Please post your local house search updates, MLS finds, on-topic ideas, and links here.
Wednesday, April 29, 2009
Subscribe to:
Post Comments (Atom)
Northern Virginia Real Estate Statistics
REAL ESTATE SEARCH
County Assessment Websites
Buy/Sell Without an Agent
Local Real Estate Agents
Housing Economics Blogs
Local Interest
Housing Bubble Links
Eastern Regional Blogs
Western Regional Blogs
- Bakersfield Bubble
- Bay Area Real Estate Blog
- BubbleInfo (N. San Diego)
- Burbed (San Francisco)
- Dr. Housing Bubble (SoCal)
- Patrick.net (San Francisco)
- Portland Housing Blog
- Professor Piggington's Econo-Almanac
- Rancid Truth (Orange County)
- Sacramento Land(ing)
- Seattle Bubble
- SoCal Real Estate Bubble Blog
- Socket Site (San Francisco)
Real Estate Blogs
REAL ESTATE AUCTIONS
Blog Archive
-
►
2011
(170)
-
►
November
(9)
- S&P/Case-Shiller® September Home-Price Index
- Northern Virginia Bits Bucket 11/28/2011
- Northern Virginia Bits Bucket 11/23/2011
- Northern Virginia Bits Bucket 11/22/2011
- Northern Virginia Inventory Update
- Northern Virginia Bits Bucket 11/15/2011
- Northern Virginia's October Housing Sales
- Northern Virginia Bits Bucket 11/4/2011
- Northern Virginia Bits Bucket 11/1/2011
-
►
October
(13)
- Northern Virginia Bits Bucket 10/31/2011
- Northern Virginia Bits Bucket 10/28/2011
- Northern Virginia Bits Bucket 10/27/2011
- S&P/Case-Shiller® August Home-Price Index
- Northern Virginia Bits Bucket 10/25/2011
- Northern Virginia Bits Bucket 10/21/2011
- Hoocoodanode?
- Yup - It's Different Here
- Northern Virginia Bits Bucket 10/19/2011
- Northern Virginia Bits Bucket 10/17/2011
- Northern Virginia Bits Bucket 10/13/2011
- Northern Virginia's September Housing Sales
- Northern Virginia Bits Bucket 10/4/2011
-
►
November
(9)
17 comments:
GDP down 6.1% (annualized). At least it's not as bad as the "more adverse scenario" from the stress tests.
(expectations were for more like a 5% drop, in line with the "baseline" scenario)
On the upside this reduced investment could mean that businesses are leaner and meaner and ready to turn things around?
...and who knows what it will be adjusted to next month. I wonder how much leeway they have to tweak that number given the wide swings in GDP 'adjustments' that always occur later.
Doesn't seem like the market cared much though.
In more stress-test pre-news Housing Wire reports that 6 of the 19 need more capital NOW.
A co-worker of mine has a condo up for sale in zipcode 22201 that she bought in 2006 near the peak. She is asking $50K more than she paid for it. Is this arrogance or have prices there gone up that much since 2006? I'm not sure what she paid for it but I think it was aorund $550K.
Grumman,
In general prices have dropped significantly from 2006 in 2001 for condos. If it was a new construction condo though, I've seen quite a few situations, that somebody closed in 2006 with a 2004 price (i.e. put a deposit on pre-construction in 2004 and fixed the price), and still can sell now above 2006 price. It is not easy to sell condos above "true" (i.e. market) 2006 prices. Again, many sellers are still delusional and since Arlington is doing much better than its neighboors, no surprize that asking prices are on the higher side there. Still, she may drop it by 100k very soon.
thanks for the response
Agree with Konstantin. If you look here:
http://franklymls.com/default.aspx?m=R&h=ALL&l=0&s=22201&sort=sold
properties in 22201 sorted by their list price as a % of last sold price (lowest to highest, those without a recent purchase price are at the bottom of the list).
In general, for properties that were bought in 2005 or later, they are not under contract unless the list price is lower than the purchase price. There is one house that is under contract at a price higher than its 2007 purchase price -- there might have been renovations done there.
They are really trying to wait the market out...
http://www.washingtonpost.com/wp-dyn/content/article/2009/04/28/AR2009042801766.html
Wow... all in hopes to stop the bleeding by making everyone think everything is fine. More fraud... i love it.
