3899C MANZANITA PL
ALEXANDRIA, VA 22309
List Price: $180,000
Prior Sale: $300,000 11/03/2006
Listing Date: 11/29/07
-40.0%
9410 LAKELAND FELLS LN
LORTON, VA 22079
List Price: $469,900
Prior Sale: $699,000 04/28/2006
Listing Date: 11/29/07
-32.8%
1196 DUBLIN PL
HERNDON, VA 20170
List Price: $225,000
Prior Sale: $335,000 08/17/2005
Listing Date: 11/26/07
-32.8%
1021 LEXUS WAY
HERNDON, VA 20170
List Price: $299,900
Prior Sale: $443,000 09/28/2006
Listing Date: 12/01/07
-32.3%
3545 EWELL ST
ANNANDALE, VA 22003
List Price: $350,000
Prior Sale: $515,000 03/24/2006
Listing Date: 11/30/07
-32.0%
(See "Same-House Sales" sidebar for more)
Sunday, December 2, 2007
Fairfax County -- On the Market
Posted by Harriet at 9:19 PM
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From kcwood's link:
"To equal the affordability of the early 1970s, prices would have to fall a whopping 38%.
Those who say such declines can't happen are ignoring how fast home prices rose in the first half of this decade. In most parts of the country, housing prices doubled during this five-year period while incomes went up only a fraction as much.
Sellers could always hold the line and wait for family incomes to rise. But this clearly won't happen overnight - and, besides, it's a buyer's market and no one wants to buy today knowing that prices might well be lower tomorrow.
After all, when it comes to housing prices, what matters most is not the cost of construction, nor what surrounding homes might be selling for. Simply put, it's affordability.
And until they are more affordable, houses won't sell".
-- Irwin Kellner is chief economist for MarketWatch and for North Fork Bank
3899C MANZANITA PL
Is a short sale. IE not a real price. Only 5% of short sales close.
9410 LAKELAND FELLS LN
Is bank owned. That is a real price.
1196 DUBLIN PL
Says "foreclosure" so it is probably a bank owned.
Price was $305,000
1021 LEXUS WAY
Bank owned
3545 EWELL ST
Short sale.
Hey Harriet,
What about adding a * next to homes that are Short sales? While the bank owned prices are "real," these short sales are usually fake.
Frank Borges LL0SA
Blog.FranklyRealty.com
I'd like to see something backing up your comment that 5% of short sales close. 5% of offers made on these homes close? 5% of houses up for short sale close? Does this take into account that a significant number of short sales move into foreclosure and eventually become REOs?
It seems to be a highly dubious claim that short sales aren't "real prices." Especially as banks have more and more REOs and they are eager to a) get these soon-to-go bad loans off the books and b)avoid the expensive for everyone foreclosure process, they are going to be more and more willing to accept buyer-friendly terms on short sales.
The flip side of this is that as the number of short sales increases, it will continue to bog down servicers already overwhelmed and investors who are increasingly skittish when it comes to their loan portfolio.
How does this play out? Someone with their magic 8-ball that has the right answer is primed to make a lot of money one way or another.
my neighbor has her house up for "short sale" here in Vienna, near the metro. Still, it's beyond my budget.
Apologies for changing the subject, but I'll be a first-time home buyer in Spring 2008 with good credit, and I bring in the Fairfax Co. average in income. I've been monitoring the Fairfax Co. market for a little while, and am tired of doing the legwork. How would I go about having realtor give me offers, instead of the other way around, without it being too cumbersome? Just curious. If it is a buyers market, the sellers should be pitching to me, not the other way around. NVHBF should have a buyer ID number with stats, and the realtors send their below listing price offers to us!
Zeptogator seeking 3+br/2+bth, ffx co., 1984 or earlier TWH, $400K listings or less, hrwd floors,1400sqft min, large kitchen, send me your best offer! :)
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