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Over 65 Cash Offers for Property >$300k in DC Area
Posted on 2/22/21 at 12:06 pm
Posted on 2/22/21 at 12:06 pm
Just heard back from the realtor on a property in a neighborhood near DC. It needs a full renovation but is in a good location. Asking is >$300k and it would be worth ~$500k once it's renovated.
Apparently there were over 65 cash offers on the property... This market is insane.
Apparently there were over 65 cash offers on the property... This market is insane.
12
Posted on 2/22/21 at 12:07 pm to LStU
quote:
near DC
Posted on 2/22/21 at 12:09 pm to LStU
I'm in Leesburg........15 offers on day one for a townhouse down the road from my home. That was considered low in this market.
Buyers are waiving appraisals, inspections and making purchases sight unseen right now. Also adding in escalation clauses to go WAY WAY WAY above asking price.
Buyers are waiving appraisals, inspections and making purchases sight unseen right now. Also adding in escalation clauses to go WAY WAY WAY above asking price.
Posted on 2/22/21 at 12:10 pm to LStU
The cost of living in the DC metro is exactly why we need to move about 80% of government organizations to other cities across the country.
No reason to have everything in an expensive area. The FBI in particular would do well in Memphis or Detroit.
No reason to have everything in an expensive area. The FBI in particular would do well in Memphis or Detroit.
Posted on 2/22/21 at 12:10 pm to LStU
I'm trying to buy rural property an hour or a little more south of that location in a year or two.
My anxiety is going up by the day over this
My anxiety is going up by the day over this
This post was edited on 2/22/21 at 12:11 pm
Posted on 2/22/21 at 12:11 pm to LStU
Because everyone hears the giant sucking sound as Democrats really get the tax machine cranking and hoovering all our income to DC.
They want in on all that sweet, sweet gubmint money.
They want in on all that sweet, sweet gubmint money.
Posted on 2/22/21 at 12:11 pm to LStU
A $300k property in the DC area? That is either a marginal area, a bad property or both.
Posted on 2/22/21 at 12:15 pm to jlovel7
I found a decent lender on developed and undeveloped lots. Let me know if you need a one.
Posted on 2/22/21 at 12:15 pm to SloaneRanger
quote:Maybe it's a closet
A $300k property in the DC area? That is either a marginal area, a bad property or both.
Posted on 2/22/21 at 12:16 pm to Epic Cajun
It's a full renovations. But yes, $300k in DC area is rare. Land is worth at least $200k. Taxes will still be $7k/yr for the land and gutted home.
Posted on 2/22/21 at 12:17 pm to SloaneRanger
quote:
A $300k property in the DC area? That is either a marginal area, a bad property or both.
Or was way underpriced, in order to drum up attention, and now can try to create a bidding war between a few
Posted on 2/22/21 at 12:17 pm to member12
quote:
The cost of living in the DC metro is exactly why we need to move about 80% of government organizations to other cities across the country.
No reason to have everything in an expensive area. The FBI in particular would do well in Memphis or Detroit.
Would just drive up in those areas. The whole reason DC is expensive is because of the government and lobbyist
Posted on 2/22/21 at 12:18 pm to LStU
Houses in the Dallas suburbs ranging from 500-800k are going significantly over asking and all cash. Appraisals waived and many purchased sight unseen within hours of hitting the market.
I don’t see this changing without more inventory.
I don’t see this changing without more inventory.
Posted on 2/22/21 at 12:21 pm to LSUTOM07
Just got off the phone with an agent in the Frisco area. She said houses are going 20k-50k over ask.
Posted on 2/22/21 at 12:21 pm to LSUTOM07
quote:
Houses in the Dallas suburbs ranging from 500-800k are going significantly over asking and all cash. Appraisals waived and many purchased sight unseen within hours of hitting the market.
I don’t see this changing without more inventory.
Same here in Austin, even the surround areas, Round Rock, Cedar Park and Leander
Posted on 2/22/21 at 12:23 pm to NoSaint
quote:
Or was way underpriced
so a swamp rat politician's kid can be the one to get it at way below market value.
Posted on 2/22/21 at 12:25 pm to LStU
quote:
>$300k and it would be worth ~$500k once it's renovated.
quote:What is it, a gas station bathroom?
in DC Area
Posted on 2/22/21 at 12:26 pm to Bestbank Tiger
Who is buying though? I don't get this market? How is it hot all of a sudden? People moving from other areas? Its not like there was a baby boom 20 years ago?
Posted on 2/22/21 at 12:28 pm to CP
quote:
Just got off the phone with an agent in the Frisco area. She said houses are going 20k-50k over ask.
Most houses in our neighborhood are being sold before they actually hit the market. The ones that make it on the market open bidding frenzy. It’s crazy.
Posted on 2/22/21 at 12:31 pm to LStU
Your tax dollars propping up more bureaucrats and defense contractors.
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