Continuing to examine and hold a lively discussion of the Northern Virginia Real Estate market.
Please post your local house search updates, MLS finds, on-topic ideas, and links here.
Listing: AR6270667 for $1,490,000 Update Type:Price5 Bedrms 4 Full Baths 1 Half Bath Prior Price:$1,499,000-----------That $9k price reduction is going to bring them in like flys to honey!
Leroy/JF, a few others,Do you remember when we had the discussion that what mattered more than "average" or "median" incomes going up in DC were "high end" incomes going up? i.e., that even if ONLY the very top income earners doubled their earnings, that the increase in their income could make or break an area? And that DC was getting more expensive partially due to all the increased incomes of lawyers, lobbyists, IT folks, etc.? Well ... here is an article from the Post showing what happens when the income of the very wealthy gets cut. (i.e., the other side of the same coin):New York Feels the Pinch From Wall Street DownturnGovernor Vows To Cut Budget as Tax Revenue FallsBy Keith B. Richburg and Robin ShulmanWashington Post Staff Writers Monday, August 4, 2008; Page A02 NEW YORK -- Wall Street's woes are mounting. Investment banks are swamped by bad mortgage debt. Profits have fallen. Tens of thousands of jobs are being cut. And those lucrative year-end bonus checks are likely to be the stingiest in more than a decade. And when Wall Street sneezes, New York catches pneumonia. The city and state economies are inextricably linked to the health of the Street. Those reduced bonuses mean fewer dollars to be taxed -- and fewer dollars to be spent in high-end restaurants, boutiques and bars. "You can feel it affecting the regular lunch crowd," said Corrado Goglia, the general manager at Delmonico's, a steakhouse in the financial district. "There's been about a 20 percent decrease in sales at lunch. People are doing away with larger lunches, the $40 to $50 steaks. They're going down to lighter burgers." Last Tuesday, Gov. David Paterson (D) made a rare televised address to issue a somber warning that tumbling revenue from the Street means tough times ahead for the state. "The damage on Wall Street is affecting all of our communities," Paterson said, "and the effects on our New York state financing are devastating." Paterson used one particular statistic to illustrate the depths of the crisis. In June of last year, the state's 16 largest banks paid about $173 million in taxes into the state treasury. This June, those same banks paid in $5 million -- a 97 percent decrease. The impact on the state's budget is nothing short of calamitous. When Paterson took office a few months ago, after predecessor Eliot L. Spitzer became embroiled in a sex-for-pay scandal, the state was facing a $5 billion revenue shortfall. In a few months, that projected shortfall has grown to $6.4 billion. more at:www.washingtonpost.com/wp-dyn/content/article/2008/08/03/AR2008080301777.html?hpid=sec-nation
Lance said... Leroy/JF, a few others,Do you remember when we had the discussion that what mattered more than "average" or "median" incomes going up in DC were "high end" incomes going up? i.e., that even if ONLY the very top income earners doubled their earnings, that the increase in their income could make or break an area? And that DC was getting more expensive partially due to all the increased incomes of lawyers, lobbyists, IT folks, etc.?No.
novawatcher, what's funny is that Redfin sent a notice that they raised the price back up to $1499000. Apparently someone made an error. Let's see, the house has only been for sale for...at least 561 days. I bet heads will roll over whoever got the crazy idea that the price ought to be dropped!
http://franklymls.com/AR6814682Above is my WWTT (What were they thinking) pic of the week. This pic of the small house next to the huge house made me laugh..
Amy,Well, a cube, certainly maximizes both sqft and volume per construction materials and lot size....WWTT indeed!
amy,LOL. It looks like a hotel.Speaking of WWTT, I can't figure out this listing:http://www.franklymls.com/LO6158577It's been on the market for three years and they are trying to sell it for about two times the assessed value. I'm all for the wet bar, but that's certainly not worth the inflated price tag.I know the smart aleck answers to these questions, but seriously...1) why would sellers keep a home on the market this long and not decrease the price?2) what is the Realtor doing?Anybody know the reasoning behind this?
Kristina, if I were seriously interested in that house, I would offer them the assessed value and no more. Somebody's been paying the property tax on that for 3 years while it's been on the market. As you say, I don't understand what they are thinking.
And by the way, WHO NEEDS A 5000 SQ. FT. HOUSE???????????????????????????????????????????????????????????????
Amy said... http://franklymls.com/AR6814682Above is my WWTT (What were they thinking) pic of the week. This pic of the small house next to the huge house made me laugh..8/4/08 3:30 PMAmyThat has to be the ugliest house I've ever seen.
What a pity -- the builder has no sense of proportion, not to mention other things.I regret even having looked at the thing.
What I remember explaining to you lance is that DC is not Manhattan.This is another case where where there really isn't any decent comparison to be made. While you are around again, care to give us a prediction on whether or not the June sales data will show: "90% of the area is stagnant or climbing" ?Remember, you aren't wrong until you admit it!
At least they didn't put brick on the front...
Words escape me to describe how cheap that place looks. Some builder is going to (or should) take a bath on that thing.Interesting things of note:(1) judging from the front picture, I thought the windows were open. But, no, if you take the virtual tour, you'll quickly see that the lower sash of the double-hung windows only has one single large pane, whereas the top sash has 8 panes (fake or not). What a weird mishmash of styles.(2) I like the Walmart wooden outlet cover on the island in the kitchen.
But Novawatcher....it has an ELEVATOR! I think the price should be even higher now. I apologize to the builder for questioning his parentage......
Edison,Stop using tax assessments to value homes. In some areas that can be $100,000 overpriced.Just posted a staging video.Frank
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