Fairfax Ridge Condo Weekly Update 11/08/08-11/14/08

INTRODUCTION

Those thinking of renting. I am working with and have interest from 3 seperate groups. If you are thinking of renting out your two bedroom unit. Email us asap.

As of today (November 14, 2008 1 PM), there are 21 active listings (+3) in the MLS and 2 Condos are currently under contract and 2 Condos have sold in the last 30 days.

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

11 - 1 bedroom units (-2) (5 short sales, 3 bank owned, 3 regular sales)
10 -2 bedroom units (-1) (3 short sales, 6 regular sales, 1 bank owned)


NEW LISTINGS

According to MLS, there was 1 new listings this week. This is bank owned. DO NOT EXPECT THIS ONE TO LAST LONG. 2 listings have come back on the market. 1 is a short sale and one is a regular sale. These have previously been on the market but were taken off and now back on.... and will probably be on the market for a long time.

This short sale below was under contract the last couple weeks but did not make it through. Short sales are very tough to close and 9 out of 10 times not worth the hastle. Ask us for advice on trying to purchase a short sale.

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


UNDER CONTRACT

According to MLS, there are 2 condos under contract , Both are bank owned properties.

11353 ARISTOTLE DR #106, FAIRFAX, VA 22030 - 5 Days on the Market (DOMP) (2bedroom)

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.

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

List Price - 239,000

Close Price - 239,000

Seller Subsidy - 6,000

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

These sold more than 30 days ago -

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EXPIRED or WITHDRAWN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)

5 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

Interesting Fact - 13 of the 14 sales this year have been 2 bedroom units.

So do not be suprised if next week the 2bedroom bank owned unit that just came on the market is under contract.

Well as you can see from our stats 2bedroom units priced correctly and rental condos at Fairfax Ridge are doing awesome ! You wouldn't think rentals would be doing good this time of the year but they are. We can help you get your unit rented. Contact us

It looks like to me there are about 7 overpriced 2 bedroom condos that will sit on the market for a while and its hard to say about the 1 bedroom units. You should not be priced higher than a 2 bedroom unit, thats just plain sense. So probably around 5 overpriced 1 bedroom units.

Click on this link to read a great article from the Washington Business Journal about why now is a great time to buy.

If you know of anyone wanting to buy in Fairfax Ridge please contact us, we know this Fairfax Ridge market bettere than anyone and have helped many families here at Fairfax Ridge.

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