$10 million condos for sale in the DC area are not common but when you find one, you will fall in love! Here are two currently on the market in November 2023, One is in DC at the Ritz Carleton with exquisite views of the DC waterfront. The second one is at the Somerset House in Chevy Chase. Which would you choose?
Buying a home is an exciting experience, but it can feel a bit overwhelming if you don’t have the right information. Check out these helpful resources about the home buying process. When you’re ready, give The Lise Howe Group a call at 240-401-5577 to tour available homes in the Montgomery County and Bethesda areas.
The Ghostbuster case in New York State, Stambovsky v. Ackley, highlights the buyer’s responsibility to do his or her own due diligence but draws the line at ghost detection. In these days where it seems that everything is known because of Google and the wider internet search capabilities, the Ghostbuster case might decide that due diligence should not be so narrowly defined.
2400 Foxhall Road is on the market for nearly $32 million. The property, inspired by the Château du Grand-Lucé in central France, was built by developer Michael Banks with architect David Jones, In addition, landscape architect Richard Arentz and interior designer Thomas Pheasant added their skills over the course of three years to create this home on 1.47 acres. According to the listing agent, Daniel Heider of TTR Sotheby’s International Realty, if the property goes for asking price, it’ll be the most expensive residential sale in DC history.
A 20% down payment is not required! There are two big myths that keep some people fro trying to buy a home. One myth is that you have to put down a minimum of 20% down to buy a home. While a big down payment can be a great way to lower your mortgage payment and convince sellers that you’re serious about buying, coming up with 20% of a home’s purchase price can be difficult. The sad thing is that many people delay purchasing a home and starting to build that all important equity while mistakenly waiting to accumulate that magic 20% down payment.
Less expensive new homes may be coming! In today’s housing market, there are two main affordability challenges impacting buyers: mortgage rates that are higher than they’ve been the past couple of years, and rising home prices caused by low inventory. To overcome those challenges, many people are working with their agents to find less expensive homes. And with newly built homes making up a historically large percentage of the total available inventory today, that search often includes brand new homes.
People Are Spending Less on Newly Built Homes
The graph below uses the latest information from the Census to show, in June, more of the newly built home sales in this country were in lower price ranges than in 2022: