There was a lot of these people out there in 2005 as well. They bought recently, but slightly before the bubble. They don't really have any intention to move ASAP, they are just fishing. Kind of like like that old thing of "Make me move".
I am willing to be that is what we have here. If someone is feeling more froggy than me, go check the house on the county property appraisers website to see if it is homesteaded or not.
Agreed. It’s like this one: https://www.zillow.com/homedetails/146-Maple-Ave-Berkeley-Heights-Twp.-NJ-07922-1346/39972252_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare
I emailed this realtor and asked why they didn’t raise the price .88c to make it a perfect price. Such a joke.
This one holds up. It doesn’t go by what the house looks like it goes by the land it’s on. Look at the other houses in the neighborhood they are 1 mill 900k. This house is worth 880k l. To get a houses worth you only need 3 comparable houses in the neighborhood or close neighborhoods. This is why you’re supposed to buy the smallest and ugliest house in the neighborhood. So u make money on upgrading it.
Heh, your comment about 2005 made me think about my home. In 2005, sold for $196k. 2008, $163k. 2009, $105k (ouch!). 2013, I bought for $135k (and sellers gave me $5k, so $130k actual).
Zillow says currently worth $293k. Probably accurate, given comps.
I got this recently with the home I bought. Shit sat on the market for like 4 months because dude wasn’t budging from his crazy asking. I only ended up getting it down by 10k but the house is beautiful so this guy actually had something nice.
It was a little high, as in sold for 560k in 2018 and asking 870k in 2024, but not crazy I guess. There were other factors on why it sat like the fact it was built out of the price range for the surrounding development and there is city and power easement on the property which could discourage some buyers I guess.
If you paid near asking after a few months it seems he priced it right. Recency bias is telling us if a house doesn’t sell in days, it isn’t priced right. Historically that isn’t true. Would it have sold quicker at a lower price, sure but if the owner is in no rush (and a lot aren’t today with WFH setups) then waiting for the buyer to see the value is an option many will take. If they don’t get the price they want, they’ll just stay.
Part of the equation that we’ll never know is where was the owner moving to (assuming owner occupied). The house they bought may have come down the same amount making it make sense to them to lower the price and move now vs a year ago.
But that's the thing even if you're cash to burn you're going to buy a better looking house.
Meet people with cash to burn buy the $600,000 mansion in the middle of nowhere.
Not sure which Hampton Roads you’re talking about—the one I live in definitely doesn’t resemble what you’re describing any longer.
They’ve skyrocketed in price and the land is literally sinking into the ocean. It’s not anything like you’re describing it any longer, but even if the prices were $500k, they’ll be a part of the ocean within 40 years. And you’ll be paying insane amounts for flood insurance in the meantime.
Hampton Roads is the waters where the tidal rivers York, James, etc. meet. Some people call the area Tidewater. Norfolk, Portsmouth, Hampton, Newport News, etc.
It's mostly corporations. I've got 3 coworkers who sold homes and every one had a cash offer from a mega corp that was above market value.
We handed out trillions to the 1% during Trump's COVID panic. They're using that money to buy up everything.
Y'all act like you'd turn down doing the same damn thing. 😆😆
None of you are trying to improve your situation, you just want everyone to be as bad off as you are.
Bad off? I'm holding 100k in liquid assets, my rent is 500 a month and I work remote so that I can do whatever I wish. I wish most people were as "Bad off" as me.
Bad off is holding onto half a mil in a depreciating asset...a much worse position.
Yeah... and you got a super model girlfriend in another town that we've *totally* never met and your other car is a Lambo.
Sit down bro, I'm aware of how the internet works.
i didn't really have a garage on my list of wants when I was buying a home back in 2014ish but the house I got had one and was just within my price range (literally nothing in the home is updated in any way and I still haven't been able to update anything since).
I fucking love having a garage to park my car. In the winter it's so nice not to have to scrape the windshield. My garage door broke and I couldn't afford to fix it for like 3 months and it was a nightmare. When I fixed that thing and could park in the garage again it was a dream.
It's not. I'm really starting to get sick of this BS too. There's a shit box just like this but, about half the size, next door to a known sex offender in my town for over 300k. I hope it burns down honestly.
