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Wednesday, August 13, 2008
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17 comments:
Continuing to watch for the bottom of the market in the bottom of the market:
Surrey 22310 now only has 3 listings not 6! I didn't see the others as grey for under contract. Any bets on whether these are simply expired listings that will come back, lucky quick sales, tired sellers who will be trying to rent them out or foreclosure proceedings about to happen? Too bad I didn't store their details to be able to easily differentiate between these scenarios, but if they pop back up via Redfin, I'll let you know...
I've noticed a lot of listings which simply disappear from MLS without a sale. One in particular was on the market for over 500 days and was finally pulled without a sale. Probably gone rental.
Way off topic, since it's Detroit, not NOVA, but this article is fun with it's tongue firmly in cheek.
Great find Xpovos -- Sarah, this goes back to our discusison yesterday about vacancy rates and what they can do to an area:
"Detroit.
The fact that a home on the city's east side was listed for $1 recently shows how depressed the real estate market has become in one of America's poorest big cities.
And it still took 19 days to find a buyer. "
Again, the problem Detroit has is too many homes, not enough people to fill them. That is the same problem Arl, Alex & DC used to have...They dont any more and that is a fundamental change.
the anonymous,
Being from the Detroit area, let me respectfully disagree. The problem isn’t that Detroit “has too many homes”. Detroit itself didn’t have the run-up of inventory nor the home appreciation that this area had. Instead, it suffers from massive unemployment and crime.
I am a Michigan girl through and through, but who in their right mind would want to live in downtown Detroit?
Actually, purchasing a home in MI for a $1 is nothing new. I mentioned that in a previous post.
Because of the high property taxes (note the story stated $3,900 for 2009 prop tax) many, many, many properties can be purchased from local governments (in MI) and others for a single dollar. Although, said purchase legally obigates the new owner to pay taxes in the arreras.
i'd hazard to guess that that this home will eventually end up in the hands of the city, who will spend thousands to have to torn down.
buck,
Be advised: The City of Detroit won’t pay to tear it down. The city will let the house remain an eyesore, provide shelter to drug dealers and the like, until it is eventually set ablaze on Devil’s Night by local riff raff. :-)
Found this Arlington listing:AR6550893
2816 HARRISON ST
ARLINGTON VA 22207
The original price was: $1,149,000
Now it is listed at: $699,500
Redfin shows these pricing adjustments:
Date Price
Sep 28, 2007 $1,149,000
Mar 06, 2008 $980,000
Aug 05, 2008 $750,000
Aug 13, 2008 $699,500
It looks like this property - which has a large lot by Arlington standards - is actually at a good price for the market. Any thoughts?
Found this Arlington listing:AR6550893
2816 HARRISON ST
ARLINGTON VA 22207
This sounds like a good deal. There is another house on Harrison Street in that area that's for sale by an owner/agent. I don't know what they're asking but that is a nice neighborhood.
joyrenee,
wow that's a gorgeous house, and I'd say a good price (by arlington standards).
Was that an indoor smoker in the kitchen? Cool, bizarre, but cool. Definitely nice renovations.
"near 3 airports" was the humor moment of the listing... everything in the DC metro area is near 3 airports. Whacked.
I don't see why this one isn't taken.
Kristina - I think we can agree that Detroit has more than one problem.
What I was referring to was the white flight to the suburbs that took place in Detroit, DC (including Arl & Alex for awhile), NY nearly every big city in the USA in the 1950s. It looks like Detroit proper population fell from 1.8 million 1950 to 900K today
Thus in 1950 they had room to house a full 1.8 milliion. Unless they bulldozed 1/2 of the residences in the last 50 years - you have more residences than you do people to live in them (i.e. rising vacancy rates).
In the 1990s, some cities like DC [with Arl & Alex] reversed this trend and people are now moving back into the abandoned old places. However this is not happening in Detroit.
As you said yourself, "who in their right mind would want to live in downtown Detroit?". The answer is apparently no one. But if the quesiton was who in their right mind would want to live in downtown DC, the answer is apparently some (not many, not all but some).
That Harrison St. place looks like a comparative deal based on the size, location and individual pictures - but the listing emphasizes "as is" and the house looks like it's had several additions - so perhaps there's something unconventional or problematic with the house.
I remember in my long ago real estate days seeing a house that looked like a great deal based on MLS listing - but, of course, the listing didn't mention the ENORMOUS HIGH TENSION POWER LINE TOWER that was actually inside the property's back yard. Fortunately, my clients cracked up laughing and didn't hold it against me.
The Harrison St. house was purchased for $720K in '03. I'd be worried that the sellers would not have the $63,000 to bring to the closing table to pay the 6%commission + the $20K loss. My guess is that it's a short sale without being advertised as such, especially since it is being offered at 82% of the tax assessed value and as-is.
The Harrison house needs a ton of work, judging from the photos and description alone. However, I predict someone will soon buy it at the lowered price. Harrison is a semi-busy, semi-main street but the price seems to take that into account.
Harrison: I bet that siding is hiding a lot of sin. Busy street with the Safeway and Harris Teeter down the road. Could be a consideration for a teardown and infill if the price slides more.
Hey, Cara, one of my stalk-ee houses--the new modern house at 1922 Quantico--is in contract. It will be interesting to see the final sales price.
Harrison: previously owned by Richard Halverson, chaplain of the U.S. Senate, until his death in 1995. He also ran a ministry out of his home, which may explain the six telephone lines.
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