Archive for November, 2006
Downtown Silver Spring, Md - New Condo Market was Healthy in 2006?!
November 30th, 2006 Categories: New Construction, Real Estate, Real Estate Market, Silver Spring Condos, Silver Spring Neighborhoods
50 New Condominiums were Sold in Downtown Silver Spring, MD from January 2006 to the present. Over 75% of these were Sellers that bought before the Building was started and never moved in. Statistics are taken from the Metropolitan Regional Information Services for Realtors. The MRIS shows only those Sales that went through Real Estate Brokers. The MRIS does not show private sales or all of the Sales that went through the Original Builder.
23 - 1 Bedroom Condos were SOLD - The average List (Asking) Price for a One Bedroom was $327,877 and the Average SOLD Price was $326,586. The average time a one bedroom took to sell was 41 Days (not bad! considering the current market place)
27 - 2 Bedroom Condos were SOLD - The average List (Asking) Price for a two Bedroom was $409,742 and the Average SOLD Price was $404,999 The average time on the market for a Two Bedroom was 35 Days (again, really good considering the market!)
Click Here for Details and Photos of All 50 Condos Sold this Year
Click here to Search all active resale condominiums in Silver Spring Downtown (Inside the beltway - zip 20910)
View a Market Snapshot for Downtown Silver Spring Condos
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Housing Affordability in Silver Spring, Md - Let the New Gov Know what YOU Think!
November 29th, 2006 Categories: First Time Homebuyer, Homebuyer, Houses in Silver Spring, Real Estate, Real Estate Market
It is great to announce that the Maryland Association of REALTORS® (MAR) launched an initiative yesterday to be known as the League of Maryland Homeowners (LMH). LMH will give homeowners and aspiring homeowners a voice in Annapolis and build an online movement for housing affordability along with the efforts of REALTOR® members.
The goal of the League of Maryland Homeowners is to give homeowners a voice in the public discussion about how to address the challenge of keeping housing affordable. LMH will provide information to the public and tools to help them communicate with elected representatives at the State and local levels about housing affordability policies.
Promoting LMH easily allows clients to weigh in on public policies affecting their ability to afford a place to live. My clients want a home that they can afford; I want to get them that home. LMH will also give my clients information about new incentives, programs and financing that will be introduced in the upcoming legislative session.
I am publicizing the link below to my clients, customers and friends in upcoming newsletters, mailings or emails that I send: http://www.leagueofmarylandhomeowners.org/
MAR is not asking for any mailing lists or contact information about my current buyers or previous clients. They are asking to help MAR broadcast this effort.
If they are interested, current and potential clients and prior buyers and sellers can follow the link to sign up for LMH on their own and, initially, sign a short letter to Governor-elect O’Malley.
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Top 20 Riskiest Real Estate Markets for Fall 2006
November 21st, 2006 Categories: Houses in Silver Spring, Real Estate, Real Estate Market
A Study by PMI for the Fall Quarter shows the 50 Riskiest Real Estate Markets in the Country.  The Silver Spring, Maryland Area (Washington, Arlington, Alexandria, DC-MD-VA) is ranked as 17th “riskiest” and the Baltimore-Towson Area is ranked 20th out of the top 50 Most Risky Metropolitan Areas.Â
The PMI Economic and Real Estate Trends (ERET) containing the US Market Risk Index is published quarterly by PMI Mortgage Insurance Co., a subsidiary of The PMI Group, Inc. The Risk Index is a proprietary statistical model that measures geographic house-price risk by predicting the probability of a regional decline in home prices in the nation’s 50 largest metropolitan statistical areas (MSAs) and metropolitan statistical area divisions (MSADs) over the next two years.  A podcast summarizing the report is available at http://www.qrelease.com/podcast/pmi/.
The Three Types of Real Estate Markets
Christopher L. Cagan, director of research and analytics for First American Real Estate Solutions, has developed a simple but elegant analysis of the 3 main types of real estate markets we see in the country. Read the rest of this entry »
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Holiday Season Greatest Gift for Homebuyers
November 20th, 2006 Categories: Homebuyer, Real Estate, Real Estate Market
 During the slow home sales holiday season between Thanksgiving and New Year’s Day, even extending through Super Bowl Sunday in many communities, few people think of buying a house or condominium. However, if you want to purchase a home and can drag yourself away from holiday festivities, this is the absolute best time of the entire year to be a home buyer.
Why is that, you ask? The answer has two parts: (a) only serious motivated sellers have their houses and condominiums listed for sale during this slowest season of the year for home sales, and (b) competition from other prospective home buyers is at its lowest now so your purchase offer will be extremely welcome and seriously considered by a motivated home seller.
