Price Pick of the Week
2004 Arcola Ave., Silver Spring
Original listing price: $614,000 (Jan. 13, 2008)
Current listing price: $449,000 (May 5, 2008)
Slash rate: 27 percent
Square footage: 3,708
This “beautiful,” “spacious,” and “very well maintained” rambler has a large backyard, a two-car garage, easy access to Georgia Avenue and the Beltway, and “for the Jewish community, it’s a mile away from the synagogue,” adds agent Bruno Casu of RE/MAX Realty Services. The current owners of the property are moving to a different part of the state, and their mortgage payments are too high. When Casu originally listed the house at the beginning of the year, he thought $620,000 was appropriate. But in March, a couple of foreclosure properties were purchased in the surrounding neighborhood. Once those homes sold for lower-than-usual prices, Casu knew he was going to have a tough time getting rid of his client’s home. “That made it very difficult to sell a property as high as $500,000.” So far, there’s been one offer on the house, but the financing fell through, says Casu. He lowered the listing price to $479,000, then dropped it again to the current offering. Since then, the listing has been “very active,” says Casu. “On a weekly basis, I probably get seven to 10 agents to view the property or call me to inquire about it.”
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