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Fauquier County is projecting an $8 million shortfall, up from the previous estimate of $500,000. The county will lay off 13 county workers to cut costs. I thought it was also notable that Fauquier will cut $450K out of the budget that pays rural landowners for their development rights. (The Fauquier Times calls this a "successful land conservation program").
Wednesday, November 12, 2008
Northern Virginia Bits Bucket 11/12/08
Posted by Harriet at 9:25 AM
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37 comments:
The housing bubble burst is also a 'successful land preservation' program I suppose, definately no need to pay anyone not to develop land now.
my good friend has put in an offer on this short sale in Herndon. their agent said there's already another offer being considered (don't know the $), but said their offer is better (full price, which the bank has apparently approved), and should hear back within a week. i thought short sales are always slow but maybe things are different in that neighborhood?
can you say contemporary?! can't wait to see the interior pictures!
Original Price: $1,125,000
Bed/Ba/Ba½: 4/3/1
Community: LYON PARK
Style: Contemporary
Type: Detached
Model: HIP URBAN LIVING
Pursuant to the discussion on the last thread... This the first under $300K sale for a single family house in Arlington I've seen for a long time. Anyone have any others I've missed?
Answering my own question... it looks like there are more than a few in 20004. Here's another.
Anyone know what's going on when someone buys a property assessed at $481K (which amount takes into consideration the building) for $2.5M? Check out 8122 Sandburg Hill Court. It was purchased 6/2/08 and has been listed for rent at $4,895/month since mid-June. Obviously something doesn't pass the smell test, but I'm not sure how this arrangement benefits anyone.
MM, exciting! Wish it had a garage and a bigger lot (and a smaller price tag, but...) I might have to visit the open house anyway!
mm,
cool!! by the shape of it, that might be one of those new modular homes, made by stacking three transported sections. That would be awesome. (fully wired, built to withstand highway cross-winds...) Do you know if it is?
Sarah,
The second one says "piece of history" which I read while looking at the outside picture, and thought, "piece of ..." but then I read the rest of the sentence, it's a Lustron! And the interior pictures make it look really cute on the inside. They choose some good updates.
Cara-- had to go and look it up after your comment. Interesting article in wikipedia on Lustron homes. Wow! No maintenance in 50 years... pretty impressive!
Cara, I'm not MM, but I think it said it was a Mickey Simpson house. This company is a high end (as in very expensive) builder/renovator that has done other work in Arl. So while that doesn't rule out the stacked modular possibility, I don't think it's very likely.
oops, should have added that I was referring to the Lyon Park contemporary.
One other thought - at some point a house on a very small lot, without a garage, has to be compared to condos or certain attached houses, with respect to features, amenities and price. It will be interesting to see how this one does in the market.
Advice needed. I left Montgomery County last year after renting for 5 years (was able to buy, but couldn't justify buying). Moved to Arkansas and quickly found out that the local culture is quite different. So, I am seriously considering moving back to the DC area (job market is not an issue for me), preferably Fairfax and/or Vienna, and closer to the Metro line. Any suggestions about exact areas will be appreciated.
mjc, re: 8122 Sandburg Hill Court
Looks like a builder. They must be using that address for the listings (maybe it's the address of the model home):
* * BUILDER FINANCING AVAILABLE * * BRAND NEW HOMES AVAILABLE FOR '09 DELIVERY...
The $2.5M sale was a multi-parcel sale, not just that one lot:
Date 06/02/2008
Amount $2,500,000
Seller COTTAGE STREET LC
Buyer SANDBURG L C
Notes Valid and Verified Multi-parcel sale
Deed Book and Page 19961-1378
This property was part of a multi-parcel transaction.
The rental listing you're talking about is probably a house they already built on one of their lots that they can't sell.
georgek, you might want to post your inquiry at this site:
http://www.city-data.com/forum/northern-virginia/
People love to chime in there with advice on where to live.
mm: My wife laughed when I showed her the picture of the "Hip Urban Living" place. I'm guessing the 9x49 trek deck is on the roof, and the place is only 9 feet wide?
Sorry, but not for me.
mm: about that short sale in Herndon. I remember looking at that neighborhood when I first moved here years ago. Just like then, I wonder "just WTF are those things connecting the houses? Toolsheds? You can see what I'm talking about in the next to last picture.
