Archive for February, 2008
February 29, 2008
As we head into March, I’m starting to see more price reductions than in previous weeks. I’m guessing that sellers with properties already on the market are trying to prepare for the onslaught of new properties that will be vying for attention in the spring market.
Be sure to check out the weather report. Saturday doesn’t look too great, but Sunday looks like it will be positively delightful. It’ll be a nice day to take a look at the single family properties below, all of which were reduced this week.
ASHBURN FARM
43333 WINTERSRUN CT, ASHBURN, VA 20147
5 bd/3.5 ba, 3446 sq. ft.
Reduced from $569,900 to $549,900
DAYS ON REDFIN: 273
BELMONT GREENE
43084 BRANOWER ST, ASHBURN, VA 20147
4 bd/3.5 ba, 3900 sq. ft.
Reduced from $600,000 to $589,000
DAYS ON REDFIN: 104
BROADLANDS
21288 HIDDEN POND PL, ASHBURN, VA 20148
Price: $574,900
4 br/3.5 ba, 3,358 sq. ft
Reduced from $625,000 to $574,900
Days on Redfin: 62
SPRING LAKES
I think it’s pretty obvious why this one is my Steal of the Week: $145,000 is a pretty substantial price drop.
42986 CORALBELLS PL, LEESBURG, VA 20176
5 bd/4.5 ba, 5,863 sq. ft.
Reduced from $744,900 to $599,990
Days on Redfin: 57
Happy hunting!
February 26, 2008
In the Feb. 20 edition of the Loudoun Times-Mirror, I found an interesting take on the drop in home values. Jason Jacks ran a small article explaining that with 2 exceptions, the Loudoun County Board of Supervisors also saw their property assessments fall. Only Jim Burton and Lori Waters escaped unscathed; Burton’s house increased in value, and Waters’ house underwent its first assessment this year because it was a new build. While I can’t link to the article because it’s (unfortunately) not online, I can give you a breakdown:
Susan Klimek Buckley (D-Sugarland Run; Vice-Chairman)
Property Location: Sterling
2007: $860,400
2008: $783,900
↓9%
Kelly Burk (D-Leesburg)
Property Location: Leesburg
2007: $413,100
2008: $373,100
↓10%
Jim Burton (I-Blue Ridge)
Property Location: Aldie
2007: $969,700
2008: $1,032,300
↑6.5%
Eugene Delgaudio (R-Sterling)
Property Location: Sterling
2007: $327,700
2008: $311,900
↓5%
Sally Kurtz (D-Catoctin)
Property Location: Lovettsville
2007: $657,600
2008: $632,400
↓4%
Andrea McGimsey (D-Potomac)
Property Location: Sterling*, Ashburn
2007: $552,600 and $396,000, respectively
2008: $492,300 and $376,400, respectively
↓11% and 5%, respectively
*1st year in home
Stevens Miller (D-Dulles )
Property Location: Ashburn
2007: $634,300
2008: $575,700
↓9%
Lori Waters (R-Broad Run)**
Property Location: Lansdowne
2007: —–
2008: $743,100
↔
**New construction
Scott York (I-At Large, Chairman)
Property Location: Sterling
2007: $$556,000
2008: $$431,300
↓22%
In light of Loudoun County Administrator Kirby Bowers’ recently proposed budget, I imagine that none of these folks is looking forward to paying higher taxes on depreciating property any more than I am. While Chairman Scott York declined to comment until the scheduled budget hearings, James Burton went on the record saying he’s confident the proposed tax hike ($1.216 for each $100 of assessed value, up from $0.96 now) will be reduced. Seeing as Burton is one of the few homeowners in Loudoun to actually see his assessment increase, it’s no big surprise he’s looking for ways to rein in the tax hike. Can’t say I really blame him!
February 24, 2008
What a gorgeous Sunday this was for open houses! I saw more signs than have been out for a long time. Also a gorgeous day for the Farm Women’s Cooperative market in Bethesda. You can get all kinds of neat stuff there, from yummy Turkish food to fresh veggies to African masks.
