Here is a partial list of the past week's price reductions on properties in Arlington County and Alexandria City:
Price Reductions July 28 - August 4, 2008 (click for entire list):
8-4
ARLINGTON
Listing: AR6809436 for $675,000 Update Type:Price
3 Bedrms 2 Full Baths 1 Half Bath Prior Price:$695,000
6019 5TH RD N
ARLINGTON, VA
Listing: AR6827975 for $269,900 Update Type:Price
1 Bedrms 1 Full Bath 0 Half Baths Prior Price:$279,900
4500 FOUR MILE RUN DR. S. DR S #705
ARLINGTON, VA
Listing: AR6682650 for $279,900 Update Type:Price
1 Bedrms 1 Full Bath 0 Half Baths Prior Price:$289,900
4500 FOUR MILE RUN DR S #517
ARLINGTON, VA
CITY OF ALEXANDRIA
Listing: AX6756622 for $529,900 Update Type:Price
3 Bedrms 2 Full Baths 1 Half Bath Prior Price:$549,900
1609 HANCOCK AVE
ALEXANDRIA, VA
8-3
CITY OF ALEXANDRIA
Listing: AX6753782 for $549,900 Update Type:Price
2 Bedrms 2 Full Baths 0 Half Baths Prior Price:$569,900
535 TOBACCO QUAY
ALEXANDRIA, ALEXANDRIA CITY, VA
8-2
ARLINGTON
Listing: AR6270667 for $1,490,000 Update Type:Price
5 Bedrms 4 Full Baths 1 Half Bath Prior Price:$1,499,000
5213 12TH ST N
ARLINGTON, VA
Listing: AR6530929 for $379,900 Update Type:Price
3 Bedrms 2 Full Baths 0 Half Baths Prior Price:$449,000
2000 POLLARD ST
ARLINGTON, VA
Listing: AR6632900 for $309,000 Update Type:Price
2 Bedrms 1 Full Bath 1 Half Bath Prior Price:$314,900
4343 LEE HWY #205
ARLINGTON, VA
Listing: AR6800358 for $194,900 Update Type:Price
2 Bedrms 1 Full Bath 0 Half Baths Prior Price:$215,000
901 FREDERICK ST S #3
ARLINGTON, VA
Listing: AR6723441 for $289,000 Update Type:Price
2 Bedrms 2 Full Baths 0 Half Baths Prior Price:$299,000
847 IVY ST
ARLINGTON, VA
CITY OF ALEXANDRIA
Listing: AX6759433 for $455,900 Update Type:Price
3 Bedrms 3 Full Baths 1 Half Bath Prior Price:$465,900
5853 PEARSON LN
ALEXANDRIA, VA
Listing: AX6792572 for $387,900 Update Type:Price
3 Bedrms 3 Full Baths 0 Half Baths Prior Price:$399,900
5631 GARY AVE
ALEXANDRIA, VA
Listing: AX6698877 for $429,000 Update Type:Price
2 Bedrms 2 Full Baths 1 Half Bath Prior Price:$459,900
5432 WYCKLOW CT
ALEXANDRIA, VA
Listing: AX6732786 for $259,000 Update Type:Price
2 Bedrms 1 Full Bath 1 Half Bath Prior Price:$269,000
8 VAN DORN ST S #501
ALEXANDRIA, VA
Monday, August 4, 2008
Arlington County and Alexandria City -- Price Reductions
Posted by Harriet at 12:49 PM
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19 comments:
Given the way search criteria work, do sellers *really* think someone who didn't want their house at 1.4 mil is going to want it b/c it dropped 20k? Even at the 600K price point, shouldn't sellers drop by 50K to get into another search bracket? What am I missing here?
amy:
from my own experience trade-up sellers most likely all have run the numbers for the next homes, so there's only some much wiggle room to work with unless the plan for the next home changes. it's hard to rationalize (stomach) that $50K drop when every dollar is accounted for in getting that dream home.
just a thought.
Hi Harriet,
I recently have wondered what happened to some of the listings that I've been tracking. Do you think there's much interest in listing the properties that are taken off the market in the past week/2-weeks/etc.?
tks.
mm,
You've described a situation frequently seen and gently mocked (correctly) on HGTV real estate shows like Get It Sold, where Realtors tour homes that haven't sold and give advice to sellers as to why they think that's true.
As the Realtors point out to the sellers who say things like that:
--why should a buyer of your home care how much you need in order to buy your next home?
--why does your needing a lot of money make your property more valuable in the market?
--would you pay more for the house you want to buy if you know that the seller needed more money, when you could buy another, similar house for a lower price?
And I would add a local comment to those sellers:
--your new house's seller has had to offer it for less than s/he might have in the peak days. That's why it's now affordable to you. So why do you think that your house is immune from the same pressures that the seller's house is under?
Amy, I totally agree with you.
I also don't understand why sellers of $1.4 mill and other properties that have been on the market at that price for months believe that their buyers at that price are right around the corner, when such buyers haven't stumbled across the threshold in all those months.
Their smarter competitors figured this out, dropped their prices, and sold their houses already.
I don't know what you guys are talking about. That house on 12th Street that dropped the price $9K is totally affordable now. I am going to put in an offer tomorrow.
Seriously? 9K? Who are they trying to attract with that huge price break?
A little more background on the cpa1 comment for those who didn't click on the link of full listings:
Listing: AR6270667 for $1,490,000 Update Type:Price
5 Bedrms 4 Full Baths 1 Half Bath Prior Price:$1,499,000
5213 12TH ST N
ARLINGTON, VA
That's a drop of six tenths of a percent.
