Friday, April 28, 2006

Seller at Halstead at Dunn Loring Trying To Sell

One of my citizen reporters sent in this Craigslist listing:

Halstead - 1br - 1st Fl - Bldg II - 2 Parking Spaces - 42" Plasma

Due to unforeseen circumstances we need to assign our unit over to someone else. Please contact me to discuss the details.

The price of this condo will be very appealing!
Thank You.
This condo unit is in the second building of the Halstead at Dunn Loring which is not yet completed.

Could the 'unforeseen circumstances' have anything to do with 'the bubblicious bench' right across the street at building one of the Halstead?

14 comments:

  1. Halstead 1br 1st Fl Bldg II 2 Pking Spaces 42" Plasma
    Not completed but TV installed. Yeah right.

    Due to unforeseen circumstances

    We missed the last year of bubble indicators

    we need to assign our unit over to someone else.

    They won't let us out of our contract so we need to find a greater fool.

    Please contact me to discuss the details.

    Fog the mirror, bail me out.

    The price of this condo will be very appealing!

    Think banana peel. ;-)

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  2. I have a storage space about 1/2 a mile away from the Halstead. If the mortgage on that condo is less than the rental on the storage space, I'll find it appealing. Otherwise, not so much.

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  3. "Unforeseen circumstances" must be bubbletalk for "a huge glut of unsold condos aren't selling and I now realize I shouldn't have got myself into this mess of speculating on overpriced condos and I'm worried that I'll be forced to sell at a huge loss because all the other flippers are rushing for the exits, but please take this condo off my hands because DC is special and prices are only going up so you better buy now before you get priced out forever plus my unit is luxury cause it has a tv and Dunn Loring is the next Clarendon."

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  4. "DC is special"

    Dunn Loring is NOT DC. They have different geographic locations separated by what, about 15 miles? They have different forms and bodies of government, wildly different demographics, dramatically different cultural and entertainment amenenities, etc.

    No comparison. And yes, there is a glut of condos in the pipleline and prices will fall back substantially.

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  5. i ventured there to see the bench for myself. the best had to be the cross streets--prosperity avenue & gallows road

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  6. Now now...people DO lose their jobs, get divorced, take new jobs in new cities...there are any number of "unforeseen circumstances" that could have happened and it's a bit crass to assume otherwise. Of course, if someone has actual evidence that these folks are simply speculators who realized too late they overspent and are looking to hand their problem off to someone else, then I'll stand corrected.

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  7. anonymous-

    none of the units in that building are occupied, as stated in the ad. having been there myself, i can attest that the building that is completed is around 10% occupied--the other building where this guy is trying to sell his place is not.

    the bubble bench is for for the completed building. odds are this guy is a speculator and i hope this guy along with the rest of the jerks that ran up real estate to these levels get crushed.

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  8. Prices seem to be dropping faster and faster at the Halstead. A couple of weeks ago one bedrooms were being listed at $310k to $350k. Now there is a one bedroom listed at $270k.

    Similarly, two bedrooms were listed at $459k to $490k and now there is a two bedroom listed at $360k. It only has one bathroom, but that means you'd be paying an extra $100k for a bathroom if you buy one of the other two bedroom units. I'll share a bathroom for $100k thank you.

    These prices reductions are happening fast and furious. No wonder these flippers are scrambling for the exits. Its like turning the light on and watching the roaches run for cover, except in this case the light is the lightbulb in the flippers head now that they realize the party is over. Will they find greater fools????

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  9. When I was there about 8 weeks ago a 1 br unit on the top floor with 700 sq feet was listed at 355K. It was bought for 250K.

    Prices are definitely falling there. The speculators are especially worried after the Washington Post featured that place and the bubblicious bench.

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  10. To all the bitter folks out there who 1. Can't afford to live at the Halstead; 2. Couldn't get on the 3500+ person list to buy there originally; 3. Have no idea how the economy works since living with mom and dad shelters you from reality;

    RE the bubblicious bench: blame the asians. They get together and buy, buy, buy...when they can't sell, sell, sell...they eventually move in and make end's meet.

    RE speculators: Look at history...especially in this region. The real estate market in this area has seen tougher times. Prices can only drop so far...and they will rebound, it's only a matter a time. If you read the papers, although prices are falling, they are still 5% higher than last year.

    RE "Dunn Loring is Not DC": No it is not, thank goodness. Instead, it is in a very favorable part of Fairfax - 5 mins from Tysons and right smack dab in the middle of Fairfax County's plan to develop the entire Merrifield Center. Go online and read about it...in 3 years, Merrifield will be a very different place.

    Guys, being bitter is so unbecoming. Sit back and watch how things will unfold in Merrifield. Perhaps mom and dad will let you out to come visit.

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  11. Hear, hear! I agree with the last comment. There are $1.5 million homes selling less than a mile down the road. And...have you seen the blue prints for the Merrifield Town Center??? BEAUTIFUL!

    Harris Teeter is opening up across the street along with more new commercial buildings.

    All you bitter folks out there need to get on the FFX County Website and start reading the Economist before you start talking trash. All it sounds like to me is that your trying to bad mouth and drive the prices down so you losers can afford to buy.

    Too bad you probably live in Reston or Herndon and are too busy stuck in traffic and spending the same amount on gas as others to on their mortgage.


    Ok, can't waste anymore time on this. Come out and play when you take your training wheels off.

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  12. I agree with the above statement. Everyone knows the real estate market is like a damn roller coaster. the question is, do you have the means to ride it out and wait for exciting part. Its a 7 year cycle people...look at history. i have been in the mortgage business long enough to know that this has happened 3 times in the last 20 years. look at the 80's for pete's sake! interest rates at 18% and upside down mortgages. can you imagine being upside down on a damn mortgage?

    And to the person who said blame it on the asians...you are an idiot! they just have more money than you and can afford a bad investment here and there...

    i say wait out the cycle...the Halstead is right next to R66, right next to 495, a mile from 95, and right next to route 50!!!! its a good investment.

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  13. Oh gimme a break...seriously, There are pros and cons for everything and anyone who has lived in this area knows that that condo complex is overpriced. I've lived here since the complex was built and it still boggles my mind how anyone would want to pay those prices just for easy metro access. Its a convenient thing to just walk across the street but not worth the extra hundreds of thousands of dollars. Its been half a year since the last comment for the "prices to go back up" and it still hasn't. I'm sure the home is sold by now or rented out but wishful thinking about the area development is erroneous. This area is already congested enough, but most people fail to realize that congestion is due to commuters. No one actually lives in this area other. Its mainly traffickers wanting to access 495 and 66....

    cheers

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