Annandale, VA

This Annandale condo, priced at $249,900 when it hit the market on September 28, 2009, sold in only sixteen days. That's not the number of days it took to get the offer. We had our contract after one day, and it was ratified on September 30th. It went to settlement this morning, October 13th.

The story behind the quick sale of this Annandale condo, located in the community of Lafayette Forest, involves a regular seller with a well maintained and lovely, contemporary condo and buyers who had been "left at the alter"...so to speak, by a prior seller. The buyers had gone to closing for the prior condo purchase on September 28th. Unfortunately, the seller did not have the money needed to make up the difference between the sale price and what was owed. The listing agent on that fiasco obviously didn't even think to list the home as a short sale.

The buyer's prior transaction fell apart the same day my seller's condo hit the market. It was a match from the very beginning.

While this Annandale condo did not sell for the list price, it did sell for the appraised value of $224,000. And the seller did not have to assist the buyer with any closing costs. Furthermore, the quick settlement happened the very last day before my seller would have been selling in a capital gains scenario.

Every once in a while, the stars align and a seller and buyer can come together to make a tight deadline. It also helps when there are true real estate professionals involved helping the buyer and seller navigate the home buying and selling process.

Stationed at the Pentagon? Take the Metro Bus 29X Just A Block Away and be at the Pentagon in 30 minutes

Photo Gallery Living Room Dining Room Kitchen Kitchen Kitchen Master Bathroom Recreation Room Backyard Description It isn't often that you find a rental with a knock your socks off kitchen. This terrific two level rambler is located just one mile to the Capital Beltway, minutes to Fairfax Hosptal and Exxon Headquarters. Enjoy the large living room and dining room with refinished hardwood floors. Entertain in the gourmet kitchen with gas cooktop, double wall ovens and granite counters. Four nice size bedrooms with hardwood floors and two updated bathrooms provide plenty of room for family and guests. The lower level has a large recreation room with woodburning fireplace and a full bath. Storage isn't an issue with the huge storage space and the attached two car garage. The backyard is fenced for privacy. Quiet neighborhood that seems to be way off the beaten path but yet is is close to transportation, shopping and more. Features Bedrooms: 4 Bathrooms: 3 Parking Spaces: 2 Year Built: 1971 Subdivision: Chestnut Woods Garage Size: 2 School District: Annandale Square Footage: 2875 Agent Name: CIndy Jones Broker: RE/MAX Allegiance MLS #: FX7178869 Location 8235 The Midway Annandale VA 22033 Powered by vFlyer.com vFlyer Id: 2873383

How do we handle the current foreclosures - let alone the millions that we are told are coming? Give me your thoughts at:

Sandy's Snipets

There has been a high level of activity in Woodburn Village this year. Unfortunately, a majority of the sales are foreclosures and short sales. In the few regular re-sales that did take place the prices and appraisals were heavily influenced by the distressed sales. 19 homes sold to date this year. 3 were regular re-sales, 11 were bank sales and 5 were short sales.

Homes on average sell for 95.4% of the original list price. They sell for 97.4% of the final list price. So, if you are looking to purchase in Woodburn odds are that you will be paying close to the current asking price.

Woodburn Village Sold YTD: http://matrix.mris.com/Matrix/Public/Email.aspx?ID=32375742559

If we look at the number of pending home sales in Woodburn Village as of 08/10/2009 we get a number of 10. They range in asking price from $125,000 to $220,000. 7 of these are short sales that may or may not close - the success rate for short sales seem to have gone up a bit lately though.

Four homes are currently available for sale in Woodburn Village. They range from a 2 bedroom short sale at $125,000 to a three bedroom short sale listed at $210,000. If you would like the current list of homes for sale, please email me.

To get a better understanding of the overall price development in the neighborhood I have put together a small graph with the various models separated out. This makes it much easier to see what the trend is as the mix of homes sold continuously changes skewing the min, max and average sales price.

As can be seen from the above graph, the average sales price is trending downwards and are back to 2003 levels. Based on the last few sales, the number of pending properties and the limited supply I do not see the prices currently going much lower. Rather, if the current market conditions persists towards the end of the year, the price should trend upwards (average for the year will still be down quite significantly.) This could change if there are a lot of foreclosures coming up and would also depend upon whether appraisals will keep coming back low.

Looking at the upcoming foreclosures on Realist I found 2 pre-foreclosure, 4 upcoming auctions and 6 bank owned properties. Most of the bank owned ones may already have been listed or already be under contract/sold.

Moving on to rentals the prices have gone down a bit on average. There are currently 4 properties listed for rent ranging from $1,095 for a 1br/1ba to $1,500 for a 2br/1.5ba. As can be seen on the below graph, the rents for most of the units went down a bit this year. Rents are pretty seasonal so the average for the year could change by the time we get towards 2010.

For investors the GRM is getting better and better. The rents may be stagnant but with the price fall the first few months this year the ratio of rents to purchase price are now back to 2002 levels.

Woodburn Village is a great neighborhood and the prices have not been this low in many years. Coupled with the low interest rates and the potential to qualify for the $8,000 tax credit this is an excellent time to buy. If you would like to discuss selling or purchasing in Woodburn Village please give me a call.

Are Andresen
Broker, Soldsense Realty LLC
"Your sixth sense in real estate"

The Pinecrest is a community of houses, townhouses and condominiums located just off Little River Turnpike in Annandale VA. The Pinecrest occupies 35 acres of manicured grounds that abut a The Pinecrest golf course, a Fairfax County public course. The Pinecrest very close to the shops and restaurants of Annandale and Alexandria. The Pinecrest is also very close to Green Springs Gardens. I recently toured the Pinecrest and snapped a few pictures.

The condos here feel spacious with a very smart floor plan that brings light and nature into the living space. The fire place is perfectly situated between long tall windows.

The decks feel private and rustit providing a nice piece of nature for residents. Located just off the kitchen, the porch is a nice place to have a morning coffee or a summertime afternoon lemonade.

The fountains and grounds of the Pinecrest do not disappoint. Click the Pinecrest for a map of Pinecrest and a list of homes for sale. As the map indicates, the Pinecrest is found inside the Washington Beltway about ten miles from Washington, D.C. or historic Old Town Alexandria Virginia.

About the Author --- Will Nesbitt is the principal broker of Condo 1 Alexandria and Will Nesbitt Realty. Will specializes in condos, townhouses and single family residences in Alexandria, Arlington, Fairfax County, Crystal City, and Kingstowne. Will resides in Belle Haven Estates just outside Alexandria VA in Fairfax County.