Do you think their bet will pay off?

[TheHaitian]

They did not want a McMansion in their neighborhood so bought the house... Now it is not selling!

I think 3.5 months is a bit too early to call but I am not a real estate guru. The McMansion builder is not surprised, said they are only building what the customers want.

www.washingtonpost.com/local/these-neighbors-spent-2-million-to-block-a-mcmansion-will-their-bet-pay-off/2015/12/20/ba51e124-a336-11e5-ad3f-991ce3374e23_story.html

[lexxy703]

They didn't say exactly what they did to update it.  If the bathrooms are still small, especially the Master, they probably won't be able to unload it for $2 Mill.

[TheHaitian]

Dec 21, 2015 12:11:44 GMT -5 lexxy703 said:

They didn't say exactly what they did to update it.  If the bathrooms are still small, especially the Master, they probably won't be able to unload it for $2 Mill.

They bought it for 1.275Million and estimate that they put in $600,000 in renovations/upgrade (oh my good, they could have bought 2 of my houses for that price :eek: )

So they need at least 1.875 Million to break even!

[TheHaitian]

You can see pictures of the house here:

www.wfp.com/listing-showcase/wfp-quick-preview.asp?mlsid=MC8774803

I feel this article is also a "publicity" stunt to try to unload the house

[TheHaitian]

For that price I would want at least a 2 car garage!

Now Mc Mansions are coming with 3-4 car garages.

[Deleted]

Yeah, not sure why they didn't add on to the garage.  I can see buying and keeping as a rental, but I wouldn't have gone through all the buying/renovation just to sell and maybe have it torn down anyhow.

[TheHaitian]

Dec 21, 2015 12:16:39 GMT -5 @sroo4 said:

The listing is in the article.  Full reno. 

It's a beautiful house,  honestly it's a shame if it were to be torn down. 

At this point (fully renovated) it will not be torn down. But before it was 3 bedrooms and I am guessing not as updated since the owner hasn't lived in it for awhile (and 3rd generation to own it).

[lexxy703]

Dec 21, 2015 12:13:41 GMT -5 TheHaitian said:

Dec 21, 2015 12:11:44 GMT -5 lexxy703 said:

They didn't say exactly what they did to update it.  If the bathrooms are still small, especially the Master, they probably won't be able to unload it for $2 Mill.

They bought it for 1.275Million and estimate that they put in $600,000 in renovations/upgrade (oh my good, they could have bought 2 of my houses for that price :eek: )

So they need at least 1.875 Million to break even!

Bethesda is HCOL area.  They may break even but it will all hang on what renovations they did.  And for me a lot will be about the bathrooms.  I'm assuming since the one investor designs kitchens for a living that the kitchen will be spectacular & that is a plus.  And the lot is large for the area so another plus if the buyers want yard work.  They also need to take into account whether they replaced the old furnace/A-C/water heater etc. since the new McMansion would have all new.  And the age of the roof.

[lexxy703]

Oh wow, they did a beautiful job.  I don't see why it won't sell. 

[Cookies Galore]

That house is awesome; they did a fantastic job! I hope someone buys it.

[TheHaitian]

So is McMansion not based on size?

Because I have seen plenty of McMansion smaller than the 5,300 sqft listed.

That is HHHHUUUGGGEEE!!!

Who is going to clean that?

[TheHaitian]

Dec 21, 2015 12:22:57 GMT -5 @anne81 said:

I would be terrified to buy a house with those neighbors.

Lol!!! I cannot blame you!

[bean29]

It is beautiful, I really like it, but who lives with a one car garage. I have nearly a 4 car garage and DH has it packed full of crap. Every family needs 5 or 6 grills right? We also have 3-4 lawn mowers. I just got new furniture and have no need or room for any extra pieces, but the neighbors are moving so DH brought home an extra push mower, and two rockers and something that looks like a cedar chest. DH asked me what I want for Christmas and I told him I really want to be able to park 2 cars in the garage!

