Fairfax Ridge Condo Weekly Update 11/15/08-11/21/08

INTRODUCTION

We are your neighborhood expert !

We had our most movement in a couple months this week. We had 2 new condos go under contract and 1 sold this past week.

As of today (November 21, 2008 1o AM), there are 18 active listings (-3) in the MLS and 3 Condos (+1) are currently under contract and 3 Condos (+1) have sold in the last 30 days.

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

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


NEW LISTINGS

According to MLS, there were no new listings this week. Look for the 2bedroom bank owned condo I mentioned last week to go soon !


UNDER CONTRACT

According to MLS, there are 3 condos under contract , 2 bank owned and 1 short sale.

11395Dr Aristotle Dr #408 - 0 (DOMP) 1bd/1ba

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

11345 ARISTOTLE DR #6-311 - 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 -

11335 Aristotle Dr #5-215 - 117 (DOMP)

List Price - 329,900

Sold Price - 250,000

Seller Subsidy - 0

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

These stats are for all real estate in the 22030 zip code for the Month of October

	2008	2007	% Change
Total Sold $ Volume	$20,230,500	$19,753,398	2.4%
Avg. Sold Price	$459,784	$493,835	-6.9%
Median Sold Price	$426,000	$466,450	-8.6%
Total Units Sold	44	40	10%
Avg. Days on Market	82	64	28.1%
Avg. List Price for Solds:	$503,865	$525,291	-4%
Avg. Sale Price as a percentage of Avg. List Price:	91.25%	94.01%

EXPIRED or WITHDRAWN

There have been 4 listings that have been taken off the market in the last 30 days.

RENTALS

There are currently 10 condos for rent (+3)

1bedroom unit - 4 available

2bedroom units - 5 available

3bedroom units - 1 available

Units with a loft - 2 available

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. We are also a fully licensed property management group. Ask us more about this and how this benefits you !


OBSERVATIONS

1 bedroom units. The short sales and bank owned properties that are for sale are priced agressively to sell. There are two regular sales and they of course the highest priced 1 bedroom units.

2bedroom units. All 5 of the regular sales here are the highest priced 2bedroom units.

If you are upside down on your mortgage and are thinking about selling. Read my previous blog on short sales and how this is going to be the next big thing banks focus on! This will prevent you from having to get foreclosed on. Contact us for more info.

As far as the two bedroom that just sold. Notice that the owner listed it at 329 and it sold for 250k. Now this means one of two things. Either they short saled it and the bank approved the price ( I dont think this happened) or more than likely, they had money put into the condo and took that loss. Now if they are planning to buy then they will obviously make that loss difference up in the new place they buy. Its common sense. You are now buying your current home at a much lower price. You buy real estate for 5-10 years. By that time your new home will have appreciated and you make up the difference if not more.

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.