The following item would be suitable for its own blog post: Zillow's recent report on homeowner confidence reflects that 49% of homeowners believe that their homes have increased in value or have stayed flat over the past year, whereas 74% of homes have decreased in value. Thus, the bid-ask disparity that led to the market stare-down.
http://zillow.mediaroom.com/index.php?s=173
>Zillow's recent report on homeowner confidence reflects that 49% of homeowners believe that their homes have increased in value ...<
I saw a news report about this (can't recall the source of it) but the analysis was this: The market won't find its natural bottom until sellers price realistically.
The upshot was that sellers are prolonging the economic problems because they are in denial. That's like telling the inhabitants of a city under attack that if they surrender and submit to the new rulers, peace will come quickly.
People don't give up easily. People deny symptoms and avoid seeing doctors. These are normal responses in times of great stress. And I can't blame them in the least.
Until they've been beaten down, they're unlikely to give up. My heart goes out them.
That said, this survey seems to reflect a view that is so detached from what is actually happening in the market, that I'm more inclined to question the survey than the people who responded to it.
georgek-- I was just noticing that Falls Church prices seem to have fallen quite a bit. There might be some pretty good bargains to be had there now. And it's a lot closer to a metro line than Vienna.
kob: "Until they've been beaten down, they're unlikely to give up. My heart goes out them."
If you are talking about people who saw the value of their homes go from $250K to $650K in 3--4 years and then think that value should be retained, then your heart is in the wrong place.
What about the people who would be priced out by the steep rise?
The people who bought at peak levels thinking they would be priced out forever deserve some sympathy.
Ted, my heart goes out to everybody. Peace and love to all. Ok?
mm - that mickey simpson house is what is "lovingly" referred to as the local-area Spite House. He built it out of spite for the neighborhood and the county when the county wouldn't agree to a variance from the eight foot setbacks for his extremely undersized lot (which he himself subdivided that way). The house is about the size of one and a half swimming pool lap lanes.
"John Fontain said...
mm - that mickey simpson house is what is "lovingly" referred to as the local-area Spite House."
Ahhh yes spite houses! Glad to see a quirk of yesteryear isnt completely forgotten.
Personally, if done right, I dont mind the character it can bring to a neighborhood. Plus, (again if done right) it can put this house in with some very good company.
Of particular interest to locals might be the 3rd picture in this montage of 12 well documented spite houses...
http://home.aol.com/decorating/photo-gallery/pchtall/_a/12-of-the-narrowest-homes-in-the-world/20081006121209990001
Enjoy!
CRT,
I love that transparent triangular one!!
For interior pictures of the Spite house in Alexandria, check out this slide show from the NY Times:
photo gallery
NY Times write-up
Isn't it worth observing that maximum immigrants were driven out of Manassas and that's where the fall was drastic? Could it be that action against immigrants added fuel to fire?
Besides illegals even legals from countries such as India have been kept tin limbo for atleast past 8 years by dear republican immigration policies. Their number is close to 500,000 all legally here in US paying taxes, social security - only thing most of my such friends are not buying homes as they are purposefully kept in limbo by USCIS. Would it hurt or help our economy and housing in particular even if those 400,000 people saw future in this country and decided to buy homes (they all have good savings for sure)
I also like the transparent one. I like the Montana one as well, but it doesn't make much sense given all the space around it.
MM said...
my good friend has put in an offer on this short sale in Herndon. their agent said there's already another offer being considered
You’ll never find a home without an offer already on it, or another couple taking a look at it later this afternoon etc..etc..
"You’ll never find a home without an offer already on it, or another couple taking a look at it later this afternoon etc..etc.."
Yep...
I don't want to over generalize but I can tell you from personal experience that most realtors don't have any problem lying through their teeth if they think it will help them make a buck.
As a group, you could hardly find a less honest bunch.
"Leroy said...
Yep...
I don't want to over generalize but I can tell you from personal experience that most realtors don't have any problem lying through their teeth if they think it will help them make a buck.
As a group, you could hardly find a less honest bunch."
I have a client who does lots of complex transactions - realtors invariably pressure him to get it under contract NOW because of X number of contracts also coming in at the same time.
My client cant stand the broker pressure, so I have marching orders to deal with them as follows:
BROKER - hurry Mr. Client must get his offer in now because there are 2 others we expect written tomorrow.
ME - Tell you what, Mr. Client wants to do it right, or not at all, so go ahead and consider those offers, we arent interested.
BROKER - um er ahhh, well, let me see if I can buy us some more time...I think I can get them to keep it open for a few more days.
OR
BROKER - um er ahhh, well, sorry to hear that - Ill let you know what happens. (2 days later he calls back) GOOD NEWS both those deals fell through!
