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Wednesday, February 3, 2010
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82 comments:
I know it's a week away from coming out, but predictions for January's MRIS stats?
Based on the inventory numbers in Harriet's other link, I predict inventory will be down sharply 2-8% around the region aside from Manassas areas. Median prices will be up YoY, sales down, but in the all important MoM category I don't expect much movement, the median could go either way, but I doubt it will have moved by more than 5%. More specifically, I expect FFX County will be down from December's $365k, but still above November's $350k.
December and January suffer too much from small number statistics and mix issues to judge individual home prices. I'll be watching the two new listings in my neighborhood to judge the appetite for maintaining last fall's prices. Finally ones without serious location issues that make them bad proxies for the rest of the neighborhood. One priced very competitively, one a little ambitiously, but it supposedly has a ton of upgrades so it may be deserved. Neither have pictures (yet?). Gah.
Buyers' appetites for maintaining last fall's prices for townhouses in my neighborhood? I hate to say this: I think buyers aren't stomaching them. I could say it's too early, but I've seen SFHs fly off the market in Leesburg. Two high priced townhouses have been on the market 3 and 4 weeks, no takers. The townhouse with an open house I went to a few weeks ago, appears either to have been withdrawn or rented out. Similarly priced townhouse properties flew off the market last fall.
REdealseeker,
Well, we can't expect things to move as quickly as they were in the fall, that'd be asking way too much.
The question really is, how large of a drop is needed to entice interest again? 5%? 10%? more?
Around me list prices aer off 5% from what they were last summer/fall. And closings were generally within 5% of list. So the new lists seem "right", just $1k-$5k under comparable sales. But if that doesn't bring buyers, who are of course free to offer under list, then we're looking at trouble.
But I've seen houses go within a week or less.....
...in January.
Are there townhouse areas that are not as thin/narrow as what I am used to seeing around Ballston area? It seems those prices are much lower, but I hate the narrow feeling and four floors with seemingly one room on each floor.
REdealseeker,
Then that segment of the market is still red-hot. However, that doesn't negate the normal course of December/January duldrums where it's generally expected to be slower.
How do the SFHs compare in price to the townhomes in question?
The Leesburg houses I've seen go under contract quickly are newer (built in the late 90s/2000s) and are priced in the mid- to upper 400s. These townhouses range from 350-399k.
Oh, and there's one SFH in our neighborhood that's been on the market for 3 months, no takers. Short sale price started at upper 500s, has been reduced a few times, and now is in the mid-500s.
REdealseeker,
Well that blows my explanation out of the water. $100k is too large of a difference to explain by the reverse substitution effect (people chosing SFHs over townhomes). Either the $475k+ buyers are out shopping and the sub-$400k buyers aren't, or we've drained the pool of sub-$400k buyers but still have an excess of half a million dollar buyers.
How quickly the pool will replenish come spring remains to be seen. How long the supply of million dollar buyers last is also an open question.
Here's the thing. Last spring around this time T put his townhome on the market after buying a new (to him) SFH. He was very very worried that it would ever sell for what he wanted it to. But come April it did, within 5% of list if not closer. That's despite sitting on the market for 2-3 months with sparse low-ball offers.
Yes, the boosts of last spring will not be returning. But spring itself will.
REdealseeker,
Interpreting shorts is difficult. They can be a leading indicator, the question is of what?
My guess is a lack of investor confidence about the market 10 months from now when the short might have closed and they're ready to resell it.
housebuyer,
i/r/t the two falls church arlington homes,
AR7249714 ($550K) has one incurable flaw - no basement. I don't believe there's a market for a one-level home @ that price, even with the prime location (walk to Metro, parks, trails, I-66, etc). Perhaps @ $499K the incurable could be cured, but not without a good deal of updates...
the other one, it's been on forever and i'd give it three months before it's taken off the market again, or drops < $425K.
FWIW...
MM-
I just don't see how the more expensive house could go for more than the house that has been on the market forever. If the other one will only go for $425 I would expect the house without a basement to go for something in the 300s. But maybe I am wrong and the one block between their locations is more important than I thought.
Just reading a recent article on the area housing market. It's an interview with Mike Aubry from Real Estate Intervention.
http://weblogs.baltimoresun.com/business/realestate/blog/2010/01/a_qa_with_real_estate_intervention_agent.html
He said: "Frederick exploded, and Frederick is tumbleweeds right now, you couldn’t give a house away in Frederick right now."