I better get my offer in today to beat the rush.
Keith, as I posted in the other thread, it's even funnier than that. The seller increased the price back to the $1149000 (per Redfin). Apparently it was all a big misunderstanding and buyers are going to be rushing in with offers any minute.
mm,
Usually when the month changes, several listings expire. I noticed that the end of July was a big month for that. I guess those would have been listings that went on the market in April or May.
One nice thing about FranklyMLS is that if the house is under contract it is grayed out on the spreadsheet view so you know what happened (they also say "under contract" in red letters on the full listing). He leaves them up for a while -- I'm not sure when the cutoff is for when they drop off entirely.
Perhaps to better answer your question, I don't have a way to list expired or withdrawn listings here.
Im familiar with that 1.49M home. Its very near to mine, same zip about 1/3 mile away.
Its way overpriced. Its very comparable to my home, only with lower ceilings ( mine is 10 and some 12 foot on all 3 levels ) and a less desirable floor plan. Its closer to the park but thats a couple blocks isnt that big of a deal.
My tax appraisal is about 40% less than their sale price.
If they want to sell it they should price it at 1.15M and I expect they would probably sell it at somewhere between 1.075 and 1.125.
Theres an article in WAPO today - the high cost of gas is killing the exurbs. The blurb that caught my eye was when the author wrote:
"Home prices in the far suburbs, such as Prince William and Loudoun counties, have collapsed; those in the District and inner suburbs have stayed the same or increased."
Again, a source would be nice. How do we know close in prices have not fallen? Does Lance work for the Washington Post???
http://www.washingtonpost.com/wp-dyn/content/article/2008/08/04/AR2008080402415.html
The high cost of gas aint killing the exurbs: what's killing the exurbs is that fact that a huge proportion of the houses were purchased recently (last 5 years) compared to inner areas, and by definition, will have a larger proportion of foreclosures than the inner areas.
Coming Soon: ‘Hope For Your Home’
The name of TLC’s newest housing television show is a comment on the gloomy economy.
“Hope For Your Home,” debuting August 9, will acknowledge the fallout of the sagging housing market. According to the program description, the host Kirsten Kemp Becker (also of “Property Ladder” on TLC) will try to help distressed homeowners “add enough value to their home so they can either refinance their mortgage or make the best possible sale.”
The show is “obviously our response to the changing economic environment,” said Angela Shapiro-Mathes, the president of TLC, at the Television Critics Association press tour on Thursday. “It’s no longer a place where you just focus on buying and selling homes, but everybody now is worried about paying their mortgage as well as whether they should move or not move.”
The producers of “Hope For Your Home,” Actual Reality Productions, also oversee “Flip That House,” one of the programs that became popular at the height of the house-flipping trend. As The New York Times reported last month, shows that were hallmarks of the housing bubble are still around, but have been retooled with less-than-happy endings.
TLC is also adding to its schedule “Holmes on Homes.” The show appeared on Discovery Home until the channel’s content was replaced by Planet Green two months ago. Mike Holmes, the star of the show, helps families with home improvement nightmares. TLC is billing its Saturday night schedule of home shows as “House Calls.”
http://tinyurl.com/683mjx
http://tinyurl.com/67tcs8
"NoVAwatcher said...
The high cost of gas aint killing the exurbs: what's killing the exurbs is that fact that a huge proportion of the houses were purchased recently (last 5 years) compared to inner areas, and by definition, will have a larger proportion of foreclosures than the inner areas."
I think its a little of both. Loans is alot of it, but make no mistake gas prices are finally A factor people are actually considering. I heard the other day that the # of miles driven by an average american has fallen for the first time in 28 years. Thats a shocking stat in my mind - 28 years!!!
As I see it, these "death of the suburbs" articles are a little overblown. It will change some peoples habits, but it will not kill them by any means. At the same time however, the fact that they are now, for perhaps the first time ever, "A factor to consider" is significant.
Its both I agree.
More development, higher appreciation during boom, poor locale ( factoring in gas/commute ), cheaper construction also.
"NoVAwatcher said... make no mistake gas prices are finally A factor people are actually considering. As I see it, these "death of the suburbs" articles are a little overblown. At the same time however, the fact that they are now, for perhaps the first time ever, "A factor to consider" is significant."
NOVAWatcher, you're absolutely right. As I've been noting for some time now, expensive fuel and nonstop traffic nightmares in our region are helping to ensure that inner suburbs such as N. Arlington (where I live) will continue to do just fine during the current housing meltdown.
Tom: Actually, that's not what I said at all.
We recently looked at The Brompton's near Ballston. Nice places, but when I looked at the sale records with the county, I was shocked at the greed. There's a current listing for around a million and the guy bought it a year or two ago for 500k. A couple of years ago, places at the Brompton's were seeminly reasonable--500k and up for a nice place. We looked at another 4 bdrm. that's listed at $985 and it's been on the market for months. The seller wants out what they put in. I asked them if they were okay to continue paying a mortgage with an empty home and they said it was no problem. I wonder about that as they later called me telling me they had an offer but wanted to know if I wanted to add an offer as they knew we were interested. I declined. The place was okay, but it had cheap fixtures and was really worn down. Not worth it, but I'm really struck by the greed of some homeowners.
Does every seller out there expect to get their dream price? AND, if a buyer comes in and pays said inflated price, is that continuing the overinflated price tags?
Granted a newbie to the area, but not to real estate? Am I far off?
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