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.
Anyone see the Redfin July 2011 Washington Heat Map? Not surprising to me to see that the DC region is by far the hottest market in the Country.
Why is it that people post only during work hours? Condo market in 20190: 1.3 months of supply, YOY median price up over 12%. This per Redfin.Glad I bought 8 in 2009. If I sell, it won't be until the metro opens. Money where my mouth is...
Another "doomish" headline that hardly reflects the contents of the article.
Contrarian, you forget that DC metro market is different! (sarcasm intended).
Vinny said... Contrarian, you forget that DC metro market is different! (sarcasm intended).Well is it not? Is it the same as all the other markets?While most other markets are double dipping, there is one that is "different" in that prices there are over 10% above the 2009 bottom.Want to guess which one it is -- which one is "different"? I'll give you a hint, it rhymes with "Swashington"...
I was going to suggest that Vinny contact redfin or CS or, or ,or any of the others who have put out data showing DC is different. I'm just reporting what I read.It would be interesting to see where contrarian's HUGE increase in defaults is occuring. If not DC, then I don't care UNLESS "it's moving in".
VA & other lawyers-We signed a lease that ended on January 1st, the landlord later than day crossed out the end date and switched it to February 28th and mailed it to us. Seeing that we effectively signed different contracts since we never initialed the changes does this make the lease invalid.Also he is putting the house on the market although the lease says he can not do this until 90 days before the end of the lease. I assume between both of these he has invalidated the lease and we can end the lease early.Do you know if this is the case or do we legally have to continue to pay the lease until through January 1st.Thanks for any help :)
Va_Investor, the data that you are reporting is totally fine and I totally agree with you regarding that data. But like "its different" assets over the period of history including tulips, tech stocks of late nineties, REITS of eraly 200s etc, I think it will correct. How long that correction will take depends on who gets into White House next.
Vinny-Its definitely possible DC does worse than other areas particularly if there are a lot of job cuts, but real estate prices do diverge over time. e.g. there were times when places like NY went up dramatically more than the rest of the country. At this point it is clear NY Cities extra gains will stay. So although sometimes out sized gains are bubbles sometimes they aren't.
hb,Not having practiced for 20+ yrs, I am not the best one to comment. I'm sure anon and others are more on top of their game.I would argue that you have only a month to month tenancy (if I were you). The changed date means there was no meeting of the minds and thus no contract. The default is month to month. 30 days notice from either party to terminate. OTOH, as a LL I would argue that you acquiesed by performing under the "lease".Did you take any action when you discovered the changed date? I seem to recall this issue coming up before.As to putting it on the market; is it on for lease or sale? My leases differ in the time period for listing a property and putting a lock-box on. Mine allow an earlier date for sales. I can't remember exactly what that is.I guess it all goes back to whether you have a lease that is month to month, ends 1/1 or ends 2/28.
VA-We did not originally contact them about the lease when we noticed the difference, figuring we would just abide to what we signed.They are putting it up for sale. They are allowed to put it up for sale 90 days before the end of the lease, but they only get 60 days if it is for a lease.Hopefully they put it on the market at a reasonable price, because most of the units move fast in the building if they are priced right.Thanks for the information thought :)
hb,If they claim your lease ends 2/28 then they can't list it until 12/1 which puts them in a bad place vis-a-vis market activity.I bet your place shows great. It's a win-win for them to collect rent while they show a great looking place. I wouldn't let them do it early without a rent concession. No one wants strangers trapsing through their home at all hours. Hide the jewelry!Do you want to stay until 2/28? You can always play hardball and tell them no listing/showing/lockbox until 12/1.
I found a report by realty trac released 7/28/11 that details foreclosure filings for the first half of 2011.Seems Baltimore dropped the most countrywide followed by the DC region. What to make of this contrarian?84% of metro areas saw decreases.
http://finance.yahoo.com/news/Newhome-sales-fell-07-percent-apf-3845011766.html?x=0&sec=topStories&pos=main&asset=&ccode="A telling sign of how bad things have gotten for the housing industry: Prices have dropped more since the recession started, on a percentage basis, than during the Great Depression of the 1930s.And it took 19 years for prices to fully recover after the Depression."But we dc area is different!
Vinny,How much do you think DC prices will drop from where we are now? To reach a new low we would have to break through CS of 3/09.I read that the Great Depression resulted in a housing shortage that lasted into the 50's. I would have thought that this shortage would mean increasing prices. Perhaps not. I did read a study that showed rents rising dramatically throughout the 30's and reaching an all-time peak (in today's dollars) in 1940.Although jobs are hurt by lack of new home sales (much of the article focused on "new" homes), I would guess that some jobs are created by the reo's. I'm glad to see that builders aren't putting out anything on spec. They really can't, can they? Existing homes cost 30+% less and builders can't compete.As far as 19yrs to fully recover; I don't know what this actually means. How are they measuring recover? I'm sure inflation is thrown in there somewhere. I believe there are charts somewhere that show the price line. I'm happy to keep pace with or slightly beat inflation while rents produce positive cash-flow.I'm not very concerned about prices as long as rents are stable/rising. If rents crater I will have made a mistake. By "recover" I am assuming peak prices. Is this your understanding?
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