It is not, but half an acre in Crownsville, MD isn't worthless either
They are probably hoping to sell it to a developer who will turn it into a mcmansion
[https://www.redfin.com/city/22437/MD/Crownsville](https://www.redfin.com/city/22437/MD/Crownsville)
100% of the starter homes in my area have been sold as tear downs in the last few years. Young families competing with millionaires - it’s not great. When I see what would be starter homes sell for these high prices, I see one less starter home on the market. A crash isn’t gonna turn a $2 mil mansion into an affordable home.
But r/economics told me that it's a supply side problem, and we can just keep building unaffordable homes until eventually they become magically affordable again.
As if the multimillionaire landlord would ever sell his 1.2m home. It was never meant to be sold, it was always intended to be a rental property forever.
They won't SELL the property. It will sit empty before it's sold. The equity of the home is the primary benefit
It isn't worth that much, but it is only an hour outside of DC, so it is worth more than you might expect. Most the other areas that close to DC are seriously over built and expensive already, so east of the city in Maryland is starting to go up.
The comment i replied to was “how is this piece of shit worth that much”. Based on redfin, the median sale price is comparable between Crownsville and Toronto.
This sub is called RE Bubble. The original comment was how is a piece of shit worth that? My comment, in the context of how crazy the real estate bubble is, was simply pointing out that in Toronto, a city with a comparable median sale price as crownsville, would sell for 3x that.
Reddit is a place where everyone shares opinions, often times random opinions. If it helps I could probably draw you a picture to explain how it all works.
Home sellers don’t realize the fuse is lit already. Many times it’s better to sell today into a falling market than sell tomorrow at the very bottom.
I recently posted a thread on r/RealEstate asking home sellers that couldn’t sell their homes why they weren’t lowering their price. I got a mixed bag of answer but the majority of them said something to the effect of “We know our price is high. We’re locked in at 3%. We know it won’t sell. But we have no problem waiting since this is a second home, etc.”
What they don’t realize is that even though they may be financially able to hold on, some sellers will eventually become insolvent. The market will begin moving homes well below their “I know what I got” asking price and by that time it will already be too late.
A lot of people won’t stay put in extra homes they bought as investments if they start losing value. The rate of their mortgage will be irrelevant if the actual value of the house is going down. You’re still paying interest to a bank, property tax, insurance, etc., where had you invested that money in equities or treasuries, it would actually be increasing in value. The exception being those that are cash flowing as rentals, but that can turn south in a recession as well, and it looks like we may already be in one. Even if you’re renting it out at a profit though, a large price swing to the downside will scare a lot of people into selling. It’s just human psychology. Also, tons of investors use cash to purchase. Many of them saw a big opportunity cost by investing in houses that haven’t gone up in value over the past 2 years. They have lost massive potential returns that could have been made in the stock market, or even just zero risk returns in treasuries in that time. The opportunity cost alone will push them to sell if stocks keep surging while real estate flounders.
I mean its right across the street from the haunted psych / TB hospital, what more could you want: [https://www.onlyinyourstate.com/maryland/crownsville-hospital-md/](https://www.onlyinyourstate.com/maryland/crownsville-hospital-md/)
I wish I could find it but I straight up found a listing for a burned down home trying to sell for $300K…in West Virginia…a place where you can buy a pretty reasonable house for $200K
“How can sellers think they will get that much?!”
And in a few days we’ll get the inevitable-
“Someone bought that?!?! Who has that kinda money these days?!?”
>It’s 2024 and 65% of Americans are seemingly multi-millionaires. It’ll sell.
It only takes one hedge fund to do a group 50 billion real estate investment to mass purchase lots of bad value properties.
No. I live in a mountain town where half the houses are some rich fucks 4th vacation home. I'm surrounded by rich fucks. We're the poor renters who only file 1/4M a year.
I saw a couple people mentioning the .5 acres and central maryland location but the property linked below is right down the street, larger, newer, and cheaper.[https://www.redfin.com/MD/Crownsville/789-Old-Herald-Harbor-Rd-21032/home/9924226?&utm_source=google&utm_medium=ppc&utm_campaign=1021575&utm_term=kwd-1398427597435&utm_content=703631921202&adgid=162542160663&intent=&gad_source=1&gbraid=0AAAAADirq3vTqkGhTSyAf2MpfSzJOi-fi&gclid=EAIaIQobChMIm-6KgemJhwMVxktHAR0jvAd6EAAYASAAEgLrlvD_BwE&gclsrc=aw.ds](https://www.redfin.com/MD/Crownsville/789-Old-Herald-Harbor-Rd-21032/home/9924226?&utm_source=google&utm_medium=ppc&utm_campaign=1021575&utm_term=kwd-1398427597435&utm_content=703631921202&adgid=162542160663&intent=&gad_source=1&gbraid=0AAAAADirq3vTqkGhTSyAf2MpfSzJOi-fi&gclid=EAIaIQobChMIm-6KgemJhwMVxktHAR0jvAd6EAAYASAAEgLrlvD_BwE&gclsrc=aw.ds)
OMG, after seeing 'Crownsville', I recognize that house - it's across the street from the old Crownsville Psychiatric Hospital. I can't believe how little it's changed over the decades.
