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Condo values in Bethesda
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Ledge
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Registered: 11-06-2009


Ledge

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There is a condo in Bethesda I am interested in purchasing. The current owner bought in in 2006 and listed it at 8% more than his purchase price.

Does anyone know how much condo sales prices in Bethesda have changed since 2006? Redfin gives data going back to the last quarter of 2007.

I was considering offering the same price which he bought it at, but maybe even that is too high.

 

Kudos!
11-06-2009 08:09 AM
 

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Re: Condo values in Bethesda
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jcm
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Registered: 10-14-2009


jcm

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Zillow has the historic sales numbers here.  2006 was the absolute peak of the condo market in Bethesda.  Really, though, the only way to judge the value correctly is to look at comps.
Kudos!
11-06-2009 10:55 AM
 

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Condo values in Bethesda
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LoveRedfin
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Registered: 07-24-2009


LoveRedfin

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It is important to distinguish between "condominium - a form of ownership" and "condominium - buying an apartment." People use the term both ways. Lots of multiple unit dwellings, including townhouses and semi-detached structures are condominiums, which describes the form of legal ownership. My community includes traditional apartments (one unit per each of three floors) and townhouses.

 

The reason I say this is that you have to look at comparable units. If it is a two-bedroom apartment, look at other two-bedroom apartments. If it is a townhouse or other type of unit, look at that kind of unit. 

 

Condo (in the sense of apartment) values tend to swing more broadly than  other kinds of properties because one new building can put 100 or more new units on the market in an instant. In Bethesda, where smart growth policies have encouraged the building of many new high-rise buildings, many of them apartment condos, the supply is high. However, given the demographics of this area - lots of recent grads, lots of empty-nesters looking to downsize, demand seems to be pretty high, too. So my guess is that depending on the kind of building (newer, more amenities) your price will probably be fairly stable. The older, garden-apartment style buildings - probably not so much.

Kudos!
11-09-2009 07:59 AM
 

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Re: Condo values in Bethesda
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Ledge
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Ledge

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Thanks. I was able to find the sale price (on Redfin) for 3 units that sold in the past 4 months in this building and based on that I will not pursue this condo unit. The zillow value graphs are helpful.
Kudos!
11-12-2009 11:06 AM
 

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