Anyone here have a hardwood floor in your laundry room? How do you like it if you do? I would have put tile in the laundry room, but otherwise it looked very nice.

Did it say the square feet? What are the normal Sq feet of a McMansion? vs. the sq ft of the remodeled house and how do the selling prices compare.

[phil5185]

I think they missed the mark. They now have a 5300 foot add-on house, sitting on only 1/3 acre, built around a 1940's house. Old lathe plaster. old wiring. old plumbing, etc. 8 foot ceiling s in the old section, 9 foot in the giant Party room. And a little garage.

I would have preferred the original 2200 foot 3 bdrm house with a new interior, new bath/kitchen, and new electric, new plumbing, new walls. And a new garage - remove the single and build a new dbl or triple, depending on the lot-lines.

[alabamagal]

It's just a McMansion with the old exterior and low ceilings. Who "needs" 5300 sq ft.

People who say they want charm forget that it comes with low ceilings, small rooms and small closets. So you have to redo the whole house anyway. Just start over.

My DS lives in Bethesda. The cost of housing is one reason he is going to put in 2 years at his company then look for a different job

[Deleted]

Dec 21, 2015 12:30:42 GMT -5 bean29 said:

It is beautiful, I really like it, but who lives with a one car garage.

I know right?  I can't get over that.  I'm casually shopping in the 140-170K range and won't consider anything will less than a 2 car garage.  Even if it's just me driving, I want to have at minimum a bay for lawn stuff, bikes, etc.  I can't imagine a house appraised in the millions with a little one car attached.  Beautiful as that place is, it would be a deal breaker for me.

[andi9899]

Dec 21, 2015 12:26:58 GMT -5 TheHaitian said:

So is McMansion not based on size?

Because I have seen plenty of McMansion smaller than the 5,300 sqft listed.

That is HHHHUUUGGGEEE!!!

Who is going to clean that?

If you have the money to buy a $2mil house, you can afford to pay someone to clean it.

[HoneyBBQ]

Dec 21, 2015 12:15:44 GMT -5 TheHaitian said:

You can see pictures of the house here:

www.wfp.com/listing-showcase/wfp-quick-preview.asp?mlsid=MC8774803

I feel this article is also a "publicity" stunt to try to unload the house

OMG that house is spectacular. And if that isn't a mansion, I don't know WHAT it is! (Maybe not a "MC" Mansion, but still a mansion!!) 

[Deleted]

I agree with Phil, they should have updated it just enough to get it out of the developers cross-hairs, just enough to make no longer a tear down.  Though the house is lovely it still has the issues that relate to age:  The one car garage, low ceiling, awkward rooms upstairs, really low ceilings in the basement. 

Edit:  I'm also not sure I trust the sq.ft.  It doesn't look that big, unless they are counting the basement.  And with those low ceilings, I wouldn't count the basement.  Real property lists the house as 3437 above grade and 1000 finished below.

[Knee Deep in Water Chloe]

Dec 21, 2015 14:31:37 GMT -5 HoneyBBQ said:

Dec 21, 2015 12:15:44 GMT -5 TheHaitian said:

You can see pictures of the house here:

www.wfp.com/listing-showcase/wfp-quick-preview.asp?mlsid=MC8774803

I feel this article is also a "publicity" stunt to try to unload the house

OMG that house is spectacular. And if that isn't a mansion, I don't know WHAT it is! (Maybe not a "MC" Mansion, but still a mansion!!) 

A McMansion is smaller than a mansion. 

[NastyWoman]

Dec 21, 2015 14:01:49 GMT -5 andi9899 said:

Dec 21, 2015 12:26:58 GMT -5 TheHaitian said:

So is McMansion not based on size?

Because I have seen plenty of McMansion smaller than the 5,300 sqft listed.

That is HHHHUUUGGGEEE!!!

Who is going to clean that?