Whether you made it outside or not, if you’re looking for price reductions in Bethesda and Chevy Chase, there is more choice this week. Of special note (for links refer to the list further below):
– a renovated 3-bedroom house in coveted Chevy Chase Section 5 reduced for a second time, now going for $400,000 below its original list price.
– sellers of two colonials in Westmoreland Hills finally relented somewhat after more than 4 months on the market.
– there appears to be a very motivated seller of a renovated 4-bedroom house in Longmeadow - dropping from $850,000 to $750,000 and ready for “any” offer.
– a couple of brand new luxury homes, one in Bradmoor, the other in Oakmont. Boy, if I had the money …!
Oh, and just for fun, check out the $7 million estate for sale on Bradley Rd. (No price reduction there!)
BETHESDA PRICE REDUCTIONS
Alta Vista
5224 ACACIA AVE
5 Bed, 4.5 Bath Colonial
New Price: $1,299,000
Old Price: $1,325,000
MLS#: MC6646466
Bradmoor
8623 RAYBURN RD
7 Bed, 6.5 Bath Colonial
New Price: $1,995,000
Old Price: $2,195,000
MLS#: MC6651597
Glen Mar Park
5810 AUGUSTA LN
3 Bed, 3.5 Bath Colonial
New Price: $630,900
Old Price: $677,500
MLS#: MC6644051
5301 MARLYN DR
3 Bed, 2.5 Bath Colonial
New Price: $715,000
Old Price: $740,000
MLS#: MC6637220
Glenbrook Knolls
8314 NORTH BROOK LN
3 Bed, 2.5 Bath Colonial Townhouse
New Price: $545,000
Old Price: $575,000
MLS#: MC6610431
Longmeadow
5004 ELSMERE PL
4 Bed, 3 Bath Split Level
New Price: $750,000
Old Price: $850,000
MLS#: MC6608352
Oakmont
5504 OAKMONT AVE
6 Bed, 5.5 Bath Colonial - Brand New
New Price: $1,499,000
Old Price: $1,549,000
MLS#: MC6630432
Westmoreland Hills
5307 BLACKISTONE RD
5 Bed, 3 Bath Colonial
New Price: $1,159,000
Old Price: $1,195,000
MLS#: MC6571914
5303 DUVALL DR
4 Bed, 4 Bath Colonial
New Price: $999,995
Old Price: $1,025,995
MLS#: MC6551743
Whitehall Manor
5302 BURLING TER
4 Bed, 3 Bath Colonial
New Price: $1,297,000
Old Price: $1,325,000
MLS#: MC6609843
CHEVY CHASE REDUCTIONS
Kenwood Forest II
6708 Hillandale Rd.
3 Bed, 2.5 Bath Colonial Townhouse Condominium
New Price: $599,000
Old Price: $619,000
MLS#: MC6624150
North Chevy Chase/Kenilworth
8903 KENSINGTON PKWY
4 Bed, 3.5 Bath Colonial
New Price: $749,000
Old Price: $759,000
MLS#: MC6636916
Section 5/The Hamlet
7503 GLENDALE RD
3 Bed, 3.5 Bath Colonial
New Price: $1,395,000
Old Price: $1,595,000
MLS#: MC6585967
Spring Hill
3512 INVERNESS DR
4 Bed, 3.5 Bath Colonial
New Price: $1,040,000
Old Price: $1,090,000
MLS#: MC6638405
Cheers,
Allison
Photo Credit
February 23, 2008
Here’s a true story. Five years ago when I was thinking about moving to a more exclusive, neighboring zip code area, I observed a temporary close in the price gap between where I lived and where I wanted to go. Not a complete close - but significant enough. It went against conventional assumptions, and it made me skeptical. Was there something suddenly wrong with my target neighborhood? Was I reading this correctly?
In the end, fear of uprooting again made me stay put in the old nighborhood. But I still believe I had quietly identified a real, but temporary opportunity to “move up” for less because, as a buyer, I had done my homework and I knew my specific market well: demographics, prices, quirks, and what was available. Prices in the cheaper neighborhood had ramped up so quickly that they had almost caught up to the supposedly more expensive area. This did not last … maybe about four months. Just enough time, that is, for the market to adjust and re-establish the 20% price difference that had always existed. And I will never be able to afford that neighborhood again!
