3030 MANNING ST
ALEXANDRIA, VA 22305
List Price: $275,000
Prior Sale: $371,000 04/28/2006
Listing Date: 08/17/07
-25.9%
3101 HAMPTON DR #411
ALEXANDRIA, VA 22302
List Price: $422,900
Prior Sale: $560,900 05/02/2005
Listing Date: 08/16/07
-24.6%
3710 EDISON ST
ALEXANDRIA, VA 22305
List Price: $309,900
Prior Sale: $390,000 06/20/2006
Listing Date: 06/19/07
-20.5%
6300 STEVENSON AVE #713
ALEXANDRIA, VA 22304
List Price: $227,000
Prior Sale: $285,000 03/09/2006
Listing Date: 08/13/07
-20.4%
4009 TANEY AVE
ALEXANDRIA, VA 22304
List Price: $449,900
Prior Sale: $565,000 10/05/2006
Listing Date: 08/06/07
-20.4%
3101 HAMPTON DR #1208
ALEXANDRIA, VA 22302
List Price: $319,900
Prior Sale: $390,000 05/16/2006
Listing Date: 08/20/07
-18.0%
1735 POTOMAC GREENS DR
ALEXANDRIA, VA 22314
List Price: $939,000
Prior Sale: $1,080,000 08/25/2006
Listing Date: 08/08/07
-13.1%
3907 ELBERT AVE
ALEXANDRIA, VA 22305
List Price: $515,000
Prior Sale: $565,000 06/29/2006
Listing Date: 08/28/07
-8.8%
3101 HAMPTON N DR #311
ALEXANDRIA, VA 22302
List Price: $495,900
Prior Sale: $543,200 11/21/2006
Listing Date: 08/11/07
-8.7%
3101 HAMPTON DR #1218
ALEXANDRIA, VA 22302
List Price: $414,900
Prior Sale: $449,900 07/08/2005
Listing Date: 08/01/07
-7.8%
3834 ELBERT AVE
ALEXANDRIA, VA 22305
List Price: $515,000
Prior Sale: $555,000 08/24/2006
Listing Date: 08/26/07
-7.2%
3501 RUSSELL RD
ALEXANDRIA, VA 22305
List Price: $675,000
Prior Sale: $690,000 05/25/2006
Listing Date: 08/14/07
-2.2%
3101 HAMPTON DR #812
ALEXANDRIA, VA 22302
List Price: $509,900
Prior Sale: $506,900 01/28/2005
Listing Date: 08/07/07
+0.6%
3101 NORTH HAMPTON DR #304
ALEXANDRIA, VA 22302
List Price: $459,000
Prior Sale: $454,900 03/18/2005
Listing Date: 08/14/07
+0.9%
1006 VALLEY DR #602
ALEXANDRIA, VA 22302
List Price: $375,000
Prior Sale: $370,000 11/30/2006
Listing Date: 08/20/07
+1.4%
131 CAMERON PARKE PL
ALEXANDRIA, VA 22304
List Price: $515,000
Prior Sale: $499,900 07/23/2004
Listing Date: 08/24/07
+3.0%
5340 HOLMES RUN PKWY #1003
ALEXANDRIA, VA 22304
List Price: $162,500
Prior Sale: $154,500 10/29/2004
Listing Date: 08/17/07
+5.2%
4870 EISENHOWER AVE #404
ALEXANDRIA, VA 22304
List Price: $419,500
Prior Sale: $396,900 06/29/2006
Listing Date: 08/04/07
+5.7%
309 HOLLAND LN #234
ALEXANDRIA, VA 22314
List Price: $549,000
Prior Sale: $518,000 12/15/2006
Listing Date: 08/05/07
+6.0%
309 HOLLAND #336
ALEXANDRIA, VA 22314
List Price: $375,000
Prior Sale: $345,497 07/11/2006
Listing Date: 08/08/07
+8.5%
422 ROYAL ST N
ALEXANDRIA, VA 22314
List Price: $699,990
Prior Sale: $625,610 07/22/2005
Listing Date: 08/24/07
+11.9%
Tuesday, August 28, 2007
Alexandria City -- On the Market
Posted by Harriet at 3:10 PM
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20 comments:
It wasn't fantasy until it happened.
Oh, my bad. It was just fantasy until it happened.
Interesting, here's some background data for everyone.
It's a 1943 2/1 rowhouse, 832 sqft.
On 4/2006 WESLEY ERIC sold it to AVILA DE ORTIZ MARIA DAYSI ORTIZ NICOLAS for $371K.
Previous sale, 4/2000 for 53K.
The city declined to raise the assessment to $371K. 2006 was $312K and 2007 was $351K.
