Continuing to examine and hold a lively discussion of the Northern Virginia Real Estate market.
Hmm, are people giving up selling their place? Price drops account for less now, except in the overbuilt areas ( Loudoun, PW County ).
On otherwise good blog, this is the one stat that doesnt tell me much. I am assuming a large number of price reductions is intended to indicate that sellers are getting desparate, but what about lower reduction numbers.On the one hand you could argue that their market is strong(er) and they are getting their asking prices, but on the other you could say these are people who are realistic in their pricing at the start, and no reduction is necessary. I am assuming that it is assumed to be the former and not the latter?
Some of this could also be properties that are being pulled from the market in anticipation of relisting them this spring.
Bingo Leroy!many RE posts are still in front yards in the 'hood where we rent, but the signs are off the posts-guess they're leaving the post up to re-hang the signs in the Spring!
Regarding the posts staying up in anticipation of the spring:Is it OK to put up a sign saying "contract pending" when there is no contract pending? On two houses close to me, I saw the listing dropped from the MLS, and the sign "contract pending" added to the sign in the front yard. Nothing too strange about that, except for the first one, I know for an absolute fact that there is no contract pending--it's just been on the market for almost two years, and they are going to put it back on in the spring. For the other, an auction was held for it back in November, but no one bid. Its realtor's site lists it as "sold," but there is no record of the sale in county records, and the "under contract" sign is still up in their front yard. Since this was a foreclosure in a small, wealthy community, I am guessing they don't want their neighbors to know the truth, or something? And for the first, is that just what they want the neighbors to think, so when it is back on the MLS in the spring, they will assume the contract just fell through? Last question: is there any way to find out why a property is not on the MLS anymore (expired versus withdrawn versus sold) if you are not a realtor?
Sample new listings today in PWC:For these two, a difference of a couple years means $105,000:7600 Sawmill Manassas$420,000$525,000 6/8/200510225 Aqua View Bristow$445,000$549,000 4/1/2005Last one has a mysterious sale history:9525 Mountwood Manassas$429,900$715,000 2/15/2007$10 11/20/2006$10 1/23/2006$690,600 11/18/2005Looks even stranger with assessed values:$587,900 2006$535,500 2007Anyone know what any of that means?When a sale is listed as $10 or $0 in county records, does that stand for a refinancing?
Tabitha,I looked up the last one.Are you using the Prince William County assessment site? If so, the $0 transactions are marked "XG" or gift -- that includes stuff like putting someone else on the deed, inheritance, etc.This is my guess on the assessment: the property was new in 2005, and by 2006 the value had either fallen a little or the county was being conservative. When it was purchased from the builder for $690K, the extra expense was likely from the interior finish work (listing says wood floors, crown molding, chair rail. Eat-in gourmet kitchen w/granite counters, maple cabs, s/s appliances. 2 story family room w/fireplace & built-in's). But that wouldn't necessarily have been considered in the county's assessment.In 2007, the property should have sold for about 15-20% less than in 2005, but it was to a related party and someone was being generous.
"Hmm, are people giving up selling their place? Price drops account for less now, except in the overbuilt areas ( Loudoun, PW County )."Capitulation in Alexandria?Check out 16 Reed Ave E, 22305, $472,000 and compare to 12 Reed Ave E, 22305 $549,000These were listed at $599,000 last month. Is 21% off the asking capitulation?
As always, thank you, Harriet! I have been trying to figure out the abbreviations on that site for months. And I often see $0 or $10 listed as a purchase price on the Manassas City records, as well, and I was trying to understand what all that meant. So appreciate your help!
About that $472,000 for a duplex on E Reed? How about 117 REED AVE, ALEXANDRIA, VA - $325,000Granted, it's an older house but it's brick, like the others, and a 3/2. The description says that it's been fixed up inside.
kh,Regarding Reed Street: We've had this discussion before -- the street is full of eyesores, so I wouldn't characterize this as broader capitulation. The duplex builders forgot that buyers prefer the worst house on the nicest street rather than the nicest house on the worst street.In terms of other areas in Alexandria City, I've observed that prices in Del Ray, the "cool" neighborhood adjacent to Reed Street, are flat or down 10% from peak (early 2006), depending upon how updated the place is. Inventory is still low, relative to outside-the-beltway areas. The spring selling season will tell the tale, and I'm not optimistic.From the canary-in-the-coal mine file: Here are two listings in the heart of Del Ray that sold near peak, but they're not selling now:http://tinyurl.com/26on8khttp://tinyurl.com/2769n4
"the street is full of eyesores, so I wouldn't characterize this as broader capitulation....I've observed that prices in Del Ray, the "cool" neighborhood adjacent to Reed Street, are flat or down 10% from peak (early 2006)"Agree 100% with your facts. You know the area well.I've been watching individual houses and at that level of granularity, the story is mixed. I believe that I've detected desperate "flippers" and in-trouble No-Docs. They are not getting their numbers. I've posted links to a couple houses that are down more than 10%. I also have records of houses going for much more than I expected.Hey, check this out. I messed up the link on 117 Reed $325,000. Now it's $280,000.
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