The moral is, it can be extremely valuable to KNOW YOUR ZIP. Trend figures for Maryland, DC or Virginia might be interesting but they are only marginally helpful for buyers and sellers in a regional market that varies so much. All parties would do well to study and zero in on an exact zip code and price range over several months to get a feel for what is happening.
Let’s take a look at what happened in January in three zip code areas in Silver Spring, according to MRIS. You can go to this Web site yourself to look up other zip codes. Some MRIS data is for paying subscribers only but the rest of us can still access good stuff.
Zip Code 20901
- 146 active listings for single-family homes, and 14 for condos/coops, including 52 total new listings
- 20 contracts/contingent contracts
- 16 properties sold, compared to 31 in January of last year
- average sold price for all units was $ 377,213 (down 11.8% from one year ago)
- median sold price for all properties was $ 355,500 (down 16.4% from one year ago)
- average days on market: 123 (up from 78 one year ago)
- average list price for solds: $ 421,392 (down 4.7% from one year ago)
- average sale price as a % of average list price: 89.5 % (compared to 96.7 % a year ago)
Zip Code 20903
- 69 active listings for single-family homes, and 11 for condos/coops, including 19 total new listings
- 3 contracts/contingent contracts
- 4 units sold compared to 11 in January last year
- average sold price: $ 372,000 (down 8.9 % from one year ago)
- median sold price: $ 377,750 (down 8.9 % from one year ago)
- average days on market: 81 (compared to 67 in January 2007)
- average list price for solds: $ 398,473 (down 6.4 %)
- average sale price as % of average list price: 93.4% (was 95.9% in January of last year)
Zip Code 20910
- 112 active listings for single-family homes and 42 condo/coops, including a total of 54 new listings
- 18 new pending contracts and contingent contracts
- total units sold: 19 (same as in January 2007)
- average sold price: $ 451,102 (down 12.4 % from last year)
- median sold price: $ 452,000 (down 10.50 % from last year)
- average days on market: 96 (71 in January of last year)
- average list price for solds: $ 486,254 (down 9.1 %)
- average sale price as a % of average list price: 92.8 % (compared to 96.3 % one year ago)
Have fun with the numbers.
Cheers,
Allison
Photo Credit
February 23, 2008
Several articles in the Loudoun Times-Mirror confirmed what most of us already knew: Home values are dropping. According to one article, the median sale price last month for a Loudoun home was $370,000, a decrease of 10% from December of 2007 and of 12% from January of 2007. It was also the first time since October of 2004 that the median sales price fell below $400,000. Citing the Dulles Area Association of Realtors, the Times-Mirror article also reported the number of properties sold was the lowest in a decade – just 216. Another article in the Times-Mirror listed the average sale price for last month as $431,811. The article did not say how much of a drop that was from 2007, but I’m assuming that it was, indeed, a drop. I’ve had no luck digging up that particular piece of information for the entire county but will keep looking.
Using an MRIS tool, I was able to dig up specific data pertaining to 20147, 20148, and 20176. To be quite honest, what I found was a little bizarre. While 20147 suffered the biggest price drop, 20176 is getting killed when it comes to sales volume, total units sold and average days on the market. I can attest to this because I live in 20176 and nothing in my development is selling, a fact which I attribute to ridiculously high pricing and a disproportionately high number of foreclosures (also attributable to overly aggressive pricing). But the bit that I find puzzling is that despite 20176’s struggle to move properties, both the average and median sold price have increased (about 7% and 30%, respectively).
So, does that mean that not many people want to live in 20176, but that people who do, really, really do? I don’t think so. I think there are definitely some buyers who are willing to pay more to live in 20176, but a lot more buyers are taking advantage of the plethora of comparable properties elsewhere with lower prices. When you look at the tables below, you’ll see that while list prices for solds in 20147 and 20148 were down this January, list prices in 20176 went up. I think that maybe 20176 residents are having a bit more trouble dealing with the reality of the buyer’s market and are stubbornly refusing to drop their prices; this probably also accounts for the 50-day(!) increase in 20176’s average days on market. What these sellers probably don’t realize is that by overpricing their houses and letting them linger on the market, they are contributing to an existing oversupply, which leads to an even bigger drag on the market, which leads to more foreclosures, which increases the oversupply, which…Well, you get the picture. And it’s not pretty.