Is it really that bad in "tertiary" areas of NoVa? What areas would be considered tertiary in NoVa? Like Manassas, Frederick, Front Royal? Or elsewhere?
sehrwunderbar,
Tertiary areas exist. The difference is timing. VA has non-judicial foreclosures and recourse loans, MD has judicial foreclosures and non-recourse loans. So, in MD the plunge to the depths was delayed by a full year due to the slow speed of the foreclosure process. Here, Manassas, Woodbridge, etc have all bottomed last fall (2008!) and have been stabilizing and recovering since then with inventories on par with pre-bubble years.
Hmm, I wonder why he said that a few weeks ago then?
Sehr,
Location, location, location.
Also, you have to remember that peak pricing and loose lending collided in the outer areas. The "turnover" rate was extremely high compared to established neighborhoods.
Consider turnover, demographics (low-down payment, first-time buyers), easy lending, speculative buying = false demand, and lack of current demand for the "hinterlands".
I wouldn't saying tertiary didn't exist. I was asking what would be considered tertiary of NoVa.
Ahh, so people thought they could probably do the commute, but are now realizing it might be too far in reality? Like the location they thought they had isn't as good as they though?
Cara,
Inventories in the low-end seem to be at, or close to, bubble levels - meaning very thin. We are seeing almost 2005 inventory, and we all know what that was like. I am referring to YOY.
The only explanation I have is overcorrection combined with low rates, 8K and pent-up demand.
I've said for 3 yrs now that investors would put a floor in on the low-end.
sehrwunderbar,
there are two Fredericks. MD and VA. Drive up 270, way way past boony-ville, and you'll see fields of McMansions in Frederick MD. Back in 2006, we got fliers for THs and SFHs up there on a weekly basis. Way way overbuilt during the bubble, just like the "tertiary" markets down here, but it just takes longer to foreclose and recover.
Oh, I thought he was talking about VA. Didn't realize there are too, thanks for clearing that up!
I meant two*
NoVa is losing inventory on MLS,
wether that's due to shadow inventory or market clearing is a zone of debate.
Now what I am seeing in DC is very schizo. the foreclosures are running long, lots of places are going UC and then failing to close,
certainly there is lots of optimism,
places are listing on at peak prices
without any fitout or failed renovations.
but my favorite places are sitting
and sitting and sitting.
I'm chilling and seeing what happens.
fore very place i'm seeing go for 15-20% above list, i'm seeing a place go for 5-10% below list.
DC is very schizo.
sehrwunderbar,
It's more of what Va_investor said. The timing of new construction collided with the worst of the worst in exotic financing and loose lending standards. It's not so much that people realized they couldn't do the commute, as that people realized they couldn't keep up with the mortgage they got.
The thing about our tertiary markets is that they're not quite as tertiary. Manassas and Woodbridge both have the VRE, and nice established neighborhoods in beautiful rural settings as well as all the new construction. Loudoun is horse country or something because it has a lot of extreme wealth. I don't think the same can be said of Frederick MD.
pat,
I hadn't looked in a while:
recharts DC
Inventory is down in January, but it's always down in January... winter is so hard to judge on. I agree that the future of prices in DC is in a more precarious position than in NoVa where inventory is clearly down across the board and prices have distinctly fallen since the peak. I told my friends at work not to buy in DC last summer, I hope I was right.
Sehrwunderbar,
Mike Aubrey does his work in MD, DC, and Arlington. As Cara said, MD's status as a state with judicial foreclosures has delayed price corrections and slowed the bursting of the bubble there. And there have been some delusional sellers in Arlington on his show, even that area as a whole is still high priced.
I would say that mostly, anything outside of Arlington and Fairfax Counties, but still considered part of the DC Metro Area, is tertiary. Loudoun, Prince William, Faquier, Clarke Counties. Clarke may be stretching it, but my husband knows people who live in Winchester, and commute to Herndon.
I think people who live in outlying areas (like me) were never happy about their distance from the center, if that's important to them. I think a lot of the price corrections were related to bad lending practices for new construction, most of which took place in these tertiary areas during the bubble. The inner core was already largely built up. Of course, plenty of construction took place in neighborhoods like Ballston, but there has been enough demand there to prevent severe bubble deflation in housing prices. When people move to DC, I think they all try to move close in, probably renting first. Later, once they're more settled, they might move to outlying areas. That's just my guess (ummm....that's what I did).
housebuyer,
you're right, my #s are not making sense. i thought the relist was further away from metro while in fact they're on the same block. being on a street corner facing a major road definitely hurts it, but with the updates it can't sell for less than the other one.
next time i'll actually look at the listings details before posting...
