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Nasty: "Q2 real GDP growth revised down to 1.0% annualized rate" (h/t Calculated Risk for the chart):
Friday, August 26, 2011
Northern Virginia Bits Bucket 8/26/2011
Posted by Harriet at 10:31 AM
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3 comments:
hey guys
anyone ever see a factor of 3X between identical units on the same block?
I think the DC market is undergoing some serious stress as the foreclosures that had been working their way through are boiling up.
Let's see what it goes for. I'm seeing some real low-ball listings that attract 10+ offers. It's just a realtor scheme to drive a bidding war usually.
Maybe DC does have some distressed inventory. I've heard flippers are going to Hoodbridge (Woodbridge) because the deals are almost non-existent in northern areas. I know for a fact that Spotsylvania, King George and South Stafford have alot of distressed inventory - but it's all about location and the exurbs are hurting. PG County has deals but who wants to own there? I wouldn't even look at a rental there. Those type of areas are going to be a long time coming back.
You have been throwing a bunch of offers in and getting out-bid. Perhaps you have to adjust your desired cap rate. I can't speculate what the appreciation will be in SE DC. Perhaps you are prescient and ahead of the curve.
in the line of things are worse then one would suspect.
https://www.taxpayerservicecenter.com/RP_Detail.jsp?ssl=4550%20%20%20%200093
2005 E ST NE DC
bought in 1999 for 119K, now
12 years later it's up as a short sale.
How does that happen? I have no idea.
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