There seem to be similar anomalies in the other big drops.
But wait, Hark! At the other end of the list, the askin's are up. Figure that out.
The place on Russell Rd, that's a couple blocks from me. That's essentially flat. Big whoop.
Even if it fell fifty grand, it's still out of the reach of most bubble-heads.
I don't take delight that people cannot buy their own place or that some, the ORTIZ family perhaps, paid high and didn't have their back up finances.
Dispassionately, it's still a pricey market and premium places are rising (according to that report.)
KH
One problem with the bubble is that sellers unloaded below average houses and buyers bought without inspections. So now you have Joe Speculators who cannot pass an FHA loan inspection to unload what they cannot afford.
There will always be a market for above average houses on above average lots, there are just too few for the number of people with oodles of money.
I would define bubbleheads, KH, as people who can afford to buy but did not because they saw the frenzy for what it was. Not that prices are out of reach.
JOhn
A premium place showing a much lower price:
1735 POTOMAC GREENS DR
ALEXANDRIA, VA 22314
List Price: $939,000
Prior Sale: $1,080,000 08/25/2006
Listing Date: 08/08/07
-13.1%
Keith says: "1735 POTOMAC GREENS DR"
Alexandria City Says:" Displaying 0 to 0 of 0 item for Property Address: 1735 POTOMAC GREENS DR"
Dave Sells says:every option builder offered!
It's not a high end place. It's a flip or spec gone bad! Didn't you check? It's a flip on a massive 1060 square foot lot.
Slapping the keyboard again?
So far, it's been consistent, the so-called bubble has been some bad flips and a few exploitive sales.
We're still looking for prime real estate plunging in value.
I can point to another bad flip/spec. Someone tore up the parking lot on West Glebe road. 2 years ago, they put up a sign, Towne Homes from the $850's. Today, the sign reads "from the $600's".
It's still an empty lot.
Just because some idiot puts up a sign and tells another idiot that a town house is worth $850, that doesn't make it true.
Those darn signs have you bubbleheads in a tizzy. If imaginary row houses are worth $850 (or 1+M as 1735 supposedly sold for) then my SFH is worth 1.5M, which it's not.
John wrote: "I would define bubbleheads, KH, as people who can afford to buy but did not because they saw the frenzy for what it was. Not that prices are out of reach."
No argument from me on your general statement.
If we're talking close in though, quality properties, which don't sell all that often, those prices did not get out of line.
So far, the specific places that I'm watching have not fallen.
KH, You are a breath of fresh air! It's so nice to hear someone on here without an agenda!
Agenda
Everyone has an agenda or two.
The bubbleheads and keyboard slappers have an untenable agenda. They want someone to sell them a premium property for a song, because.
That position is a hard one so they work hard to support it. Their anger comes from the frustration of not seeing the hoped for crash.
The fear that prices will rise further adds to their anger.
On the other hand, I've posted concrete evidence of firming to rising prices. Compare that to statements about Sub-primes, Resets, and No-Docs. Sub-primes? So what?
They don't want to consider that if prices fall 15%, something that is extremely unlikely, they are still priced out of the market.
Then there's their claim that they have cash on the side and are biding their time.
I have cash too. Some is parked in CD's, some in equities, mutual funds. I'm not making that good a return.
In fact, the equity side of my portfolio lost money in the last month.
This isn't to say that owning real estate is for everyone. Ya gotta do your own analysis.
"The bubbleheads and keyboard slappers have an untenable agenda. They want someone to sell them a premium property for a song, because. "
Oh don't start this again...
Don't you think it is rather unbecoming to show up on a blog and try to speak for a group of people you clearly don't have any idea about?
Leroy said:
"Don't you think it is rather unbecoming to show up on a blog and try to speak for a group of people you clearly don't have any idea about?"
Actually, what KH has to say is very interesting. While not excusing you for your inexcusably bad behavior, it does help me better understand the insurmountable odds you are face with in your quest for the kind of property you feel you deserve as a matter of right. You make your own anger and bad fortune ... But the sad part is that you don't even realize you are doing it to yourself.
Wow lance, since you put it that you are right, DC is the next manhattan... housing prices straight to the moon!
Leroy, you are right, of course. The trolls are just frustrated that you're right, and they're projecting their insecurities onto you.
Lance,
You seem to be spinning out of control. Is the preasure getting to you? Constant denial in the face of mounting contrary evidence must be exhausting.
Let me help you out with a little observation. You seem convinced that all "bubbleheads" (as you call them) think that they are entitled to housing at certain prices. It is hypocritical for you to criticize people for having this entitlement mindset when you rant and rave about how homeowners are entitled to have their houses appreciate and have buyers pay whatever sellers want to ask (and kiss their "homeowners crest ring" while they are at it).
