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.
http://franklymls.com/DC7414299assessed 390, sells 340gorgeous great location.
Yikes, Pat, I don't think NY Av. is a great location -- much too busy, among other things. But the house is pretty.
Pat,There used to be a meth recovery clinic just around the corner on North Capitol Street. Seedy area, but welcome to DC.
Hello, I am considering a purchase of a condo around Reston town Center (ZIP 20190). Given the available collective blog expertise, what do you think about this listing? http://franklymls.com/FX7528009
that corner of North Capitol and NY and Florida is troubled.The City Paper actually wrote about it.
Tariel,Personally, I don't like those three and four story garden condos.I know they are more expensive, but the high rise buildings in RTC offer a much better experience - garage parking, security, views.
Tariel-I don't know the area that well, but VA probably knows whether it is a good deal
Tariel,I think Stratford Place is an attractive building. There is security and garage parking.I'd rather be in Midtown, Market Street or The Savoy but a 2/2 there would probably be closer to 400K. I have seen for bargains at RTC but they go very quickly (possibly cash?).I'm not that thrilled about Paramount. I was in there when it was first delivered and the construction left much to be desired. I did see some nice condo's down past the Abington area.The Stratford place seems to be in-line with comps and have nice amenities.It all depends on your purchase price range. I would also consider appreciation potential, which I would imagine may be better if you were actually in RTC.I think all of those condo's (including Stratford) will increase close to a similar rate.If I were to move to RTC, I would want a townhouse (overlooking RTC) with a roof terrace and 2 car garage. We probably would not be working with the same budget.I don't like Carlton House. I've never been inside; I just think the building is ugly.Looking at inventory, it seems that there is little available under 350K for a 2/2. You could get a 1/1 in a highrise at RTC.You may want to wait until Nov. or December - but it is a gamble (price and inventory). I think prices are likely to increase this Spring - but it's only a guess and whether any increase will "hold" is unknown.How long are you thinking that you will stay? My thoughts (speculation!) is that prices won't drop much, if any, unless we see something rather very serious from an economic standpoint.caveat- I have a number of properties in the area but they are rentals and (other than one at RTC that I bought 8 or 9yrs ago) they cash-flow nicely at current prices.Also, I am very bullish on RTC. Take it for what it's worth.
Comedy Gold in that listing:"Owner is (color blind) Listing Agent (with dreams of sugarplums and bags of cash in their head...LOLSome folks really need adult supervision when in the paint section of Home Depot.
VA_I,Regarding those 10 new homes in Arlington, they are going onto a plot of land that had 1 or 2 older houses on it. So those homes have been torn down to make way for 10 new luxury homes.You were mentioning status quo for the neighbors, just letting you know that it wasn't necessarily an empty plot of land.I think we agree though that these new homes will help push up prices.My $0.02
Va_Investor, thanks so much for your opinion, I appreciate it..
TarielDecent deals in Reston, metro is coming.i just hate Reston.
Inventory keeps trending down. If you look at last year, the opposite happened. Something to follow.
cherylWell foreclosures stopped for a 2 months in the fall, so, the pipeline is slower.
high end foreclosures According to Fitch Ratings, mortgage delinquencies for prime jumbo mortgages soared to 10.3% in May as underwater owners walked away in droves. That spells serious trouble for the five states which account for 2/3 of all outstanding jumbo loans - California, Florida, New Jersey, Virginia and New York. The problem goes well beyond these states, however.
http://franklymls.com/AR7539399This is going to be a comp killer.
VA-Over the last 5 years it is not clear if it is normal for inventory to fall/rise during this period. Last year to get the house buyers credit you needed to buy a house by April 30th, so I am sure a lot of people put their houses on the market a little earlier than they might have in order to take advantage of this.Also the percentage of inventory that is available has been increasing available inventory so it could just mean that there are fewer short sales that count as inventory for a very long time while they are under contract.I agree we should continue to watch this, although I don't think we can draw any conclusions yet.
hb,I agree with your points about last year, but looking back further it appears that inventory is not very high.I don't think 2004-2006 (even 2003) are representative of a normal market; just as I believe 2007-2009 were not representative.I'd imagine average MOI over the past 20 yrs would be more informative. I did think that people who wanted to sell and have been holding off for better market conditions would be listing, but this doesn't appear to be the case so far.
VA-I agree and would have thought the same thing. I still think we will end up seeing few sales compared to historical levels. It looks like sellers are content with their current houses (I guess people maybe are realizing they don't want/can't afford larger houses). I also think that the percentage of people who own houses vs. rent houses will continue to fall to more normal levels, which means fewer buyers also. So I could imagine a fairly flat housing market with few transactions.
hb,I think it was CNBC that I was watching yesterday and they were talking about REITs - particularly apartment reit's. These have well outpaced the s&p over the last yr and the opinion was that this will continue for a number of years.The "fear factor", tightened loan requirements and demographics (later marriage/kids) all play into what they believe will be a good LL situation for awhile. Hope so :).
"Pat said...That spells serious trouble for the five states which account for 2/3 of all outstanding jumbo loans - California, Florida, New Jersey, Virginia and New York"Pat -- in the teaser to that article, the author concluded that "banks cannot hold back high end foreclosures for long" and that the "implosion and price drop is imminent"That article is from last June -- 8 months ago. Tell me, did the banks capitulate en masse, dumping high end foreclosures everywhere here in NOVA? Since 8 months ago, the dumping was "imminent", tell me, how was the "implosion" and "price drop" on the high end? Was it good for you?
Anongood point.Well for those who care, I put in an offer on the comp killer on Walter Reed Dr in South Arlington.Wish me Luck.And if we get it i already Promised VA_I that she and her husband are welcome to come over for a BBQ in the micro back yard.
pat,From Realty Trac2010 numbers for the DC Metro area (DC,VA,WV,MD)2% (1 in 50) received a foreclosure notice.This is a drop of 20% from 2008 and 22% from 2009.
Good luck Pat!
pat,That's fantastic - I hope you get it.
Good luck Pat.Hopefully there wont be any bidding war -- it would be a shame you had to back out because of a bidding war...
anonwhen you can rent a 2 BR/1Ba apt with off street parking for 1035/month,chasing 250K for a 2BR/1BA house in bad shape needing 40-50K in repairs isn't my idea of fun.but it's a matter of what people want...
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