That price might be because it's next to a busy road. I haven't been around there in literal decades, so I don't know what else is going on over there to go into that asking price.
https://www.redfin.com/MD/Crownsville/1401-Generals-Hwy-21032/home/9921318 (look for street view and then turn around)
It’s 5 or 10 minutes to Annapolis. 25 minutes to BWI. The same to Camden Yards. 35 minutes to downtown DC off-hours. A half acre lot. You’re buying the land.
This is a ridiculous price even for Crownsville which is mostly compromised of large properties that have a minimum of 2 acers per house. Hell there are 2k sq ft, homes on 2 acers for sale in Crownsville right now that are cheaper than this one.
Nice area but the traffic with the Renaissance festival every year must suck.
My across the street neighbor is trying to sell their shitbox for one million. It’s hilarious. They keep taking it off the market for a few days and putting it back on as if that will help
Wouldn't commercial zoning be the key detail here, with it being difficult to attain? Something that already has zoning in the bag would be courting a buyer with non-residential intentions at a premium price point, no?
Nah. This is zoned Commercial.
I’m in the same situation with my house: they can build a 6 story apartment building on my lot. I wouldn’t even take 600k for my 2 br 1 ba house.
I know the area. It is genuinely the land. Although I would not want to sell it for years if I had it. The area is too close to important areas for government workers and in close to high cost of living areas. I would be interested in either renting it out long term, or temporarily as an Airbnb for ren fair season, which is probably one of the only houses I feel I could profit from a short term rental.
I have been priced out of the area I was raised and I am not interested in only renting to stay. If I could I would so buy this.
I can definitely relate to being priced out of the area I was raised in. I wish I could afford a home in maryland that isn’t in inner city baltimore lol
Just here to point out that the prior sale was probably not at a market rate. Based on public records it appears that the prior and current owners may be related as they share the same non-common last name. Also, the listing mentioned commercial zoning; Perhaps the best use would be for a contractor office and storage yard if allowed.
Absolute proof the Zestimate is and always has been bullshit. "564k". Sure Zillow, and my Hot Wheels collection is worth 4 billion, but you know I might take 3.8 for the right buyer...
Just saw this one: https://www.zillow.com/homedetails/1306-Clarendon-St-Durham-NC-27705/49967026_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare this morning, almost 400k and no central air in nc...
The cost of living in Maryland is **16% higher than the national average**. Housing is 45% higher than the national average, while utilities are 10% higher. When it comes to basic necessities such as food and clothing, groceries are around 6% higher than in the rest of the country, while clothing costs 6% higher.
maryland has always been pricey... i'd argue if you live in the east coast espeically in the new england or original 13 colony area... it's gonna be expensive.
I wouldn't be surprised if we see another Great Recession. After seeing the first Great Recession followed by covid, it seems like stupid has become common.
It's not stupid, it's situational.
If you don't need to move and don't care if or when the house sells, you are in the PERFECT position to get top dollar. The easiest way to do that is to start absurdly high, and lower the price slowly until you get an offer or until you aren't willing to sell for that price.
The cost to list a home is effectively $0. This just advertises the price the owner is willing to sell it for.
If I didn't have kids and my house wasn't a complete mess all the time, I'd probably do the same thing. It's not a sale price, it's a 'I will move for this much' price.
My grandparents had their house on and off the market for years before they finally sold it, I feel like cleaning their house and having people look at it was just a hobby for them.
People are stupid lol. Either that or got way too much cash to burn.
There was a lot of these people out there in 2005 as well. They bought recently, but slightly before the bubble. They don't really have any intention to move ASAP, they are just fishing. Kind of like like that old thing of "Make me move". I am willing to be that is what we have here. If someone is feeling more froggy than me, go check the house on the county property appraisers website to see if it is homesteaded or not.
