314 DARTMOUTH DR E #204
STERLING, VA 20164
List Price: $140,000
Prior Sale: $286,900 9/20/2005
Listing Date: 12/20/07
-51.2%
126 HAYLOFT CIR
STERLING, VA 20164
List Price: $169,900
Prior Sale: $330,000 7/20/2005
Listing Date: 12/14/07
-48.5%
400 HUMMER CT
STERLING, VA 20164
List Price: $259,900
Prior Sale: $485,000 11/15/2005
Listing Date: 12/20/07
-46.4%
511 BRETHOUR CT #36
STERLING, VA 20164
List Price: $169,000
Prior Sale: $295,200 05/20/2005
Listing Date: 12/25/07
-42.8%
317 NANSEMOND ST SE
LEESBURG, VA 20175
List Price: $209,000
Prior Sale: $360,000 01/11/2006
Listing Date: 12/20/07
-41.9%
(See "Same-House Sales" sidebar for more)
Thursday, December 27, 2007
Loudoun County -- On the Market
Posted by Harriet at 5:40 PM
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9 comments:
Harriet - Happy New Year! Here are some additions for your next Arlington list. These are all in the same condo building in the heart of the hottest area in Arlington (Clarendon):
1021 GARFIELD ST #548
ARLINGTON, VA 22201
List Price: $369,800*
Prior Sale: $429,500 4/23/07
Listing Date: 12/15/07
-13.9%
*Net of $14,200 in closing cost credits and HOA fees paid by seller.
1021 GARFIELD ST #210
ARLINGTON, VA 22201
List Price: $550,000
Prior Sale: $601,700 7/22/05
Listing Date: 10/08/07
-8.6%
1021 GARFIELD ST #507
ARLINGTON, VA 22201
List Price: $599,000
Prior Sale: $635,400 7/11/05
Listing Date: 03/05/07
-5.7%
1021 GARFIELD ST #107
ARLINGTON, VA 22201
List Price: $619,000
Prior Sale: $650,000 8/19/05
Listing Date: 11/26/07
-4.8%
1021 GARFIELD ST N #734
ARLINGTON, VA 22201
List Price: $439,500
Prior Sale: $448,100 7/27/05
Listing Date: 11/08/07
-1.9%
1021 GARFIELD ST #102
ARLINGTON, VA 22201
List Price: $383,900
Prior Sale: $388,900 8/5/05
Listing Date: 11/26/07
-1.3%
Here's a few new homes in PWC:
9702 King George, Manassas, asking $199,000, last sold for $470,000 6/29/2006.
10578 Talisa Lane, Manassas, asking $420,000, last sold for $575,000 11/1/2005.
12506 Erroll Ct, Bristow, asking $410,000, last sold for $613,915 9/11/2006.
These are just new ones I noticed this morning...I have a growing list of over 200 similar stories for Manassas and Bristow I have been adding to since this summer.
Last night, I noticed a house on Gregory's Grove Ct. in Manassas, asking $449,900, last sold for $567,455 8/16/2004. I looked at the sale histories for the other houses on the same court and noticed that several homes were purchased newly built in 2004, but then sold to buyers with Hispanic surnames only a couple months later for huge mark-ups (from $20,000-$200,000 more). Was this a common occurence back then? For people to buy new construction and sell them for huge profits a couple months later? We just moved to the area a year and a half ago, and we cannot believe #1 that people ever thought any of these homes were worth what they paid and #2 so many people were taken advantage of so easily. Did anyone around here notice these things and express concern?
I'm certainly not an expert, but you may be looking at cases of mortgage fraud. Prices marked up that dramatically, listed, then sold may indicate that the new purchaser was more interested in the money from the bank than the property in question. This requires collusion by the sellers & the buyers and possible the realtor. Then again, maybe the people actually believed what the realtor told them about instant appreciation.
Thanks, John! Arlington will be next.
Tabitha,
Sometimes if the property was new construction, the quick flip for a huge profit explains the time frame of a few weeks/months between sales. Otherwise, it was probably fraud. The FBI is finally starting in on Prince William County and we'll be able to hear more about what was really occurring.
