Selling Potential

By Kevin

Looking for a four bedroom house can be tough in the DC. You have to pay more than you think reasonable -- even for a potential third bedroom in an allegedly four bedroom home.

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-- December 29, 2005 1:00 PM |

Comments

dave s wrote:

Don't do it! Prices seem very unlikely to rise anytime soon - no one is confident of continued increases, so spec interest is dropping. This should mean prices either stay level, with increasing number of listings available, or drop. Either way, rent for a year and wait for all the ARMs to adjust up. (easy for me to say, I know, since I've been in my house since 1985...)

-- December 29, 2005 1:43 PM ∞

Kevin Brancato wrote:

I'm in an interesting position. My 5-1 ARM will readjust in October 2006, though the rate is unlikely to change much... However, I own a condominium with substantial equity. And it is likely to face much larger price pressure (from the slew of new condo construction and rental conversions slated to arrive in 2006) than the four bedroom home market.

-- December 31, 2005 10:59 AM ∞

Enocj wrote:

I don't get it - it says 4 bedrooms, and I see 2 actual bedrooms plus a "potential" third. Where's bedroom #4 (actual or potential)?

I would definitely sell that condo, but I don't know if I'd buy a townhouse as a result, even in old town. There are a lot of townhouses in this town, too...

-- January 1, 2006 4:30 PM ∞

triticale wrote:

How much equity have you got there? How much cut in pay do take by moving? I'll sell you my 4800 square foot 18 room mansion in Milwaukee for a quarter mil. And the worst of it's in better shape than that potential bedroom.

-- January 6, 2006 1:36 AM ∞

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