128 COTTAGE RD N
STERLING, VA 20164
List Price: $134,900
Prior Sale: $360,000 06/14/2006
Listing Date: 03/19/08
-62.5%
24 SIMEON LN
STERLING, VA 20164
List Price: $149,900
Prior Sale: $339,000 03/02/2006
Listing Date 03/01/08
-55.8%
620 YORK LN SE
LEESBURG, VA 20175
List Price: $171,000
Prior Sale: $337,900 04/24/2006
Listing Date: 02/25/08
-49.4%
13 BAYBERRY CT
STERLING, VA 20164
List Price: $261,900
Prior Sale: $515,000 7/19/2005
Listing Date: 03/14/08
-49.1%
14 PROVIDENCE SQ #14
STERLING, VA 20164
List Price: $169,900
Prior Sale: $325,000 3/17/2006
Listing Date 02/27/08
-47.7%
See Loudoun County 3/26/2008 for more comparisons from this month's listings.
(Links by FranklyMLS.com)
Wednesday, March 26, 2008
Loudoun County -- On the Market
Posted by Harriet at 1:10 AM
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7 comments:
Fantastic (post that is). Thanks for bringing these current. I love the other discussions too, but i think concrete examples of falling prices really helps drive home the reality of what is happening.
From what I'm seeing, there are almost too many of these to keep up with (in every jurisdiction). Literally every day i see houses coming on the market in Arlington for less than recent sales prices. What was once the exception seems to be becoming the norm.
here is a sfh in clarendon just as an example:
3507 PERSHING DR
Arlington, VA 22201
List price: $750,000
Prior sale: $860,000 8/29/05
List date: 3/25/08
-12.8%
The amount of fraud that went on is amazing. Every one of those loans is a large loss for a bank, investor, or 401k. :(
These are national! No wonder Paulson is having to call emergency meetings to re-regulate mortgages. Say goodbye to low down payment Jumbos. Even Fannie and Freddie are having trouble selling the bonds backing their Jumbos; unofficially, they are having to tighten guidelines to choke the sales flow. From what I've been reading, if you are borrowing more than $417k, good luck getting the published rate with less than 25% down. :)
As noted before, full doc loans will do more to bring prices back to sanity than anything else. Say bye-bye to 55%+ DTI's! Today the maximum is 45%. Expect that to drop back down to the 35% to 38% DTI range (where it should be).
Has everyone seen Florida's inventory? In that state alone we'll see 40 to 60 bank failures over the next 18 months. :( At least the smart banks no longer loan on a FL condo or investment property. yes... there are loans out there. But those lending institutions have a habit of volunteering for a listing on the Implode-o-meter.
Got Popcorn?
Neil
"From what I'm seeing, there are almost too many of these to keep up with (in every jurisdiction)."
John - re your point about these being in every jurisdiction I think its important to distinguish the jurisdictional differences both in size and scope of the drops.
Case in point, in this post for Loudon, 121 listings have with negative prices and 49 places with positive prices. Negative prices range (generally) from -50% to zero, and positive prices range from zero to +30% By contrast, for her last post for Arlington, 25 places are down (-30 to zero percent) and 61 places are up (zero to +30%).
Sure all sales prices will be less than the asking prices (across the board), but the disparity by jurisdiction is very similar to the drop in median prices we see (i.e. Loudon down alot, arlington basically flat).
Clearly this isnt an exact science - I just counted these up in the last 5 minutes. And I havent even attempted to weight them. Nevertheless, this disparity (more negative places and larger drops in the outer counties - less negative places and smaller price drops close in) has been pretty consistent for a few years now - but both areas (urban and exurban) have shifted more negative over time. Still the difference in both size and scope is noteworthy.
If you dig a little more on 3507 Pershing there are some other comments you could make as well...
CRT - No question about it, there are more same-house declines farther out than closer in and they are of a greater magnitude in terms of percentage loss.
I was just saying that the volume in all jurisdictions is rising quickly. Whereas I used to see only a small handful of decliners in Arlington in a given period, now I'm seeing many multiples of that in the same time period.
And while the loss percentages on these same-house sales aren't as high in Arlington as they are in Loudoun, they are steadily growing in both areas.
fd - such as?
crt: "both areas (urban and exurban) have shifted more negative over time. Still the difference in both size and scope is noteworthy."
I'm starting to see surprisingly lower prices in Alexandria. This is in the commodity TH's.
The new construction at 0 W GLEBE is applying pressure on the resales in the $400K range.
The 10% drop is turning into 15% and 20%.
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