MM-
No problem. I agree being on the corner hurts, but its not that big of a road so I figured it would be a much smaller issue than the smaller house and lack of updates. Either way one hasn't sold in forever and the other one will not sell without a huge price drop.
I think that Aubrey is right about the W - my neighborhood might be a good example of that!
Good stuff is moving out in DC
but, I think there will be a slew of bad condos in Arlington, DC and PG
soon enough.
Bernanke is continuing policy of keeping money cheap to try and avoid that deflation, but, it's an unstoppable force. Until those overpriced properties are liquidated and cleaned up, you won't have a
future.
Adorable Cape Cod in S. Arlington...
http://franklymls.com/AR7247313
But seems overpriced for the area:
Asking: $685,000
2010 Tax Assessment: $499,600
Is it just me, or is there alot of WTH prices in Arlington as of late?
Jewel, it's not just you, and for me, it's not just recently. What's even more astonishing is how many of these houses sell for relatively high prices. However, there have been quite a few in the past year that have made a number of significant price drops before selling (especially in ranges above the one you linked).
That particular house is small but it has a big (for Arlington) yard, and from the photos it looks as though a relatively large amount of $ has been invested in renovations. Arlington does consider lot size but does not factor renos into assessments, generally. Even allowing for that, I agree with you it's overpriced. But we'll see!
Maybe they are thinking, we'll list really high, then someone gives us offer we really want and we come down a bit they'll think they got such a good deal. Except maybe overdoing that mentality?
Or they just think the housing market has returned to what they wanted it to be? lol
Ace,
I think the $685k price point would appropriate for North Arlington, but not South.
Very similiar house in North Arlington going for $695k:
http://franklymls.com/AR7248523
(Lot size is significantly smaller though)
I'm looking in the $600k range for a 3 bedroom... Just been alittle frustrated because I feel at the top of the S. Arlington price point and at the bottom of the N. Arlington price point.
Jewel/Ace
Does the pile of bricks convey?
Sorry it confuses me.
What would be bad about paying less than 600 for a 3 bedroom in S. Arlington if you're at the top of that market? I can think of a few answers, just curious as to yours.
Cara,
Don't really want to get into the "schools" debate, but we much prefer the schools in N. Arlington.
And you're right - I could get a house for much less in S. Arlington - but I'm still holding out hope that something decent will hit the market in N. Arlington.
Jewel,
Ah okay. Since you mentioned being at the top of the S. Arlington band, I assumed that had relevance for you. If you're not really looking there, then it's just a source of perspective or frustration depending on the way you look at it.
That's a tough position. Being right on the cusp of being able to afford what you want where you want it. Knowing that rising interest rates could price you out faster than more savings (or lower prices) could price you in. Especially since lower prices are not a given in N. Arlington.
Best of luck. But stick to your guns, don't buy it unless you love it AND you can afford it. Prices, your salaries/savings and your expectations will converge someday soon.
I prefer Fair Oaks to Tysons Corner as well. The roads are always clogged going into Tysons and finding parking always seems to take longer. I was not saying Tysons was "all that." My point was less Tysons and more that some people will live close to Springfield Mall but go other places instead.
Cara -- I don't think anyone here shops that much. That's precisely why I think people don't mind driving an extra 10-20 minutes to a different mall if Springfield Mall is not for them.
You are right that my comments about SE Fairfax County have gotten less nuanced. It's because after months of trying to have a nuanced debate with HayfieldGrad I've come to realize she will just oppose everything I say no matter what I say. So why bother?
I just do not meet people in real life who raved about their experiences at those schools. Maybe I have a skewed sample but I've given you their various comments before and how negative they were. The fact that none of them plan to buy in those school districts for their kids is telling to me.
"I'm looking in the $600k range for a 3 bedroom... Just been a little frustrated because I feel at the top of the S. Arlington price point and at the bottom of the N. Arlington price point."
Well, that's the reality of N. Arlington: it's expensive because so many people want to buy there. You've got Orange Line, good schools, low crime, good demographics, etc., etc. Keep plugging away and you'll find something, I'm sure. I went through the classic housing ladder (condo, TH, now SFH), all in N. Arlington. Good luck!
I would label Frederick MD an exurb along with Howard County MD, Prince William County VA, and Loudoun County VA. Southern MD (Charles County and St. Mary's County) also are usually included and I have met people who commute into DC from there. Stafford County/Fredericksburg also seems to make the list.
