Fairfax Ridge Townhomes and Condos Weekly Sales Report for 1/9/10 - 1/29/10

MyFairfaxRidgeCondo.com

Relevant Real Estate Information for the Fairfax Ridge Condo Community

INTRODUCTION

We have 13 condos in this community under contract!   10 of these are short sales.  Now what is the difference between other agents selling your short sale and our team ? 

We have a law firm that represents you and negotiates on your behalf.  This will decrease the amount of time your home is under contract.  The longer its under contract the more chance the buyer is going to walk away.  Our buyers put up their own money and 99% of the time stick it out.

Contact us today for free Short Sale consultation.

My take on short sales is:  until all the short sales in foreclosures are done in Fairfax Ridge, everyone elses condo price is going to be held down.  So if you are thinking about selling yours, then everyone should do it now and get it over with, so everyone elses condo can come back. It sounds kinda of harsh but its a reality. Why throw your money away anymore ? If you cant afford it, get out.  Now is the easiest time to get out.  The government is supporting you getting out.

Short Sale - My definition - Selling your home  for less than what you owe.  - No more stressing about how you are going to make these payments and throwing your money away.  Just do it and get it over with and move on with your life. 

I am short selling my home and believe me its a relief !!  I understand everything you are going through. Yes I can afford it, but why would I want to keep throwing money away ???  I already invested 30k into a downpayment and lost that. Someone will be sure to come in and buy my condo at a much lower price and I will stop losing money on my investment. So why not let someone work for you that has been through what you are going through and has helped many people short sell there home. 

If you have any questions about short sales or would like to find out how much your home would sell for right now.

Contact me

As of today (January 29, 2010 11 AM), there are 5 active homes in the MLS and 13 Condos are currently under contract and 1 Condos have sold in the last 30 days.

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

1- 1 bedroom units
3- 2 bedroom units
1 - 3 bedroom unit

NEW LISTINGS

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


UNDER CONTRACT

According to MLS, there are 13 condos under contract , 3 bank owned and 10 short sale.

11350 Aristotle Dr #7-104 - 14 (DOMP) 1bd/1ba
11395 Aristotle Dr #210 - 12 (DOMP) 1bd/1ba
11352 Aristotle Dr #7-106 - 45(DOMP) 1bd/1ba
11321 Aristotle Dr #3-302 -4 (DOMP) 1bd/1ba
11320 Aristotle Dr #4-406 - 81(DOMP) 1bd/1ba
11329 Aristotle Dr #5-211 - 274 (DOMP) 2bd/1ba
11353 Aristotle Dr #8-307- 1001 (DOMP)2bd/2ba
3851 Aristotle Ct #1-203 - 8 (DOMP) 2bd/2ba
11345 Aristotle Dr #6-410 - 26 (DOMP) 2bd/2ba


I will have the final numbers for these once they close


SOLD

According to MLS, 1 condos sold in the last 30 days .

11329 Aristotle Dr #5-213 - 12 (DOMP) 2bd/2ba - Short Sale (Took 7 months to close)

Asking Price -$229,000
Sales Price -$210,000
Seller Subsidy  - 0

11329 Aristotle Dr#5-308 - 20 (DOMP) 2bd/2a - Short Sale (Took 3 months to close)

Asking Price - $229,000
Sales Price - $230,000
Seller Subsidy - $3,450

11345 Aristotle Dr #6-313 - 20(DOMP) 2bd/2ba - Regular Sale

Asking Price - $245,000
Sales Price - $240,000
Seller Subsidy - $0

11351 Aristotle Dr #8-402 - 6 (DOMP) 1bd/1ba - Short Sale (Took 6 months to close)

Asking Price - $169,000
Sales Price - $180,000
Seller Subsidy - $4,417

3851 Aristotle Ct #1-305 - 1bd/1ba (181 DOMP) - Short Sale (Took 7 months to close)

Asking Price - $165,000
Sales Price - $165,000
Seller Subsidy - $3,000

11373 Aristotle Dr #309 - 3bd/2ba (6 DOMP) - Bank Owned

Asking Price - $254,900
Sales Price - $256,000
Seller Subsidy -$8,960

11345 Aristotle Dr#6-308 -2bd/2ba (14 DOMP) - Bank Owned

Asking Price -$224,700
Sales Price -$238,000
Seller Subsidy -$0


Click below for all Fairfax Ridge Condo sales for 2009Sales More Than 30 Days ago




22033
These stats are for all real estate in the 22033 zip code for the Month of August




Fairfax Ridge Condos Sold for 2007 vs. 2008 vs 2009





Fairfax Condos Sold for 2007 vs. 2008 vs. 2009




EXPIRED or WITHDRAWN There have been 1 listings that have been taken off the market in the last 30 days.


