Archive for September, 2008
September 30, 2008
Stop and look! I just checked out recent price reductions in Dupont Circle. Below are two that stood out.
Chosen for Style:
- A very nice 2-bed/2 bath condo at 1735 New Hampshire St NW, just reduced to $585,000, from an original of $635,000. Sellers are willing to offer closing help. It is an older building that has been renovated. The unit has high ceilings, hardwood floors, fireplace, clean decor, S/S appliances, shared patio, and more. The lobby and hallways have some grace – not like living in a Ramada Inn. The price puts it at only $488/sqft, which is lower than average (see below.) The condo fee is $387/month.
Chosen for Space and Light:
- A 2 bed/2 bath condo at 1280 21st St NW, #207, with a new price tag of $524,900 after only a few days on the market (down from $549,000.) I usually go for the older buildings but the spaciousness and huge windows of this 1967 corner unit would make me think twice. It has 1,200 sqft, putting it at $437/sqft. Ooops – the condo fee is $837/month, so it’s not such a bargain after all. Maybe the roof deck is lined with precious metal.
- Note, there is another, smaller 2 bed/2 bath unit for sale in this building for $475,000. It was reduced in price from the original $550,000 a couple of weeks ago. The condo fee for that one is $699/month.
By the way …
Median Condo Values Based on Last 6 Months (source: Redfin.com)
Word of caution: Remember to check the financial situation of any building you are buying into (especially these days!!!) If your building gets into financial difficulty and needs more capital for maintenance, it is YOU who will pay.
More info:
> All condos for sale in Dupont Circle
> Dupont Circle Stats & Trends
Related posts:
> Dupont Sells Bloomingdale Swells?
> $50,000 Parking Spot
Cheers,
Allison
Photo by Voteprime, Creative Commons License
September 29, 2008
The decline of a home sale price from $226,000 to $69,900 – in a matter of months. [WashingtonPost.com]- Here’s one economist’s argument against the bailout. [CNN.com]
- IndyMac Bank customers who are seriously delinquent on their loans may be eligible for payment modification, courtesy of the FDIC. [Examiner.com]
- 6400 defense jobs originally allotted to Fort Belvoir are going to Alexandria instead. [WashingtonPost.com]
- Another culprit in the current crisis: the Glass-Steagall repeal? [Matrix]
Image: FDR signed the Glass-Steagall Act into law in 1933. Bill Clinton repealed it in 1999.
September 26, 2008
Inauguration Day, 2005
- Nationwide, new home sales declined, but so did inventory. [WSJ.com]
- If all else fails, you can always raffle off that property you’re trying to sell. [NYTimes.com]
- Inauguration Day might be 4 months away, but apparently that’s how long it will take to build a stage for it. [DCMetrocentric.com]
- How do you keep the husbands happy at a home décor and remodeling show? Invite a Redskin. [Open House Blog]
- It’s good news/bad news for Northern Virginia: Both home sales and unemployment were up in August. [WashingtonPost.com]
Recent Sweet Digs Posts
Finding Culture in DC (and Around DC)
What’d It Go For? AU Park
Loudoun Fixers
September 25, 2008
I am tired of hearing people say NY is so much better than DC. These two cities are completely different animals.
Maybe they say it because they never leave their living rooms. Or maybe they are still thinking of the DC of twenty years ago. So, today I am ripping off an idea from WAMU’s Kojo Naamdi show to tell you about a new Web site — www.culturecapital.com. It is great for anyone who is interested in discovering DC and its surroundings (p.s. I also think Kojo is a great resource for learning about all aspects of this city.)
If you come from anywhere other than NY, then you should know that we are very lucky here. There is SO MUCH going on but it is often under the radar and not in your face. We have local, national and international offerings, and plenty of these things are for free. Cultural outings are fun, but they also a great way to discover new places and new faces, right in your home town. You may be suprised at what you find.
