The bubblicious bench was photographed on Saturday night March 18, 2006. The condo project is called Halstead at Dunn Loring. It is located in Northern Virginia (Washington, DC suburbs). The iron bench is located on the west side of the condo building.
One of Bubble Meter's citizen-reporters states "As you can tell, it has been converted from a seating area to a receptacle for flippers' key lockboxes. FYI, when I visited this condo building on Super Bowl Sunday, there were 26 of those lockboxes. As of 3/18, there were a total of 44 lockboxes. That's quite an increase in only a couple of months! "
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That is by far, the most incredible bubble-pic I have ever seen. Amazing. I checked the website, but it’s pretty lame. How big is this building? How new is it?
ReplyDelete-X
BubbleTrack.blogspot.com
the bench: another casualty of the housing bubble
ReplyDeleteSeveral women were sexually assaulted in this area last summer. A prosecution is in progress (AFAIK; I know someone was arrested, and it looked like a pretty airtight case), but I don't wonder this place doesn't pass the sniff test for a lot of buyers.
ReplyDeleteThe photo brings to mind leeches attached to the underside of a fish...
ReplyDeleteGetstucco,
ReplyDeletethats right.
hilarious...why dont these folk rent their units still the inventory settle down?
ReplyDeletewww.dcbubble.blogspot.com
lockboxes can be used for selling or renting.
ReplyDeleteMaybe the police should give a ticket for rendering the bench unusable.
ReplyDeletelol
Eric in DC
dcbubble - Is that a wisecrack?These things can't be rented out for what it costs to buy them - that is the whole point. A speculator without signficant cash flow independent of his "investments" can't remain solvent if the rent won't make the nut.
ReplyDeleteYour question strikes me as naive, sort of like my aunt, who years ago traveled to Mexico, only to wonder aloud upon her return how all those barefoot children could go to bed at night and put their dirty feet into clean sheets.
Wake up Auntie, when the inventory "settles down," these things will go to auction for pennies on the dollar.
So goes life in the fast lane.....they truly have my sympathy-really.
ReplyDeletethat is damn funny
ReplyDeleteThe Halstead is brand new, finished within the past 6 months or so. It is right across from the Dunn Loring metro station, which is nice, but otherwise the location is horrible. To the south is a large industrial park, I-66 is right across the street (the metro runs in the median of the highway here) and Gallows Road is perpetually clogged with traffic trying to get to or from Tysons Corner. Even though I-66 is across the street there is no interchange nearby, so you have to drive a few miles to get to an interstate. The closest restaurant is Taco Bell.
ReplyDeleteHere are some listings from Craigslist. Most of the listings appear to have never been lived in.
http://washingtondc.craigslist.org/rfs/143875893.html
http://washingtondc.craigslist.org/rfs/143769134.html
I'm familiar with this area. It's very convenient to the Metro, but it's otherwise located in the No. VA stripmall wasteland. Nothing walkable, no unique character, and the traffic sucks. I wonder about the condo dues. In any event, the asking prices seem high for the comparable rental value.
ReplyDeleteThanks for the links to Craigslist. Those are pretty dismal units..
ReplyDeleteWhat would these go for in a decent part of DC?
BubbleTrack.blogspot.com
I had to go to the INS building next door while they were building the place last summer. Cars zoom down Prosperity like it's a little highway. When I saw the place I thought that I really couldn't imagine living in that "neighborhood" - and apparently neither could a lot of the people who bought the units when they went on sale.
ReplyDeleteI love love love this picture. It's unbelievable and the best picture to show that the tide has turned.
ReplyDeleteFinally....
It's been a long and painful few years for those who did not have houses like me.
Simmssays…
AmericanInventorSpot.com
Overheard in condo Poker room with books and new poker table:
ReplyDelete"I'll raise you 2 condos"
If this bench is on the condo grounds, then I'm sure it's against the homeowners association regulations, so the lock boxes should be cut off.
ReplyDeleteIf it's on pubic grounds, the boxes should be cut off and the owners ticketed.
My (landlord's) condo has an external hook, but only the building lockbox should be on it. This hasn't stopped several realtors from putting ones on. It's now so full that the lockboxes are going where they belong - on the doorknobs to the units. It may be the Halstead (where do get these names, anyway?) has levers instead of knobs on the unit doors, which is why they on the bench. Or it may be that realtors are idiots. I'm for the latter.
ReplyDeleteGreat pic. Can anyone provide a better one?
ReplyDeletedavid - this is the best picture I've seen representing the bubble. I posted it over at housingpanic too - hope it got you some traffic
ReplyDeletelet's call for more pictures. worth 100000000 words
seas of for sale signs, more lockbox horrors, etc
keep up the good work
keith
I looked at the places across the street and they are awful. I also saw the earliest ones being constructed in 1999-2000and the building practices were just awful as usual. I can guarantee that there are mold issues in the walls.
ReplyDeleteMerrfield is a really shitty area to live.......
I remember going to one of the sales parties for this place. I was one of the few people looking to buy a place to live. Most of the attendees were speculators buying multiple units. I was priced out before I ever had a chance. It looks most of these speculators are expecting some decent gains even after carrying costs & selling expenses. I'm still renting and won't feel bad if any of these folks don't break even after expenses. According to the Fairfax County website the developer is still the owner for several units, so maybe that will help put downward pressure on the prices.
