About Bristow's Braemar

It's time for another Braemar Property Value Report for the Courtyard Series homes built by Brookfield. These courtyard homes are near zero lot line homes...five to a single pipe stem or driveway. They include the Clarendon, Ballston & Arlington models.

The averages for this report are based on one resale in March and April 2009; a Ballston model.

The average sale price went up significantly to $325,000. That's up from $235,000 last report (January-February 2009.) There was an average of $10,000 seller subsidy(closing cost assistance from seller to buyer) this sale, which is a night and day difference to the lack of seller subsidy last report. The good news is that the average number of days it is taking to sell these homes decreased again to 29 days, down from 44 days last report. We'll have to keep on eye on sales prices and seller subsidy as the Spring market develops. This is a stark increase and only time will tell if property values settle in this range, higher or lower.

You can find historical, average sale prices for Braemar's Courtyard Homes on my website: www.nvarealestate.net. Simply click the link on the left titled Braemar Property Value Report Online and scroll down to the Courtyard Series. There you will find average sale values dating back to May and June 2005. The page will look like this:

I prepare the Braemar Property Value Report in a hard copy format every other month. If you, or a neighbor, would like to receive it in the mail, please contact me. In the meantime, if you need to sell your Braemar home, or know someone that is looking to buy in our community, please don't hesitate to call. No one knows Braemar better!

Chris Ann Cleland, Long & Foster, Realtor (licensed in VA), GRI, Short Sale Specialist

703-402-0037, chrisann@lnf.com

Another two months of home sales in Braemar is giving us the opportunity to reflect on property values in the neighborhood. This particular post will focus on the Carriage Series homes. That includes the following models: Maplewood, Norwood, Oakdale & Parkdale. They are the detached garage homes built by Brookfield in Braemar.

As the market has declined, the Carriage Series homes have been in consistent demand by buyers. These smaller single family homes are a great alternative for first time home buyers that may otherwise buy a townhouse. The average sale price this report, after two resales in the past two months, is now $270,500. That's a slight decrease from $274,483 last report (January-February 2009).

The average closing cost contribution was $8,619 this report, virtually the same as last report's $8,581. And the number of days it takes to sell a Carriage Series home has increased to 189 days from 58 days last report. I don't find this a reliable figure as one of the properties sold after 374 days and the other sold in 3 days. The 3 day period is far more likely for a home in move in condition.

When looking back to average sale price one year ago, it is too easy to be discouraged. We've gone from $333,725to $270,500. That's an 19% drop in value. Meanwhile, our county has seen an overall decrease in average sales price, in the last twelve months, of 27%. So maybe that 19% twelve month price drop doesn't sound so bad to you now.

You can see historical average sale prices in the Carraige Series homes by logging on to my website: www.nvarealestate.net. Simply click the link to the left for Braemar Property Value Report Online. Scroll down to the Carriage Series. You'll find average sale prices dating back to May and June 2005. It will look like this:

I prepare the Braemar Property Value Report in a hard copy format every other month. If you'd like to receive it in the mail, please contact me. In the meantime, if you need to sell your Braemar home, or know someone that is looking to buy in our community, please don't hesitate to call. No one knows Braemar better!

Chris Ann Cleland, Long & Foster, Realtor (licensed in VA), GRI, Short Sale Specialist

703-402-0037, chrisann@lnf.com

Another two months of home sales in Braemar is giving us the opportunity to reflect back on property values in the neighborhood. This particular post will focus on the Arista Series homes built by Brookfield. That includes the following models: Canterbury, Allister and Buckingham. These are the largest single family homes built by Brookfield in Braemar.

This Braemar Property Value Report gives us an average of two Canterbury resales, both with finished basements. The average sale price is now $430,000. That's a big improvement since the average of $404,967 we saw last report (January-February 2009). That's an average market value INCREASE of 6.2% in two months. I like this trend, and I'm sure you do too.

The average seller subsidy (closing cost assistance from seller to buyer) was $7,500 this report. Considering the average seller subsidy was $10,584 last report, this is also a postive change. Buyers seem to have learned that having a cash reserve for downpayment AND closing costs gives them bargaining power to win homes. And the days it takes to sell an Arista Series home is down significantly this report. It went from 136 days last report, to 74 days this report. The market is certainly moving much swifter these days.