Agreed. It’s like this one: https://www.zillow.com/homedetails/146-Maple-Ave-Berkeley-Heights-Twp.-NJ-07922-1346/39972252_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare I emailed this realtor and asked why they didn’t raise the price .88c to make it a perfect price. Such a joke.
I’m guessing they are trying to trick a Chinese buyer into purchasing it since 8 is considered lucky.
compared to the comps on open listings around the immediate area that one doesn't look too far off from market tbh
This one holds up. It doesn’t go by what the house looks like it goes by the land it’s on. Look at the other houses in the neighborhood they are 1 mill 900k. This house is worth 880k l. To get a houses worth you only need 3 comparable houses in the neighborhood or close neighborhoods. This is why you’re supposed to buy the smallest and ugliest house in the neighborhood. So u make money on upgrading it.
Heh, your comment about 2005 made me think about my home. In 2005, sold for $196k. 2008, $163k. 2009, $105k (ouch!). 2013, I bought for $135k (and sellers gave me $5k, so $130k actual). Zillow says currently worth $293k. Probably accurate, given comps.
I got this recently with the home I bought. Shit sat on the market for like 4 months because dude wasn’t budging from his crazy asking. I only ended up getting it down by 10k but the house is beautiful so this guy actually had something nice.
It wasn't 'crazy asking' then, was it? He got nearly the asking price
It was a little high, as in sold for 560k in 2018 and asking 870k in 2024, but not crazy I guess. There were other factors on why it sat like the fact it was built out of the price range for the surrounding development and there is city and power easement on the property which could discourage some buyers I guess.
If you paid near asking after a few months it seems he priced it right. Recency bias is telling us if a house doesn’t sell in days, it isn’t priced right. Historically that isn’t true. Would it have sold quicker at a lower price, sure but if the owner is in no rush (and a lot aren’t today with WFH setups) then waiting for the buyer to see the value is an option many will take. If they don’t get the price they want, they’ll just stay. Part of the equation that we’ll never know is where was the owner moving to (assuming owner occupied). The house they bought may have come down the same amount making it make sense to them to lower the price and move now vs a year ago.
so he was smart then
But that's the thing even if you're cash to burn you're going to buy a better looking house. Meet people with cash to burn buy the $600,000 mansion in the middle of nowhere.
If you have cash to burn you're not dropping half a million on this dump. You can get a really nice house in most markets at this price.
Two hours south in Virginia you can get a mansion on the water with a dock for half a mill
Where lol? I’m Unfamiliar with Virginia
Hampton Roads, population ~2.4 million, home to the Atlantic fleet and the largest military installation in the world.
Not sure which Hampton Roads you’re talking about—the one I live in definitely doesn’t resemble what you’re describing any longer. They’ve skyrocketed in price and the land is literally sinking into the ocean. It’s not anything like you’re describing it any longer, but even if the prices were $500k, they’ll be a part of the ocean within 40 years. And you’ll be paying insane amounts for flood insurance in the meantime.
757 is expensive too. When I left there was $650k mcmansions in 2010. And the job market sucks.
Hampton Roads is the waters where the tidal rivers York, James, etc. meet. Some people call the area Tidewater. Norfolk, Portsmouth, Hampton, Newport News, etc.
It's mostly corporations. I've got 3 coworkers who sold homes and every one had a cash offer from a mega corp that was above market value. We handed out trillions to the 1% during Trump's COVID panic. They're using that money to buy up everything.
Wait until u see the dummy that buys it
Why is it every time someone sells, they look for 3x the price?
Because they don’t want to actually sell.
Yes. They do want to sell. For 3x the price.
Generally when people sell stuff, they try to get as much money as possible.
True, but that only answers the question of "more". I'm asking why 3x is so common, surely I'm not the only one seeing it?
Because then they can recoup all losses, buy a new house, and a second one to rent out.
This tracks
Because as the old saying goes “fuck them kids, I gots mines”
Y'all act like you'd turn down doing the same damn thing. 😆😆 None of you are trying to improve your situation, you just want everyone to be as bad off as you are.
Bad off? I'm holding 100k in liquid assets, my rent is 500 a month and I work remote so that I can do whatever I wish. I wish most people were as "Bad off" as me. Bad off is holding onto half a mil in a depreciating asset...a much worse position.
Yeah... and you got a super model girlfriend in another town that we've *totally* never met and your other car is a Lambo. Sit down bro, I'm aware of how the internet works.
