Update: The Bethesda BANK Foreclosure I wish we could sell…but we can’t…just yet?!

October 21, 2009

This is the reason for all of the delay...

This is the reason for all of the delay...

Well the good news is that we finally have word from our corporate client that they have scheduled the personal property eviction for November 14th. This event is what we at the Rozansky Realty Group have been waiting more than 6 months for and unfortunately for the Seller the property values in this particular subdivision have decreased even more over this period of time.

Four years ago, when these homes were originally built they sold for over $1.8 million. Currently there are a few listings available in the immediate area listed from $1.3 million to $1.4 million.

Four years from now, I would expect the market value or these homes to higher, so I decided to take a personal tour (and wanted to see how it looked after sitting empty for so long). I was out running errands with my husband and we were in the area so we decided to go in together. Pleasantly surprised by the space and condition my husband was entranced by the property – working his brain to determine how we could submit a low offer (as every one else thinks you do with foreclosures) and buy this HUGE house (almost 7000 sq ft on three levels).
As I saw the wheels turning in his head I got caught up in his frenzy…it was beautiful and it could be a great deal…BUT then caught myself getting caught up and realized that for several reasons this what not an option and we both needed to float back down to the real world:

1. We can’t afford a million dollar house let alone one around 1,200,000- 1,400,000…

2. We just got married in February of 2009 and have no immediate plans for children. We have an adorable puppy, but otherwise have no need for 5 out of the 6 bedrooms!

3. We don’t have furniture to fill 7000 sq ft of living space (let alone half that much).

4. We probably couldn’t afford the utility bills let alone the TAXES – which need to be appealed (House was assessed this year for 1,741,750 and annual property taxes are approximately $18,000).

So obviously I won’t be buying it but what about you? After seeing it, I’m convinced that it is a great opportunity for the right buyer.

We should have a list price mid to end November. I will post the list price once we get it, but feel free to contact me cara.pearlman@gmail.com if you have any questions in the interim.


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