I would not include Frederick VA in even the generous list above.
There are people who live in Frederick County MD and commute to Rockville, Bethesda, etc. You can take a MARC train from Frederick to DC (and places in between).
If you live out in Frederick MD you can also take Route 15 into VA and then take Route 7 or the Dulles Greenway to jobs in VA.
Cara,
Thanks for the words of encouragement. Ramblers and split levels seem significantly less expensive than the Arlington colonials... I'm waiting to grab one of those.
Tom,
You said...
"Well, that's the reality of N. Arlington: it's expensive because so many people want to buy there. You've got Orange Line, good schools, low crime, good demographics, etc., etc."
Do you really think the prices are justified for North versus South Arlington?
You literally cross Rte. 50 into S. Arlington, and prices drop significantly. For instance, in the Alcova Heights neighborhood, you're still not too far from all the amenities that N. Arlington has to offer (metro, nice shops, etc). Is the main draw for N. Arlington the schools?
"good demographics"
What does this mean?
Speaking of S Arlington, does anyone else think this will stick out like a sore thumb?
http://franklymls.com/AR7133310
This is in the SFH neighborhood surrounding Pentagon and Crystal City.
tbw,
Just a touch.
And what's with that huge amount of wasted space on the left hand side of the first floor? Wasted sunlight even with all those windows. Odd, just odd.
Jewel,
Alcova Heights is a hike to the Ballston Metro and Ballston shops in general. Schools are a factor but so too is walkability. That's why the SFH neighborhoods near the Pentagon and Crystal City Metros (and shops) cost a pretty penny.
This might beg the question as to why homes north of Route 29 are so expensive since they are far from the action. The answer is that those neighborhoods appeal to those who want the suburban feel of Fairfax County coupled with the two seconds from DC nature of Arlington.
and by suburban style I mean principally that the homes are on 0.25 acre or larger lots and the homes are larger.
TBW,
You said...
"Alcova Heights is a hike to the Ballston Metro and Ballston shops in general. Schools are a factor but so too is walkability."
I've been closely following the Spy Manor Blvd area and compared to Alcova Heights, its a similiar distance to the Ballston Metro area. The difference is - Spy Hill is N. Arlington, and the prices reflect that.
You said...
"This might beg the question as to why homes north of Route 29 are so expensive since they are far from the action."
I've been to alot of open houses North of Rte 29 lately, and all of the realtors are touting the fact that these homes are in Yorktown school district. Apparently, Yorktown HS is a huge selling point in North Arlington, versus sending your kid to Washington-Lee HS.
Jewel - So, if you needed advice on a school for your kids (present or future), would you hire an educational consultant or a realtor?
Listing agents will tell you just about anything about a neighborhood they can to try and convince you to buy a house they are listing, and pay more for it at that. Why shouldn't they? The same types that will pay more for an Acura rather than a Honda can readily be persuaded they should pay more to be in the Yorktown district rather than W-L, West Springfield vs. Lee, etc. It has less to do with the quality of the education or a child's ability to find a cohort of high-achieving peers than appealing to the buyer's belief that they deserve nothing but the best (only at a discount, of course, to what it would have cost in 2006 or 2007).
I realize this is probably impossible, but is there any way to secure a mortgage for property set to be auctioned off at the Arlington courthouse?
tbw,
I just do not meet people in real life who raved about their experiences at those schools.
They don't rave because they know you are an Oakton graduate. The kids at Hayfield are not stupid, they know that most people in Fairfax County would prefer that schools like Hayfield and Edison were not part of FCPS. My classmates and I were well aware that we were viewed as inappropriate peers by the parents and students of many Fairfax schools. I used to work with a West Potomac graduate and I never got the impression she was dissatisfied with her high school experience or wanted for something better.
Btw, some of the things you have written about Oakton do not give me the best impression of that school. In fact, some of the comments you have made about how your classmates treated you and some others, makes me wonder how you could be so enthusiastic about your own high school. I think is sad that the only kids that mattered at Oakton were those that lived in 3000 sq ft houses and got cars for their 16th birthday. I know that you believe your education was top-notch and I am not saying it wasn't, but can you not see that some of your classmates were wrong in how they treated you and others? Can you not understand that some people might choose to put the children in schools that in their opinion are schools with solid academics, but not the highest test scores, because they prefer their children not be in such an environment?
I know people who bought in neighborhoods that feed into these schools. One couple are graduates of FCPS and the other couple are not. One of them is a teacher at an Edison pyramid elementary. I think she is quite familiar with the type of kids that go to Hayfield and Edison. I don't think you should pity them for their decisions.
