<)? We are looking in Capital Hill/SE. For example, should we expect different pricing structures/flexibility when dealing with the Axis (245 15th, SE) and Jenkins Row?

Thanks

Anonymous said...

I pass by that house every day too, my wife calls it the lion the witch and the wardrobe house. that price listing must be from narnia as well.