Last year in late May, I heard about an estate sale (link to property) through a friend and did attend. (The sale focused on good books which I couldn't pass up). I was also curious about the property, because it was listed for $319K which was by far the cheapest price I'd seen on a single-family property in Warrenton. Indeed, others thought it a bargain and it went under contract quickly.
This year I noticed it again, first as a rental, then for sale. The new owners added a new kitchen (with granite, of course), carpet, bathrooms, deck, lighting, and windows.
They paid $319K a year ago, and here's the current listing history from ZipRealty:
Price Reduced: 03/12/08 -- $416,000 to $394,900
Price Reduced: 04/04/08 -- $394,900 to $384,800
Price Reduced: 04/08/08 -- $384,800 to $329,000
Outer area house prices seem to me to be poised for another leg down in the coming months. The prices on many new Spring listings were, like last year's, just enough backward-looking to get no interest from buyers.
Wednesday, April 9, 2008
Anecdote
Posted by Harriet at 10:45 AM
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1 comments:
Fascinating . . . the Warrenton area is where I would buy, if I did buy. I've kept tabs on it for quite a while. 1.5 years ago, I searched for under 250k (about my price range), came up with maybe 2-3 places . . .all absolute dumbs. A year ago, searching came up with about 20-30, almost all in Bealton, 50-75% dumps. Now . . . about 60-70, with about 10-15% in warrenton, and about 25% dumps. It is definitely coming down. . . how far, I'm not sure, but it's not stopping yet.
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