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.
hb,House 1 is UC. Want to guess on whether there were multiple offers?
http://franklymls.com/DC7407328This has to hurt.Assessed at 173K, sells for 49K.Habitable.Now granted it is one black into Crackton, but still.
VA-My guess is yes there were multiple offers, the question is where there multiple good offers. Seeing that it sold in one week my guess is that it is at most 2% off list, and likely is at list. I don't think it will go for more than list, but I could be wrong. I was surprised when I saw this house close. It was on the market for 8 days and ended up going for 25K (4%) less than list price. I wonder if the price changed, because of an appraisal or something like that.
http://franklymls.com/AR7456698sells in the bubble for 370 in 2007sells today for 356K with what appears to be 30K of improvements
hb,When you see things go UC very quickly and then close at a low price, you are correct - appraisal or home inspection issues.I'd bet multiples on House 1 and the lister probably went back and told everyone to give them "highest and best" by last night. As a buyer, I hate that highest and best stuff. As a seller it may be better than an escalation clause.
http://franklymls.com/AR7542063another weak sister, solf in 07 for 528, now listed at 478K.i bet they put 10% down and are trying to get out for just about that.
http://franklymls.com/AR7539399listed 187, assessed 318,word is it went for 302.bidding war, people put in escalatable offers.the place needs 30-45K in work,i'm not sure what they were thinking.
pat,So much for the Arlington "correction".
pat, is that the one on which you put the bid? I'll say the obvious - they were thinking "let's see how high we can get the bidding war to go."
that was the one i bidpersonally i don't mind.if s someone bids that much.i am happy with my 1000 rentPITI on 302 is about 2035.add in maintanance and repairs,the buyer has bought into about 1000 a month in repairs.
Pat said..."the place needs 30-45K in work,i'm not sure what they were thinking."They were "thinking" about the land, which is worth about 80K more than the asking price. Honestly, that place might have been more valuable as raw land, as it would save someone the cost of demolishing it.Not surprised a bidding war developed. In fact, given your "no bidding war, ever" policy, im kinda surprised you even submitted an offer.
anon,I don't know what that lot value would be. You could be right. I didn't like being right on top of Wilson, but I don't know what places go for over there. It's hard to ignore the impact of a busy corner (incurable defect).For this particular house, I thought (since it has a floored attic) that raising the roof and adding dormers might be an economical way to expand - possible close to doubling the size. According to pat, it needs a new roof and underlayment anyway. I'd just do it and leave it unfinished until I had the $$$ to complete it.I talked to pat about ripping off the aluminum siding and installing hardi-plank.It didn't look that bad to me. Repairs/upgrades of 50K puts you all-in at 350K. Is it possible to do better in that area?
anon"They were "thinking" about the land, which is worth about 80K more than the asking price"um maybe look at it again.i's a triangular shaped lot and it's inside the setback lines. If you built new, you would have to conform to setbacks, and you would have a much smaller footprint alowed.what's worse si there are powerlines overhanging, you need to maintain separation from those.no i asked the seller, and she said a neighbor bought the place and is moving in.
pat, it's also zoned R2-7, so maybe the neighbor plans to finish the basement and rent it out while living upstairs. I like VA_I's pop top idea if the elec. lines could be worked around. But I also agree being right on Walter Reed is a huge drawback (along with other things you mentioned). I think you'll find a better property for you and your girlfriend, in that general area, one of these days.
pat could rent the basement! :)
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