Nate & The 12:45 Team Did It Again
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Nate Johnson is a licensed Realtor serving VA, MD & DC

Friday, October 24, 2008

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


*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


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


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


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


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.


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.