Sunday, February 05, 2006

New Condo In Arlington, VA

"New 1 bedroom condo in claredon 1021 located in the ballston area. Amenities include rooftop swimming pool, with a great view of washington d.C., state of the art gym, a quiet courtyard, garaged underground parking, 24 hour security desk, and much more! Short walking distance to metro and minutes from georgetown! Shopping and great dining available within walking distance. This is the one!!!"

It is 750 sq. ft. Here is the kicker! The property has been on the market for 80 days. It was reduced in price by 1K, from 480K to 479k. That represents a price reductions of much less then 1%. Pathetic. (MLS # AR5456348)

Will it sell at 479K?

Nope. It is priced to high for a one bedroon. There is a glut of condo units in the metro DC market. The price needs to be reduced.

15 comments:

  1. The owner needs a couple of lowball offers to wake him up to the new DC condo reality. Put in an offer of $250,000 and see if he takes it.

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  2. I would never buy it at that kind of ridiculous price although I am looking to buy---when the prices come down. I heard a commercial from Ch**ce Financial co. on the radio (wtop) saying real estate is still hot in DC area with the prospect of 6% increase in home value this year, and now is a good time to cash out on equity, etc. etc. I feel it is so misleading to those who are unaware of what's going on.

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  3. returntodc,

    I added a link to your overpriceddc.blogspot.com page. Sorry it did not happen earlier. Keep up the solid work.

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  4. my dog need at least 750 sq ft..what a crappy market...bring it down to 195 k where it belongs, till then my husky is not interested..

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  5. Yeah, 480.... LOL. That is ridiculous. Almost half a million bucks... for a one bedroom condo? I better get a massage every day.

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  6. On some housing bubble site I saw a comparison between buying a condo and just renting a hotel room. Per day, the hotel room was cheaper.

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  7. Let's do the math. Let's go by the standard measurement for affordability of this property. You need to have a household income of 1/3 of the entire value of the property.

    You need a single professional making at least $158,000 per year to be able to afford this property.

    If I made $158,000/year in income, I could find much more than 750 sq. feet of living space in the DC area.

    This condo is highway robbery.

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  8. A friend of mine and his wife bought in that building last summer. They paid ~$375k for a 1/1. Even that is high, IMO.

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  9. You can still buy houses around here, relatively close in for that type of price. Completely insane and anyone who buys it is blind.

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  10. RE: Buying a house, I used to think the same, however, there are those that would prefer to live in a condo setting. They don't have to worry about upkeep, yardwork, etc.

    They also live immediately adjacent to the orange line (three stops from DC), and there are a number of restaurants and shopping venues right there in Clarendon.

    While I wouldn't buy in that building, certainly not at that price, some folks are drawn to that style of living.

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  11. seattle price dropFebruary 06, 2006 11:58 AM

    While most of the price drops in Seattle are a bit heftier than $1K, I have seen some that are that low (and even one that was $5 HUNDRED off of a $7K house !!??).

    These "price drops" are really intriguing to me.


    I'm beginning to think that when people do something that foolish it might just be a way to move it around on the MLS list.

    What could they be thinking!!??

    Either that or it's just one more manifestation of how severely mentally impaired people have become by this bubble.

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  12. I miss the old Arlington. I remember when Clarendon and Ballston had middle-class single homes, cheap ethnic restaurants, and affordable family-owned retail places.

    The glitzy condos, upscale shops, and $$$$$ restaurants didn't exist. This was when most parts of Arlington were truly middle class.

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  13. I kick myself in the head everytime when I think I could have bought a SFH near the Clarendon Metro for about $200k back in 96 when I moved to DC. I agree with the previous comment about Arlington losing its middle class soul and becoming a bland and soulless yuppified clone of every other "cool" neighborhood.

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  14. Just for fun, I went over to arlingtoncondo.com to see the historical sales figures for this building.

    Anyway, for the *45 series of apartments, as of June through July of last year (I don't know if these were presales or not)...

    1045 $436K
    845 $441K
    745 $439K
    545 $400K
    445 $399K
    245 $382K
    145 $396K

    So obviously, whoever this is, is delusional or trying to find a sucker. Should be listed about $450K max.

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  15. That's nothing.

    Here's a "vauled ranged" unit in San Diego: (Not quite the spacious square footage though)

    $575,000 - $600,000
    1 Bed, 1 Bath
    726 Sq. Ft.


    Low list price: $575000, High list price: $600000, Condo/Townhome/Coop Property, Subdivision: Marina District, Year Built: 1994, City ...

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