Price Reductions July 6 - July 12, 2008 (click for entire list):
Saturday, July 12, 2008
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16 comments:
Even with these reductions, the two >$1M Arlington homes Harriet included are still priced well above their 2008 Arl. Co. assessed value. Guess the owners still haven't seen the MRIS data.
Don't be silly, everyone wants to live in their house.
D'oh! You're right, Leroy. I forgot, the mortgage mess, bear stock market, or any other economic factor doesn't affect prospective buyers of houses in that price range and above. After all, they got to their current station by being unaware of markets and by spending foolishly.
What a goose I am.
Sorry if someone's already listed it, but this short sale caught my eye. Not a bad little townhouse, although it's so cluttered you can't tell much from the pictures. Current list price is $265,000. Last sale 8/26/06 for $424,000. Not close to metro, but right on a main bike trail.
"Leroy said...
Don't be silly, everyone wants to live in their house."
Ironically, if you remember the poll results from a few weeks ago, that just might be true...much to my chagrin.
It's a bit of a rough area, though, Sarah, by Arlington standards - obviously not so compared to many parts of the District.
Sarah, Ace is exactly right. FYI, there's a vast difference between North Arlington and South Arlington; S. Arlington is more like some place like in PG County!
this listing's pricing strategy i like the most:
Listing: AR6794053 for $537,500
Prior Price:$539,500
"hmm... the house is sitting..., so let's drop a whopping $2000 dollars and get it sold!"
but seriously, i'm happy to see meaningful price cuts happening in 22201/22205/22207. nothing in my price range yet, but i kinda sorta get that feeling of seeing the light at the end of the tunnel.
Ace and Tom, I realize that, but if the latest 'new paradigm' is that people are going to run from the suburbs back to the cities because of higher gas prices then these areas should gentrifying pretty fast. Instead they seem to be falling at clip just short of PWC.
I'm seeing the same thing with places like College Park near the metro. Not terrible areas, by any means-- I'd call them lower middle class-- but prices were relatively low to begin with and have fallen considerably.
This is more in line with the idea of the current declines being driven mainly by subprime, while the Alt-A defaults which will start in a year or two will hit the higher areas. Of course Loudoun Co. is a counter example, but on the other hand, I know of at least a couple construction workers who were earning maybe $60,000 who got half million dollar loans in Loudoun.
I think high end closer in may have wealthier buyers-- though often still not wealthy enough to support the price range they were buying into. Also, of course, closer in is more built up, so there were fewer new loans.
sarah, thanks for the reference. Just asking - the taxes on this th are $6500 per year. Doesn't that make you do a double take? Or is this reasonable? Just asking - not even looking till 2010, happily camped though cramped in my Vienna rental.
sarah, thanks for the reference. Just asking - the taxes on this th are $6500 per year. Doesn't that make you do a double take? Or is this reasonable? Just asking - not even looking till 2010, happily camped though cramped in my Vienna rental.
Zapoteca-- As I recall the taxes are generally reset to more or less reflect the sale price when the place is sold. I remember getting a call from the tax assessor when we bought in 2000, asking if our townhouse had a finished basement, etc. Since the last sale price for this th was $424,000 only two years I'm not surprised that the assessment is still so high.
isting: AX6768806 for $749,900 Update Type:Price
4 Bedrms 4 Full Baths 1 Half Bath Prior Price:$819,900
910 SLATERS LN NE #12
ALEXANDRIA CITY, VA
CONTRACTS/OFFERS ARE SUBJ TO INDYMAC BANK SR MGT...
Zapotecha, I think there are some errors on frankmls with regard to taxes in Arlington County. In some recently listings, it appears to me that the numbers are roughly double what is actually paid. My guess is that this townhouse's taxes are really closer to $3000-4000 per year. And you are right that once it is sold at a lower price than the assessed value, the value can be further challenged because the owner will have the best data as to the FMV of the home's worth. By state law, the Co. has to assess at FMV.
Sarah, I had wondered about the "gentrification" question during the bubble years. It seemed to me that as prices were escalating so rapidly, and with so few homes available in inventory, wouldn't there be some people who would be willing to take a bit of an "urban pioneer" risk in order to save a lot of money? But it did not occur at the pace I thought it would. Now, people have to wonder if the neighborhood will be as likely to decline as it is to gentrify.
Tom, 22202 (Arlington Ridge, Aurora Hills, Addison Heights) is pretty different from 22204 and 22206. Values of SFHs are much more similar to those of the odd numbered zips, and unless you are in the < 20% of Arlington homeowners with school age kids and school and want your kids to attend schools with less diversity, 22202 is quite competitive with respect to quality of neighborhood, convenience, proximity to DC, etc.
the slaters lane home:
HOA Fee: Y $518 Monthly
that had better include water, gas, electricity, cable, wireless hispeed internet, and trash.
WTF do you get for $518?
sheet
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