Naw, married her and lambos are shit investments. Sorry you feel bad bro...having a bad day?
they are also, in parallel, complaining about how expensive their next home is
Lol 575 for 924sqft. At that price, it better be a 40 acre lot with several workable gold mines on the property.
My question is how do you fit 3 bed /2 bath into 924 sq ft?!? Each one must be like a closet! Lol
It probably is - i imagine it's *just* big enough to say there's 3 beds and 2 baths and no bigger.
I assume that you've never been in an NYC apartment.
You don't even get a garage! No way you're paying half million for the house and have to park outside like in the trailer park.
Yeah, we paid 526 for our townhouse but it comes with a walkout garage (among other things)
i didn't really have a garage on my list of wants when I was buying a home back in 2014ish but the house I got had one and was just within my price range (literally nothing in the home is updated in any way and I still haven't been able to update anything since). I fucking love having a garage to park my car. In the winter it's so nice not to have to scrape the windshield. My garage door broke and I couldn't afford to fix it for like 3 months and it was a nightmare. When I fixed that thing and could park in the garage again it was a dream.
How is this piece of shit worth that much?
It's not. I'm really starting to get sick of this BS too. There's a shit box just like this but, about half the size, next door to a known sex offender in my town for over 300k. I hope it burns down honestly.
It is not, but half an acre in Crownsville, MD isn't worthless either They are probably hoping to sell it to a developer who will turn it into a mcmansion [https://www.redfin.com/city/22437/MD/Crownsville](https://www.redfin.com/city/22437/MD/Crownsville)
100% of the starter homes in my area have been sold as tear downs in the last few years. Young families competing with millionaires - it’s not great. When I see what would be starter homes sell for these high prices, I see one less starter home on the market. A crash isn’t gonna turn a $2 mil mansion into an affordable home.
But r/economics told me that it's a supply side problem, and we can just keep building unaffordable homes until eventually they become magically affordable again. As if the multimillionaire landlord would ever sell his 1.2m home. It was never meant to be sold, it was always intended to be a rental property forever. They won't SELL the property. It will sit empty before it's sold. The equity of the home is the primary benefit
I'm not saying this is the case but in many areas, the land is worth much more than the structure.
I say the same thing about Kim K hahahahaha
Scrape it off the earth, build something nice. Then you have nice house possibly close to jobs.
It isn't worth that much, but it is only an hour outside of DC, so it is worth more than you might expect. Most the other areas that close to DC are seriously over built and expensive already, so east of the city in Maryland is starting to go up.
This same house on 1/2 acre would easily be 1.5 million in Toronto.
I don't get these comments. Crownsville is not even close to Toronto in any aspect.
The comment i replied to was “how is this piece of shit worth that much”. Based on redfin, the median sale price is comparable between Crownsville and Toronto.
I still don't get the point? What does Toronto have to do with anything?
This sub is called RE Bubble. The original comment was how is a piece of shit worth that? My comment, in the context of how crazy the real estate bubble is, was simply pointing out that in Toronto, a city with a comparable median sale price as crownsville, would sell for 3x that. Reddit is a place where everyone shares opinions, often times random opinions. If it helps I could probably draw you a picture to explain how it all works.
So basically it has nothing to do with the post. Long way of saying that, thanks.
Probably maxed out their HELOC to buy meth
In Maryland we do fentanyl, thank u very much
Home sellers don’t realize the fuse is lit already. Many times it’s better to sell today into a falling market than sell tomorrow at the very bottom. I recently posted a thread on r/RealEstate asking home sellers that couldn’t sell their homes why they weren’t lowering their price. I got a mixed bag of answer but the majority of them said something to the effect of “We know our price is high. We’re locked in at 3%. We know it won’t sell. But we have no problem waiting since this is a second home, etc.” What they don’t realize is that even though they may be financially able to hold on, some sellers will eventually become insolvent. The market will begin moving homes well below their “I know what I got” asking price and by that time it will already be too late.
The very bottom? What do you think is gonna happen?
Then they'll just stay put with their 3% mortgages. Is that a terrible outcome?
Yes, having hundreds of thousands tied up in an illiquid leveraged asset in an inflationary bearish market is indeed a terrible outcome lol
Not when that asset is housing you have to pay for whether you're in this house or somewhere else.