The new site is sponsored by the Cultural Alliance of Greater Washington. This is how they describe it:
“Introduced in June 2008, CultureCapital.com connects people to the heart of the thriving arts and culture community in the Greater Washington, D.C. region. This virtual arts marketplace provides comprehensive information and reliable ticket-purchase options for shows, performances, classes and exhibitions offered by more than 300 regional arts organizations and cultural institutions, making it the region’s richest and most diverse collection of arts and culture activities. CultureCapital.com strives to be inclusive and includes big names and small groups alike, giving users access to all the hot hits and hidden jewels the D.C. region has to offer.”
So, check it out and try something new. Drive through a few unfamiliar neighborhoods on your way. If you’re reading Sweet Digs, then I know you’ll probably get a kick out of that like I do.
Cheers,
Allison
Photo: Takomabibelot
September 24, 2008
Here’s a nosy neighbor special: some recent sold prices for American University Park homes (contracts closed.) I would bet that the square footage figures do not include finished basements or attics. All data comes from DC public records.
You can see a full list of recent sales in AU Park, or any other neighborhood, using Redfin’s neighborhood pages. This kind of comparative info is great for both buyers and sellers. Pick your market and track it over several months so that you’re well informed when it comes to laying money on the table.
4240 Alton Pl NW – 3 bed/2 bath – 1,294 sqft.
Sold for $735,000 on Sept. 8/08.
4615 Ellicott St NW – 4 bed/3 bath - 2,061 sqft.
Sold for $835,000 on Sept 8/08.
4401 Windom Pl NW – 3 bed/3 bath – 1,337 sqft.
Sold for $868,999 on Sept 5/08.
4535 47th St NW – 3 bed/3 bath – 1,844 sqft.
Sold for $865,000 on Sept. 3/08.
4922 Albemarle St NW – 3 bed/3 bath – 1,700 sqft.
Sold for $626,000 on Sept. 3/08.
>See all recent sales in AU Park.
>See all listed properties in AU Park/Tenleytown/Friendship.
>ind open houses scheduled in this area.
Related Posts:
No Arsenic in Turtle Park
Suprising Huge Yard (by the way, this sold for $1,099,999, lower than asking price by $50k)
Cheers,
Allison
September 24, 2008
Eastern Loudoun may be known (or reviled, depending on how you look at it) for many things – income, traffic, McMansions, traffic, its school system, traffic – but being full of fixer-uppers is not one of them. Sure, there are parts of Loudoun that have older homes in need of a little love, but most people move here to get away from that sort of thing, and some of those neighborhoods are on the shady side. Still, one refrain I’ve been hearing recently is that housing in Loudoun has gotten too expensive for some residents who work locally to reasonably afford. Yes, that’s even after the huge drop in housing prices over the past few years.
So, what’s a buyer to do who wants to enjoy all that Loudoun has to offer, but can’t afford a newer home? What are your options if even the foreclosures and short sales are out of your reach?
In general, it’s best not to get your heart set on developments like Lansdowne, Belmont Country Club, Brambleton and Broadlands. It’s not that there are no bargains in those communities; it’s that even the bargains are still pretty pricey. And many times, low-priced homes in these communities have something REALLY wrong with them: horrible lot, mold (a Lansdowne home with a mold problem sold recently, after going into foreclosure, at about $100,000 off recent comps), an addition gone wrong, etc. And when a well-priced home in good condition does hit the market in those neighborhoods, they still tend to go pretty quickly – sometimes within just a matter of days.
If you don’t mind putting in a little elbow grease (and maybe a few thousand dollars worth of carpet, paint and window treatments), the more established parts of Ashburn Village and Ashburn Farm are both chock-full of fixer-uppers that might actually yield you a profit in a few short years. Smaller communities that are also more likely to have true bargains are Belmont Greene (which is actually one of my favorites), Ashleigh, and Ashbrier in Ashburn; and Potomac Station and Edwards Landing* in Leesburg.
The homes below are all examples of properties that offer a chance at a good financial return. None of them needs a major overhaul, and the kind of work they do need is relatively low-cost. These properties all have fairly good bones but have been overlooked in a market where buyers want the Pottery Barn look but don’t want to have to do the work themselves. The best part? An “older” home in Ashburn is still relatively young when compared to the rest of the DC area, so you won’t have to worry about issues such as outdated building codes or lead paint.
