Rockville Real Estate Listings And Foreclosures 10/8/10

Always curious about our local real estate market, we’ll provide a map of properties and foreclosures on a weekly basis.

Real Estate For Sale

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Closest Property to Richard Montgomery High School:
825 Crothers Lane in Hungerford. Well-cared for home enjoys 4 bedrooms, 2.5 baths, updated carpet w/ hardwood beneath on main and upper, tablespace kitchen, wood burning brick fireplace in living rm for $399,900‎. Built 1955.

Foreclosures

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On the Corner of West Montgomery and Nelson, this always was a massive building.
731 West Montgomery Avenue in West End. This 5 Bed/5.5 Bath home is listed as Foreclosure sale. This is the final step in the foreclosure process. The bank or the finance institution now owns this property.
Price‎: $782,800‎.‎

If you are a local real estate broker and you would like to send along the details and a picture of one of your new listings, please email [email protected] and we’ll feature it. Advertising in this post is also available each week.

Rockville Real Estate Listings and Foreclosures 10/2/10

Did a for sale sign just go up on a house down the street? What’s it listed for? How about the one you drove past the other day? For some of us, our houses are our biggest and most important investment. Always curious about our local real estate market, we’ll provide a map of homes for sale and foreclosures on a weekly basis.

Houses For Sale in Rockville, MD

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Foreclosures in Rockville, MD

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If you are a local real estate broker and you would like to send along the details and a picture of one of your new listings, please email [email protected] and we’ll feature it. Advertising in this post is also available each week.

USA Today Reports Rockville Housing Sales Plunged

In Close to Home: Federal jobs help stability in Rockville, MD, USA Today reporter Christine Dugas describes government jobs as providing a buffer for Rockville’s real estate market, but then she reveals “home sales have recently plunged”.

Buyers rushed to purchase homes before the federal tax credit expired mid-year, but now sales have plummeted 22%.

The article touches on tighter spending, foreclosures, and the local economy. King Farm gets a shout out as a “Hot ‘hood” which is popular and has now become more affordable. The most expensive house on the real estate market, listed at $1.9 million, is certainly above the median price point.

Although we prefer for Rockville to make national news with good news, the tables illustrate Rockville’s downturn is not as bad as the national average.

Remaining Condos At The Fitz To Be Auctioned

The >Business Journal carried the news last week that the 40 remaining condo units at The Fitz, on Hungerford Drive just north of Beall Ave., will be auctioned off on February 28.

[Elad National Properties], the southern Florida developer [who] bought the apartment complex at 501 Hungerford Drive in 2004, would not say how much it spent installing hardwood floors, granite countertops and stainless-steel appliances. According to Montgomery County records, the purchase cost the company $49 million, and it borrowed another $12.25 million from Merrill Lynch for renovation.

It had sold almost 130 units by July 2006, when the one-bedroom units cost from $300,000 to $350,000. Since then, the developer sold another 30 to 40 or so since then, even though prices had ultimately dropped to $261,000 for the not-quite 700-square-foot one bedrooms.

On Feb. 28, Velocity Marketing will auction off 40 remaining condos, with an opening bid of $159,000 for a one-bedroom, $219,000 for a two-bedroom and $239,000 for a three-bedroom.

The company says it is not doing the auction becuase of dire financial circumstances, but because of the slowness of the sales. “We’re not at a problem with our lender,” according to VP of marketing and sales Rami Rosen. He says that at the rate sales are going, it is not worth the company’s time to complete the sales.

Zillow: Rockville Home Prices Fall Faster Than Nation

>Rockville Central friend Eric Jensen passed along some sobering news from real estate tracking company Zillow:

According to Zillow’s latest Home Value Report, home values in Rockville decreased 9.5% in the first quarter of 2008, compared to the first quarter of 2007. Nationally, single-family home values decreased 7.5% while condo values declined 9.0% during this same period.

Zillow is a Seattle-based company that makes it easy for consumers to see real estate sales data and make comparisons. It is not perfect, but it is well respected.

To see the Rockville data, go here.