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Tuesday, April 15, 2008
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13 comments:
I do not mean to be coy, but I just got some fascinating new sales information about several properties in Manassas and Bristow. Need to bring the kids to swimming now, but really quickly:
Do you remember AP Hill Court, in New Bristow Village, in Bristow? Three houses for sale, two foreclosures, one about to be? All three went under contract, and the two that sold so far went for just under and just over $500K--truly enormous houses, luxury everything, on a culdesac backing to countryside, purchased for the upper $700Ks in 2005.
There were some real surprises for me--an ugly 70s house in terrible condition, torn to pieces by the previous owners when they were foreclosed upon, with water leaking in around windows and through walls, vacant for almost a year, was asking $435K or so and sold for $420K. We walked through with a contractor who said not to offer more than $250K, and even then, the house might not be salvagable at all. It's on 3/4 acre in Owens Woods in Manassas, but that is not a tear-down price. I don't get it.
The last point for now is another rant about unethically changing "days on market". When the houses sell, they only state the most recent, doctored "days on market." So several new sales that had actually been on the market for months and even years look like they have only been for sale for days or weeks. That goes beyond fooling potential buyers--that skews monthly MRIS statistics. That is really wrong.
OK, must run, but more good info soon...
I dont think any home in Bristow is worth 750k or even 500k.
Even those 4000 sq/ft luxury homes only cost 300k to put together. At most a Manassas lot is worth 100k, if its 2-3 acres. Those 1/2 acre lots are really only worth 50k, so those things will eventually come down to 350-400k.
Here's an interesting bank owned property, http://franklymls.com/FX6590223 , recently reduced from $739,900 to $634,900. Was purchased in 1996 for $324k and foreclosed in December for $790k, meaning the owner was able to refinance and cash out nearly $500,000 before going into foreclosure.
Why do some relatively "recent" homes like the one in Shamrock's link come without a gas heater?
I thought most people would prefer gas over electric.
http://biz.yahoo.com/ap/080415/
foreclosure_rates.html?.v=2
Foreclosures were up in March. "And the worst isn't over: the wave of adjustable-rate loans resetting to higher rates will crest in May and June."
"I thought most people would prefer gas over electric."
With gas prices as high as they are right now there is little difference in cost between gas and electric heat. Many suppliers have planned to replace gas generators with coal units because of this. Electric may very well be cheaper than natural gas in a few years. That all depends on where you live, however . . .
But the "why" probably has more to do with the cost of putting in a gas line in some places. I doubt builders are thinking about electric versus natural gas costs 5 years hence.
OK, here is a little more interesting info:
The AP Hill Ct. houses that sold went for $130K-$150K below current assessed value (and at least a quarter of a million dollars less than they were purchased new in 2005).
Four Manassas houses that sold went for between $120K and $230K below current assessed value. Two of them sold for about the same price as they were purchased for back in the early 90s, even though they had updates like granite and hot tubs and such.
So right now, in Manassas, you can get a 4000 sq ft home on an acre with a hot tub for $350K...
Or a 5000 sq ft home on a culdesac in Bristow a mile from the VRE for $500K...
One house that had open houses every single weekend for two months straight sold for $510K, asking price $544,900. But they had tried to sell last year for $789,900. It was quite a fine house that backed to a pond and had obviously been lovingly improved over the years, but I still think the buyer paid too much, especially with the number of foreclosures in the neighborhood.
But the sale prices really are all over the map in Manassas. Maybe that's why asking prices make so little sense, too...
tabitha, it depends how those foreclosed properties looked like compared to the others....
I am still surprised that the bank owned property I am closing on in Reston had no real interest compared to others I looked at that had contract offers.
Maybe their agents knew that it would take two weeks to get a ratified contract. Or maybe they were turned off by getting re-preapproved for a mortgage.
"I dont think any home in Bristow is worth 750k or even 500k.
Even those 4000 sq/ft luxury homes only cost 300k to put together."
There you have it, homes are only worth what they cost to build. Maybe I'll buy a 2nd home in DC that was built in 1950 and offer him/her a cool 40 k.
He mentioned the cost of the land in his post.
The point is that out west the cost of land is(generally) minimal compared to the cost of building.
The property is worth the cost to build ( builder profit included ) and the price of the land.
Steve, if you bothered to read my entire post, you would see my suggestion on the lot prices in PWC and how the overall price should be 350-400k. Dont put your words in my mouth.
If you are going to argue a point, at least argue the point I am making, not some made up skewed number point that you invent.
$150k inside the beltway. Think the seller is trying to start a bidding war?
http://tinyurl.com/499bq5
From Fairfax Co's assessment website, the house was sold to Indymac (foreclosed) on 12/19/2007 for $432,000. It was bought on 05/04/2006 for $620,000. Now that's a haircut!
Ralph
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