| ZIP: 20147 |
2008 |
2007 |
% Change |
| Total Sold Dollar Volume |
$ 14,008,371 |
$ 26,933,014 |
- 47.99 % |
| Average Sold Price |
$ 451,883 |
$ 480,947 |
- 6.04 % |
| Median Sold Price |
$ 335,000 |
$ 479,000 |
- 30.06 % |
| Total Units Sold |
31 |
56 |
- 44.64 % |
| Average Days on Market |
84 |
140 |
- 40.00 % |
| Average List Price for Solds |
$ 496,335 |
$ 525,329 |
- 5.52 % |
| Avg. Sale Price as a % of Avg. List Price |
91.04 % |
91.55 % |
|
| ZIP: 20148 |
2008 |
2007 |
% Change |
| Total Sold Dollar Volume |
$ 14,056,192 |
$ 15,339,019 |
- 8.36 % |
| Average Sold Price |
$ 502,007 |
$ 511,301 |
- 1.82 % |
| Median Sold Price |
$ 482,400 |
$ 508,500 |
- 5.13 % |
| Total Units Sold |
28 |
30 |
- 6.67 % |
| Average Days on Market |
75 |
99 |
- 24.24 % |
| Average List Price for Solds |
$ 533,617 |
$ 535,131 |
- 0.28 % |
| Avg. Sale Price as a % of Avg. List Price |
94.08 % |
95.55 % |
|
| ZIP: 20176 |
2008 |
2007 |
% Change |
| Total Sold Dollar Volume |
$ 8,980,400 |
$ 32,090,556 |
- 72.02 % |
| Average Sold Price |
$ 561,275 |
$ 526,075 |
6.69 % |
| Median Sold Price |
$ 531,500 |
$ 408,000 |
30.27 % |
| Total Units Sold |
16 |
61 |
- 73.77 % |
| Average Days on Market |
207 |
153 |
35.29 % |
| Average List Price for Solds |
$ 627,762 |
$ 573,226 |
9.51 % |
| Avg. Sale Price as a % of Avg. List Price |
89.41 % |
91.77 % |
|
February 22, 2008
I’ve compiled a list of properties that have been on the market for 7 days or less and that are open this weekend. The weather will be pretty unappealing on Saturday, but looks like it will perk up a bit on Sunday.
Before we get to the open houses, I just have to draw your attention to my Steal of the Week. This 4-bedroom, 3.5-bath brick front single family in Lansdowne is a short sale, which means it’s not open this weekend or any weekend. But the price alone makes a special trip to see it worthwhile: It’s listed at $450,000. I think the last time I saw a single family in Lansdowne for $450,000 was back in 2003! The house is steps from the elementary school and the new swimming pool, as well as just a 10-minute walk to the Lansdowne Town Center. It’s truly an intriguing opportunity.
Image: The Fountains at Lansdowne Town Center
On to the open houses…
ASHBURN FARM
43230 GATWICK SQ, ASHBURN, VA 20147
Townhouse; 3 bd/3.5 ba
Price: $329,900
Open: Sun. 2/24 from 1 to 4
ASHBURN VILLAGE
21788 FLANDERS CT, #21788, ASHBURN, VA 20147*
Townhouse; 2 bd/2 ba
Price: $284,900
Open: Sun. 2/24 from 1 to 4
*Located in Parkside at Ashburn
BELMONT GREENE
20375 HARTWELL ST, ASHBURN, VA 20147
Single family; 5 bd/2.5 ba
Price: $459,900
Open: Sun. 2/24 from 1 to 4
BRAMBLETON
22897 ASHTON WOODS DR, ASHBURN, VA 20148
Single family; 4 bd/4.5 ba
Price: $669,000
Open: Sat. 2/23 and Sun. 2/24 from 1 to 4
BROADLANDS
21862 ENGLESIDE PL, ASHBURN, VA 20148
Single family; 6 bd/6.5 ba
Price: $849,950
Open: Sat. 2/23, from 1 to 4
42843 CHAMPNEY CT, BROADLANDS, VA 20148
Single family; 5 bd/2.5 ba
Price: $589,899
Open: Sun. 2/24 from 1 to 4
LANSDOWNE
43725 LEES MILL SQ, LEESBURG, VA 20176*
Townhouse: 3 bd/3 ba
Price: $449,000
Open: Sun. 2/24 from 1 to 4
*Brick end unit
February 21, 2008
People selling their homes in Silver Spring and Takoma Park could sure use the help of warmer weather and the well-loved Takoma Park Farmers’ Market to draw buyers out. It’s tough out there: at least one house in the list below is selling for less than it sold for last year.
