Continuing to examine and hold a lively discussion of the Northern Virginia Real Estate market.
Please post your local house search updates, MLS finds, on-topic ideas, and links here.
Here is a CR article talking about how their are ~18% fewer real estate agents in California than there was at peak. real estate agents I much less surprised by the decline than I am by the fact that there are still more real estate agents than there were in early 2005. Maybe people are staying agents, because they can't find other jobs. You would think with prices down by ~30-40+% and sales down by 50%+ industry salaries are just getting their butts kicked. I would be amazed if we don't continue to see the industry shrink at a similar rate. Hopefully the people who are left when all is said and done are the most ethical/best agents. Although I doubt this is how it will work out.
Fewer roofers, masons, and carpenters too.Though there are more people mining for gold.
i'm throwing in the towel.i declare N Arl has bottomed out and heading into another bubble.and i blame this one on low interests rate and investors. i wish they get burned one day.FWIW.
MM-I am sure glad I am not looking at Arlington. That is one tiny house on a small yard for $850K. Robert-Very true, although I think that we are close to a bottom for those industries. When all the construction went away many of these people lost their jobs. I think construction is near its trough and will pick up a few years down the road. Agents on the other hand are eternally hopeful and think they will get that next big sale soon. After a few years of not being able to make a good living I think more will continue to quit
MM, wow. Just wow. I think the bubble has created a certain permanent stupidity amongst buyers. Like "hey, it's cheaper than it used to be" is the extent of their consideration before shelling out almost a million dollars for a 2BR shoe box.Question: If they were to rent it, could they expect $5000/mo in rent? Anything close to that? I congratulate the seller of the shoe box for lucking out and finding someone dumb enough to pay 100k more than listing. Jesus.
http://franklymls.com/DC7413250assessed at 421K, sells for 299KDOM 960, almost 45% down from original list.super clean. very nice.pity, if it had been priced right, it would have gone for a lot more in 2007.
I believe the phrase is, "never a better time to buy"? ;)
kevin,no, what the bubble created was $300K or more rock solid equity that The Anonymous missed out by listening to the bears back in 02. He could've bought that exact same house seven years ago and cleared $300K+ today.i agree he whines too much but i'm more sympathetic to him then most bears here. imagine how your life would be if your savings account had $300K more in it.FWIW.
MM, Prime Lyon Village locations continue to command very high land values. I wonder how high it can go.It looks to me as if the buyer is going to tear down the house and build a big new place on it.
MM, not to nitpick, but the sellers didn't "clear" anywhere near $300K. They bought the house for >$534K in 2002. They probably paid the Realtors 6% of $851K (about $51K), *plus* fixing up expenses, financing it initially (probably), title insurance, etc. (I'll exclude moving costs.) If the costs of selling or buying initially were about $15K (conservatively estimated), then they cleared $851-51-15-534 = $251000 maximum over 8 years of ownership. And that's assuming they didn't put a penny into capital improvements (which is unlikely, given a house that age in Lyon Village). Nothing to sneeze at, but given that they probably had some capital investment during the time, my guess is that they probably had less than a 40% net gain over 8 years.
MM -- yeah its tough to realize that by not buying I lost out on hundreds of thousands of dollars. I consider mine to be a cautionary tale -- just because you read or hear something that fits with your own personal narrative of what you would like to see (i.e. Arlington prices tanking), dont discount the facts if they tell you your pet area isnt going to suffer the same fate.To put it another way, "its different here" is sometimes true, even if you dont want it to be.
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