Fairfax Ridge Condo Weekly Update 10/26/08-11/01/08

INTRODUCTION

As of today (October 30, 2008 12 PM), there are 21 active listings in MLS and 3 condos that are currently under contract and 2 that have sold in the last 30 days.

Here’s the breakdown of all active listings in MLS:

12 - 1 bedroom units (5 short sales, 3 bank owned, 4 regular sales)
9 -2 bedroom units (3 short sales, 6 regular sales)


NEW LISTINGS

According to MLS, there was 2 new listing this week.


UNDER CONTRACT

According to MLS, there are 3 condos under contract (-1), 2 of these are bank owned properties and 1 is a short sale.

3851 ARISTOTLE CT #1-214, FAIRFAX, VA 22030 - 165 Days On The Market (DOMP) (1 bedroom)

11371 ARISTOTLE DR #9-213, FAIRFAX, VA 22030 - 61 (DOMP)
(2 bedroom)

11345 ARISTOTLE DR #6-311, FAIRFAX, VA 22030 - 15 (DOMP)
(2 bedroom)

I will have the final numbers for these once they close


SOLD

According to MLS, 2 condos sold in the last 30 days (+1). These were bank owned condos.

3 level, 2 bedroom, 2 bathroom -
11359 ARISTOTLE DR #8-214, FAIRFAX, VA 22030 - 26 (DOMP)

List Price - 244,900
Close Price - 260,000
Seller Subsidy - 0

2 level, 2 bedroom, 2 bathroom -
11397 ARISTOTLE DR #11-105, FAIRFAX, VA 22030 - 36 (DOMP)

List Price - 267,800
Close Price - 240,000
Seller Subsidy - 7,590


Fairfax Ridge Condos Sold for 2007 vs. 2008



Fairfax Condos Sold for 2007 vs. 2008

EXPIRED or WITHDRAWN

There have been 5 listings that have been taken off the market in the last 30 days.

RENTALS

There are currently 7 condos for rent (+1)

3 condos have been rented out in the past month.

If you need any help finding a rental or listing your condo for rent, please contact us.

We will take care of all the work for you and do background checks on the applicants to make sure they are qualified.


OBSERVATIONS

Check back Friday for this ....






Disclaimer: Information was gathered from the MLS and is deemed reliable but not guaranteed.

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Fairfax Ridge Condo Weekly Update 10/19/08-10/25/08

INTRODUCTION

*First of all the numbers in this weekly update for active listings only will be a little bit different then last weeks. Some realtors did not properly market their property at Fairfax Ridge. What this means ... If I could not find it... a vast majority of other agents could not find it. Which means... a lot of buyers were not seeing their listings. Make sure you hire a competent realtor.

As of today (October 24, 2008 12 PM), there are 21 active listings in MLS and 4 condos that are currently under contract and 1 that has sold in the last 30 days.

Here’s the breakdown of all active listings in MLS:

10 - 1 bedroom units
11 -2 bedroom units


NEW LISTINGS

According to MLS, there was 1 new listing this week.


UNDER CONTRACT

According to MLS, there are 4 condos under contract, 3 of these are bank owned properties and 1 is a short sale.

3851 ARISTOTLE CT #1-214, FAIRFAX, VA 22030 - 165 Days On The Market (DOMP) (1 bedroom)

11371 ARISTOTLE DR #9-213, FAIRFAX, VA 22030 - 61 (DOMP)
(2 bedroom)

11359 ARISTOTLE DR #8-214, FAIRFAX, VA 22030 - 26 (DOMP)
(2 bedroom)

11345 ARISTOTLE DR #6-311, FAIRFAX, VA 22030 - 15 (DOMP)
(2 bedroom)

I will have the final numbers for these once they close


SOLD

According to MLS, 1 condo sold in the last 30 days. This was a bank owned condo.

