7915 SAN LEANDRO PL #119E
Alexandria, VA 22309
(Currently on the market as a short sale at $240,000)
| Date | Amount |
| 09/21/2006 | $270,000 |
| 05/02/2000 | $71,000 |
| 08/12/1997 | $72,581 |
| 12/06/1993 | $78,300 |
Monday, June 18, 2007
What a Difference Timing Makes
Posted by Harriet at 6:56 PM
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5 comments:
Seems like *something* must've been done to the place inbetween - is this a condo renovation project?
There are currently five townhouses on the market on San Leandro Place, priced from $224,999 to $310,000.
In the 1990's, the 60-80K price range was the norm according to the Fairfax County database.
I didn't live in that particular development, but I did live for about a year in a townhouse in the western section of Alexandria. It was small; 2br except for the finished basement. I was bought for less than 90k in the mid-80s. One of the other townhouses in the area sold for more than $400k in 2006. The asking price for a similar place in that area is $450k. I can't fathom those prices for those 30-40 year old townhouses.
What is the true value of a piece of real estate? Is it the price one is willing pay or go in debt for? Or is a value based on quality of life, schools, convenience to shopping, health care facilities, good jobs, salaries for a given area and street appeal? (Street appeal is not something seen in abundance in most places close in to DC. So let's forget that one.) Is it worth based on comps from an area where all other things are equal? Remember every market is unique, right?
Unlike some I do not believe the true value of anything is necessarily what one, two or even 100 would pay.
Remember Beanie Babies? It will be a long time before those collections will be worth what many paid at the height of toys' popularity. People lost their sense of reason and, yes, even a sense of propriety. Beanie Babies were not worth what people paid at the time. Yet, people did pay large sums for a useless stuffed toy that even children bored of in a year. Remember Pokemon? I could go and on. OK, maybe they will be worth something for the grandchildren, but there is a distinct possibility they won't be worth a inflated dime.
What happened here was mirrored in other so-called HOT markets. People lost their ever loving minds and common sense. They bought junk. They paid hundreds of thousands for junk. Junk is junk no matter what one pays for it. Low rent housing is low rent housing regardless.
One can get a shoe box, put some ordinary Virginia dirt in it, tie a bow on it and sell it for whatever someone is willing to pay. In the end the purchaser has dirt in a box. If they paid $3 for it, they paid too much. They have dirt. "Things" big and small and houses are not necessarily worth what people pay.
It would be nice if people would learn, but sadly it will happen again. And people will again analyze the hows and whys and what fors as though it has never happened before.
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