As for neighborhoods with boarding houses, Cara is right the bad lending during the bubble really caused this problem. Now that prices have come down to reality, things are changing for my parent's neighborhood and others like them. One of the former boarding houses in their neighborhood that went into foreclosure was purchased by an attorney and her husband who works for a defense contractor. This couple grew up in another part of the country and yet they saw some kind of underlyng value even in a neighborhood that had had several boarding houses. Maybe most people wouldn't make the same decision, but some people might. I do think there some other neighborhoods in South Springfield do have underlying value that some people will not overlook even if they feed into schools such as Lee.
Jewel,
I've obtained many such mortgages. Try lining something up with a smaller local bank. You will be ready, whether it is this house or a different one.
I approached 2 or 3 before I found the one I've dealt with for over 20yrs. Expect to pay a higher rate as this is generally considered a business loan.
VA_Investor,
Good to know... thank you.
Guess I have to start making some calls!
Sehrwunderbahr asks:
""good demographics"
What does this mean?"
It means no brown or working people.
South arlington is heavily hispanic.
Southwest Arlington is Black.
Both have a lot of subsidized lunches, etc
HayfieldGrad,
In light of the disparate educational standards at the middle school I went to that was poorer than Hayfield and the higher standards in high school I think it's better to be the "poor" kid at a rich school than the "rich" kid at a poor school.
I'd much rather deal with someone who thinks my house is too small than someone in a gang.
Does anyone know if there is any way to get prices from a foreclosure auction or to know what the opening bid was without actually going to is. I am curious what the units in my building are going for at auction compared to when they are sold as REOs.
Jewel,
Yes there are buyers out there who want Yorktown instead of W-L. If you think homes near the Orange Line are unaffordable now just imagine how out of control they would be if the school preferences were reversed. Yikes.
housebuyer,
i'm wondering about the same, but i believe if you call the law firm doing the auction they'd tell you. but Va_Investor should know for sure.
Va_Investor?
Pat: You got it right about "good demographics"! But I am not sure if you don't have the brown and black people mixed up in S. Arlington. The areas from the Pentagon and Rt. 395 and west along Columbia Pike to about Quincy St. probably have more blacks, including the huge contingent of Ethiopians around the Ethiopian Community Development Council on Highland St. From George Mason west along Columbia Pike to Bailey's Crossroads tends to have a high Hispanic population. Is this what you meant? The Alcova Heights, Arlington Heights, Penrose, North Barcroft, Barcroft and South Arlington Forest are predominantly white, but probably have more hispanics than blacks.
HayfieldGrad,
Btw most people told me their thoughts on their high school before they even knew which one I went to. Also your theory is silly. If they thought the schools were just as good why wouldn't they say that?
tbw,
Sigh, every high school has gangs. There was a gang brawl a couple of years in the Fair Lakes area. Of the 6 arrested, 2 were Oakton High students. You have your head in the sand if you don't think Oakton has kids involved in gangs.
pat,
Totally agree with you about what people say are the "good demographics". Why do you think so many people hate Fx County's greater Alexandria's schools.
reecon/pat,
Yorktown has plenty of minority students. Probably more than your average suburban high school in America. Washington-Lee is majority-minority. There's no dearth of minorities living in North Arlington.
reecon -- you've admitted the minute you were able to buy in North Arlington you got out of South Arlington the minute you could. You currently live in Rosslyn. Why were you allowed to move to North Arlington once you made the big bucks but a white person cannot without being accused of disliking minorities?
HayfieldGrad,
Is this what you are referencing?
I googled the address for the one that was identified. He lives in one of the crappy TH neighborhoods near the Vienna Metro. This just proves my point...
er not right above the Vienna Metro but within a ~1 mile radius
HayfieldGrad,
I'm beginning to think you are just trolling. Well, actually I've thought that for a while. I can't think what other purpose you have. From this point on I'm going to ignore your school comments from now on. I think you are just hoping I'll say something you can use against me.
TBW: You got it wrong: I moved to North Arlington when I was too tired to take care of my single family home in South Arlington. Like many retired people my wife and I wanted to live in a condo. We moved to North Arlington not to get away from the minorities (being as I am one) or because we had big bucks, but to get away from household chores. I still own my house in South Arlington, have it rented to a relative, and will probably make my 4 sons take care of selling it after I die. Or I might donate it to the Nature Conservancy because it has interesting history attached to it.
