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Friday, August 20, 2010
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33 comments:
Here's a $150K price drop that'll work--if you don't mind being across the street from ambulances and facing other traffic all day.
Geo. Mason
Excellent Vienna location and price!! Close to Dunn Loring metro and major highway arterys. Beautiful 1/4 acre lot, fully fenced. Great school pyramid. Beautiful, Quiet, non-cut through street. Large basement. No HOA. Property sold "AS IS."
FX7401427
When they say "as is" they really mean "as is *exactly* *precisely* as the owners left it at 8:16AM in the morning when they closed the door and walked out in 1974.
At least that's what it looked like to me.
LOL.
Ace-
Am I crazy or is the assessment value on the house absurd. I agree the land should probably be worth ~400ish, but there is no way that the structure should be worth anywhere near 900K. I would be surprised if it cost much more than 400K to make. Sure the builder should get some
profit but the assessment appears offbase. I guess the construction company agrees seeing that they are trying to sell if for 20% less than the assessed value.
TN-
Did you go to the house? From the outside pictures it is kind of ugly, but I assume the reason they showed no pictures is the inside is a total disaster.
If you like "That 70's Show" then you'll love this home.
The answer is yes. We didn't stay long. That place was a time capsule. To a place stuck in shag carpet, wood paneling. The only thing the agent didn't do was say "Groovy" and flash me a peace sign.
Well if it has lava lamps that come with the house then I'm in :)
recent comps in Lyon Village, both big SFHs and sold below the $1MM mark...
1410 JOHNSON ST N
7/23/2010 $994,000
3200 19TH ST N
8/16/2010 $960,000
(first listed: 9/16/2009 $1,275,000)
sub-par location or market reality? or both?
we toured this house and liked it but were concerned about the wood exterior now it's UC, maybe we shouldn't have? any definitive pro/cons on wood exterior houses?
Ace, It really irks me when houses like the one you linked are described as Arts & Crafts when there isn't one ounce of that style in the house.
MM-
I like the house that sold for 960K. It looks really nicely updated and has great landscaping.
Blogger MM said...
we toured this house (AR7414369) and liked it but were concerned about the wood exterior now it's UC, maybe we shouldn't have? any definitive pro/cons on wood exterior houses?
LOL...
"Hey Honey, Can you hand me my purse through the window? I'm in the bathroom sitting on the ....."
HB, looks like the market agrees with you about the Geo. Mason house.
LOL TN!
MM, the house on 19th street has no back yard and may get some road noise. It's not in the heart of LV but closer to Kirkwood Terrace and Lee Highway.
I went past that house on Johnson earlier, and it also has no back yard and looks very dated (and cheaply built to start with). Again, not the best part of LV. I would bet it gets little sunlight due to close neighbors and trees. The dead end street that leads to it looked as if it would be very treacherous in snow. But notice it still sold for considerably over 2010 assessed value ($790K). So I don't see the selling price as low at all.
YMMV.
MM,
Maintenance (painting, rot, etc.) are the obvious downsides of wood. Brick (unpainted!) is definitely better in that regard.
That said, I wouldn't walk away from a nice house/price simply because it's wood.
It sold quickly, so I would assume it was an attractive deal I really dislike that roof style. It makes the house look like a barn imo.
I thought the interior was pretty cool.
TN,
LOL (though i didn't get the joke yet i'm sure i will soon)
Ace,
i guess LV has see its glory days and reverted back to sanity. maybe it has for awhile i just wasn't paying close attention. still remember we didn't pull the trigger on a stone house next to Key ES when it was still within our price range. oh the good old days.
(sorry Antonymous for pouring salt...)
Va_Investor,
indeed interior was fine, maybe a couple nooks and carnies too many on the main level but it's nice.
holy macaroni somebody really fell in love with this house: $60K (10%+) above asking!
"John Fontain said...
Ace, It really irks me when houses like the one you linked are described as Arts & Crafts when there isn't one ounce of that style in the house."
Hey John F, long time no see!
Im curious, last time you were here posting regularly, you were still of the mindset that the big pricedrops were coming for Arlington (i.e. "its moving in", "it just hasnt happened to Arlington...yet").
I am now out shopping pretty seriously, and I, like many of us can deal with it if home prices drop 5 or maybe even 10% from where they are now. However, if it truly is "moving in" and we have another 20% or more price drop in front of us I would stay on the sidelines.
More specifically, I am looking at a few SFH in Clarendon. At one point, you said the "typical" SFH in Clarendon that were selling for 800K will end up selling for 500K "when the dust settles". Well those typical SFH are still selling for about 750-800K today.
So I want to know if you still think that it just hasnt happed to Clarendon...yet? Do you still think that "typical" SFH in Clarendon, now selling for 750--800K will sell for 500K when the dust settles? Or, are you now willing to admit that perhaps you were wrong and that the typical Clarendon SFH will not suffer the price calamity you predicted?
MM,
I think TN was remarking on the proximity of the window to the toilet. TN, a big window near the toilet is quite common in the tiny bathrooms in 40s eras houses of Arl. Mine's good for seeing a bit of the fireworks on July 4. :-).