RENTALS

There are currently 2 condos for rent

1bedroom units - 1 available
2bedroom units - 1 available
3bedroom units - 0 available

0 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

If you are thinking about buying or selling in the next 3 months we would be honored to work with you ! Shoot us an email

Keep checking back each Friday for your updated market report for Fairfax Ridge
















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

Read More

Short Term Rental

We need someone to take on a short term rental month to month asap.

If you know someone, let me know asap.

2bedroom / 2 bath / 3 level unit with garage.  Thanks

Email me asap

Read More

The New Mortgage Revolution : Walk Away

Great article below on why its ok to default on your mortgage and better off for your neighborhood in the long run.

Contact us today if you are thinking about short selling your home. We are working with many homeowners like yourself in your neighborhood. Free consultation to see if this is the right step for you.

By Alyssa Katz

Big real estate developers do it all the time - like yesterday, when the owner of New York City's Stuyvesant Town complex decided to stop paying its $3 billion mortgage. So why are you still writing a check every month on that mortgage that's much bigger than your home is actually worth?

Good question, University of Chicago economist Richard Thaler says. Thaler tells New York Times readers that it's not just alright to walk away from one's over-sized mortgage -- it may actually be a moral imperative. (An earlier Times article, by Roger Lowenstein, said much the same thing.) After all, lenders had no second thoughts about lending more than many borrowers could afford or than the homes might actually be worth. It's just not fair to expect borrowers to follow rules that the lenders don't.

But why stop there? Some commentators are now calling on borrowers to start a mass mortgage strike.

"Remember burning draft cards? Burn your mortgage," the blog DailyKos told readers recently:

"The real risk to the banks and investors is that the people in those homes might just decide to walk away. And that's what we must do. Doesn't have to be everybody, of course; but anyone who finds themselves seriously underwater with no hope of ever recouping their investment....just walk away Renee. Morality has nothing to do with it. You are a cog in the wheel of a machine that is killing this country and if you remain a cog you enable it. Remove your cog and the machine will not keep running. Remove millions of cogs and the machine gets replaced."

Now the call for a borrowers' revolt is being joined by folks who know an opportunity when they see it: real estate agents. Over the past month, agents have been rushing to declare 2010 "the year of the strategic default." Here's Connecticut Realtor Minna Reid:

Loan modifications do not address the real problem of heavy negative equity and are sure to fail most of the time. Even if the homeowner lowers their current payment they are left more trapped than ever. There will be no quick recovery this time. Years later when there is a need to HAVE TO move, the original problem of being upside down remains and the modified homeowner is left to short sell or foreclose once again.

Isn't it better to just cut the losses upfront ?

I know many will consider strategic default wrong or immoral, but as for me, I stopped passing judgment long ago.

Reid is far from the only real estate agent using mass revolt against the banks as a sales strategy. San Diego broker Bob Schwartz asks, "How many homeowners will suddenly wake up to the fact that their home is now worth tens of thousands of dollars less than their mortgage balance? Only the naive will believe that their San Diego home's value will bounce back anytime soon.... Defaulting "strategically" can entice more walk-aways by buying all the major items they may need in the near future, such as a car or even a house, right before they take a hike. As long as you stay current with other mortgage lenders, one could potentially have a good credit standing in 2 years after the walk-away."

And Phoenix agent Bob Stahl joins the chorus, assuring borrowers that a strategic default followed by a short sale won't hurt their ability to get a mortgage in the future.

Many of the agents calling for a mass movement of strategic defaulters specialize in short sales -- selling a home for less than the mortgage on it – something that mortgage servicers will often only consider once a borrower has begun to miss payments.

They may be on to something.

Calling for mass strategic defaults is the equivalent of shouting "fire" in a crowded theater, prompting a stampede to the exits, and stampedes can leave a lot of people hurt – in this case, all the homeowners who live next door to the borrowers who stop paying, and suddenly see their property values plummet.

But there's also potential for millions of borrowers to gain if strategic defaults occur on a large scale. Nearly one in four borrowers nationally owes at least 20 percent more on mortgages than their home is actually worth, and in Nevada and Arionza it's more than half. The Wall Street Journal reports that about 1 million borrowers deliberately decided to stop paying their mortgages in 2009, or one in four of all mortgage defaults. When a critical mass of borrowers stops paying, it makes lenders – really, we're talking about the investors in mortgage-backed securities -- a whole lot more receptive to the idea of lowering the principal borrowers owe on their mortgages to persuade them that it's worth continuing to pay.

"People are spending far more on mortgage and ownership costs than they would to rent the same unit and there is almost no realistic prospect that there will ever get equity in many of these homes," says Dean Baker, co-director of the Center for Economic and Policy Research and author of the book False Profits: Recovering From the Bubble Economy. "Walking away will save them money and also free up money for consumption, thereby providing a boost to the economy. Banks will likely be far more forgiving of people who default in this crisis than they would ordinarily be. This isn't altruism -- they want to be able to make loans."

Read More

New homes on the market

A 3bedroom / 2 bath unit just came on the market today at Fairfax Ridge.  It is a short sale, but these come on the market very rarely at Fairfax Ridge.