ReplyDelete2655 Prosperity Avenue, #119
Fairfax, VA 22031
Purchased 1/31/06: $399,900
Listed 2/10/06: $520,000 (+30% in 10 days)
Price reduced 2/22/06: $499,000 (+25%)
2655 Prosperity Avenue, #124
Fairfax, VA 22031
Purchased 1/30/06: $276,900
Listed 2/2/06: $347,500 (+25% in 2 days)
Price reduced 3/17/06: $337,500 (+22%)
2655 Prosperity Avenue, #128
Fairfax, VA 22031
Purchased 1/10/06: $281,900
Listed 1/30/06: $329,000 (+17% in 20 days)
Price reduced 2/9/06: $319,000 (+13%)
Price reduced 2/21/06: $315,000 (+12%)
Price reduced 3/3/06: $309,000 (+10%)
2655 Prosperity Avenue, #202
Fairfax, VA 22031
Purchased 2/7/06: $264,900
Listed 2/9/06: $369,900 (+40% in 2 days)
Price reduced 3/3/06: $347,000 (+31%)
2655 Prosperity Avenue, #213
Fairfax, VA 22031
No previous owner
Listed 3/3/06: $479,000
Price reduced 3/24/06: $465,000
2655 Prosperity Avenue, #227
Fairfax, VA 22031
Purchased 1/31/06: $396,800
Listed 2/2/06: $529,900 (+34% in 2 days)
Price reduced 2/15/06: $519,000 (+31%)
Price reduced 2/26/06: $499,900 (+26%)
2655 Prosperity Avenue, #236
Fairfax, VA 22031
Purchased 1/10/06: $289,900
Listed 1/10/06: $349,000 (+20% instantly)
Price reduced 2/20/06: $339,000 (+17%)
Price reduced 3/2/06: $329,000 (+13%)
2655 Prosperity Avenue, #249
Fairfax, VA 22031
Purchased 1/23/06: $443,850
Listed 2/3/06: $519,900 (+17% in 12 days)
Price reduced 2/23/06: $489,900 (+10%)
2655 Prosperity Avenue, #330
Fairfax, VA 22031
Purchased 1/27/06: $324,900
Listed 1/30/06: $409,900 (+26% in 3 days)
Price reduced 2/10/06: $399,000 (+23%)
Price reduced 3/21/06: $379,000 (+17%)
2655 Prosperity Avenue, #334
Fairfax, VA 22031
Purchased 1/6/06: $329,900
Listed 2/25/06: $408,000 (+24% in 51 days)
Price reduced 3/6/06: $379,000 (+15%)
Price reduced 3/23/06: $374,900 (+14%)
2655 Prosperity Avenue, #337
Fairfax, VA 22031
Purchased 1/5/06: $450,850
Listed 1/4/06: $549,900 (+22% instantly)
Price reduced 2/2/06: $539,900 (+20%)
Price reduced 2/20/06: $529,900 (+18%)
Price reduced 3/24/06: $519,900 (+15%)
2655 Prosperity Avenue, #348
Fairfax, VA 22031
Purchased 1/23/06: $428,850
Listed 1/20/06: $549,000 (+28% in 14 days)
Price reduced 1/31/06: $537,000 (+25%)
Price reduced 2/21/06: $519,000 (+21%)
2655 Prosperity Avenue, #350
Fairfax, VA 22031
Purchased 2/7/06: $391,850
Listed 2/25/06: $499,900 (+28% in 18 days)
Price reduced 3/14/06: $488,000 (+25%)
Price reduced 3/21/06: $474,900 (+21%)
2655 Prosperity Avenue, #401
Fairfax, VA 22031
Purchased 2/7/06: $434,800
Listed 2/26/06: $469,900 (+8% in 21 days)
Price reduced 3/22/06: $459,900 (+6%)
2655 Prosperity Avenue, #414
Fairfax, VA 22031
Purchased 2/23/06: $308,900
Listed 2/22/06: $349,000 (+13% instantly)
Price reduced 3/7/06: $339,000 (+10%)
Price reduced 3/12/06: $328,900 (+6%)
2655 Prosperity Avenue, #441
Fairfax, VA 22031
Purchased 1/5/06: $305,850
Listed 1/18/06: $389,000 (+27% in 13 days)
Price reduced 1/29/06: $347,900 (+13%)
Price increased 2/7/06: $359,900 (+18%)
Price reduced 2/23/06: $339,900 (+11%)
2655 Prosperity Avenue, #450
Fairfax, VA 22031
Purchased 2/1/06: $422,800
Listed 2/2/06: $519,900 (+23% in 1 day)
Price reduced 3/3/06: $489,900 (+16%)
This may be a stupid question but what are the lock boxes representative of? What is there purpose? Why are realtors locking them on the bench? Thanks
ReplyDeleteone lockbox represens one condo unit at the Halstead complex that is either for sale or for rent.
ReplyDeleteLockboxes are use by real estate agents as a means to access a property. The lockbox contains a key for an individual property. The real estate agent has a common key tha opens lock boxes.
The realtors are locking it to a bench because the bench is a solid object that is buil into the ground and it allows easy lockbox placement on the bench.
I drove by "The Bench" yesterday and it is still coated with lockboxes. There is also an identical building right next door that is about to be finished, so if it is a condo I image Halstead flippers are desperate right now.
ReplyDeleteThe older but similar-looking development across Gallows Road did not have anything nearly so photogenic, but there was a building key lockbox every main door that I could see.
I toured this place yesterday--I was thinking of renting. The area is kind of blah, plus the thought of crossing prosperity during the height of rush hour makes me think I'll end up run over. The rents are running between 1300-1600 for a one bedroom.
ReplyDeleteWhat really got me are the one bedrooms that face the street. They are completely on street level and frankly, there's nothing stopping someone from breaking the glass in the french door or opening a window and walking right inside. No thanks.
Here is a better picture:
ReplyDeletehttp://i3.tinypic.com/wjvpkx.jpg