Maybe they should just invest in a time machine to go back in time since they are clearly determined to keep things frozen where they are...
Still, she may drop it by 100k very soon.
It's funny because she did mention that she received an offer for $100K less than her asking price. She thought it was outrageously low. Appears to be a case of denial.
The_Nothing:
"The Obama administration unveiled an expansion of its $75 billion foreclosure prevention plan yesterday, providing new subsidies to mortgage lenders and investors".
$75 billion -- that would build ~15 nuclear plants. Among other things.
Grumman,
I have a friend, who paid $765k for a two-bedroom with den in 2007. His condo fee is $700. He thinks it is not only a great place to live, but a very good investment. Ignores the fact that recently units on the floors higher than his closed for around 670k.
Smart fellow otherwise.
I have to acknowledge that if I was in your colleague's shoes, I wouldn't be very happy with the lowball offers. It's painful. Also there always may be a useful idiot hiding in the bush, he may come and offer her over-the-list. Good luck with that.
I found out more about her condo that's for sale. It's in a building called Odyssey 2001 (I think). In a place called courthouse in Arlington (supposedly sought after area???) I saw in the tax records on Frankly Realty that she paid $580K for it in 3.27.07. It's for sale for $640K down from about $655K a month ago. She said she has it priced as comparable sales in the building and area. I don't believe that because I saw comparable sales in the $550's which is also the Zillow estimate. It's 1063sf and the condo fee is $485/month. When I move here 4 years ago I couldn't believe what people were paying for these ugly little boxes in Arlington and to have to pay a $500/month condo fee. I just didn't get it and still don't. Anyone with common sense had to see that they couldn't keep going up right???
I agree Grumman. People can only pay what they can afford. Wages didn't keep up with prices. After the prices skyrocketed and the wages didn't keep up, people were only able to keep paying because of the easy money that had flooded the market from the banks.
The banks of course assumed that prices would always go up so they had an incentive to make as many loans as possible. If a loan had negative amortization then they figured when the person sold the house (or condo) that the additional loan principle would be paid off and they would be raking in the $$$. It's amazing how pure greed can infect even the country's wealthiest institutions.
Maybe the beautiful views that were promised is what hooked them. Views of construction cranes, office buildings, and half built condo buildings.
Grumman,
The Odyssey is a nice building (at least from the outside). It's new and in a good location near the Courthouse metro. A number of the units will also have a nice view since it's at the top of a hill.
I can't really speak to the price she's likely to get for it. I currently live in the Williamsburg which is near the Odyssey but in an even nicer location in my opinion. The building is around 20 years old. One bedroom places here (~700sf) go for $350k, 2 BRs seem to go for around $550k.
Also we're been watching the rental market for the last month or so and it seems to be pretty darn soft. A lot of apartment buildings are giving very good deals to new tenants and rents in general seem to be equal to or less than what they were 2 years ago when we last looked. It would be tough to justify a condo purchase in this area considering what you could get for a similar rent.
Grumman---
If it is in perfectly good move in condition (normal, not necessarily a showpiece) then tell her if she wants to sell it this month (prime selling season) to price it at what other comparables sold for in Jan 2004, plus 10%.
The Jan 2004 price gives here parity with about where the Case Schiller index is right now for the DC area. The +10% allows buyers to bring her down about 10%, to the CS parity price.
Or, tell her to add about 20% to what the price would have been in Jan 2002. 20% is how much inflation (and presumably, wages and the ability to buy housing) has gone up since Jan 2002. (Well, it's how much the government is willing to TELL you inflation has gone up, through the CPI. It's gone up more, but all the federal wages around here probably haven't.)
And the reason I picked Jan 2002? Two reasons. I'm familiar with that as a starting period because I bought my downtown DC condo that month. (Sold it in Spring 2007.) Secondly, Feb 2002 is just about when the housing bubble tipped up to its steep multi-year climax run. Before that, prices were steadily bullish in an improving DC, but somewhat less insanely so. Also, before that, we were pre-9/11 and pre-Bush and pre-tech stock crash, so right at that winter is where interest rates got crashed, Fed war hiring and house buying help really got going, and people turned their get rich quick schemes from stocks to housing, respectively.
And by the way, according to Cyberhomes, my old condo value has dropped to about +27% of it's Jan 2002 price--which is somewhere right around a Jan 2004 price--I'd have to look it up on my 2003 balance sheet.
Post a Comment