18182 CAMDENHURST DR
GAINESVILLE, VA 20155
List Price: $414,900
Prior Sale: $705,000 6/16/2006
Listing Date: 08/22/07
-41.1%
16539 RESERVOIR LOOP
DUMFRIES, VA 22026
List Price: $363,000
Prior Sale: $585,000 10/23/2006
Listing Date: 08/17/07
-37.9%
7939 COMMUNITY DR
MANASSAS, VA 20109
List Price: $180,000
Prior Sale: $290,000 8/1/2005
Listing Date: 08/21/07
-37.9%
16577 RESERVOIR LOOP
DUMFRIES, VA 22026
List Price: $369,900
Prior Sale: $550,000 7/6/2005
Listing Date: 07/28/07
-32.7%
768 AYRSHIRE LN
WOODBRIDGE, VA 22191
List Price: $364,900
Prior Sale: $529,000 6/3/2005
Listing Date: 08/19/07
-31.0%
4309 KENWOOD DR
WOODBRIDGE, VA 22193
List Price: $283,000
Prior Sale: $410,000 5/30/2006
Listing Date: 08/02/07
-31.0%
2192 ARMITAGE
WOODBRIDGE, VA 22191
List Price: $370,000
Prior Sale: $531,950 5/31/2006
Listing Date: 08/21/07
-30.4%
7863 COMMUNITY DR
MANASSAS, VA 20109
List Price: $189,863
Prior Sale: $269,000 5/1/2006
Listing Date: 06/22/07
-29.4%
14396 BERKSHIRE DR
WOODBRIDGE, VA 22193
List Price: $199,900
Prior Sale: $280,000 4/6/2006
Listing Date: 08/21/07
-28.6%
16870 BRANDY MOOR LOOP
WOODBRIDGE, VA 22191
List Price: $268,000
Prior Sale: $373,596 1/19/2006
Listing Date: 08/22/07
-28.3%
17513 VICTORIA FALLS DR
DUMFRIES, VA 22025
List Price: $362,500
Prior Sale: $501,140 9/30/2005
Listing Date: 08/17/07
-27.7%
8922 LIBERTY RIDGE PL
NOKESVILLE, VA 20181
List Price: $989,900
Prior Sale: $1,369,698 12/27/2005
Listing Date: 08/19/07
-27.7%
13641 NEWTONMORE PL
BRISTOW, VA 20136
List Price: $489,000
Prior Sale: $667,390 9/1/2005
Listing Date: 08/21/07
-26.7%
13625 AMERICA DR
BRISTOW, VA 20136
List Price: $469,900
Prior Sale: $617,186 10/31/2005
Listing Date: 08/17/07
-23.9%
15509 MELLON CT
HAYMARKET, VA 20169
List Price: $700,900
Prior Sale: $890,832 9/21/2005
Listing Date: 08/17/07
-21.3%
7617 GLENOLDEN PL
MANASSAS, VA 20111
List Price: $210,000
Prior Sale: $265,000 9/28/2005
Listing Date: 08/16/07
-20.8%
14710 BROOK DR
WOODBRIDGE, VA 22193
List Price: $299,900
Prior Sale: $375,000 12/15/2005
Listing Date: 08/15/07
-20.0%
1404 OREGON AVE
WOODBRIDGE, VA 22191
List Price: $322,000
Prior Sale: $400,000 8/1/2006
Listing Date: 08/21/07
-19.5%
10103 SUDLEY MANOR DR
MANASSAS, VA 20109
List Price: $335,000
Prior Sale: $415,000 11/17/2005
Listing Date: 08/16/07
-19.3%
13182 SAPPHIRE RIDGE RD
BRISTOW, VA 20136
List Price: $500,000
Prior Sale: $610,000 10/2/2006
Listing Date: 08/20/07
-18.0%
8107 HARD SHALE RD
MANASSAS, VA 20111
List Price: $339,900
Prior Sale: $412,350 4/21/2005
Listing Date: 08/17/07
-17.6%
10442 BERMUDA LN
MANASSAS, VA 20109
List Price: $324,900
Prior Sale: $385,000 5/2/2006
Listing Date: 08/21/07
-15.6%
18122 CAMDENHURST DR
GAINESVILLE, VA 20155
List Price: $550,000
Prior Sale: $633,090 10/3/2005
Listing Date: 08/15/07
-13.1%
5026 BURNSIDE FARM PL
HAYMARKET, VA 20169
List Price: $630,000
Prior Sale: $722,190 4/21/2006
Listing Date: 08/17/07
-12.8%
8625 PLACID LAKE CT
BRISTOW, VA 20136
List Price: $532,900
Prior Sale: $600,000 4/5/2006
Listing Date: 08/18/07
-11.2%
6803 SABBARTON PL #112
GAINESVILLE, VA 20155
List Price: $300,000
Prior Sale: $336,015 7/1/2005
Listing Date: 08/20/07
-10.7%
16845 MIRANDA LN
WOODBRIDGE, VA 22191
List Price: $320,000
Prior Sale: $357,594 12/22/2005
Listing Date: 08/16/07
-10.5%
13034 BATHGATE WAY
BRISTOW, VA 20136
List Price: $339,900
Prior Sale: $370,000 3/28/2005
Listing Date: 08/15/07
-8.1%
Wednesday, August 22, 2007
Prince William County -- On the Market
Posted by Harriet at 5:14 PM
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15 comments:
Im a reporter for the New York Times and I'm writing on the subprime mess. Can you email me re: northern virginia. I'd love to chat with you for this story.
nelson schwartz
nschwartz@nytimes.com
Congrats on your link from BusinessWeek. I also told a reporter from another major publication to contact you.
