703 MORNINGSIDE CT [Under Contract]
HERNDON, VA 20170
List Price: $409,900
Prior Sale: $525,000 11/22/2005
-22%
8437 BYERS DR
ALEXANDRIA, VA 22309
List Price: $419,900
Prior Sale: $451,000 07/19/2006 US BANK NATIONAL ASSN
Prior Sale: $535,000 10/18/2005
-21.5%
9418 LAKELAND FELLS LN
LORTON, VA 22079
List Price: $565,900
Prior Sale: $670,828 11/16/2005
-15.6%
4493 MORNING WIND CT [Under Contract]
ANNANDALE, VA 22003
List Price: $449,900
Prior Sale: $510,000 08/15/2006
-11.8%
Tuesday, March 27, 2007
Fairfax County Same-House Sales
Posted by Harriet at 10:38 AM
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3 comments:
awesome information. Holy crap this is amazing. I had no idea there have been these markdowns.
Great blog…..long overdue, IMO.
Anyway, I worked in the NOVA real estate market up until the first part of this year (don’t worry, I wasn’t a realtor, I did photography).
I made several observations during my time taking real estate photos. They were:
1) This is a market that will be down for several YEARS. Stop for a moment and think about all of the development that is in the pipeline in NOVA…..in other words, houses that have been approved but not built yet. Once things brighten up and builders start building again this glut of new homes will put tremendous price pressure on existing houses….stated another way….values will grow much more slowly, if at all, because there will always be a newer house someplace.
2) NOVA is not the most affordable place to live and traffic sucks. In addition, the GA in Richmond is too cowardly to pass real transportation reform….they want to pass the buck back to localities. Again, this will make NOVA even more expensive and unattractive. Think about what it costs you to commute……guess what, the cost is going to go up.
3) People bought more house than they needed. In most houses I photographed, many rooms were empty because they were not used.
4) The population growth in NOVA has all but stopped….there was an article in the post about it a few days ago….so there really are LESS buyers.
Things could get bad, really bad…..it will be interesting to see what happens over the summer.
@gold_h2o
Great post. The first thing I was going to ask you was, "was there any furniture in the houses you photographed?"
I remember selling a piece of furniture on craigslist two years ago when we lived way out west of D.C. The buyers were a young couple from D.C. proper. They had never been out of town that far before. They got out of their SUV and said to us, "what land shortage?"
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