House of Pain Updates
This will be my 6th update on 220 Bloomsbury Ave Catonville, MD 21228. Check out my last post on this property (click here).
The listing & price history:
- Summer 2006: $900,000
- Fall 2006: $650,000
- Winter 2006: $625,000
- Relisted Fall 2007 for $700,000
- Put up for auction 12/6/08 with a unlisted reserver price of somewhere between $600-700K and the best bid was $430,000 (auctioneers give out to much information to anonymous people over the phone)
- Relisted January 2008 for $595,000
- Price drop February 14, 2008 $575,000
- Price drop March 15, 2008 $559,999
- Price drop March 27, 2008 $549,900
- Price drop March 28, 2008 $539,900
*****Graph added at Bills request in comments (click graph to make larger).
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The next house is 15039 Jarrettsville Pike, Monkton, MD 21111 which if you recall I posted about October 2007 (click here). Below is the pricing history I showed in the previous post.
15039 JARRETTSVILLE Pike, Monkton, MD 21111
Price Reduced: 05/18/07 -- $727,617 to $719,900
Price Reduced: 08/09/07 -- $719,900 to $650,000
Price Reduced: 10/02/07 -- $650,000 to $599,000
17.1% decline from the top
Days on market: 215
Now it appears to have been taken off the market and relisted on March 7, 2008 to reset the Days on market (DOM) This house had 215 DOM back on October 15, 2007 and is still on the market today. The real DOM should be 382, over 1 year! Heres the interesting news, the house is going up for auction next week.
Builder's closeout! Bring all offers! Absolutely beautiful, new construction, 4 finished levels, open design, 17ft cathedral ceilings, 2 story foyer, cherry hardwood floors, stainless appliances, trex deck, & much more. Open house sunday april 6,1-4 pm. If not sold by april 7, 2008 property is going to public auction to be held on the premises april 9, 2008 @ 11:00am.I wonder what will be the final price. I think I'd offer about $400,000 because its location is so far from Rt 83 and its right on Jarrettsville Pike, but really I've never seen this place so I don't know how well it was constructed. Any thoughts on the sale price?
Posts
14 comments:
How much more pain? The owner is still $64,000 over the purchase price of 475k, I'll bet he drops at least another 40k before he sells it.
That's just a guess, it might be alot more.
@ Justin,
The owners put in a lot more than $64K in upgrades, also take into consideration transaction costs...he's already at a lost.
I was just wondering why the sales data only goes to Jan 2008 in the Baltimore Sun? The data at Zillow is also at Jan08. How often is the data updated? I believe a lot of the "estimated values" are way off from the current available data.
S.
? not related to this: why is it that mls has listings that say "bought and sold" or status pending that appear at the same time?
eg= the ritz listings and suddenly the woodberry duplexs that have appeared filling 2 pages.
Would either of you guys be game to graphing the price decline over time for house number one?
BTW: house prices never go down. Especially not here in the Baltimore area where the diverse economy, the .gov, and BRAC would never permit such things.
agree bill. in the BRAC commuter zone, all is and will be A-OK
-Fresh
The location from I83 isn't the issue. The Monkton/Phoenix area itself is desirable due to its rural character and its proximity down Rt 146 back into Towson and the Beltway.
The two big issues with this house is the lot itself which is bad is a slew of ways. It is directly on Jarrettsville Pike which is a heavy commuter road, the septic is above the house, and the usable area is small for the area. The other major issue is that it is Split Foyer which is an unpopular home style in the area/price range.
Off topic --
Hi, Everyone,
I thought that many of you might appreciate this link to Congress.org where you can send a letter to President Bush, Secretary Jackson, and your Senators and Representatives opposing the bailout. On the front page of the website, they are asking for comments in favor of and opposed to the bail out legislation that they are considering this week. Here is the link to the page to send letters opposing the bail out:
http://tinyurl.com/3dk59d
I sent the following letter, and, I ask and encourage you to send letters as well:
As a voter, taxpayer, and financially responsible citizen, I am dismayed and disgusted by your proposals to bail out both irresponsible home-debtors (I refuse to call them homeowners because they do not own, they rent from the bank) and the irresponsible institutions that lent to them. These are contracts with which you do not have the Constitutional authority to interfere. What you are doing is privatizing the profits and socializing the losses. You are redistributing wealth, and it is wrong!
Many people saw this financial disaster approaching for years. Prices of houses doubled or tripled in five years, but salaries did not keep pace. The savings rate went negative for the first time since the Great Depression. We became a service economy that sent our manufacturing jobs overseas; and, instead of producing things, we relied on consumer spending for our economy. It was not that hard to see this coming. Yet, Congress did nothing to prevent it when it would have mattered.
