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Wednesday, September 24, 2008
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13 comments:
At the risk of being petty I have to post this redfin update:
FX6821123
7216 BATH St
SPRINGFIELD, VA 22150
Price: $299,000
Beds: 4
Baths: 3
Sq. Ft.: -
Lot Size: 10,833 Sq. Ft.
Type: Detached
Style: Colonial
Year Built: 1959
# of Stories: 3
Subdivision: MONTICELLO FOREST
County: Fairfax County
MLS#: FX6821123
Source: MRIS
Status: Active
On Redfin: 69 days
DRASTIC REDUCTION!!!GREAT LOCATION!!!CLOSE TO TRANSPORTATION, SHOPPING CENTERS AND MORE. SHORT-SALE SOLD AS IS NO HOME INSPECTION CONTINGENCY, USE NVAR, S ADDENDUM OF CONTINGENCIES PARA 2B.
Drastic price reduction? They can't mean the petty 5% reduction from $315.9k to $299k. That's not drastic. Oh but wait. They think that their WTF starting price of $425k should count.
Listing Price History
Date Price
Jul 17, 2008 $425,000
Jul 23, 2008 $399,900
Jul 28, 2008 $375,900
Aug 02, 2008 $349,900
Aug 07, 2008 $325,900
Aug 15, 2008 $315,900
Sep 23, 2008 $299,000
And given that that was just back in July maybe it should, but only in their own minds. And what's with the "no home inspection contingency". Why not just announce, "this house needs major structural work and you're just going to have to deal with that"? (does anyone happen to know what the alternative their asking for instead actually translates to?) This will be a foreclosure soon. But probably the type of foreclosure you'll want to avoid unless you enjoy major structural repairs (or hundreds of minor ones).
Cara,
Well, at least your post will show up if anyone is reasearching it as a foreclosure, which might help. I never quite understood short sales like this with constant reductions. Is it that they're not getting any contracts at all? Offering at all on this might be a waste of time (unless the seller's bank is on board) and without an inspection makes it even less desirable.
We did pay for an inspection with our foreclosure and the standard bank addendum had a 7-day kick-out if we found something we couldn't live with. So if as a foreclosure they could likely inspect, it does seem foolhardy to worry about this one as a short sale.
Wow -- this renovation looks like it went for 100K over assessment (500K) in 7 days in Warrenton. The rehabbers paid 217K in 2003.
FQ6873569
That is pretty, though. Good bones, 1929 house, and a beautiful job. I could quibble with the airstrip amount of lighting above a the dining room table, but that's easily and inexpensively replaced with something with half the bulbs. Hard to know how much work or money they had to put in to do the renovations.
WaPo MD distressed borrowers aided little by new programs
Quell surpise! The state of MD isn't any better than loss mitigation departments at waving a magic wand to create solvency for over-extended borrowers.
The best line was about NY:
"Other states have struggled with similar programs. Even after lowering credit-score requirements and making more homeowners eligible, New York has refinanced only four borrowers since launching its program in September 2006. "
So...anybody still believe the trolley on Columbia Pike is a sure thing? You know, since Virginia is facing a $3 billion budget shortfall? (To be fair, maybe it was mostly Lance and sockpuppets shouting me down on this in April)...
http://tinyurl.com/4z9bt2
I tried to schedule a home tour with Redfin, here is the message I got - very interesting -
"The properties you requested to tour are bank owned properties and short sales. Unfortunately at this time, Redfin does not deal with any bank owned properties, including foreclosures and REO properties, in the Washington DC and Baltimore area markets. Currently short sales are taken on a case by case basis, granted that there is only one lien against the property and a hardship package has been filed and approved by the bank to sell the house at the listed price. If you would like to tour any other properties, please submit another home tour request through the Redfin website and we will gladly assist you."
I've noticed this listing since it's on the same street as a friend:
www.franklymls.com/FX6880228
In the past 45 days, they have relisted the house 4 times, resetting the DOMM 4 times. I'm guessing that they did not use a different realtor each time, and instead, the same realtor went into the MLS and reset the listing. If that's true, is it correct to say that the realtor is violating the realtor code of ethics/MLS procedures?
I don't have access to whatever database shows the price drops over the last 45 days. Anyone know how to do that?
I failed to mention it was relisted every time the price dropped.
lw,
that's very very interesting lw. They are a discount brokerage, so it makes sense that they simply don't want to deal with the purchases that will take more time and effort on their part. Soon they might start charging a higher minimum fee for REO's or something to cope with the fact that most of the low-end market that people actually want to buy is REOs.
Inventory was just updated and it looks like a few interesting trends are developing among the five principal coutines we focus on here:
http://www.recharts.com/nova/nova.html
1. The small September bounce of years past hasnt really materialized. In the past few years, inner county inventory would rise for just about all of september, and outer county inventory would stay flat. This year, Inner county inventory stayed flat, but outer county inventory continues its earlier decline.
The one exception seems to be Arlington - it has in fact increased but that increase is in line with earier sept increases, (albeit at lower YOY levels still). Maybe this is the first sign of new stress on the horizon, or maybe this is just noise, but it bears watching either way...
2. Loudoun hit an interesting numerical benchmark in that it now has less inventory than 2007, 2006 and now 2005! It makes some sense in that Loudoun would lead the pack in that it had very large price declines, but it never got as severely out of whack as PWC (it was the only place where 2007 inventory was higher than 2006).
Surprisingly, if the trends continue, the next place to fall below YOYOYOY inventory will be Alexandria. I do think PWC will fall below 2005 inventory too this year, just at a later date. Its not as clear to me that Fairfax and Arlignton can achieve that feat. They very well could come in just above 2005 levels but below 2006 and 2007 trend lines for the remainder of the year.
3. All inter county areas may again rise above 2005 levels at the very end of the year. We didnt see a dramatic end of year fall in inventory last year, and I doubt we will see one again this year. This indicates to me there still is clearly some stress on all of the inter counties. For the outer counties, its harder to say.
4. All 5 areas could (and probably should) rise above 2005 levels early next year. Inventory for at least the early part of 2005 was likely way to low as the bubble was only beginning to burst back then. Unfortunately, to my knowledge, no one on this site really has a good idea of where inventory levels "should" be to indicate a healthy market and neither do I. Therefore shots in the dark as to what anyone thinks about that are welcome...
5. My comments as to inventory only hold based on earlier trends. Past performance does not guarantee future results, and it very well could be that the wall st convulsions we are now seeing could cause sellers to hesitate, and inventory will then rise YOY again. Nothing in this data suggests that is happening yet, but if the wall st disruptions are affecting buying decisions to a noticeable degree, I think this will be the first place you see it.
"realtor code of ethics"
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