As there were no resales in March and April 2008, we have no year to year average. Next report we will be able to take a close look at the year to year comparison.

You can see historical average sale prices in the Arista Series homes by logging on to my website: www.nvarealestate.net. Simply click the link to the left for Braemar Property Value Report Online. The Arista Series will be the first figures you see. You'll find average sale prices dating back to May & June 2005. It will look like this:

I prepare the Braemar Property Value Report in a hard copy format every other month. If you'd like to receive it in the mail, please contact me. In the meantime, if you need to sell your Braemar home, or know someone that is looking to buy in our community, please don't hesitate to call. No one knows Braemar better!

Chris Ann Cleland, Long & Foster, Realtor (licensed in VA), GRI, Short Sale Specialist

703-402-0037, chrisann@lnf.com

When you look back at this period of real estate history in the United States you will have to wonder how we kept our sanity. The picture of the stockbroker jumping out of the window is the image from the Great Depression. What will be the image of the Real Estate agent who went through the housing boom and then the losses we are looking at today.

The Case Shiller report for February, 2009 is out and the month over month numbers are ugly across the board, the year over year numbers are scary in many of the markets, but the numbers I dug up from the data is really freaky.

From July, 2006 (the peak of the market numerically) we have 6 major markets down more than 40 percent with Phoenix being down over 50%. With Tampa and Detroit hovering just under the 40 percent line and Washington and Minneapolis down around 30 percent, we have just seen a bubble burst.

Some have been calling a bottom now for a while, I came close a couple of times, but when do you think it will happen? And will it occur before or after inflation starts running rampant devaluing the homes even more?

Metro Area	Feb09     Jan09-Feb09  Feb08-09 	Jul06-Feb09

Phoenix         	111.89  	-4.50%     -35.20%   	50.79%

Las Vegas       	121.06  	-3.60%   	  -31.70%         48.33%

San Francisco   	120.39  	-3.30%     -31.00%   	44.68%

Miami           	154.28  	-3.00%     -29.50%   	44.57%

San Diego       	146.82  	-1.00%      -22.90%   	41.05%

Los Angeles     	163.16  	-2.00%      -24.10%   	40.42%

Detroit         	74.6    	-3.80%      -23.60%   	39.47%

Tampa           	145.25 	-2.70%      -23.00%   	38.99%

Washington      	168.02  	-2.30%       -19.20%   	32.77%

Minneapolis     	116.39  	-3.10%      -20.30%   	31.83%

Chicago         	126.3   	-3.40%      -17.60%   	24.63%

Atlanta         	106.65  	-2.50%      -15.30%   	20.94%

Cleveland       	97.76   	-5.00%      - 8.50%   	20.84%

New York        	178.16  	-1.60%      -10.20%  	17.23%

Boston          	148.77  	-1.30%      - 7.20%   	16.32%

Portland        	150.88  	-1.90%      -14.40%   	16.02%

Seattle         	152.12  	-1.50%      -15.40%   	15.47%

Denver          	120.22  	-1.70%      - 5.70%   	14.29%

Dallas          	112.39  	-0.30%      - 4.50%   	10.35%

Charlotte       	118.94  	-1.60%      - 9.40%    	 7.05%

Full Case Shiller Report

This townhouse in Bramer, a short sale*, went to settlement March 31st.  Had been listed for $217,000 and sold for $220,000, with just under $6,000 going to the buyer for closing cost assistance.  Was under contract about six weeks from the time it was listed in November.  From then it took a total of two and a half months to get this property to settlement.

If you are looking for a short sale Realtor, look no further!  As a full-time Realtor, I've had plenty of experience listing and SELLING short sales.  I also teach a Short Sale class to members of the Prince William Association of Realtors.  I know what we need to do to get your home a buyer and approved by your mortgage companies.  And I don't charge anything upfront.

Call me today if you are in need of a short sale Realtor.

Chris Ann Cleland, Long & Foster, Gainesville, VA.

703-402-0037, chrisann@longandfoster.com

*A short sale occurs when your home sells for less than what you owe.  Your mortgage companies must agree to accept less than what is owed for the sale to go through.