Those of us who did our due diligence and realized that house prices should not have escalated 200-300 percent in 5 years and that a mortgage should not cost us 5-10 times our income, did not buy houses. Those who already owned did not take out unmanageable lines of credit. Those who bought despite the ridiculous prices took out 30-year fixed mortgages that they could afford. Your legislation is an affront to us all.
Those of us who rented sacrificed settling our families in our own homes because we knew that taking out one of these suicide loans would have been irresponsible. We were pressured to buy by those in the real estate industry by being told ridiculous things like,” Real estate always goes up!”, and “They aren’t making any more land, you know.” We were ridiculed by home-debtors who called us “bitter renters” and “chicken littles” because we questioned home prices and the loans that were being made to finance them. Through all of this, we stuck to our principles and held our ground. We did what we knew to be best for our families.
Now, you are forcing us to pay for this lending/borrowing fiasco by bailing out those same irresponsible lenders and debtors who pressured and ridiculed us. You are stealing from us, our children, and our futures.
You cannot stop prices from falling. They need to correct. They must come back into a reasonable relationship to incomes. The irresponsible people who lose the homes that they never should have bought in the first place will simply have to rent. The irresponsible banks who lent to them will have to eat the losses. Those of us who sacrificed, saved our money, and acted responsibly will then be able to buy homes for our families at reasonable prices.
I hope you will consider what I have said and make the right decision. When you took office, you swore to uphold the Constitution. If you pass this legislation and, in so doing, break that oath, I will not vote for you and I will do everything in my power to prevent your reelection. I will send letters to newspaper and television media. I will post on blogs. I will vociferously and unrelentingly communicate your malfeasance to everyone I know. And, in so doing, I will encourage others to spread the message and vote you out of office.
It is very easy to send a letter using this form. The website puts in the names and e-mail addresses for your recipients. All you have to do is compose the text of your letter, put in your personal information, and click send. I hope you will all join me in sending letters and standing up for the responsible.
Take care,
Laura
Thanks for the graph!
A picture is worth a thousand words, and seeing that homedebtor's dreams of riches evoporate graphed versus time speaks volumes about the current housing market in this area.
Except Fresh's house, of course.
By the way, what happened to the banner graphic with the bear eating Sir Alan? I thought I had the wrong blog for a minute.
Hey great blog!
I've been keeping track of the Columbia market for the past year or so, and here is one for the house of pain files. Not nearly as dramatic, but interesting:
HW6538228
Pricing history according to redfin:
Sep 15, 2007 $525,000
Sep 20, 2007 $515,000
Dec 30, 2007 $499,000
Jan 28, 2008 $450,000
Feb 07, 2008 $430,000
Feb 16, 2008 $410,000
Assuming this house is being sold by the current owners, they are already taking a bath on it since redin shows the most recent sale was 9/2004 for $430k.
I've been going to a lot of open houses in Columbia and I've seen a lot of unoccupied houses. There have been a couple, also, that I really think were dressed up to make it look like someone lived in them.
Anyway, it looks to me like, in Howard county, we've got a lot of owners who don't REALLY have the luxury of waiting until some future, better market to sell, but everyone is still reluctant to drop their price a lot. Looking at refin at homes in my area I am seeing the prices start out ridiculous, and maybe they've come down 5% on average. 10% or more only if the initial asking price was clearly ridiculous.
Looking around at the few new developments in the area, I guess the builders are going to hold the line on their prices, regardless of whether or not they are selling. So they'll just write the losses off next year and drop their prices a little then. I can't imagine who is looking to buy a $500k two-car-garage townhome in Savage or a $650-750k mcmansion in Ilchester right now; gas prices being what they are the exurbs don't have as much of a draw, do they?
This is to Laura,
What an eloquent posting. You said it and you said it best! I thought I had expressed my opinions about the wretched excesses in the housing market, but really you did a marvelous job. I hope congress listens to you! P.S. I also sent in my 2 cents, but I suspect none of them will listen unless more of us do the same. Everyone, this is in your best interests (and your children's, assuming you want them to own a home one day). Write you congressmen and senators and tell them NO BAILOUT!
Fed up,
Thanks for your kind words and thanks for writing your letter!
I usually don't get involved with these things, but I am really angry about this bail out. They say that "the squeaky wheel gets the grease." So far, the only ones I've heard squeaking are the self-proclaimed "victims" that are facing foreclosure because they bought houses that they should have known they couldn't afford and signed loans that they did not read that promised a lifestyle that was too good to be true.
Maybe if we raise our voices, rather than sitting silently by, we can make a difference (at least I hope so).
Laura
Uggh, the 220 house was just sold...
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