If you know someone who might be interested, email me today !

I also will be listing a 2bd/2ba TH style condo with a garage here at Fairfax Ridge in the begining of February.

I just wanted you guys to be the first to know. 

Read More

Fairfax Ridge Townhomes and Condos Weekly Sales Report for 1/1/10 - 1/7/10

MyFairfaxRidgeCondo.com

Relevant Real Estate Information for the Fairfax Ridge Condo Community

INTRODUCTION

We have had some more short sales sell here in the community.  My take on this is this:  until all the short sales in foreclosures are done in Fairfax Ridge, everyone elses condo price is going to be held down.  So if you are thinking about selling yours, then everyone should do it now and get it over with, so everyone elses condo can come back. It sounds kinda of harsh but its a reality. Why throw your money away anymore ? If you cant afford it, get out.  Now is the easiest time to get out.  The government is supporting you getting out.

Short Sale - My definition - Selling your home  for less than what you owe.  - No more stressing about how you are going to make these payments and throwing your money away.  Just do it and get it over with and move on with your life. 

I am short selling my home and believe me its a relief !!  I understand everything you are going through. Yes I can afford it, but why would I want to keep throwing money away ???  I already invested 30k into a downpayment and lost that. So why not let someone work for you that has been through what you are going through and has helped many people short sell there home. 

If you have any questions about short sales or would like to find out how much your home would sell for right now.

Contact me


As of today (January 7, 2010 11 AM), there are 4 active homes in the MLS and 9 Condos are currently under contract and 3 Condos have sold in the last 30 days.

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

1- 1 bedroom units
3- 2 bedroom units
0 - 3 bedroom unit

NEW LISTINGS

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


UNDER CONTRACT

According to MLS, there are 9 condos under contract , 2 bank owned and 8 short sale.

11350 Aristotle Dr #7-104 - 14 (DOMP) 1bd/1ba
11395 Aristotle Dr #210 - 12 (DOMP) 1bd/1ba
11352 Aristotle Dr #7-106 - 45(DOMP) 1bd/1ba
11321 Aristotle Dr #3-302 -4 (DOMP) 1bd/1ba
11320 Aristotle Dr #4-406 - 81(DOMP) 1bd/1ba
11329 Aristotle Dr #5-211 - 274 (DOMP) 2bd/1ba

11353 Aristotle Dr #8-307- 1001 (DOMP)2bd/2ba
3851 Aristotle Ct #1-203 - 8 (DOMP) 2bd/2ba
11345 Aristotle Dr #6-410 - 26 (DOMP) 2bd/2ba


I will have the final numbers for these once they close


SOLD

According to MLS, 2 condos sold in the last 30 days .

11329 Aristotle Dr #5-213 - 12 (DOMP) 2bd/2ba - Short Sale (Took 7 months to close)

Asking Price -$229,000
Sales Price -$210,000
Seller Subsidy  - 0

11329 Aristotle Dr#5-308 - 20 (DOMP) 2bd/2a - Short Sale (Took 3 months to close)


Asking Price - $229,000
Sales Price - $230,000
Seller Subsidy - $3,450

11345 Aristotle Dr #6-313 - 20(DOMP) 2bd/2ba - Regular Sale

Asking Price - $245,000
Sales Price - $240,000
Seller Subsidy - $0

11351 Aristotle Dr #8-402 - 6 (DOMP) 1bd/1ba - Short Sale (Took 6 months to close)

Asking Price - $169,000
Sales Price - $180,000
Seller Subsidy - $4,417

3851 Aristotle Ct #1-305 - 1bd/1ba (181 DOMP) - Short Sale (Took 7 months to close)

Asking Price - $165,000
Sales Price - $165,000
Seller Subsidy - $3,000

11373 Aristotle Dr #309 - 3bd/2ba (6 DOMP) - Bank Owned

Asking Price - $254,900
Sales Price - $256,000
Seller Subsidy -$8,960

11345 Aristotle Dr#6-308 -2bd/2ba (14 DOMP) - Bank Owned

Asking Price -$224,700
Sales Price -$238,000
Seller Subsidy -$0


Click below for all Fairfax Ridge Condo sales for 2009
Sales More Than 30 Days ago




22033
These stats are for all real estate in the 22033 zip code for the Month of August




Fairfax Ridge Condos Sold for 2007 vs. 2008 vs 2009





Fairfax Condos Sold for 2007 vs. 2008 vs. 2009




EXPIRED or WITHDRAWN There have been 1 listings that have been taken off the market in the last 30 days.


RENTALS

There are currently 2 condos for rent

1bedroom units - 1 available
2bedroom units - 1 available
3bedroom units - 0 available

0 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

If you are thinking about buying or selling in the next 3 months we would be honored to work with you ! Shoot us an email

Keep checking back each Friday for your updated market report for Fairfax Ridge
















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

Read More