It does seem, however, that sellers are getting wiser. Price reductions appear to be materializing faster in order to coax buyers into making a move. Perhaps something on the list below will tempt you. And, check out the gorgeous renovation of the just-reduced, 3-bedroom house on Jefferson Street!
By the way, since I mentioned the farmers’ market (pictured above), if you haven’t been there then it’s a must. It’s actually open in the winter, although it is more for the die-hards at this time of year. In the gentler months, you’ll find great veggies, fruit, flowers, bedding plants, honey, baking and more. Going there is also a laid-back way to entertain yourself, in a healthy fashion. Don’t miss Frank Cassel, the Banjo Man, if you’ve got little kids.
PRICE REDUCTIONS: SILVER SPRING
Dilles/Linden
9318 WARREN ST
4 Bed, 2 Bath Rambler
New Price: $395,000
Old Price: $476,000
Days on Market: 22
MLS#: MC6647641
Montgomery Knolls
715 CORNWALL ST
4 Bed, 2.5 Bath Rambler
New Price: $425,000
Old Price: $459,000
MLS#: MC6658335
Days on Market: 12
North Hills
9316 COLESVILLE RD
3 Bed, 2 Bath Colonial
New Price: $449,900
Old Price: $469,900
MLS#: MC6611701
Days on Market: 71 days
Rock Creek
8337 GRUBB RD
3 Bed, 2.5 Bed Rambler
New Price: $625,000
Old Price: $650,000
MLS#: MC6647653
Days on Market: 22
PRICE REDUCTIONS: TAKOMA PARK
8305 GREENWOOD AVE
5 bed, 3 Bath Cape Cod
New Price: $457,500
Old Price: $465,000
20 Days
MLS#: MC6649502
47 JEFFERSON AVE
3 Bed, 3 Bath Cottage
New Price: $735,000
Old Price: $785,000
MLS#: MC6614310
Days on Market: 68
Cheers,
Allison
Photo Credit
February 19, 2008
Here’s a sampling of the sales that closed over the past 6 weeks in 20147, 20148 and 20176. Belmont Country Club definitely takes home the prize for most sales overall, but Lansdowne made a good showing with sales of its new Town Center townhouse-style condos. As always, these have been vetted to make sure they aren’t bank-owned or foreclosures. These are real sales to real people.
ASHBURN VILLAGE
20260 SPRUCEGROVE SQ, ASHBURN, VA 20147
Sold For: $325,000; Sq Ft: 1,554; Closing Date: 01/25/2008
20546 NORWICH PL, ASHBURN, VA 20147
Sold For: $170,805; Sq Ft: 2,220; Closing Date: 01/08/2008
ASHBURN FARM
43550 COAL BED CT, ASHBURN, VA 20147
Sold For: $621,000; Sq Ft: 3,770; Closing Date: 02/01/2008
43498 POSTRAIL SQ, ASHBURN, VA 20147
Sold For: $250,000; Sq Ft: 1226; Closing Date 01/15/2008
BELMONT COUNTRY CLUB
19966 PALMER CLASSIC PKWY, ASHBURN, VA 20147
Sold For: $830,000; Sq Ft: 3357; Closing Date: 01/16/2008
43396 BLANTYRE CT, ASHBURN, VA 20147
Sold For: $815,000; Sq Ft: 4277; Closing Date: 02/01/2008
20264 MEDALIST DR, ASHBURN, VA 20147
Sold For: $680,000; Sq Ft: 3,325; Closing Date: 01/04/2008
43596 DUNHILL CUP SQ, ASHBURN, VA 20147
Sold For: $380,000; Sq Ft: 2038; Closing Date: 01/08/2008
LANSDOWNE
43237 LEE PATENT DR, LEESBURG, VA 20176
Sold For: $650,000; Sq Ft: 3750; Closing Date: 02/01/2008
19355 CYPRESS RIDGE TER, UNIT 411, LANSDOWNE, VA 20176
Sold For: $477,400; Sq Ft: 1500; Closing Date: 01/29/2008
19375 CYPRESS RIDGE TER, UNIT 308, LANSDOWNE, VA 20176
Sold For: $225,000; Sq Ft: 1315; Closing Date: 01/02/2008
BRAMBLETON
42689 EMPEROR DR, ASHBURN, VA 20148
Sold For: $715,000; Sq Ft: 3774; Closing Date: 01/16/2008
42518 REGAL WOOD DR, ASHBURN, VA 20148