2 level, 2 bedroom, 2 bathroom

11397 ARISTOTLE DR #11-105, FAIRFAX, VA 22030 - 36 (DOMP)

List Price - 267,800
Close Price - 240,000
Seller Subsidy - 7,590

Fairfax Ridge Condos Sold for 2007 vs. 2008



Fairfax Condos Sold for 2007 vs. 2008

RENTALS

There are currently 6 condos for rent

3 condos have been rented out in the past month.

If you need any help finding a rental or listing your condo for rent, please contact us.


OBSERVATIONS

I have been talking with a lot of the home owners at Fairfax Ridge and a lot of them just can not sell there condo right now, but they would love to. They are deciding to rent it out instead. If you would like help getting your condo rented and getting the most rental income you can and get qualified renters. Please contact us

A good thing to remember though is yes you might be taking a hit on selling your condo now, but..... the next home you buy, you know you will be buying it at a much lower price than you would have , if you bought it 3 years ago. So look to build equity in a townhome or single family home, if you are living within your means.

Also after talking with our lenders it looks like for some people they might have to sell their condo if they are going to buy another place. Because lets say your condo is worth 300k and you are thinking yeah I will just rent it out and buy a townhome for 400k. Well new lending restrictions will require you to qualify for a loan for the price of both of those (700k) they are not taking into consideration rental income now. So some owners will just have to sell their condo to move up to a townhome or single family.

As always we would love to help you reach your real estate goals. Please don't hesitate to contact us if you need any information.

Disclaimer: Information was gathered from the MLS and is deemed reliable but not guaranteed.

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Survey

If you currently own or live at Fairfax Ridge. We would love to hear from you.

We have helped so many people at Fairfax Ridge and want to continue to make the community better ! We are doing a short survey and have called a lot of the owners but obviously can not reach all of them.

If you get a chance. Just answer these 2 questions to help us better serve your community.

Email your answers to us here

What is 1 thing you like about Fairfax Ridge

What is 1 thing you dislike about Fairfax Ridge

These answers once all compiled will be posted back up on this blog. Check back later for the results.

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Fairfax Ridge Condo Weekly Update 10/12/08-10/18/08

INTRODUCTION

As of today (October 17, 2008 1 PM), there are 20 active listings in MLS +2 since last weeks update and 4 condos that are currently under contract +1 since last week and 1 that has sold in the last 30 days. This gives us an absorption rate of 5. Which means if no more condos came on the market today it would take an average of 5 months to sell your current condo. (This does not take into effect the other Fairfax County Condos, or the condition of your condo) To cut your time on the market , please email us

Here’s the breakdown of all active listings in MLS:

8 - 1 bedroom units
12 -2 bedroom units


NEW LISTINGS

According to MLS, there were 2 new listing this week.


UNDER CONTRACT

According to MLS, there are 4 condos under contract, +1 since last week. 3 of these are bank owned properties and 1 is a short sale.

3851 ARISTOTLE CT #1-214, FAIRFAX, VA 22030 - 165 Days On The Market (DOMP) (1 bedroom)

11371 ARISTOTLE DR #9-213, FAIRFAX, VA 22030 - 61 (DOMP)
(2 bedroom)

11359 ARISTOTLE DR #8-214, FAIRFAX, VA 22030 - 26 (DOMP)
(2 bedroom)

11345 ARISTOTLE DR #6-311, FAIRFAX, VA 22030 - 15 (DOMP)
(2 bedroom)

I will have the final numbers for these once they close


SOLD

According to MLS, 1 condo sold in the last 30 days. This was a bank owned condo.

2 level, 2 bedroom, 2 bathroom

11397 ARISTOTLE DR #11-105, FAIRFAX, VA 22030 - 36 (DOMP)

List Price - 267,800
Close Price - 240,000
Seller Subsidy - 7,590


RENTALS

There are currently 4 condos for rent +2 since last week

2 condos have been rented out in the past month.

1 condo was withdrawn from being rented.

If you need any help finding a rental or listing your condo for rent, please contact us.


