For 489.9K you can buy this spacious townhouse in Leesburg, VA."OPEN SUN 1/8 1-4:30 PM!!STUNNING 3 LVL TH RIGHT OUT OF THE PAGES OF A POTTERY BARN CATALOG! Three Bedroom, 2 Full Baths, 2 Half Baths. Sunfilled Main Level boasts custom paint,custom window treatments, molding & palladium windows *Roomy kitchen has HWs,island* Cozy Family room & Bfast room off kitchen leading to private deck* Expansive Master W/ vaulted Ceilings, His/Hers walk-in closets, linen closet, large soaking tub."
Craigslist Listing
The townhouse was built very recently. However, the townhouse is located all the way in Leesburg, VA which is about 35 miles from downtown Washington, DC. There are many jobs in much nearer suburbs. Traffic is pretty bad heading from far out bedroom communities like Leesburg, VA towards job centers in closer in suburbs located along the Dulles Corridor.
Will the townhouse sell at 489k?
Probably not. Despite being a large recently constructed townhouse, one is still paying 489K for a townhouse located in the way outer suburbs. There is a huge amount of inventory out in that area that is for the most part just sitting.On the left the graphs show the inventory and sales trend in Loudoun County, VA ( Leesburg is a part of) for SFH. Tumbling sales and growing inventory is the story in the far western suburb of Washington, DC. ( the graph is from the Northern Virginia Association of Realtors )
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Asking prices have dropped about $10,000 a month in the D.C. area for the past 4 months according to the HousingTracker.
ReplyDeletehttp://www.benengebreth.org/housingtracker/location/DC/Washington/
I find it amazing that the main media outlets allow folks talk about a 'soft landing'.
That inventory growth chart is amazing.
ReplyDeleteAnyone who thinks prices are going to remain high needs to explain that.
Also, Leesburg is barely a DC suburb. While it's very nice, it would be a long and brutal war to get to DC every day.
I'd pay $180K tops for that townhouse, if it is really in as good condition as it looks.
Also, what is the community fee, or HOA, or whatever they call it? That is also important.
I had made it all the way out there when looking for a new place to live. We passed a development on the way and took a drive around. We stopped at the model home that was then up for sale. It was $1.4 mil. I was in shock thinking that the whole development was bought out at such absurd prices, and in the middle of nowhere.
ReplyDeleteThen I noticed the writing across the top of the agent's summary page: "Bring all offers!!!"
That was in Nov. We are now renting in Mclean. Right up the road they are building "Morgan at Mclean." From the web it seems that they want $800,000+ for 2 bedroom condos. They are crazy.