Sold For: $395,000; Sq Ft: 1784; Closing Date: 01/09/2008
BROADLANDS
21880 LARCHMONT WAY, BROADLANDS, VA 20148
Sold For: $650,000; Sq Ft: 3474; Closing Date: 01/22/2008
22011 STONE HOLLOW DR, BROADLANDS, VA 20148
Sold For: $600,000; Sq Ft: 3878; Closing Date: 01/08/2008
February 19, 2008
You have your heart set on an older brick colonial home in Bethesda or Chevy Chase, in a good public school zone. Your budget is around $800,000, maybe more. What can you do?
Well, the options are limited at the moment but they do exist. Here is most of what I found in this price bracket. None of these are new listings but I have highlighted two below that have just reduced, and then added the others for comparison. Other comparable properties are for sale, of course, but in other styles.
Huntington Terrace, Bethesda: A light-filled, 4-bedroom, 3.5-bath home at 5518 Roosevelt St. is now going for $825,000, down significantly from $899,000. Built in 1939, it has been renovated and expanded. From the pictures I would say it is very promising, with little work to do. This is a choice residential Bethesda neighborhood, especially for families, being close to NIH, Bethesda downtown, and good public schools like popular Bradley Hills Elementary, pictured above.
Meadowbrook Village, Chevy Chase: Check out the house on Lynn Drive, now listed at $899,000 down from $924,000. It would have been snapped up in a week if it had been on sale a couple of years ago. As in most Chevy Chase neighborhoods, you get less house for the money than in many parts of Bethesda, but you are a bit closer to DC and literally steps from the Bethesda Metro and great shops like Trader Joe’s. This appears to be a traditional, liveable, 3-bedroom house with expansion possibilities. A few minor changes could update the decor, which is not too bad to begin with (e.g. get you could get new light fixtures and remove the scalloped valance at the kitchen window for an immediate, more modern look). If it is the neighborhood you want, then this may be a chance to get in without taking on a total fixer-upper.
More BETHESDA :
Bradmoor
8618 IRVINGTON AVE
3 Beds, 2.5 Baths
Price: $769,000
Year Built: 1948
MLS#: MC6625439
Columbia Forest
18 KENTBURY WAY
3 Bed, 1.5 Bath
Price: $759,000
Built: 1949
MLS#: MC6546330
Huntingon Terrace
8707 Garfield Street
4 Beds, 2 Bath
Price: $715,000
Year Built: 1938
MLS#: MC6599991
Sonoma
8913 SENECA LN
3 Beds, 2.5 Baths
Price: $699,500
Built: 1955
MLS#: MC6635657
February 19, 2008
Usually when one thinks about McLean, VA affordability might not be the first thing that comes to mind. But there’s good news! A gated 1 bedroom condominium in the Gates of McLean is being offered for $254,000, what a bargain!
This fabulous unit even comes with a garage parking space! Here’s the skinny: The Gates are within walking distance to Tysons Corner Shopping Mall and Tysons Galleria. Trader Joe’s, Whole Foods and all of the amenities offered on Route 7 are also nearby.
Inside this 1 bedroom 1 bath 3rd floor beauty, house hunters will find hardwood floors, washer and dryer and an up to date kitchen package. A state of the art gym and pool can be found at the Gates of McLean. Oh one more thing…. this condo is situated such that there are neighbors on only one side!