As far as being taken advantage of, I read this article twice from the Washington City Paper. It was written last October, and explains a lot about the thoughts of borrowers and the activities of the builders and lenders. (I lived in a Ryan development for a while, and several of the owners disliked NVR Mortgage after experiencing settlement). This story's about two families who refi'd their Manassas house and bought a Ryan (NVR) home in Remington:
"The Rioses, however, chose a different approach. They turned to Diana Paternina of the Tysons Corner office of East West Mortgage Co., a company that aggressively courts Hispanic home buyers with ads on Hispanic radio stations. Paternina, who speaks Spanish, had set them up with the mortgage on their first home.
This time, she sold them on a plan to refinance their existing home loan, promising, they recall, cash and lower monthly payments that would allow them to hang onto the Manassas abode as a rental property after they moved into their new digs in Remington. What they got was an adjustable-rate mortgage that started at the bargain-basement rate of 1 percent".
. . .
"When they arrived at the Manassas office for the closing, they say, they learned for the first time that they were facing a monthly payment of $4,383.
"If we had known," says Marcos, "we would not have bought the house."
They tried to call off the deal. But the two officials from the lender warned they would lose their $53,000 deposit".
. . .
"The Remington purchase also had some pitfalls. NVR's mortgage, settlement, and insurance subsidiaries charged a slew of fees that, according to Sherman and Cipollone, drove closing costs through the roof, to more than $23,000. "Unbelievable!" Sherman says. "But it's not illegal."
According to Sherman, who says she had never seen such high fees, closing costs for a home like the Rioses' should be $15,000, max."
Those are the people I really feel sorry for. They didn't really set out to do something spectacularly stupid, but that is what the ended up doing.
There is nobody acting on behalf of the buyer in most real estate transactions. Even if they have a buyer's agent they usually can't count on getting the best possible advice because it is to everyone's advantage that they close as quickly as possible at as high a price as possible.
Harriet, I saw that same article, and it made me furious. But that is something I think all the time, as I maneuver through life's pitfalls: "how do people of limited education/English/gumption ever survive?" Another trend I have noticed in the strangest sale histories is the tendency for them to be from one member of an ethnic group to another in the same ethnic group (Afghani to Afghani, South Asian to South Asian, Muslim to Muslim, Guatemalan to Guatemalan, Korean to Korean). Perhaps because I come from a family of immigrants, or perhaps because of lots of racial-sensitivity training from college, I am always on the lookout for such situations, and they keep popping up the more I research. Shame on these people.
Several new construction neighborhoods around Manassas are suffering from almost immediate foreclosures from new homes in 2005/2006, such as Sumner Lake, Coles Run, and New Bristow Village. Here are some homes in New Bristow Village, which looks only partially built, so the homes yet-to-be-built need to compete with vacant, year-old homes languishing on the market:
10930 AP Hill asking $550,000, last sold for $764,080 9/22/2005.
10931 AP Hill asking $534,900, last paid $741,560 9/2/2005.
12043 Infantry Lane, asking $424,900, last paid $591,800 4/26/2006.
10851 Clara Barton, asking $430,000, last paid $598,390 3/30/2006.
11839 Battalion Square, asking $499,000, last paid $638,565 2/29/2006.
11847 Battalion Square, asking $419,000, last paid $578,430 2/7/2006.
11987 Bristow Village, asking $485,900, last paid $640,795 5/15/2006.
10576 Bristow Station, asking $379,900, last paid $544,760 8/29/2005.
11643 Iron Brigade, asking $450,000, last paid $574,446 7/5/2005.
Hope my PWC/Manassas obsession is not getting on anyone's nerves, but the numbers are just so spectacular, I need to share them with someone...
And I confess to keeping the steepest discounts to myself, in the hopes that one will become our new home sometime this spring ;)
T,
Keep 'em coming.
Yes, it's spectacular, especially when added up and multiplied by thousands more across the country.
Tabitha-
I hope you mean you'll be buying in the Spring of '09.
If you buy this year (2008) you'll be catching the falling knife!!!
Prices will continue to drop, especially in PWC & outer 'burbs.
We are no where near the bottom yet!!
Hold off!!
Spunky, I completely agree with you. We will only buy if the property is less than $100/sqft, and around 2002 or earlier prices. But our lease is up this June, and while moving ourselves and renting again is always possible, when you have a family of eight and have moved 14 times in the last 11 years, there comes a time you are ready to settle down.
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