But I think you are missing the mindest of buyers. Not all are renters. I own a condo, and want to buy a house. Economic data and fundamentals tell me that if I buy today, there is a good chance that I could "lose" $100,000 on the deal by New Years Day 2008. That difference is about $700 or $800 each month that I can use to buy furniture, vacations, or hookers if I wait to by until January. And if you look at what I have saved over buying last year, its about $1,600 a month.
As one of my drill instructors used to say "I will take your money, and laugh at your stupid ass."
So pardon us for being a bit gleeful that there are at least preliminary indications that we were right and the housing market was out of whack. But make no mistake, we are not angry, and good fortune is on our side.
Caveat, you are very wise, and you and Leroy are putting the trolls to shame.
I have said I wouldn't respond to KH's posts, but I will do so now to teach KH and Lance a lesson in maturity.
KH, it appears to me that you are correct that 1735 Potomac Greens is a spec house.
Now, I certainly hope that KH has the maturity to admit that Leroy ir right and Lance is wrong about the fundamental relationship between housing prices and rents.
But I don't think KH has that level of maturity. KH will likely prove me right shortly, but I am always open to having people pleasantly surprise me.
But I am giving KH a chance.
caveat wrote: "So pardon us for being a bit gleeful that there are at least preliminary indications that we were right and the housing market was out of whack."
Hey, no problem, if you're reporting on reality, like Dumfries, Manassas, or where-ever cratering out last month.
It's a stretch when folks say that because a spec builder 40 miles outside the city is cratering, that means in the future they'll get that prime place in the District or Rosslyn.
That's when it's fair for Lance to give the horse-laugh.
Especially since the news and listing services report price increases close-in.
Keith said: "But I don't think KH has that level of maturity. KH will likely prove me right shortly, but I am always open to having people pleasantly surprise me."
I have no idea what the point of this is. It reminds me of the trollish "have you stopped beating your wife?"
Why should I comment or care about "Leroy ir right and Lance is wrong"?
KH,
Here is an interesting tidbit I saw yesterday on MLS. A house for sale in North Arlington, which was put on the market in March:
List Date: 03/30/07
Status Date: 08/29/07
Price: $580,000
Original List Price: $669,000
Location: 4919 18TH ST N, ARLINGTON, VA 22207
Bedrooms: 5
Full Bathrooms: 3
Approx Lot Size (Acres): 0.253122
Approx Lot Size (Sq.Ft.): 11026
Year Built: 1987
MLS#: AR6357093
What caught my eye was something new in the description:
Back on the market - Buyer couldn't get financing.
So I dug a little further. The 2007 assessed value of this property is $587,300. But it is listed for sale at $580,000.
I thought North Arlington (and anywhere else inside the beltway) was immune from price drops? Its not exactly Rosslyn, but does anyone really want to live in Rosslyn?
I guess we will have to add "it's only happening in Manassas and Dumfries" to the increasing pile of horse shit statements that have proven to be spectacularly wrong.
caveat said: "I thought North Arlington (and anywhere else inside the beltway) was immune from price drops? Its not exactly Rosslyn, but does anyone really want to live in Rosslyn?"
Rosslyn, like Crystal City is stupid design. However, both are on the Metro and both are near big money jobs.
As for a bubble busting or not busting, I expected a pullback similar to the early 1990's. Between 1990 and 1993, my place in Alexandria fell a "big" 5%, according to the assessments.
Like Bill-the-landlord, I've been expecting something like that pullback, maybe. Heck after almost tripling in the assessment, I'd accept a 10% pullback.
Consider this.
I could have listed my place for a million dollars in 1992 and then dropped it to a half million the next year.
I could have listed it for a million in 2005 too.
That would be imagineering.
By the way, I checked out the Elegant Towne Homes on West Glebe road. They've put up some concrete forms for the first floor of a couple places.
Remember, there was a sign in 2005 that read "From the 850's"
The other month it was changed to "From the 600's".
Today it said, "From 550
So, some idiot puts up a sign on the Dominion Power parking lot in 2005 and, like, I'm supposed to go, "ooOOOooo, my SFH is worth a million bucks!"
Then when they change it to 550, I'm supposed to go, like, "AAAaaa-ugh, my SFH has plunged to 750. The bubble has busted!"
My house was never worth a million bucks and it's not worth 750 now. It's always been worth a lot less.
I'm amazed that they can get 550 for a rowhouse on West Glebe Road.
A rowhouse! 3 miles to a Metro, 1 mile to the Giant, 4 miles to the Pentagon.., no wait, maybe they can get 550 for it.
And stainless steel in the kitchen makes it all worth while.
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