Keep in mind that when you go to make an offer on a place that needs some work, it is completely reasonable these days to factor that into the purchase price. You can either ask for concessions or you can deduct the anticipated costs off of your offer. Most of the homes I’ve highlighted here have been on the market for a loooong time, so the sellers should know by now they’re not going to get their full asking price, anyway. And while conventional wisdom has been that banks aren’t negotiating on short sales or foreclosures, that has recently changed. I know of several buyers who negotiated and got lower sale prices on a foreclosure or short sale. I imagine that kind of flexibility is only going to increase given the state of the economy. And remember: When you’re figuring out an offer price, be sure to take advantage of Redfin’s Neighborhood Pages feature, which provides useful data like median list price, median sold price, and information on price reductions. There’s a link at the bottom of each listing that will take you there.
*All single families under $500k in Edwards Landing are under contract, so there are none available to list here.
Artist’s rendering of the Village Center at Belmont Greene, currently under construction.
ASHBRIER
21486 PLYMOUTH Pl, ASHBURN, VA 20147
Price: $344,900 (Original Price: $369,900)
3 bd/2.5 ba; 1762 sq. ft.
Year built: 1999
Days on Redfin: 12
ASHBURN FARM
21152 HAYSHIRE Ct, ASHBURN, VA 20147
Price: $399,950 (Original Price: $421,000)
6 bd/3.5 ba; sq. ft. unavailable
Year built: 1988
Days on Redfin: 107
ASHBURN VILLAGE
20720 SWEETAIR Ct, ASHBURN, VA 20147
Price: $418,000 (Original Price: $499,000)
4 bd/3.5 ba; sq. ft. unavailable
Year built: 1996
Days on Redfin: 113
ASHLEIGH
20592 TWELVE OAKS Way, ASHBURN, VA 20147
Price: $415,000
4 bd/3.5 ba; sq. ft. unavailable
Year built: 1997
ays on Redfin: 69
BELMONT GREENE
42860 KIRKLAND St, ASHBURN, VA 20147
Price: $454,900 (Original Price: $469,900)
4 bd/3.5 ba; 2,475 sq. ft.
Year built: 1999
Days on Redfin: 49
POTOMAC STATION
43218 PARKERS RIDGE Dr, LEESBURG, VA 20176
Price: $416,900
4 bd/3.5 ba; sq. ft. unavailable
Year built: 1999
Days on Redfin: 18
If you really, really, really want to build new and have a budget of about $400k, consider Village Green in Leesburg’s 20176 ZIP. It’s located off of Route 15 just north of downtown Leesburg, and is 3 miles from the MARC train.
September 23, 2008
What are the least and most expensive U.S. cities for homeowners? (DC came in at number 6.) [Forbes.com]- They can run (or be bailed out), but they can’t hide… Freddie Mac, Fannie Mae, Lehman Brothers and AIG are under investigation by the FBI for possible mortgage fraud. Insert sarcastic comment here. [CNNMoney.com]
- Freddie Mac’s new CEO is going to have to get by on $900,000 – at least, for now. [CNNMoney.com]
- So, how do Mt. Vernon Triangle, the Capitol Riverfront, and NoMA compare? [The Triangle]
- What do new home buyers really want? [Examiner.com]
Recent Sweet Digs Posts
Don’t Make An Offer Yet
Walk This Way: U Street Corridor
September 23, 2008
The first time I bought a house, I wrote my offer by hand on a piece of foolscap paper, during the open house. My husband and I offered what was asked, no questions asked. The seller actually accepted it … I think because she had a crush on my husband.
That was ten years ago. These days, before you make any offer on a house or condo, I urge you to take a look at the local neighborhood trend information — and particularly the price reduction charts — that are available for free on www.redfin.com/washingtondc. Sellers will find this helpful too. The level of detail is incredible and it lets you see important differences between the condo and house markets.
For example, the chart shown below is a summary for Georgetown properties sold or taken off the market in the last 90 days. It shows that one-third of all properties had at least one price reduction. But you can also see that among those properties, houses had a median of two reductions, and a total median percentage reduction of 10% off the original list price, compared to only 5.8% and one reduction for condos. This knowledge could save you thousands of dollars by helping you price your offer in the right way.
