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

Friday, December 5, 2008

Fairfax Ridge Condo Weekly Update 11/22/08-12/05/08


We are your neighborhood expert ! Click here for Fairfax Ridge Community Handbook and Rules

Fairfax Ridge owners that are over their head in mortgage payments, please contact us ASAP. We have a plan in place to help you. Contact us to see if we can help you.

And guess what. That banked owned property I was mentioning in my last post is gone ! 2 weeks and under contract ! When a condo is priced that competitively its going to go quick.

As of today (December 5, 2008 11 AM), there are 16 active listings (-2) in the MLS and 4 Condos (+1) are currently under contract and 2 Condos have sold in the last 30 days.

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

8 - 1 bedroom units (-2) ( 3 short sales, 2 bank owned, 3 regular sales)
8 -2 bedroom units (-1) (1 short sales, 5 regular sales, 2 bank owned)


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


According to MLS, there are 4 condos under contract , 2 bank owned and 2 short sale.

11321 Aristotle Dr #3-301 - 70 (DOMP) 2bd/2ba
11371 Aristotle Dr #9-113 - 19 (DOMP) 2bd/2ba
11395Dr Aristotle Dr #408 - 0 (DOMP) 1bd/1ba
11345 ARISTOTLE DR #6-311 - 15 (DOMP) (2 bd/1ba)

I will have the final numbers for these once they close


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

11353 ARISTOTLE DR #106 - 5 Days on the Market (DOMP) (2bedroom)
(This one had multiple offers and went above asking price)

List Price- $234,000
Sold Price -$250,000
Seller Subsidy - $0

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 $19,753,3982.4%
Avg. Sold Price$459,784 $493,835 -6.9%
Median Sold Price $426,000 $466,450-8.6%
Total Units Sold 4440 10%
Avg. Days on Market8264 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.


There are currently 11 condos for rent (+1)

1bedroom unit - 3 available
2bedroom units - 7 available
3bedroom units - 1 available

4 condos have been rented out in the past month.

We are seeing competing offers on these rentals surprisingly enough. Make sure you have a good agent to negotiate. We just helped another client rent a condo this past week, where there were 3 offers and we won !

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 !


The goverment is looking at pushing interest rates down to a record low of 4.5% If you know of anyone thinking about buying in Fairfax Ridge or elsewhere, please contact us. We would be honored to work with them.

A lot of owners are looking at renting their condo out because they would lose so much money if they sold it right now. If you can take a couple hundred dollar hit a month and then want to buy another place at a very low price. We can help you. A lot of owners are taking a couple hundred dollar hit a month by renting out but expecting to make that up in their new home.

Rentals are strong right now in Fairfax Ridge. So think about that option.

If you have to short sell. Use an experienced realtor that knows how to sell short sales and has a team of professionals negotiators to negotiate with the bank. We have all this and we just ask that you consider interviewing us first before you make your decision on which realtor you are going to use.

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