MM,
In the good old days the Trustee's office would tell you the bank's bid a few days before auction.
Now all you can do is guess based on original loan amount and origination date. Throw in attorney's fees, late charges, back payments and who knows what the number will be. Also, we now have some lenders bidding in below amount owed.
For a general idea of courthouse price versus reo list price, check the County RE Assessment site. See sales history for your particular building.
tbw,
I really don't care what you think about me. I won't let you or anyone disparage children just because they come from disadvantaged backgrounds. Why do you always assume the worst of people who are poor and the very best of people who are not. There are a lot of bad, wealthy people in this world.
Jewel The house we are buying is in South Arlington and there are some houses we saw near it in the $600,000 range that were very nice. It is near Crystal City and the local schools are good and there is a real feel of a neighborhood. You can walk to parks, metro and shopping. We originally looked at some of the smaller houses with the idea of adding on, but then decided to just buy a larger, slightly more expensive house that we could renovate but not have to expand. It is the expansion that seems to cost much more than just renovating what is already in place. You might find something there. The big dividing street is 23rd St. and then the side streets are Fern,Grant, Hayes, Inge, Joyce and Kent and then the parallel streets are 16th, 17th, 18th, 19th, 20th, 21st, 22nd. Going on the other side of 23rd St. into 24th, 25th and 26th St. is a little more expensive, but sometimes you see something around $600K. I hope you find a good house.
reecon,
A while back when we talked about restrictive covenants and the Fair Housing Act etc you said when you heard that homeowners in North Arlington would be willing to sell to black professionals (like a doctor) you moved up there.
VA-
Thanks for the advice I was curious if they try and lower to a price they may be able to get. All of the condos in my building were sold in 2006 so the loans are 400K although the condos go for 300K. I was interested if they would sell the houses at auction for something like 280K or list it for ~400K and get no bidders. Thanks.
reecon,
But fine if you only recently moved to Rosslyn then I withdraw my objection. Maybe you just meant earlier that you toured those neighborhoods once the discrimination started ending both by law and by custom but never ended up buying there.
Thanks Waiting too.
I would definitely consider the Crystal City area although it seems the supply of houses in that particular area in our price range is low at the moment.
The problem with alot of homes we see in Arlington is that it has 1 or more incurable flaws - Near 66 or other major road, no basement, etc.
Jewel -
Many people say lack of basement is a flaw but I have shot down every basement property I have looked at (and I have looked at over 30) due to settling/moisture issues.
What are you looking for in a basement? Storage? Family Room? Workshop?
Because all of those can be addressed via add-ons or separate structures. From what I can find, in time just about every basement attracts water and movement problems.
FYI, by "good demographics" I meant primarily few illegal aliens.
TBW we tried to buy in Arlington in 1955 when I was back from Korea. My wife had inherited some money and we could use that and GI Bill for a mortgage. We wanted to buy near Halls Hill (off Lee Hwy near what is now the Va. Hospital Center)because her sister lived in the neighborhood. Her sister got into the area because she married a Fillipino who had worked for the U.S. Army during World War II and he could pass. We tried again about 10 years later when I had my medical practice. We didn't make much progress, so we bought a relative's house in Southgate off Columbia Pike. By then we had children and they got ensconced in schools and sports teams and it was tough to move after that.
this was the one sold at the courthouse auction last Fri. now it's SOLD on MLS. the price is the winning bid.
MM,
That is very weird to have a courthouse auction show up as an mls sale. I've never seen it.
C,
Simply put, we like the extra living space a basement affords. Its usually easier/less expensive to finish off a basement than to add on.
I understand your point though, I'll definitely be on the lookout for signs of moisture.
It seems like the homes without basements are taking longer to sell than the ones which do.
http://www.washingtonpost.com/wp-dyn/content/article/2010/02/03/AR2010020303456.html
there are some very funny comments,
in this story.
http://www.washingtonpost.com/wp-dyn/content/article/2010/02/03/AR2010020303869_2.html?hpid=moreheadlines
They also are trying to determine how Natalia Wilson got from Arlington to Naydenova's Dale City home, in the 4500 block of Hanover Court. Naydenova bought the home with Lester Wilson eight years ago, police said.
This house will be a very good deal.
http://www.ritholtz.com/blog/2010/02/causes-of-the-crisis/#more-50701
Barry Ritholz nicely discusses the causes of the financial crisis.
He nicely discusses the Fannie Mae issue, while Leroy likes to play Smear the Queer with Barney Frank instead.
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