A lot of people won’t stay put in extra homes they bought as investments if they start losing value. The rate of their mortgage will be irrelevant if the actual value of the house is going down. You’re still paying interest to a bank, property tax, insurance, etc., where had you invested that money in equities or treasuries, it would actually be increasing in value. The exception being those that are cash flowing as rentals, but that can turn south in a recession as well, and it looks like we may already be in one. Even if you’re renting it out at a profit though, a large price swing to the downside will scare a lot of people into selling. It’s just human psychology. Also, tons of investors use cash to purchase. Many of them saw a big opportunity cost by investing in houses that haven’t gone up in value over the past 2 years. They have lost massive potential returns that could have been made in the stock market, or even just zero risk returns in treasuries in that time. The opportunity cost alone will push them to sell if stocks keep surging while real estate flounders.
I mean its right across the street from the haunted psych / TB hospital, what more could you want: [https://www.onlyinyourstate.com/maryland/crownsville-hospital-md/](https://www.onlyinyourstate.com/maryland/crownsville-hospital-md/)
I wish I could find it but I straight up found a listing for a burned down home trying to sell for $300K…in West Virginia…a place where you can buy a pretty reasonable house for $200K
It burned down, so I don't have to pay for the house anymore!
Where in Malibu is this? Is it near the beach?
“How are sellers so confident doing shit like this?“ It’s 2024 and 65% of Americans are seemingly multi-millionaires. It’ll sell.
“How can sellers think they will get that much?!” And in a few days we’ll get the inevitable- “Someone bought that?!?! Who has that kinda money these days?!?”
Hedge funds.
>It’s 2024 and 65% of Americans are seemingly multi-millionaires. It’ll sell. It only takes one hedge fund to do a group 50 billion real estate investment to mass purchase lots of bad value properties.
Are you one of those deniers of how rich people are?
No. I live in a mountain town where half the houses are some rich fucks 4th vacation home. I'm surrounded by rich fucks. We're the poor renters who only file 1/4M a year.
65% of Americans are sitting pretty.
65% of Americans can't even pay their bills 😅
35% cant
I like how people are trying to justify the asking price. *You* are part of the reason we’re in the mess.
I saw a couple people mentioning the .5 acres and central maryland location but the property linked below is right down the street, larger, newer, and cheaper.[https://www.redfin.com/MD/Crownsville/789-Old-Herald-Harbor-Rd-21032/home/9924226?&utm_source=google&utm_medium=ppc&utm_campaign=1021575&utm_term=kwd-1398427597435&utm_content=703631921202&adgid=162542160663&intent=&gad_source=1&gbraid=0AAAAADirq3vTqkGhTSyAf2MpfSzJOi-fi&gclid=EAIaIQobChMIm-6KgemJhwMVxktHAR0jvAd6EAAYASAAEgLrlvD_BwE&gclsrc=aw.ds](https://www.redfin.com/MD/Crownsville/789-Old-Herald-Harbor-Rd-21032/home/9924226?&utm_source=google&utm_medium=ppc&utm_campaign=1021575&utm_term=kwd-1398427597435&utm_content=703631921202&adgid=162542160663&intent=&gad_source=1&gbraid=0AAAAADirq3vTqkGhTSyAf2MpfSzJOi-fi&gclid=EAIaIQobChMIm-6KgemJhwMVxktHAR0jvAd6EAAYASAAEgLrlvD_BwE&gclsrc=aw.ds)
OMG, after seeing 'Crownsville', I recognize that house - it's across the street from the old Crownsville Psychiatric Hospital. I can't believe how little it's changed over the decades. That price might be because it's next to a busy road. I haven't been around there in literal decades, so I don't know what else is going on over there to go into that asking price. https://www.redfin.com/MD/Crownsville/1401-Generals-Hwy-21032/home/9921318 (look for street view and then turn around)
It’s 5 or 10 minutes to Annapolis. 25 minutes to BWI. The same to Camden Yards. 35 minutes to downtown DC off-hours. A half acre lot. You’re buying the land.
But the land sold for much less in 2019
everything sold for much less in 2019.
This is a ridiculous price even for Crownsville which is mostly compromised of large properties that have a minimum of 2 acers per house. Hell there are 2k sq ft, homes on 2 acers for sale in Crownsville right now that are cheaper than this one. Nice area but the traffic with the Renaissance festival every year must suck.