There is an additional reason 2006 year-end is an especially good time to be a home buyer. That reason is it is a “buyer’s market” in most cities, meaning there are more homes listed for sale today than there are qualified buyers in the market so sellers  can be extremely anxious.
It’s a great time to be a home buyer.
BEFORE SHOPPING FOR A HOME, SHOP FOR A MORTGAGE. However, before rushing out to buy a house or condo, smart home buyers first get approved in writing for a home mortgage. This is a slow time of year for mortgage lenders so they welcome your loan application.
Although mortgage brokers can arrange mortgage pre-approvals, the letter or certificate must come from an actual lender, such as a bank or mortgage banker. Most home mortgage pre-approvals are valid for 60 to 90 days. Read the rest of this entry »
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5 New Homes in South Four Corners, Silver Spring Md
November 15th, 2006 Categories: Houses in Silver Spring, Real Estate, Silver Spring Neighborhoods, South 4 Corners
The Site has a Sprawling Brick and Stone Cape Cod Style house that was built in 1947. The house at 220 University Bvd West was once used as a Dentist’s Home/Office. The property Sold for $860,000 in April of 2005. The lot size is 37,987 square feet and is on a corner bordered by University Blvd W, Brunett Avenue and Gilmoure Drive in the Fairway Subdivision of South Four Corners,Silver Spring, Md. 20901. The 2005 Listing and Description of this property. The house will be razed and 5 Single Family Homes are proposed to 
be built on this site. Two Homes will face University Blvd West and 3 Homes will face Gilmoure Drive. Pre-construction prices Start at $799,000 with 3,300 square feet and go up to $874,000 with 4,000 square feet. Homes will have at least 4 Bedrooms and 2.5 baths. There are 5 models to choose from and the lot sizes range from 6,000 to 9,000 square feet. The 2 houses that will face University Blvd have the larger lot sizes and will have driveway access from Gilmoure Drive. The 28 Page Brochure has the preliminary site plan the different models and elevations to chose from. Find the MRIS listing for the new homes here. There is a New Local County Park Proposed directly across University Blvd from the site called North Four Corners Park.
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2 Famous Pioneer Women were Neighbors in Silver Spring, Md
November 6th, 2006 Categories: Houses in Silver Spring, Quaint Acres, Real Estate, Real Estate Market, Silver Spring Neighborhoods, Woodmoor, Woodside
Rachael Carson, this pioneer activist stirred up controversy with her book “Silent Spring” She wrote the book in her house in the Quaint Acres Neighborhood of Silver Spring, Md. This fairly modest rambler with english basement was built in 1957 and sits on a heavily wood lot of a little over an acre. A Conservation park in Brookville and an elementary school in Gaithersburg are named after Carson. Rumor has it that Rachel Carson lived in a cape cod style home on Williamsburg Drive in the Woodmoor Subdivision of Silver Spring, Md 20901, many years before moving to her “Quaint Acres” house. If anyone has also heard this or can verify it, Please let us know!? Read the rest of this entry »
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Proposed Subdivision in Silver Spring-Woodside 1.43 Acre Lot - 6 Homes
November 3rd, 2006 Categories: Houses in Silver Spring, New Construction, Real Estate, Silver Spring Neighborhoods, Woodside
An Old Elegant Dutch Colonial Built in 1912 sits majestically on an elevated circular site, surrounded by old fragrant pine trees and a stone retaining wall. The grounds are abundant with mature trees including an old giant sized magnolia. The house is vacant and overgrown and suffers badly from deferred maintainence, but still retains the charm of a bygone era. It appears that at one time the house had a circular driveway coming in from edgevale road and going out to Watson Road. The Plans are to raze the old house and build 6 new houses. The Address is 9206 Watson Road, Silver Spring, Md 20910 Off of Dale Drive near Colesville Road.
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Where is the Katrina Cottage going to be in Silver Spring?
November 2nd, 2006 Categories: Houses in Silver Spring, Real Estate, Real Estate Market, Silver Spring Neighborhoods
In reference to Silver Spring Singular’s blog post about the Katrina Cottage. Affordable Housing coming to Silver Spring -Article. The house being torn down and replaced by this cute new cottage was built in 1977 and sits at the very end of Michican Avenue on a drop-off that overlooks the railroad tracks. It’s very small and very beat up. The bizarre thing about the proposed site is the house next door! Built in 2005 It has to be at least 4,000 square feet and takes up the entire 7500 sq ft lot. It dwarfs all the homes in that cute and kinda Funky little Neighborhood of small homes built between the 1920’s and the 1970’s.
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