Tuesday, February 28, 2006

Really Big For Sale Signs

11 comments:

  1. The really big sign is a desperate alternative to the really big price reduction, which is probbaly what most DC area properties really need.

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  2. I thought this posting on ziprealty.com was quite interesting...

    http://ziprealty.typepad.com/marketconditions/washington_dc_area_real_estate/index.html

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  3. FYI. This rowhouse is along North Capitol Street about 2 miles north of the US Capitol.

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  4. I looked at the ziprealty link and WOW! Do they have any YOY data?

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  5. WOW is right. There is however, an error in the table. Average price per sq. foot has fallen from $314 to $264 - they've indicated this is a 4% decline. Not!

    David, you are the data police. Have at it if you wish.

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  6. I posted on the website to let them know. The comment has to be apprtoved by the blogger.

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  7. idiot, don't spend money on advertizing like that...reduce prices 10% every month and then u could sell easily

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  8. Northern Virginia Area. I am always hearing from realtors that the N. Virginia area home prices will continue to increase because of the continues job growth in this area. I continously hear of 80,000 jobs to be added in 2006. Any comments? Thanks, Pete

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  9. Pete,

    It's BS. Yes, jobs are being added in N. Va, but there are so many speculator owned homes on the market (or will come on the market), combined with huge supplies of unsold builder inventory, that supply will far exceed demand for a while.

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  10. Steinravnik, thanks for the response. Builders in the mid 90's in Southern California had huge supply which led to many going bankrupt....which I believe we will see the same happen here. Builders in S.California learnt their lesson and have been very careful on their current inventory levels. Here in N. Virginia it just amazes me that builders are continuing to apply for building permits and build, build, build...with no concern about inventory levels....just moved here from S.Cal and am happy to be renting for now!!!

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  11. Hello All,

    Well....I am looking to purchase a home in DC as of now. Not going with a arm or interest only but a straight 30 yr fixed. I plan to own the home long term and rent it out when I am not assigned to the area (military).

    Comments:
    1. I think home prices in certain areas of DC will remain stable, such as Capitol Hill. Why? Becuase these are not considered up and coming areas...they are already established and as far as DC living is concerned, they are located near metro and near 395/295 access points.

    2. Areas I beleive stand to loose the most value are areas that realtors try to advertise as up and coming like Eckington, Col Heights, and LeDroit Park to name a few.

    3. Homes in the Old City 1 area near H street NE will probably gain some value. Why? Because H street construction and revitalization process starts this April. Funds have been committed and the trolley tracks get laid in April, streets and sidewalks get a new look, and lots of other great things are happening.

    4. I have been watching CAP hill for some time now. Homes close to Eastern Market/Barracks row sell within the week. HOWEVER, home inspections are now allowed and there is SOME leverage for the buyers, but not much. In the upcoming areas, you see more price reductions and often the seller will pay closing costs. Not CAP hill sellers.

    Maybe I am crazy and should just wait-you tell me. Don't know.

    Just my thoughts.

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