Check out a few neighborhoods and you’ll start to see the differences from one area to the next. The price reduction stats for Columbia Heights are similar to Georgetown, for example, but if you look at Shaw you’ll see that more than 75% of condos had price reductions and 50% of houses. There are also graphs on all these pages that show exactly how many reductions all the properties had, and over what timeframe.
Just for interest, looking at NW Washington, DC as a whole, I found that about 40% of all properties (condos and houses) had at least one price reduction. For condos, the median reduction from the original list price was 5.8%, similar to Georgetown. For houses, it was 7.5%.
Need help for your search?
Type in the neighborhood you want using the regular Redfin search box. Then click on the “Stats & Trends” words that come up under the search box once your search listings appear. Scroll down the Neighborhood Stats & Trends page and also read the fine print of how these charts and graphs work. It is worth the 5-10 minutes you’ll spend to understand them.
You can also access the neighborhood detail pages from the bottom of any individual property listing page. Just click on the neighborhood names.
Have fun,
Allison
September 22, 2008
If you buy now, plan to sit tight for at least 7 years. [NYTimes.com]- There’s a new breed of home equity loan out there, but it’s not for the faint of heart. [WashingtonPost.com]
- Baltimore Housing Bubble has Maryland’s August 2008 housing statistics. [Baltimore Housing Bubble]
- Your total is $11 billion. Please make the check out to “Metro”. [WJLA News via OffSeventh.org]
- Wine Spectator really likes Penn Quarter restaurants. [Penn Quarter Living]
- DC schools chief Michelle Rhee may be controversial, but you can’t say she’s not trying. [CNN.com]
- Fairfax County signed off on the Tysons Corner makeover. [WashingtonPost.com]
Image: The Capital Grille is one of four Penn Quarter restaurants that received Wine Spectator’s “Best of Award of Excellence”.
Recent Sweet Digs Posts
Size Matters: SQFT Deals in Cleveland Park, Kent, Mount Pleasant, Columbia Heights
Virginia Voting PSA
Got Nuts? Check Your Backyard
September 21, 2008
In real estate it is hard to say what a “deal” is because buying a house is a subjective exercise. One way to look at it, however, is in the pure and cold dollars-per-square-foot aspect.
Among the open house listings today, I found a few houses where the $/sqft price was quite a bit lower than the median for the neighborhood. Two are self-declared fixer-uppers, one doesn’t specify and one is newly renovated.
Remember that most house listings in DC do not give a square foot number (the condos do.) These picks are from the houses that did list their actual size.
Mount Pleasant:
1650 Park Rd NW – $829,900 – 6 bed/3.5 bath semi-detached Victorian. This is a HUGE house built in 1907, with many period details like pocket doors and high ceilings. Over 5,000 sqft including a 2-bedroom income unit, giving it an overall very low $158/sqft. The median value for this area is about $250/sqft. Open today from 2-4.
Columbia Heights:
521 Rock Creek Church Rd NW – $629,900 REDUCED & RENOVATED - 4 bed/3.5 bath Spanish colonial semi-detached home built in 1910. This is a restored house and when I saw the pictures I actually said “Wow, neat house” aloud to myself. With over 3,400 sqft, it is only $185/sqft. The median value for this area is about $250/sqft. Open today from 1-4.
Cleveland Park:
3127 Newark St NW – $949,000 – 4 bed/2.5 bath semi-detached Victorian. This is a great property but a fixer-upper, on a famous street that normally commands very, very high prices. The listing says the house has 4,000 sqft, giving it a price of $237/sqft. The median in this neighborhood is well over $400/sqft. Built in 1900. Open today from 1-4.
Kent:
4910 Klingle St NW – $759,000 – 4 bed/3bath rambler with above-grade lower level. This fixer-upper is on a corner lot and quiet street. It has 2,800 sqft, putting it at a very low $271/sqft in an area where the median is over $500/sqft. Beat that! Open today from 1-4:30.
Cheers,
Allison
Photo: McClouds
