Please post your local house search updates, MLS finds, on-topic ideas, and links here.
Update: Welcome news for house shoppers from Frank at FranklyMLS:
"Hey guys!
Just wanted to tell you about a new feature over on www.FranklyMLS.com
Previously you could sort by List Price/Tax Assessment to see homes that were way below tax assessment. Now you can do a search for those homes and get email alerts. So you can be alerted if a detached home in Reston that is 50% of the tax assessment hits the market.
Click on the advanced button near the search box for details.
Soon I will have SOLD data INCLUDING seller subsidy. No more needing to check tax records and wonder if there is a hidden $20k subsidy".
Frank
Owner FranklyMLS.com
Broker FranklyRealty.com
23 comments:
Hey guys!
Just wanted to tell you about a new feature over on www.FranklyMLS.com
Previously you could sort by List Price/Tax Assessment to see homes that were way below tax assessment. Now you can do a search for those homes and get email alerts. So you can be alerted if a detached home in Reston that is 50% of the tax assessment hits the market.
Click on the advanced button near the search box for details.
Soon I will have SOLD data INCLUDING seller subsidy. No more needing to check tax records and wonder if there is a hidden $20k subsidy.
Frank
Owner FranklyMLS.com
Broker FranklyRealty.com
That sold data will be pretty sweet! Thanks Frank!
this listing should get a creative pricing award of some kind (not that i think it'll sell at that price).
hi frank,
can you provide list of recently sold homes?
thanks!
Frank- sold data would be amazing!! Are you archiving photos of sold homes also?
I think I can do one photo, and photo albums added by buyer agents (the wiki).
Step 1 is the sold data added to each active listing.
Should I add it as a column to the spreadsheet mode? Or is that data overload? I would love it, but don't know how others will take it. You could then sort by largest price from previous price (making H's job 10x easier!)
Step 2 is home sold data 24 hours after it closes! (no more waiting for tax data which hides seller subsidy)
Frank
why hasn't this 22201 condo sold yet? premium location, spanking new building, luxury amenities, and priced at 94% of 08 tax!
listing history:
4/14/2008 $879,900
9/26/2008 $695,000
11/20/2008 $624,900
i think the bank paid $650K for it.
(btw i've seen inside a while back and it did show very very well)
MM,
It looks like it's on the first floor (#114) so there's no view and the windows might face directly onto the street.
Otherwise...beats me. It doesn't seem extravagantly priced. The Odyssey is a pretty nice building and brand new.
Frank,
I think people would want to be able to sort by sale date.
Frank- I'm confused by step 1- If it's sold, how can it be active?
Also check this out:
Prospective Home Buyers, This is an Opportunity of a Lifetime - Don’t Screw it Up
Frank, That is awesome. Good thing you have law school to fall back on because I think some realtors might not be happy with you for disrupting their monopoly by sharing information with the public. I have tremendous respect for your openness.
Thanks.
Want to see price declines, I'll give you price declines, check this out!
Beverly Park Springfield
FX6761332
Nov 25, 2008 $219,900 -- MRIS #FX6761332
Nov 19, 2008 Relisted --
Nov 15, 2008 Off Redfin --
Nov 13, 2008 $249,900 --
Nov 09, 2008 $259,900 --
Oct 31, 2008 $279,900 --
Oct 31, 2008 Relisted
Jul 09, 2008 Off Redfin --
Jun 12, 2008 $275,000 --
May 15, 2008 $349,900 --
Sold price: Sep 30, 2002 255,000
That's a pre-2002 roll back folks!
And the nearby sales in the neighborhood (or contracts anyway are at 207k, 219, 224, 226, 259
It's not a _bad_ neighborhood either, just tiny yards. Long walk or ridiculously short drive to the metro. Yes, metro. Not VRE. We're talking close-in, decent school districts folks. Affordability is coming, may it come to your neighborhood soon.
Ah, the winter of price discovery is upon us.
MM,
I don't get why people would pay 600K for a condo in Rosslyn/Clarendon area.
I live in Clarendon and think it's great - but I don't have kids. If your single DC is better - more culture and things to do; and if you're married with kids Alexandria and Falls Church are better value.
The Rossyln/Clarendon/Ballston is expensive and has little culture (save Starbucks). It doesn't necessarily fit well for singles or married couples with kids.
Will Interest Buy Downs happen?
WaPo
With the scary possibility that the next administration might try to put a floor on housing declines by buying points for buyers to reduce their interest rates to unnaturally low levels, I'm concerned that even in outlying areas, the price correction could be stalled prematurely.
So, I present the following caveats to buy-downs for your consideration.
Sure, the government could make your mortgage cheaper, but only if one of the following criteria is met.
1) Your completed contract provides a new low comp for houses of your type in your neighborhood (or matches the comps within the most recent 2 week period)
2) You can demonstrate that the property would be cash-flow positive as a rental even at the normal investment property interest rates.
(1) helps the market chase itself down faster.
(2) provides the floor everyone seems to want at the approporiate level, and allows the government to stimulate purchases in hard-hit mid-western and southern areas where prices never exceeded rental parity, but who have been hard hit by the collapse of financing.
Other ideas?
Tom,
Possible reasons to buy in Clarendon vs. the District:
Less crime?
Less noise?
More responsive or effective county(city) services?
You can vote for two Senators and a Rep.?
I also think Cl. is still a little less expensive than the same property if located in Dupont (etc.) but I may be wrong about that.
Tom, you live in Clarendon?
ace,
yes i believe DC is still a bit pricier.
dominic,
i think there're two toms here - one's in Clarendon, the other Waverly Hill, not sure how that's possible (Tom and TOM?)
or maybe tom has two or more properties - owns in Waverly Hills (and Ballston too?) and lives in Clarendon.
MM,
Perhaps that is why he is consumed with fear of price declines.
Hey Hi,
I meant to say perviously sold data for active listings.
Home XYZ is $400,000 today and active on the MLS/market. But previously in 2004 it sold for $500,000 with a $10,000 subsidy for a net of $490k.
That is the info I am referring to.
Novawatcher, ok, good to know.
Eponymous Thanks. But nah, many Realtors are starting to use my site too. In about a week, they get what is called FREE IDX, they can put their name on a skinny banner on each page of the site.
Cara, it makes me wonder if that is a nondisclosed short sale. Regular sellers don't drop their price from $350k to $220k.
I'm not the Tom that regularly posts here
For anyone interested, there is a great (but long) piece by Michael Lewis in Portfolio.com (http://tinyurl.com/5s5w2b).
The piece covers the housing bubble as told by the few insiders who predicted it and acted on their predictions. A snippet:
"There’s a simple measure of sanity in housing prices: the ratio of median home price to income. Historically, it runs around 3 to 1; by late 2004, it had risen nationally to 4 to 1. “All these people were saying it was nearly as high in some other countries,” Zelman says. “But the problem wasn’t just that it was 4 to 1. In Los Angeles, it was 10 to 1, and in Miami, 8.5 to 1. And then you coupled that with the buyers. They weren’t real buyers. They were speculators.”"
Does anyone remember the discussion a couple months back about seasonality in the CS Index? It is now explained in another snippet on page 7 of the article cited above:
""In the spring of 2007, the market strengthened. But, says Eisman, “credit quality always gets better in March and April. And the reason it always gets better in March and April is that people get their tax refunds. You would think people in the securitization world would know this. We just thought that was moronic.”"
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