I will say, about 10% of the time, they are telling the truth, and my client loses the deal - but thats fine with him better to lose the deal than to deal with a broker who will put undue pressure on the transaction. However, 90% of the time, it is pure BS - the guy was lying through his teeth from day 1
robert's right: you'll never find a home without an offer already on it. This spring, my wife and I toured a home at an open house that we thought was a complete dump. The realtor at the open house informed us that she already got a bid that morning, and that we'd better hurry up, before it was too late. My wife and I snickered in the car, knowing full well that there was no offer on the house.
The house sat for 6 more months before it finally sold.
just a caution re: Realtors -
First, we have a great one in our midst (Frank Borges Llosa) and I'm sure no one means offense. And, no, he's not my son;
Second, I once owned a unique house that sat on the market forever but did actually have two promised contracts coming it at the same time after all that waiting. The second Realtor directly accused my Realtor, who was one of the best people and hardest working I've ever met, of lying to him. She wasn't. She had years of experience in a profession you'd think would give you thick skin if you didn't have it to start with, and I can tell you I spent a half hour on the phone sympathizing with her hurt feelings. (She had listened to me whine about the nightmare of two mortgages & losing money on the house - so I was able to return the favor, not that it did her any good). But she did get a nice bonus when the deal was done. I hope that other Realtor's clients got upset with him every time they passed my sold house.
By no means am I house hunting, but the wife and I will still catch an open house or call a realtor and have them show a house, just to get a taste of the market. We have a code word/phrase as when to split. And it’s not what one of us says to the other; it’s when the realtor gives us an “another contract coming in”, “another couple looking at this house” BS. We grab our things and make for the door. The realtor is usually miffed, and we simply tell them “Oh, if you’ve got other prospects we’ll just take a look at the house down the street”. Inevitably we get an email or phone call a few days later and remarkably, the home is still available.
Basically, calling their bluff like the anonymous described above. Even if they are telling the truth, no need to fret over it; many, many other homes to choose from.
But I bet the tactic still works. I have a co-worker that low balled and his offer was accepted (turns out, I had looked at the same house about 2 years ago, he got an OK deal). He went over to meet the neighbor who purchased about the same time. (turns out, I looked at that house about 2 years ago to). They were comparing prices and my co-worker told his neighbor about the low ball.
The neighbor sez “You mean you don’t have to pay asking price?"...crickets...Bwawhawawhawa! (pssst, the neighbor did not get an OK deal)
"The neighbor sez “You mean you don’t have to pay asking price?"."
Yeah... that has always been strange to me. Americans in general are very will to accept some pretty bizarre stuff so long as it is "official" or "policy."
As a group, we just aren't used to negotiating a purchase and many seem to think there is something shady about it.
Leroy said...
As a group, we just aren't used to negotiating a purchase and many seem to think there is something shady about it.
What I don’t get is some of these same folks will drive 10 miles out of their way to save a nickel on gas, or haggle for hours with a car salesman. But when it comes to making the biggest purchase of their life, will not even read the contract.
thank you all to those who commented on my friend's short sale offer. but after reading them all i must ask one more question to you knowledgeable bloggers: is it not uncommon to not have an 'expiration date' of some kind for short sale offers? i remember from our buying experiences the offers were usually good for only a couple of days, but my friend said there wasn't such term on their offer. i worry they'll be forever on-hook for the offer and earnest money. maybe it's there (if it's a boiler-plate kind offer) but they didn't know/understand it.
MM said...
is it not uncommon to not have an 'expiration date' of some kind for short sale offers? i remember from our buying experiences the offers were usually good for only a couple of days, but my friend said there wasn't such term on their offer. i worry they'll be forever on-hook for the offer and earnest money. maybe it's there (if it's a boiler-plate kind offer) but they didn't know/understand it.
A drop dead date on ANY offer is good practice. It gives the effect of a “reverse” bidding war, let’s the seller know you’re ready to move on to the next house quickly.
I seriously doubt that they’d be on the hook in perpetua. I would think that after a reasonable time the offer would be considered void. Yea, yea, what constitutes “reasonable” for some may not be reasonable for others, but I doubt that they would try to pursue the issue for an offer that is over a few weeks old.
If the seller is desperate, sure, they might try to press them for it, but come on. They’ve got other problems and tons of paperwork to deal with.
Priceless:
After a few weeks the seller accepts the offer and contacts your friend. Your friend politely explains to them that the market has dropped since they last spoke and now the offer is $20k lower.
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