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Old 03-07-2011, 09:13 AM
 
Location: Baltimore, MD
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I'm trying to figure out if anyone knows why some houses in Owings Mills are on the market for so cheap.

A friend of mine just got a townhouse which was bought for $300k for $150 and she said there were plenty more in the area. I didn't believe her until I checked Realtor.com myself. Some houses are going for as low as $150k, $140k and even $130k like this one: 903 Joshua Tree CT Owings Mills MD - Listing of a Home for Sale - Real Estate - MLS #BC7443737 - Realtor.com®

I'm looking at this as a possible opportunity in the near future but I'm curious as to why they are so low? Recession aside, they seem much lower than other areas and it still seems to be a pretty good suburb.

Any thoughts on this? Is the whole area haunted or something? Environment issues?
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Old 03-07-2011, 10:20 AM
 
Location: Baltimore
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Let me see what I can dig up.
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Old 03-07-2011, 10:24 AM
 
Location: Baltimore
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Well that property in particular is a short sale so it will generally be quite a bit less than market rate. It's also been on the MLS for almost a year and a half. Taxes and HOA all looked very reasonable but it could just be that the market has dried up.

The tricky thing with short sales however is even if you come in at full price, the bank still needs to accept the offer and it can take a good amount of time for it to be processed.
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Old 03-07-2011, 10:27 AM
 
Location: Baltimore, MD
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Quote:
Originally Posted by davecj View Post
Well that property in particular is a short sale so it will generally be quite a bit less than market rate. It's also been on the MLS for almost a year and a half. Taxes and HOA all looked very reasonable but it could just be that the market has dried up.

The tricky thing with short sales however is even if you come in at full price, the bank still needs to accept the offer and it can take a good amount of time for it to be processed.
Interesting. I was thinking there must be something mortally wrong with it to be so low. And the others on that block are too. I did notice its close to power lines. Don't know if that makes it less safe.

Thanks for looking that up. I appreciate it.
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Old 03-07-2011, 10:35 AM
 
Location: Baltimore, MD
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Quote:
Originally Posted by davecj View Post
Well that property in particular is a short sale so it will generally be quite a bit less than market rate. It's also been on the MLS for almost a year and a half. Taxes and HOA all looked very reasonable but it could just be that the market has dried up.

The tricky thing with short sales however is even if you come in at full price, the bank still needs to accept the offer and it can take a good amount of time for it to be processed.
Could you tell me the taxes and HOA?
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Old 03-07-2011, 11:25 AM
 
Location: Baltimore
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Taxes are $3115 and HOA is listed at $170 annually. There are 8 homes for sale on that street. 6 are short sales, 1 is foreclosed and 1 is a traditional sale. You may find there's an issue in obtaining financing for the property is a percentage of the homes are in arrears for HOA dues. I know we have that problem with condos, I can't for certain say if it pertains to townhouses. I can look into it if you'd like.
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Old 03-07-2011, 01:05 PM
 
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I don't think it's that the houses are half off, more like they just used to be twice as much as they should've been. $150K for a townhouse is definitely reasonable, but it's not like it's an absolute bargain or anything...whereas $300K for a townhouse in Owings Mills is just dumb (hence why it seems half of that street is underwater).

As far as Owings Mills itself, there have been several threads on here about it if you haven't searched already. I lived there briefly and it was okay, but there are definitely better places to live.
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Old 03-07-2011, 01:07 PM
 
Location: Baltimore, MD
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Quote:
Originally Posted by davecj View Post
Taxes are $3115 and HOA is listed at $170 annually. There are 8 homes for sale on that street. 6 are short sales, 1 is foreclosed and 1 is a traditional sale. You may find there's an issue in obtaining financing for the property is a percentage of the homes are in arrears for HOA dues. I know we have that problem with condos, I can't for certain say if it pertains to townhouses. I can look into it if you'd like.
If its not an inconvenience to you, that would be great.
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Old 03-07-2011, 01:09 PM
 
Location: Baltimore, MD
3,881 posts, read 7,290,981 times
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Quote:
Originally Posted by GoPhils View Post
I don't think it's that the houses are half off, more like they just used to be twice as much as they should've been. $150K for a townhouse is definitely reasonable, but it's not like it's an absolute bargain or anything...whereas $300K for a townhouse in Owings Mills is just dumb (hence why it seems half of that street is underwater).

As far as Owings Mills itself, there have been several threads on here about it if you haven't searched already. I lived there briefly and it was okay, but there are definitely better places to live.
We're currently renting a 2-bedroom apartment and looking to start a family very soon so it could be a good start for us. Particularly since the recession hit us both and we're making a lot less than we were in '08.
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Old 03-07-2011, 01:37 PM
 
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Well as I think davecj has mentioned before, it is getting to the point (well probably already past it now) where renting is basically more expensive than buying. You can probably own a bigger house than you currently rent with a mortgage payment similar to your current rent payment...of course you just have to pay that mortgage for 30 years as opposed to your rent for 1.

But of course there's people that will also say, "and you can always sell your house if you want to." But as you can see on that street that's easier said than done. So that's basically what this topic is about...some people are concerned about property values in Owings Mills falling even further, with a big reason for that being that apparently the schools are not as good as some surrounding areas.

In addition, there has been somewhat of a "white flight" from Owings Mills in recent years, with African-Americans now being the majority population (according to wikipedia at the 2000 census it was 56% white and 36% African-American, now according to city-data it's 48% African-American and 38% white). I'm not going to speculate about the correlation between that and the property values, although I've said before that regardless of race, Owings Mills is still basically a professional/middle-class area. It's just that there are probably better areas out there.
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