OBSERVATIONS

Fairfax Ridge Current condos have been on the market for an average of 105 days. Now there are 4 condos that have skewed this average very high. These are all regular sales and by the numbers these owners are relectant to drop there price to the current market level, because either they owe more on their mortgage or think their condo is worth more. Either way, they will continue to sit on the market longer. These 4 condos have been on the market averaged between them 327 days. Do not make the mistake of overpricing your condo or you will end up like them.

Bank owned condo sales in Fairfax Ridge still dominate the sales volume this year, but a few regular sales are getting through. Make sure you interview the right agents. We would love for you to at least interview our team to see if we are the best fit for you. You owe it to your self to hire the most knowlegable and capable realtor to get your most important investment sold.

If you have to sell your place and can not wait. Please contact us to see if we can help.




Disclaimer: Information was gathered from the MLS and is deemed reliable but not guaranteed.

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Did You Know

Did you know that for $2,000 a month you could buy a 2 bedroom / 2 bath condo at Fairfax Ridge instead of renting ?

Our lender did an estimate and said that for $2,000 a month you could get a 300,000 mortgage. Why rent anymore ?

If you would like to find out how you can buy a place in Fairfax Ridge. Please contact us

On Friday look for my weekly report to see this past weeks activity at Fairfax Ridge and how this affects you !

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Fairfax Ridge Condo Weekly Update 10/5/08-10/11/08

INTRODUCTION

As of today (October 9, 2008 2 PM), there are 19 active listings in MLS and 3 condos that went under contract within last 30 days and 1 that has sold in the last 30 days. This gives us an absorption rate of 5. Which means if no more condos came on the market today it would take an average of 5 months to sell your current condo.

Here’s the breakdown of all active listings in MLS:

8 - 1 bedroom units
11 -2 bedroom units


NEW LISTINGS

According to MLS, there were 2 new listing last week.


UNDER CONTRACT

According to MLS, there are 3 condos under contract. 2 of these are bank owned properties and 1 is a short sale.

3851 ARISTOTLE CT #1-214, FAIRFAX, VA 22030 - 165 Days On The Market (DOMP)

11371 ARISTOTLE DR #9-213, FAIRFAX, VA 22030 - 61 (DOMP)

11359 ARISTOTLE DR #8-214, FAIRFAX, VA 22030 - 26 (DOMP)

I will have the final numbers for these once they close


SOLD

According to MLS, 1 condo sold in the last 30 days. This was a bank owned condo.

2 level, 2 bedroom, 2 bathroom

11397 ARISTOTLE DR #11-105, FAIRFAX, VA 22030 - 36 (DOMP)

List Price - 267,800
Close Price - 240,000
Seller Subsidy - 7,590


RENTALS

There are currently 3 condos for rent.

4 condos have been rented out in the past month.

If you need any help finding a rental or listing your condo for rent, please contact us.


OBSERVATIONS

It looks like the bank owned condos are selling much more quickly then regular sales. If you are thinking about selling, make sure you price your condo competitively or it will sit on the market for at least 5 months.

The price range for Fairfax Condos is excellent for first time home buyers and we have a lot of people looking at these condos. But you have to know what condos are selling for around you and at other condo developments to give your condo the best chance of selling.





Disclaimer: Information was gathered from the MLS and is deemed reliable but not guaranteed.

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Fairfax Ridge Condo Owners

Ok now lets look at the data this year for the current state of the market for you owners of the Fairfax Ridge Condos.

10/08/2008

There are currently 19 active condos on the market

In the last 30 days there are 4 condos that have sold or are under contract.

These numbers are telling us that condos in this development are sitting on the market for 3-4 months.

Now it does look like more 1bedroom and 2 bedroom condo units are selling better than the 3 bedroom units. But lets keep in mind you have to have this unit priced right for it to sell or else it will sit on the market just like the 7 current ones that have been on the market over 100 days !

It looks like there are currently 4 short sales and 1 bank owned property here. I am going to get more information on these and post it to my blog asap.


