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.
Just found out that a house in the neighborhood sold for the highest price ever in this nabe and had 4 contracts in one week. This was a few wks ago.Stupid people?
VA-A few weeks ago had the lowest interest rates ever, which probably helped, but I still find that surprising. Was the house special (e.g. bigger, nicer...)
Yes,But it was asking 15% over peak than a slightly lesser house (lacked pool, 2 vs 3 car garage) went for at peak.With 4 offers it remains to be seen what it will close at. An adjacent home went UC quickly as well.I believe we are at most 10% off peak and appear to be stable.
VAI -- "highest price ever" as in higher than 2005/2006 prices? If so what neighborhood?I am seeing a fair amount of that in Arl & Alex, but I thought you were looking further out where prices were still more depressed relative to peak.
anon,I really looked into it (price/assess, etc.) going back five years. I had to make some adjustments because there we only 8 or 9 sales (in 5 yrs) and 4 were much smaller models. 2 of the sales on the smaller models were distress.All in all, I think it would have fetched 10-15% more had it sold at peak. The seller, however, is probably getting the same discount on their new home at RTC.So we don't look as good as some nabes in N. Arlington, but this is much less of a correction than I had anticipated. I was thinking 25% back in 2005 and that was before the bank situation, etc.I am only looking at one particular neighborhood of about 50 homes because I have been in all the ones that have sold.If we have bottomed here that would be nice. Time will tell.
Cherylif the banks would clear their inventory, i'd be happier to, i could make cleaner decisions.I dislike the large players aletering the market. Fed, Banks, Treasury.We don't have Socialism in America, we have Crony Capitalism. It's as corrupt as Russia.
pat,Until I see proof of a concerted effort to sit on reo's I won't believe that any supposed hold-up is anything other than the overwhelming number of them and a failure of banks to ramp-up personnel.Remember, as sales and lending slowed many employee's were riffed. I think many banks were blind-sided by the deluge coming their way.From what I've read here (hb?) delinquencies are falling. The best business practice is probably to clear the vacant places first and then get to delinquents that need the foreclosure process started or completed.If anyone has info of purposeful delays, I would like to hear it. In any event, it might make financial sense to hold back.Again, the "problem" for many here is the lack of distress.
http://franklymls.com/DC7451470assessed at 400K, sells for 250K, cute, great location, i really liked this one. aside from being shaded from the south so ou can't put in solar, it was nice.
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