Real Estate Search and Sale LLC

Top Agent, Carolyn Thompson of Intellagent Realty provides a real estate report on the Bethesda Market-

Carolyn Thompson says that Bethesda MD condos are selling well.   Their are currently 107 on the market.  They range in price from $175K - $2,249,000.  Average Days on Market 102.

 What will $175K buy you? A very small efficiency by Montgomery Mall.  Listing agent states that it is a great investment.  Fetching about $1,000 in rent.  Taxes Run about $1,281 per year and the condo fees are $355.00 per month, which includes utilites and basic cable.    The property was constructed in 1979 and does not have a washer and dryer in the unity.  Great for a first home.  How much do you think this property will sell for?

 2 bedrooms and 2 bathrooms priced at $1,275,000  Contemporary loft styling this home has it all! Dramatic angles and columns, 14 ft. ceilings, floor to ceiling glass, and a living area that expands to a wrap around terrace. Gourmet kitchen with absolute black granite and chocoate oak floors. Walk to Bethesda Row and Metro.   Condo Fee: $1,024 Monthly and includes concierge, common grounds, exercise room, extra storage and a pool membership is available at an additional fee.

Recent Condo Sales

Only two properties have sold thus far in April.  Both of them in the Spring Lake Community.

The first property had 3 bedrooms and two bathrooms. Built in 1975, it was listed at  $299,950, closed at $260,000 , was on the market for 137 Days.

The second property had only one bedroom and one bath.  It was a patio unit backing to woodland.  Listed at $224,900 and sold for $218,500.  It was only on the market for 27 days and the seller paid $6,555 in closing assistance.

With all these condos on the market, it is going to be interesting to see what sellers are going to do to get them sold.

If there are currently 107 active listings and only two properties have sold the first half of April, how many propeties do you think are under contract?  A whopping TWENTY NINE!  An analysis shows that some properties have past their intended close date, but nearly 21 properties are still being built.  The average price of a property under contract waiting for completion is $951, 529.  This is a strong market for new Bethesda, Maryland condominiums.

 If you are looking for a Bethesda real estate agent use someone who knows the local market.

Current Market Report for Bethesda Houses for Sale 4-15-08

Detached Properties:

Active: According to the Bethesda mls, there are currently 243 detached houses for sale in Bethesda.   Average list price $1,386,390.  Average days on market property, DOMP 107 days.  Average year built -1972.  Average lot size-15384

The lowest priced home is $469,500.  2 bedrooms - 1bath. A modular house delivered in 2000 on a rebuilt partial basement foundation. The size of a large condo without the condo fees and hassles. Short distance to shops, metro, theaters, & restaurants at Friendship Heights.

The most expensive home is $6,750,000.  6 Bedrooms, 51/2 Baths: MAJOR EDGEMOOR ESTATE, WHITE CHIMNEYS. English-style Manor house built in 1918 as 1 of 5 original residences in Edgemoor. Exquisitely maintained & updated to retain original architectural details. Club-like ONE ACRE settling with POOL & TENNIS COURT. Stunning Gallery w/ wall of glass doors to terrace, large formal rooms, 7 fireplaces. 4BR on 2nd level, each w/ fireplace & private bath. 4-car gar.

Sold: 10 Detached properties sold in April.  The lowest priced home was listed at $599,000.  They dropped the price to $499,000 and sold at $460,000.  It was on the market for 191 days.

HUGE PRICE REDUCTION! Great little house with refinished hardwood floors,freshy painted inside and out,rear glass porch. Nice, fully useable backyard and patio.Full basement with high ceiling could easily be many rooms. Off street parking.WALK TO FREINDSHIP HEIGHTS METRO,WHOLE FOODS,BETHESDA COMUNNITY POOL AND CAPITAL CRESCENT TRAIL.  No properties on this street that are within a reasonable proximatey have sold recently – Someone got a great real estate deal!

The Bethesda mls shows the highest priced property was listed for $2, 095,000 and sold for 1,935,000.  It was on the market for 19 days. Neighboring property sold for $2,135,000 in February 2008

There are exciting deals coming on the market all the time.

Do you really think that you are saving money by paying both your buyer and listing agent lower commissions? 

 Well, our research demonstrates listings in which a real estate agent is paid less then 3%+  is three times more likely to sit on the market long enough for the listing to expire and the property to be relisted. 

 You may say that this is irrelevant.  You are willing to sit on the property if it means saving a few thousand dollars.

 Just as listing agents, buyer’s agents get paid by commission.  Don’t you think that they may show a property with a higher commission first?

 Statistics clearly demonstrate that the longer a property sits on the market, the less desirable it becomes.  It becomes stigmatized and will eventually sell for less than the original list price.

 So, the property sells for less and if the house is vacant the seller has just lost carrying costs as well.

 Why don’t Realtors talk about the commissions other companies offer?  In the 1970s there was a huge anti trust scam.  The story goes something like this:

Brokers in the Washington DC, Bethesda, Rockville, Silver Spring, Potomac, and possibly Virginia (although this has not been confirmed) all agreed to fix the commissions.  Some unhappy customers caught wind of this, knew that price fixing was against the law and filed a complaint.  Several brokers went to jail.

I am supportive of competition.  If I can sell my properties quickly while the competative properties sit on the market I can serve my clients better.

 This research was performed surveying 200 homes.  I personally did the tally while I was just a young real estate agent (last year) sitting in my brokerage classes, intently listening to my instructor talking about real estate finance.  A subject which many may find dry but excites some of us knowing that we can use it to help both our clients and ourselves make and save money.

 Since, I was just doing this for my own entertainment and informational purposes at the time, I did not keep the documentation. 

 I will remember to do this when I sit for my continuing education classes.  It will be interesting to see how a real estate agent’s commission has an impact in a different market?  Will it be more important?

 I am also interested in knowing how the Days On Market, DOM will be impacted by a real estate agent’s commission in different locals?  My upper end clients in Bethesda, Potomac, Washington DC and Virginia don’t dicker with me over commision.  They hire me because I am not just any agent.  I am an expert real estate agent.