I don't know how you get the data, I'm very impressed.
This goes way beyond a few relatively isolated cases of fraud.
I have been following the market closely in Manassas and these numbers are for real. The market is in freefall right now.
I think we have reached a point where things really are going to move quickly. With PWC falling like a rock it is only a matter of time until the price drops work their way in towards the center of the metro area.
Nelson, Frank,
I am a regular reader of this blog and I am glad that media guys are becoming interested.
Harriet deserves recognition for all the efforts she puts into compiling the lists showing percentage change in prices and in maintaining this blog.
Harriet, I am sure you've probably been asked this before. Are the previous sale prices true sale prices, or do some proportion of them represent refinances or home equity loan values?
I am curious because all of the sales dates are 05 or 06 (which may be your criteria). I have a couple of friends in manassas who refied or took out equity loans in the same time period. Either way, it is clear the values are dropping fast. I wonder what % is immigrant loans.
Kelly asked:
"I wonder what % is immigrant loans."
Wow! ... How racist can one be?
Harriet, that post really should be deleted ... immediately! Any association with such racist statements will erode your credibility.
@Frank,
Thanks and I hope you caught my comment under the "Arlington" thread about how much I have enjoyed the "frank" advice at your blog. It's refreshing.
I really just search the MLS for the data and compare it to the tax records. It takes time, of course. ZipRealty has some handy features like searching for only "listings from the last week". This is helpful because I like to show new listings as much as possible.
Also, just about all the foreclosures and short sales on the market were sold in 2005-2006. (The others were just refinanced to the hilt). So searching for houses built in the last two years in counties like Prince William inevitably brings up foreclosures and short sales. That's very telling, in my opinion, about the nature of affordability and the loan products of last few years.
@Kelly,
They are sales from one party to another.
@Lance,
The Washington Post's Kirstin Downey had a story in June: "Immigrants Hit Hard by Repossessions."
A very informative realtor's blog is called Bubbleinfo.com. He's out in Carlsbad, California. The reason I bring him up is because in April he talked about non-English speaking immigrants being encouraged to sign on the dotted line for 2-year ARMs that gave the agents, who were also acting as the lenders, large commissions.
Harriet, if there is a lay "expert" on the No. Virginia bubble market you are that person. Your research and careful presentation of facts are not mirrored in some of the career and investment blogs I read and participate in. Some blog owners become far too "emotional" and leave rational thinking somewhere else.
You are a credit to the blogging communities.
@harriet
Interesting info in loans given to immigrants (many illegal). I think its pretty obvious that many large lending agencies and banks, who have significant influence on the hill, have a bias toward amnesty. If these immigrants just leave and go back to their native country these banks lose big time (in certain locations of the country). Obviously I do not blame illegal immigrants for this credit "meltdown." Loans to them are only a slice of the pie. I personally think the banks should get what is coming to them for being so greedy and irresponsible - not the average taxpayer.
Harriet congratulations on the blog recognition, you do a great job of reporting facts in your posts.
Thanks for the answer Harriet. And I second (or 3rd, 4th etc) all the thank you's for taking the time to pull all of this information together. I used to follow the Baltimore Housing Blog when I was considering moving there, and it truly helped me make the decision not to jump into the market in January of 06. I would probably be underwater today. I imagine you are helping folks in NOVA, which is probably a much more complicated market than Baltimore.
Lance-I want to ignore your comment because it's just so, well, Lanceish. It is a well known fact that mortgage brokers targeted many immigrants who have recently moved here or still aren't not financially savvy in the States. Doesn't mean they are stupid, and I am hardly being a racist. It means that for simple fact of being in a strange, complex country with different laws, customs, money etc probably makes you an easy target.
Kelly said:
"It means that for simple fact of being in a strange, complex country with different laws, customs, money etc probably makes you an easy target."
Oh, I get it now. The "establishment" is out to "get" people ... and immigrants are just more "gettable" ...
Sorry, I don't buy either of your two premises ... particularly that immigrants are somehow less capable of understanding things than you. I mean, like you say, a lot of them managed to get themselves into an affordable home ... something which you are yet to be able to do you yourself ...
Kelly is so much smarter than Lance. But then, that's not a very exclusive club, is it?
As a matter of fact Lance, I am a "bitter renter" with a nice chunk of change in my savings account from selling my house in July of 2006 for double what I paid for it. So who do you think is making assumptions now?
Do I think my house should have appreciated the way it did according to the fundamentals of economics and finance-no. But I felt a lot better because the woman who bought it put 20% down and got a 30 year mortgage. She plans on being in the house for a long time as she was just tenured at the local university.
And I must say, although I hate to fan your flames, that your posts anywhere recently have become much more inflammatory with a lot less logic. It's ok to admit that you might be wrong Lance. I am sure this whole thing will shake out somewhere in the middle.
With regards to targeting immigrants, every financial services company in the world is out to make money off other peoples money and their unfortunate resistance to reading the fine print. That is true with credit cards, mortgages, insurance you name it. So do I think that a big mortgage company with skeevy brokers might take advantage of people not familiar with the language and laws in this country. Absolutely. After all, they've been successful doing it with people born in this country.
Wow, Kelly totally nailed Lance.
Here's one thing we've learned for sure:
The smartest decision ever, smarter than buying in DC in 2000 and selling in 2006, smarter than buying housing put options in October 2005, was some woman's decision years ago to divorce Lance.
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