I KNEW THE PRICES WERE GOOD, BUT . . . . . While previewing new homes in a Leesburg, VA this week, I visited a community with prices that were just hard to believe.
I always want to know what the homes in a particular area were selling for in an earlier time and since this community was opened and the first homes closed in mid 2006. So, I was able to compare SOLD prices from 2006 with today in 2008-2009.
| Date Closed | SOLD Price 2006 |
| 6/20/2006 | $828,235 |
| 6/21/2006 | $1,115,000 |
| 6/21/2006 | $889,056 |
| 6/22/2006 | $783,595 |
| Date Closed | SOLD Price 2008 |
| 6/19/2008 | $400,000 |
| 5/21/2008 | $509,990 |
| 4/25/2008 | $582,165 |
| 4/14/2008 | $575,000 |
| Date Closed | SOLD Price 2009 |
| 2/9/2009 | $395,000 |
The homes in this community are offered in 2,722 square feet models to 3,324 square feet models, plus a full unfinished basement. At this time because there are only 4 lots remaining, the brick front, gourmet kitchen with Granite counter tops and Stainless Steel appliances are free.
The community center is finished and ready for weekend enjoyment.
This is the best buy in Loudoun County new homes today. Perhaps in the entire Northern Virginia area.
Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, E-mail Lenn.
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Those prices changes are quite breath taking. What is alarming about those prices though is that they are complicating values for those that already own a home in that community. Falling home values lead to foreclosures. The sooner we can stop falling home values the quicker the housing market can begin to recover.
Lenn, if I were still living in Nothern VA, I would want one of those homes. Truly prices are great for serious buyers.
Lenn, I love selling new homes and they are so agreeable to VA and FHA unlike the Bank Owned.
Wow, I am seeing the same thing here. It is so sad for the sellers, it breaks my heart every day. But, it is such a lucky time for buyers. The best and the worst of times.
Lenn: these are major drops.Great for buyers..not so great for sellers. Impressive homes for the prices and for such a well known area.
WOW, That was impressive Lenn. Some of these are in the 50% drop range. Looks like it has stabilized at least , not that that is anything special for the owners that live there now. But it is great for the Buyers. Though in my estimation they should be writing offers faster than a speed writer and be grateful that they at least will enjoy a huge recovery if that ever happens.
William, I think it is too soon to call a bottom. Only one sale this year and $400,000 is still a lot of money. If you were to get a loan made by the private sector right now, not backed by the government, you would need to put down $80,000. Sadly, most people don't have that.
John P. This builder offers 5% and 10% down loans. While we may not have reached a bottom overall, this builder has only a few lots left to sell. There is just no downside to these homes.
William. They are selling and almost sold out.
Lloyd. Prospective home sellers in these communities are the neglected Americans in the country today.
Jane. Indeed. New homes are my favorites too.
Missy. You summed it up perfectly. The best of times for buyers and the worst of times for sellers.
Rebecca. Mee too. I'd love to be in the market for a new home today rather than 2005 when I built mine.
Mark. Of course, but that's the market here. Our prices skyrocketed in 2003-2006. Then. . . . .
Thanks Lenn, we have some similar numbers in a few developments. And, those that are trying to wait a bit longer, are going to be left with no more inventory.
Gabe. Agreed. New homes are selling well in my area if the builder has priced them to sell.
Lenn,
Even when the market values were higher...I always thought you got a big house at a good price...now it;s even a better price if you were smart enough to wait it out.
Neal. Yes, we do surely sell big houses for good prices.
Lenn, I'd be careful saying "no downside". Yes, they are great homes but Gleedsville is a bit remote. And if so many people bought at higher prices some of them might decide to walk away given how far they are underwater.
I'll bookmark this post and let's check back and a year and see what happens. Thanks for heads up on these homes.
Gleedsville is not remote and it's just five minutes from Ashburn. 5 minutes to save $150,000 on a base price is not bad.
5 minutes from Gleedsville to Ashburn? Yes, perhaps, if you're doing 200 mph and don't hit any traffic or red lights.
http://maps.google.com/maps?daddr=Gleedsville,+Virginia+%4039.049170,-77.605000&geocode=%3BFdLXUwIdeNdf-w&dirflg=&saddr=ashburn,+va&f=d&dq=gleedsville,+loc:+va&sll=39.079179,-77.585016&sspn=0.084094,0.048058&cid=15388020542785099747&ie=UTF8&ll=39.042653,-77.551289&spn=0.101327,0.156212&z=13