If you have the money to buy a $2mil house, you can afford to pay someone to clean it.

Maybe. Or mabe the answer after spending that kind of money is "not anymore"

[8 Bit WWBG]

I wish them the best.  They need the right buyer.  I live in an area similar to that one, and I think there will come a point where none of the houses will be "original".

[TheHaitian]

Dec 23, 2015 17:00:08 GMT -5 8 Bit WWBG said:

I wish them the best.  They need the right buyer.  I live in an area similar to that one, and I think there will come a point where none of the houses will be "original".

Newton, MA is going through that transition... Bunch McMansions in between original ranches. Slowly and surely the McMansion on a poster stamp lot will outnumber the original ranches.

[wvugurl26]

Dec 21, 2015 13:46:14 GMT -5 minnesotapaintlady said:

Dec 21, 2015 12:30:42 GMT -5 bean29 said:

It is beautiful, I really like it, but who lives with a one car garage.

I know right?  I can't get over that.  I'm casually shopping in the 140-170K range and won't consider anything will less than a 2 car garage.  Even if it's just me driving, I want to have at minimum a bay for lawn stuff, bikes, etc.  I can't imagine a house appraised in the millions with a little one car attached.  Beautiful as that place is, it would be a deal breaker for me.

I'm sure I can find one without a garage. It's Bethesda, money money money. A lot of the Supreme Court justices and stuff live there.

Heck the house I live in has a garage you can't park a car in. The norm here in developments is to make the garage look like living space in the model. They normally convert it back when it's sold. They never put the garage doors on mine. And it would appraise for $750k and I'm not in Bethesda.

[Deleted]

Dec 23, 2015 18:36:45 GMT -5 wvugurl26 said:

Dec 21, 2015 13:46:14 GMT -5 minnesotapaintlady said:

I know right?  I can't get over that.  I'm casually shopping in the 140-170K range and won't consider anything will less than a 2 car garage.  Even if it's just me driving, I want to have at minimum a bay for lawn stuff, bikes, etc.  I can't imagine a house appraised in the millions with a little one car attached.  Beautiful as that place is, it would be a deal breaker for me.

I'm sure I can find one without a garage. It's Bethesda, money money money. A lot of the Supreme Court justices and stuff live there.

Heck the house I live in has a garage you can't park a car in. The norm here in developments is to make the garage look like living space in the model. They normally convert it back when it's sold. They never put the garage doors on mine. And it would appraise for $750k and I'm not in Bethesda.

Just saying they have plenty of room on the property.. 30K to add a bay would have made it way more useful. Most households have at least two cars. I can see having a one car on a tiny little 50's style 2 bedroom 1 bath but this place is over 5000 square feet. It's not likely someone buying it is a minimalist.

[gooddecisions]

I'm just not buying this story. I don't believe they bought it to prevent a new construction home from going up. They bought it as an investment thinking they could do some reno's and flip it for 100,000s of profit. 

[8 Bit WWBG]

You mean there are millionaires who aren't modest folks wearing old clothes and parking their 10 year old Ford on the street?

[haapai]

Doubling the number of bedrooms but sticking with the single-car garage strikes me as a bit daft.  I don't care how wonderful the train service is, or if lots of the neighbors are chauffeured.  That many bedrooms usually means kids, who grow to be teenagers, who need places to park their starter cars.  The freshly-asphaulted, extra-wide driveway just reminds me of the parking snarls to come. 

I've got some doubts regarding how much additional life has been bought for this building.  It's very pretty now, but I'm not sure that this renovation improved its functionality. 

[Peace77]

Well, someone wanted it.  It's no longer listed for sale.

[haapai]

I think that the lesson that I learned from this thread was to never slap a single-car garage into the limited space between your house and the lot line.  No matter how desperately you want an attached garage, this move really boxes you in. 

A ginormous garage in back of the house that doesn't match the house much at all, beats the living crap out of a single-car garage that will fit either a subcompact car or a snowblower.