If you would like for us to get you information about your condo and what it can sell for and compare that with what is selling in the Fairfax Ridge Development and other Fairfax area condos, please Email us. There is no obligation and we would love to get you this free information.

Check back next week for more information and 2007 sales compared to 2008

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Fairfax Ridge Condo Future Homeowners

Ok if you are thinking about buying in the Fairfax Ridge Condo development this information will be helpful.

If you are looking for a 1 bedroom or 2 bedroom unit here you have a lot of options. A majority of the condos are overpriced for this current market. But there are some great deals on some current ones available also. You will want an experienced realtor who knows this market and this development to help you negotiate the best price possible.

We would like to push our real estate team here :) We can help you get the best possible price and most amount of seller concessions possible. This is your market ! We are getting our buyers some great deals right now.

If you would like to preview one of these condos or get exclusive video footage of one of the current condos for sale (only available on this blog !) Email us We would be happy to provide you with this information.

Rates are at all time lows right now! It is a great time to buy ! even more so if you are planning on stayin in the area for 3-6 years.

Take a look at a little bit of the email from my lender highlighting the rate drop today.

Global Banks Unite in Unprecedented Rate Cuts
Ben Bernanke and the Fed brought financial aid to the streets, lowering the Federal Funds Rate and Discount Rate by 0.50%. In an unprecedented emergency move, central banks across the globe joined in lowering interest rates. This move follows Washington's passing of the $700 billion Rescue Plan. From Wall Street to Main Street, a common concern has been heard by Washington. "We need money... no, let me rephrase that...we need cheap money."

Rates Could Rise From Here
Home loan rates have benefited from the weakness in the financial markets. Fixed rate mortgages remain very attractive. However, the Fed lowers short term interest rates to shore up financial markets. This could cause home loan rates to rise in the coming weeks and months if confidence returns to the stock markets.

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Fairfax Ridge Condo Rentals

10/08/2008

Ok I want to help the owners of Fairfax Ridge Condos and those looking to rent a place in the Fairfax Ridge Condo Developent. So what we are going to look at every couple weeks is how well the rental market is doing for the Fairfax Condo Development.

Please Email me if you have any questions about these condos or if you are looking to rent in another condo development.

2007 Stats

The average rental price for a 1 bedroom unit was $1,352

The average rental price for a 2 bedroom unit was $1,583

The average rental price for a 3 bedroom unit was $2,000


2008 Stats

The average rental price for a 1 bedroom unit is $1,232

The average rental price for a 2 bedroom unit is $1,583

The average rental price for a 3 bedroom unit is $1,850


Owners

The rent price of your unit will vary on the model type, # of bathrooms, # of levels and the condition of the condo. If you are thinking about renting your unit out and would like to see how much you could get, please
contact us.

Renters

If you are interested in renting a condo in the Fairfax Ridge Developement please contact us and we can get you more information.

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About Fairfax Ridge Condos

Fairfax Ridge Community Handbook and Rules

Fairfax Ridge

Year Built:

Built in 2003

Condo Fee:

Range of $190 - $280. Mostly in the lower 200's

Apartment Features:

Air ConditioningCable Ready Ceiling Fan(s)DishwasherView Oversized ClosetsWasher & Dryer In Unit

Community Features:

Emergency MaintenanceGarage and/or Covered ParkingGated AccessHigh Speed Internet AccessPet FriendlyPublic TransportationUpscale Club House with Fitness CenterFantastic Pool with SundeckTheater RoomMinutes from Fairfax Town CenterLess than 1 mile from route 50 & I66

Floor Plans:

1 bedroom , 2 bedroom , and 3 bedroom units

Square Footage ranges from 700 - 1350 depending on the unit and model.

Parking:

Some units have assigned garages. Others have Assigned parking spots.
There is also alot of street parking for guests.

Schools:

Elementary School - Waples Mill Elementary School
Middle School - Lanier Middle School
High School - Fairfax High School

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