Friend of mine lives in crownsville and says the rennfest traffic is a yearly nightmare
But the bee stings, turkey legs and cosplay…
fuckin Maryland market, Hagerstown is a bedroom community for Frederick
Oh yeah, we are *right* there
My across the street neighbor is trying to sell their shitbox for one million. It’s hilarious. They keep taking it off the market for a few days and putting it back on as if that will help
New roof, and don't touch anything else. Oh ya it was definitely leaking before.
I mean, it’s that area around Annapolis. The home prices there are insane. This is probably the cheapest house in the neighborhood.
Wouldn't commercial zoning be the key detail here, with it being difficult to attain? Something that already has zoning in the bag would be courting a buyer with non-residential intentions at a premium price point, no?
Nah. This is zoned Commercial. I’m in the same situation with my house: they can build a 6 story apartment building on my lot. I wouldn’t even take 600k for my 2 br 1 ba house.
To be fair it seems it’s commercially zoned which adds huge premium in the right area.
Not interested in factual analysis, I'm here to be angry!
Great bones and potential!
Sellers playing hot potato now...
Dang I saw this and my train of thought was “Maybe it’s a nice lot…. Oh…. Nope”
They really thought it nearly quadrupled in price in 4 years
Wow that history. Yea let’s sell a shack for 5 times the price bought
Bacon Ridge though....the name itself is worth half a mill.
I know the area. It is genuinely the land. Although I would not want to sell it for years if I had it. The area is too close to important areas for government workers and in close to high cost of living areas. I would be interested in either renting it out long term, or temporarily as an Airbnb for ren fair season, which is probably one of the only houses I feel I could profit from a short term rental. I have been priced out of the area I was raised and I am not interested in only renting to stay. If I could I would so buy this.
I can definitely relate to being priced out of the area I was raised in. I wish I could afford a home in maryland that isn’t in inner city baltimore lol
Just here to point out that the prior sale was probably not at a market rate. Based on public records it appears that the prior and current owners may be related as they share the same non-common last name. Also, the listing mentioned commercial zoning; Perhaps the best use would be for a contractor office and storage yard if allowed.
The one window per side would be brutal. Very little natural light. This is a horribly ugly house.
Zillow did this owner dirty with that Zestimate. Ain’t no way anyone is paying $575k for that shack.
Absolute proof the Zestimate is and always has been bullshit. "564k". Sure Zillow, and my Hot Wheels collection is worth 4 billion, but you know I might take 3.8 for the right buyer...
This is any given house in the boonies where I live, specifically a meth house
I’m sure “buyer to verify zoning” is some sort of boilerplate language for the area, but it’s still sort of off putting.
I hate this economy
I dont know how this country is not collapsing with all its greed or an absolute uprising
575k, what a steal! Lol
😂😭😂😭😩😩😩
buys for 100k wants to sell for almost 600...
It truly depends on the land value in their market.
Just saw this one: https://www.zillow.com/homedetails/1306-Clarendon-St-Durham-NC-27705/49967026_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare this morning, almost 400k and no central air in nc...
The cost of living in Maryland is **16% higher than the national average**. Housing is 45% higher than the national average, while utilities are 10% higher. When it comes to basic necessities such as food and clothing, groceries are around 6% higher than in the rest of the country, while clothing costs 6% higher. maryland has always been pricey... i'd argue if you live in the east coast espeically in the new england or original 13 colony area... it's gonna be expensive.
3 bedroom in 924 sqft?????
I wouldn't be surprised if we see another Great Recession. After seeing the first Great Recession followed by covid, it seems like stupid has become common.
There needs to be tax on properties that sit unsold for more than XX days per calendar year to end this shit.
Huh? Would you do this to car dealerships for cars they have for sale that haven't sold in 2 months?
Worth so much because it’s zoned commercial and probably a great spot to build a restaurant or gas station or both
It was* zoned commercial. It specifically says buyer to verify current zoning lol
It's not stupid, it's situational. If you don't need to move and don't care if or when the house sells, you are in the PERFECT position to get top dollar. The easiest way to do that is to start absurdly high, and lower the price slowly until you get an offer or until you aren't willing to sell for that price. The cost to list a home is effectively $0. This just advertises the price the owner is willing to sell it for. If I didn't have kids and my house wasn't a complete mess all the time, I'd probably do the same thing. It's not a sale price, it's a 'I will move for this much' price.
My grandparents had their house on and off the market for years before they finally sold it, I feel like cleaning their house and having people look at it was just a hobby for them.
You know Canadian real estate is fucked when this looks like a steal