I'd much rather have a bath with a big window (which you can easily cover) than not have a window in the bath at all, which you see in some newer houses. No need for bathroom fans, and nice natural light for makeup etc...
MM,
I do not think LV has slowed down at all. I think LV and Clarendon are still commanding high premiums, more so than other parts of Arl. They have a great location (close to DC, quiet if you want and happening if you want), metro access, decent schools, and many of the houses are nice.
I think the idiosyncrasies of the two houses you linked make them somewhat the exception. And, one of them went for a very high price re: assessment, without improvements. So it really wasn't much of an exception. Since a seller can set listing at any arbitrary value, I don't pay much attention to selling price vs. listing for the purposes of determining whether one bought a "steal."
The Anon - let it go buddy. The "Arlington Wars" are over and its all too obvious who won and who lost.
Seriously, what is calling out JF going to accomplish?
MM, wood siding would not turn me off per se. As VAI noted, its fine as long as it is maintained.
Even the age of the wood on that house isnt necessarily a red flag. My next door neighbor has wood siding that is 110 years older than on the one you were looking at. I think they have replaced approx 10% of the boards that have rotted out, but otherwise, its 150 year old wood siding & still standing strong.
So if I were looking, I would be sure to knock on a few boards, and have the inspector look for any signs of rot. Otherwise, I wouldnt shy away from a place just because of the wood siding.
"CRT said...
Seriously, what is calling out JF going to accomplish?"
Actually, its going to accomplish a few of things. For starters, I want to get JF's opinion -- I want to see if he still believes that the big smackdown is headed for the stronghold areas in Arlington. Contrarian still believes it, perhaps JF does too.
Second, I am fascinated at the mindset of some who post here. Even if JF knows he is wrong, will he admit it? People can get so emotionally invested in their online views and persona, they will do ANYTHING to twist, torque, spin, deflect, explain away, etc. to avoid having to admit "I was wrong". So im curious to see if he will come out and just say it, or whether he will, pull the "you misunderstood what I meant" card, go ad hominem, or perhaps just not respond at all.
Sure this is petty of me, but its really no different than when VA Investor reappeared, and Leroy tried to get her to eat some humble pie. Its very possible JF is looking to contribute again to this blog as he has now posted twice in a week. Overall, this is a good thing as I think he has some good insights and (except when it came to Arlington) seemed to be more right than wrong.
At the same time though, look at some of his calls! Typical 800K homes selling for 500K in Clarendon when the dust settles? A 37.5% drop will be typical for SFH in Clarendon? He cant expect to reappear and not expect to be held accountable to some degree.
TexasNative,
Here's another, "honey, hand me my purse" house for ya, with a twist:
Piedmont
folks
I'm still a housing bear at least nationally, HAMP is in it's death throes, and according to HUD there
are 3 million houses in some stage of foreclosure and 11 Million people underwater.
now that said we are through the worst of the subprime bubble the issue is how Prime and Alt-A fall.
Will Bernanke be willing to print 10 trillion to fluff up M3?
Damn, he's already printed a trillion, whats another zero after that.
The problem is you can't make rational investing choices, most housing still pencils out like crap for CapRate, although if you fish PWC or Loudon you can do okay.
Me I'm interested in DC,Arl,Ax and
it's all floating.
Could it continue to float on a soap bubble or pop? I don't know
but the risks still remain.
people forget it took 4 years for the great depression to pour it on full steam.
Anon
I watch this site everyday. I am no expert nor do I claim to be one. Quite frankly, you are just an a$$hole. This should be constructive, not attacking people. I have seen you do this at least 3 times in the last month or so. You are real tough behind a keyboard. Grow up.
IF a house doesn't sell for 495K for 9 months you should raise the price to 849K right?
house
I am actually surprised that with a 1 acre lot that can be subdivided it couldn't sell for 495K.
VA Investor said:
It sold quickly, so I would assume it was an attractive deal I really dislike that roof style. It makes the house look like a barn imo.
How about this
Culpepper Charmer
At more than 15% under tax assessment it appears to be a deal though currently at 470 DOM I wouldn't call it a quick mover.
Hello Drschmid. I dont think we have met. Welcome to the blog.
Just so you know, this goes back a while. More than one unprovoked jab at me over the years. Like the time when I was discussing the vacancy rate a while back and JF came out of nowhere and asserted that I must be engaged in a campaign "purposeful misinformation"?
Too bad you werent around then to call him an asshole. It would have been nice to have the decorum police around back then to defend people from those sort of unprovoked attacks.
c-
It really is amazing how cheap places in Culpeper are. I would never live out there, because the commute would be unbearable, but you can by a gorgeous house on 10 acres for the price of a 1 bedroom rat infested condo in Arlington or the nicer parts of DC. I could also see it being a nice place to retire at for people with a lot of family in DC so their grandkids could come over and play in all the land.
Oh HB
It is amazing how cheap virtually any place else is in comparison with NoVA (exept maybe Manhattan and San Franciso)
c-
I know that DC is one of the most expensive places in the country. I guess I was commenting more on how quickly prices fall as you get away from the city. Also the prices in Culpeper are still cheaper than prices in most cities.
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