21790 LADYSLIPPER SQ
ASHBURN, VA 20147
List Price: $433,900
Prior Sale: $620,000 10/19/2006
Listing Date: 08/18/07
-30.0%
21833 LADYSLIPPER SQ
ASHBURN, VA 20147
List Price: $429,900
Prior Sale: $600,000 10/04/2006
Listing Date: 08/16/07
-28.4%
43081 CAPRI PL
ASHBURN, VA 20148
List Price: $435,000
Prior Sale: $606,077 10/3/2006
Listing Date: 08/17/07
-28.2%
228 MEADOWLAND LN
STERLING, VA 20164
List Price: $381,900
Prior Sale: $500,000 3/20/2006
Listing Date: 08/04/07
-23.6%
20963 TIMBER RIDGE TER #203
ASHBURN, VA 20147
List Price: $193,000
Prior Sale: $250,100 07/22/2005
Listing Date: 08/13/07
-22.8%
122 MAX CT SE
LEESBURG, VA 20175
List Price: $539,900
Prior Sale: $691,840 05/01/2006
Listing Date: 08/15/07
-22.0%
46035 BAYSWATER TER
STERLING, VA 20166
List Price: $351,900
Prior Sale: $450,000 12/12/2005
Listing Date: 08/03/07
-21.8%
21755 LEATHERLEAF CIR
STERLING, VA 20164
List Price: $319,000
Prior Sale: $400,000 09/30/2005
Listing Date: 08/14/07
-20.3%
38321 STEVENS RD
LOVETTSVILLE, VA 20180
List Price: $497,900
Prior Sale: $598,000 02/16/2006
Listing Date: 08/10/07
-16.7%
22960 ROSE QUARTZ SQ
ASHBURN, VA 20148
List Price: $420,000
Prior Sale: $477,225 03/17/2006
Listing Date: 08/15/07
-12.0%
43844 CHURCHILL GLEN DR
CHANTILLY, VA 20152
List Price: $799,900
Prior Sale: $904,925 12/29/2005
Listing Date: 08/17/07
-11.6%
38508 CASSIA LN
LOVETTSVILLE, VA 20180
List Price: $772,000
Prior Sale: $870,000 3/16/2006
Listing Date: 08/16/07
-11.4%
1205 MUSKET CT NE
LEESBURG, VA 20176
Prior Sale: $424,900
Prior Sale: $455,000 10/04/2005
Listing Date: 08/13/07
-6.6%
21159 CROCUS TER
ASHBURN, VA 20147
List Price: $359,900
Prior Sale: $368,900 09/14/2004
Listing Date: 07/07/07
-2.4%
712 MONTAUK CT NE
LEESBURG, VA 20176
List Price: $680,000
Prior Sale: $690,000 08/16/2006
Listing Date: 08/16/07
-1.4%
103 LAURA ANNE DR
STERLING, VA 20164
List Price: $504,900
Prior Sale: $510,000 04/04/2006
Listing Date: 08/17/07
-1.0%
116 ASPEN AVE
STERLING, VA 20164
List Price: $299,900
Prior Sale: $299,900 6/25/2004
Listing Date: 08/17/07
+0.0%
230 LINCOLN AVE
STERLING, VA 20164
List Price: $339,900
Prior Sale: $332,000 8/24/2004
Listing Date: 08/18/07
+2.4%
Monday, August 20, 2007
Loudoun County -- On the Market
Posted by Harriet at 9:28 AM
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10 comments:
After seeing two homes on the list on the same street, Ladyslipper Square in Ashburun, I decided to look a little deeper at the current situation there.
Here are all of the units currently for sale on that street:
21790 LADYSLIPPER SQ - $433,900: "This home sold for $600k in may 2006!" [Purchased for $620,000 in 2006.]
21833 LADYSLIPPER SQ - $429,900 [Can't tell if this is a short sale, but it was purchased for $600,000.]
21787 LADYSLIPPER SQ - $429,900: "Bank owned & sold as is. Price reduced!" [Purchased for $522,000 in 2006.]
21793 LADYSLIPPER SQ - $449,900: "3rd party bank approval." [Purchased for $542,000 in 2006.]
21830 LADYSLIPPER SQ - $549,000 [Purchased for $497,000 in 2006. This guy hasn't gottent the memo that the bubble is over.]
