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Friday, October 17, 2008
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16 comments:
FX6900056
$207,900
3/2 SFH Beverly Park, Springfield, fixer-upper, (long) walk to the metro.
Affordability is here. Yes, it's a fixer-upper, no garage, no yard to speak of, but it's a good neighborhood, walkable to the metro, and looks decent in size. Affordability is coming to a neighborhood near you. And it's only October. At 3x income, this is affordable for households making $69k, which is pretty close to the median for the area. Sane housing prices, here we come.
Irvine Housing Blog
The book by Irvine Renter is now available as an e-book or from Amazon. There's a link from the blog. I've only read the excerpts so far, but I think it's well worth reading.
I know Irvine is not DC, as much as I'd like to think it is, we just don't have the Alt-A, option-ARM concentration to truly bring the market cliff-diving back to fundamentals that quickly. But, the book is still good, and I especially like the chapter on what could be done to prevent the next housing bubble from starting (or escaping into the stratosphere).
I drove past this place on my way to work. I don't normally drive in, so I hadn't seen it before. But the location caught my eye so I found it on redfin.
I gotta say, I feel better now seeing the price on it.
Still, seems like it's probably 20% overpriced.
xpovos,
Feel better in which sense? As in, ah, it's good to see these prices coming down, or, ah thank good they're still so high, otherwise I might feel compelled to buy it?
Just curious. I mean it is a cute house, even if the rooms look cramped in the pictures (for a million dollar home), and the decorating looks straight out of trading spaces.
Here's an interesting one: http://franklymls.com/default.aspx?m=C&h=ALL&s=1817+BRYAN+St+
It was pulled and relisted for $1.3m. Of note, the March 2005 purchase price was $1.4 million -- at least a $100k haircut (http://www.arlingtonva.us/Departments/RealEstate/reassessments/scripts/Inquiry.asp?Action=View&lrsn=25154)
I've driven by this house -- it's very close to Lee Highway (convenient access to 7-11!) and on a small and difficult to access lot. Losing only $100k seems optimistic.
cara and xpovos, the main problem is the location. Most people do not want to live on business streets like Arlington Blvd. In addition that is the "dividing line" between North and South Arlington and values generally are lower as you get closer to 22204 and 22206 - although there are some very nice areas in those zips.
"busy streets", not "business streets" - sorry.
Cory, that purchase price included multiple parcels (see the 4 in the Sales Code). Often that means a developer bought adjoining lots and put more than one new house on them.
cara,
A little of both, actually. There's no way I could ever afford to buy a SFH in Arlington, so I don't really have to worry about feeling compelled to buy when the prices 'get low enough'. If the prices get that low in Arlington, there'll be a lot more than blood on the streets.
The relief I feel is mostly that the price is almost rational. Like I said, still about 20% overpriced, and with some additional research, possibly more, but it's not like they're asking $2M for it.
Ace, the busy street wouldn't be a problem for me, I could walk to work no matter the weather. And the house is well set off of the road, so noise wouldn't be so bad either.
Harriet,
I don't know if you saw this front page article in the Post today, but it is very interesting:
Foreclosures, Falling Prices Spur Pr. William Home Sales
By Nick Miroff
Washington Post Staff Writer
Friday, October 17, 2008; Page A01
Sorry, I still don't know how to post links...
Ace -- Good catch, I missed that. That would explain why the lot is so small, though if it was a multiple lot sale then there should be an empty lot or another new construction next door. I don't remember one, but that doesn't mean it isn't there.
Xpovos said: "still about 20% overpriced, and with some additional research, possibly more"
At the current asking price of $1.2 million, the property at 3225 Arlington Blvd. quite easily falls into the "possibly more" category.
Consider that just two blocks away on Arlington Blvd., another 5/4 SFH (same neighborhood) has been languishing with an asking price of "only" $599k:
http://www.redfin.com/VA/ARLINGTON/7-GARFIELD-St-22201/home/11255979
7 Garfield isn't quite as nice in appearance, but it's completely updated and doesn't face Arlington Blvd. directly. And at half the cost (and not selling), you're darn tootin that 3225 Arlington Blvd. is extremely overpriced.
Also, consider that 3225 Arlington Blvd. sold for less than $600k just a few years ago.
Me thinks the current owners are looking for a fool of a buyer.
anthony said the other day:
I live in a townhome community in Alexandria (Fairfax County), VA. Between when I bought in Fall 2003 and early 2007 about 3/4 of the purchasers had Muslim or Hispanic surnames. That is based on reviewing the sales listings in the Washington Post real estate section. About 75% of them no longer live in the community. These are facts and not anecdotal observations.
i think i live (rent) in your community. JG initials of it?
john mentioned valegalaid.org
i've tried googling for va housing codes but i'm not having much luck. i'm trying to get my landlord to install a handrail in the stairway and he wants me to pay for it. i'm pretty sure this is a required safety code the unit should have. anyone have any ideas?
john,
I think there's more discrepency between the properties than just their prices. Look at the respective appraised values, too. Both of those houses are appraising at slightly more than list.
But still, your point is well taken. I think this is a pretty clear example of a substitute good. That Garfield house and 600K in pocket makes a lot more sense for many people than the 1.2M property.
I guess I should stick to analyzing the neighborhoods I know more about.
gt
Does your landlord one more than 6 units. As I recall it was 6 or more units I could be wrong. But if he does not own more than that he is not required to conform to the Virginia landlord Tenent Act. If you have no heat or cooling or there is a hole in the roof, then you can put your rent into escrow until he fixes the problem. Does your steps need a railing, I bet it does, I figure your smart enough to know. Why is the landlord not putting in one, because he dont want to and what are you going to do if he doesnt.
Try college web sites for free Law information. Schools like to protect thier students from slumlords.
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