The Best (and Craziest) Real Estate News Outside of DC in 2009

• December 18, 2009
• 0 Comments

by Mark Wellborn

This week UrbanTurf is taking a look back at the best that DC’s residential real estate market had to offer in 2009. From the best deals to the best trends to, of course, the best listings, we believe we have sussed out the cream of the crop.

It was a tough choice for this category between the insanity of the Las Vegas house market and a story of the smallest apartment in Manhattan. We went with former, but are open to opposing points of view.

In mid-October, CNBC ran a fascinating article that profiled a Maryland couple’s search for their new home in Sin City. The husband has a solid job with the government, which covered moving expenses, closing costs and Realtor fees. The median price of homes in Las Vegas at the time was just $138,000, a price point which would sound enticing to any buyer. However, the Realtor sent the couple a list of warnings that made the buying process sound like a nightmare. Here are a few:

“This market is crazy and many things are just not going to make any sense. I can guarantee you 99.99% of the listings emailed to you will no longer be available by the time you get here. Properties are getting multiple offers within a few days of being on the market, the most offers I’ve heard a house had recently was 44. 40% of all transactions are cash purchases. We have 1/2 the inventory we had a year ago and 4 times as many buyers as we did a year ago.”

When they got out there, things got crazier:

“We went to a home that had been on the market for one day, and the key was stolen out of the lock box. Our Realtor said immediately, ‘You want this home.’ She told us another Realtor had stolen the key because they wanted their client to get it. So what did my Realtor do? She broke in. And sure enough this was the home we fell in love with.”

Despite the Realtor’s innovative tactics, the couple’s offer was not accepted because there were several buyers willing to pony up 100 percent cash. Katie and her husband are currently building their new home.

Previous Best Of 2009 entries:

• UrbanTurf’s Top Five Posts of 2009
• Best Tip for New Condo Buyers: Demand a Free Parking Space
• The Best Listing of the Year (For Well Paid Lobbyists)
• Best Condo Conversion: View 14
• Best Up-and-Comers in 2009: Redfin.com, Streetcars and FHA Loans
• Best Live/Work Space: Fathom Creative
• Best Neighborhood Debate: Is H Street Worth It?
• Best New Tech for DC Real Estate Scene: Google Street View
• Best Deal of 2009: The $419,000 Three-Bedroom
• Best Record Set This Year: Mortgage Rates Hit All-Time Low
• Best Local Real Estate Idea (That Went Nowhere): Inauguration Rentals
• The Best Listing of the Year (For Well-Paid Lobbyists)
• Best New Listing of the Year (For Mere Mortals)

This article originally published at http://dc.urbanturf.com/articles/blog/the_best_and_craziest_real_estate_news_outside_of_dc_in_2009/1615

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