21827 LADYSLIPPER SQ - $415,000: "This property is subject to a short sale so please hurry with your offers!!" [Purchased for $600,000 in 2006.]
21779 LADYSLIPPER SQ - $419,000: "This property is available for a short sale pending the banks final approval." [Purchased for $605,000 in 2006.]
Of the 7 units currently for sale, 5 of them are foreclosures or short sales and 6 of them are selling for substantially less than the last sales price.
I can't help but think conditions must be just as bad on surrounding streets and surrounding neighborhoods.
I'd guess that their prices will ultimately drop to the low to mid 200's.
John,
Nice research, I just plugged 21779 Ladyslipper Sq into Cyberhomes and Zillow. Cyberhomes was estimating the value of the home to be at $404K; well under the current ask (cyberhomes has been providing value estimates to the RE industry for 20 years so they're data is pretty accurate). Plenty of other homes in that immediate area for sale - zillow lists 64.
Looks like there's still room for those prices to drop.
"Looks like there's still room for those prices to drop."
What's the tax appraisal, at least a ballpark figure?
Thx.
You can search here, by address, for homes in Ashburn and the rest of Loudoun county:
http://inter1.loudoun.gov/cgi-bin/db2www.exe/webpdbs/re.d2w/INDEX
Thanks for the link.
I just checked the tax appraisal for 21779 Ladyslipper and it was (gulp)$554,500.
It is listed @ $419,000.
That's a difference of..(drum roll, please)$135,000!
So, um, what happens now? Does the county tax assessment change if the property sells at $419K? What about the rest of the neighborhood?
Assessments lag from previous years. Even if you pay $419K for a place, your taxes will be based on the county appraisal. Answer? You do what people in my condo building did: appeal to the county. The county made appropriate adjustments when approached by angry mortgage holders. Who in their right mind would agree to taxes based on a valuation that now is $50,000 to $100,000 more than what a unit can for?
Of the 6 condo units that sold in my building in the last 18 months, only one sold for the assessed amount. (That person had to be on crack or is plain stupid. Never have met the person. Can't say I would want to.) The other 5 units went anywhere from $40,000 to $85,000 less than the county's assessment. Many in the building still talk about their condos being worth $550K to $600K. Yet not one has sold in that range. I still say people in the DC area are delusional.
I don't feel badly for the folks. In all but one case the units were bought at pre-built prices. The "value" increased with the mania in surrounding neighborhoods so few of these sellers "lost" money. Maybe they didn't make a huge profit, but they made money.
My landlord tried to sell my unit for $30K more than what he paid in June 2005. Over 12 months it was viewed 6 times. He took it off the market last month and told me he would wait 2 or 3 years before trying to sell again. I can't imagine this place, as nice as it is, being sold for he paid. It was at least $150,000 over-priced when he bought it. Honestly, even for the DC metro is worth only about $375K max. The condo fees are outrageous. Thank goodness he pays those.
KC,
I hope your landlord's situation isn't as bad as you describe 'cause if he walks (i.e., defaults on his mortgage) your lease becomes worthless overnight. You'll come home one day and find an eviction notice on your door from the mortgage holder. Incredible as it may seem, your lease is subject to the rights of the mortgagor. I know because that happened to me once.
A landlord defaulting in Fairfax County was discussed here. Yes, it's a little nerve-wracking to rent from upside-down investors unless you have some reason to trust that they have motivation to keep paying the mortgage.
Fauquier County is blessed with two pretty good rental management firms, Austin Realty and Henley Management. (They also rent out homes in Prince William County). It's nice to have a third party go between the property owner and the tenant, although sometimes it's a little costlier for both.
Ron (landlord), his wife and I are friends. He doesn't default on anything. He has plenty of assets and resources to cover this condo, even at a $200k loss. There is a slim to no chance of him walking.
My nerves are fine. There is no fear. I wouldn't rent from individuals whom I don't thoroughly check out.
Harriet,
The time it happened to me I was renting through a property management firm. I was the one who informed them of the foreclosure after I saw the notice on my door. Fortunately, the property management firm was holding the deposit (and not the owner), so I got my money back. The only true hardship was finding a new place in the l2 or so days notice I was given.
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