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A question for central MD folks- No Ferrari Content

Discussion in 'Mid-Atlantic Region - USA (PA, DE, MD, DC, VA)' started by owsi, Apr 7, 2005.

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  1. owsi

    owsi Karting

    Dec 7, 2003
    160
    Maryland
    Full Name:
    Matt
    #1 owsi, Apr 7, 2005
    As you know if you live in or are familiar with central Maryland(specifically Montgomery and Howard Counties) housing prices are currently extremely high. They have also been rising at unbelievable rates for at least five years. I am interested to hear what anyone with knowledge of this market may think. Is it a bubble? Will prices continue to rise? Will they level off at some point? The reason I ask is my wife and I are thinking about moving from Anne Arundel County to either Montgomery or Howard and I am trying to get as many opinions on what various folks think the market is likely to do.

    Any thoughts would be appreciated.
     
  2. AntonyR

    AntonyR F1 Veteran

    Apr 12, 2004
    5,426
    Los Angeles
    Full Name:
    Antony
    #2 AntonyR, Apr 7, 2005
  3. barcheta

    barcheta F1 Rookie

    Nov 15, 2003
    3,738
    Maryland
    Full Name:
    Jim
    #3 barcheta, Apr 8, 2005
    What is the appeal of Montgomery or Howard for you... have you considered Carroll? If it's land you want.... you'll pay dearly anywhere north of DC. We looked at Carroll a few years back, they had a limit on building at that time but I'm not sure if that's still in effect with the current real estate market.
     
  4. lashss

    lashss F1 Rookie

    Nov 26, 2003
    2,564
    DC
    Full Name:
    LSJ
    #4 lashss, Apr 8, 2005
    HoCo severely limits development and subdividing is difficult. The demand will always be there but the supply is finite. I think MoCo is a little better, but there is more land that can be rezoned (potentially).

    I think the housing prices will start to level eventually.

    LS
     
  5. Dopplemax

    Dopplemax Formula 3

    Jun 13, 2003
    1,112
    Washington D.C Metro
    #5 Dopplemax, Apr 8, 2005
    Matt,

    My firm works for every large (JD Power Ranked) builder in MD/DC/VA, in my opinion the prices have actually in most areas reached their apex. The exceptions are the most highly sought after areas, and those that are embracing the "new" town center development philosophy. That being said, the entire DC Metro area is very resistant to whatever the overall national economic picture is, and will in general continue to effectively grow.

    Whatever and wherever you buy in the area that is built well and by a reputable builder (down Peter G) will increase in value. I would suggest that you are better off buying new or something you really like that is 7 to 10 years old. Anything newer but not brand new will be on the market for more than it is worth. Beware of "flippers" that buy homes still being built and then sell them themselves for 100K or more over the builders price.

    PM me if you want more info.

    DMAX
     
  6. gonnagetone

    gonnagetone Karting

    Nov 13, 2003
    142
    dc metro area.
    Full Name:
    venky
    #6 gonnagetone, Apr 10, 2005
    dmax

    where you workgin in the same company during the RE slow down / bubble burst in the late 80s and early 90s?
    I was not in the US at the time and would like any insight into any precursors at that time?

    Venky
     
  7. Dopplemax

    Dopplemax Formula 3

    Jun 13, 2003
    1,112
    Washington D.C Metro
    #7 Dopplemax, Apr 11, 2005
    Gonnagetone,

    Same business, different company. In the late 80's early 90's people outpriced themselves and refused to be flexible and realistic in their expectations. To a large degree the same thing is occuring right now. People have it in their head that they can get a no contingency full price offer, and the realtors think they can sell homes without doing any work. In reality, the market has flattened, with the exception of the truly unique DC market areas.

    The rediculous tax appraisal increases in most areas is going to cause a lot of bankruptcies and political upheaval, but if you stick to the steady growth areas and research the average household income levels for where you are looking you will be able to trend home price increases / appraisal increases / household income increases you can pick the right place to invest.

    DMAX
     

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