Potomac Yard | Del Ray | Old Town Alexandria Real Estate News

April 16, 2014

Alexandria VA Foreclosures For Sale - March 2014 Market Update

Alexandria VA Foreclosures For Sale - March 2014 Market Update

Alexandria VA Real Estate - The volume of foreclosures and bank owned homes for sale in Alexandria VA continue to be a very small part of the overall real estate market.  Listings of traditional sales have been climbing steadily over the past three months, while the number of foreclosures on the market has remained stagnant.  Take a look at the interactive chart below:

 The number of new listings in Alexandria VA climbed to 679 in March, of the 679 only 10 were foreclosures.  When you look at the number of new foreclosure listings over the past 12 months, you'll see that it's been hovering between 8 and 15.

Even though there aren't many foreclosures to choose from, it looks like buyers are overlooking them in pursuit of traditional resales.  When you look average days on market, you'll see that Alexandria VA foreclosures averaged 45 days in March closing in on the 49 days for the resale homes.  For the first time in seven months, traditional resale homes stayed on the market longer than foreclosed homes.

Based on the sales prices, it looks like foreclosures are still the way to go when it comes to getting a better deal, but for how long?  In March Alexandria VA foreclosures were sold at 93.8% of asking price, and traditional resales averaged 97.5% of the original list price.

 

Alexandria VA Foreclosure Specialist

Alexandria VA foreclosures and bank owned homes are available in all price ranges, from starter homes and condos to luxury homes, so whether you are a first-time buyer or an experienced investor, there are opportunities available.  When you are ready to start your home search, be sure to contact a buyer agent who is experienced with these types of transactions.  From special financing to multiple inspections, there are more things to consider when buying a foreclosure in Alexandria VA.

For a current list of all the foreclosures and bank owned homes for sale in Alexandria VA, just click here.  For a complete list of Alexandria VA homes for sale including condos, duplexes, townhomes, and luxury homes be sure to visit Alexandria VA home searches or call me directly at 703-623-8759 to discuss your real estate needs.

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March 24, 2014

Lorton VA Real Estate Market Update - February 2014

Lorton VA Real Estate Market Update - February 2014

Lorton VA Real Estate - Did the winter weather impact the home sales in the Lorton VA real estate market? Take a look at what happened in the Lorton VA area for the month of February 2014.

Closed Sales vs New Pendings

The number of homes that sold were down for the second month in Lorton VA. In February, there were 23 homes that closed and settled, down three units from January's total of 26.  It looks like the snow didn't stop buyers from stepping out and writing offers.  The number of new pendings (newly accepted written offers) shot up from 25 in January to 36 in February.  That tells me that the homebuyers in Lorton VA are out there, and they're not wasting any time waiting for the spring market.

What is the median price of a home In Lorton VA?

 The median price of homes in Lorton was $388,950 in February 2014.  Condos in Lorton continued to remain affordable with a median sold price of $223,000; townhomes were $338,950; and single-family detached homes were $530,000.  All home types maintained their affordability vs the closer in area of Alexandria VA.

How long were homes on the market in Lorton VA?

Keeping in line with seasonal patterns, home in Lorton VA stayed on the market an average of 52 days in February 2014.  The interactive chart above shows the statistics for the past two years.  In December, January, and February of 2013, the average days on market was also 52 days.

What was the Average List Price - to Sold Price?

According to the statistics, buyers are starting to get the upper hand in Lorton VA.  In February, homes in Lorton VA were sold an average of 94% of their original list price.  This is the lowest average in the last two years for the Lorton VA area. Could this be the sign of a buyers market in Lorton VA?

Find Lorton Va Homes For Sale

For a complete list of available real estate in Lorton VA, visit Lorton VA homes for sale. If you're in the market to buy a home, be sure to subscribe to my automated HomeFinder service where you can create unlimited searches and never miss out on another Lorton VA home.  If you're thinking about selling your home in Lorton VA, call me at 703-623-8759 or click here to find out what's been selling in your neighborhood and what your home is worth.

See Also - Alexandria VA Market Report for February 2014

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Posted in Lorton VA
March 12, 2014

Alexandria VA Real Estate Market Update - February 2014

Alexandria VA Real Estate Market Update - February 2014
Days On Market Continues To Rise

Alexandria VA Real Estate - Even though the statistics show signs of increased activity, homes are staying on the market longer in Alexandria VA.  Here are some additional insights on the Alexandria VA real estate market for February 2014.

Closed Sales vs New Pendings

There were 100 homes that sold in Alexandria VA in February, up 10 units from January's total of 90.  While an increase in homes sold is in the positive direction, it's also positive to see how many home went 'under contract' or pending.  In February, new pendings were up for the second month reaching 178.

What is the median price of a home in Alexandria VA?

The chart above show the median prices for the different types of homes in Alexandria VA.  The median price of a condo was $255,375; a townhome/attached home was $510,000; and a single-family detached home was $790,000.  Overall, the median price of a home in Alexandria was $442,500 in February.

How long were homes on the market in Alexandria VA?

In February, Alexandria homes averaged 63 days on the market.  This represents the 6th consecutive month of an increased amount of time it takes for a home to sell.  This could signify the beginning of a shift to a buyers market, however, it's tricky to say if that's the case because we are coming off of a season of heavy snow and are entering the spring market.

What was the Average List Price - To Sold Price?

 

The average list price to sold price ratio continues to stay above 95% for homes in Alexandria VA.  In February, sellers were still holding strong by getting 96.6% of their original asking price for a home.

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Posted in Alexandria VA
March 8, 2014

VHDA Short Sale Agent Helps Homeowner in Alexandria VA

VHDA Short Sale Agent Helps Homeowner in Alexandria VA

Park Place Condos

Alexandria VA Short Sales - The year 2013 was called the 'year of growth' for many homeowners.  Property values improved in Alexandria VA as well across the country.  However, there are still some who are facing a financial hardship and need to sell their home for less than what it's worth.  In these types of situations, a short sale may be the solution.

Our client at 2500 N. Van Dorn Street Unit 1214 was approved for a VHDA short sale.  Not only was this short sale approved, but the lender agreed to accept the proceeds from the sale and forgive the remaining balance.  Can you imagine having the opportunity to start over, to rebuild your credit and cash reserves, without having to go through foreclosure?  That's what's possible when you are facing a hardship and can no longer afford to pay your mortgage.

This was an Alexandria VA high rise condo for sale, located off of I-395 and King Street.  The building amenities include secure entry, an outdoor swimming pool, desk concierge and package acceptance, fitness center, ATM in the lobby, and convenience store.  Inventory in the Alexandria VA real estate market is very low, so if you are in the market to buy a home, make a point to consider all types of home sales including short sales.

If you are ready to buy a home, choose an Alexandria VA buyer agent who has a proven track record with buying and selling short sales.  If you need assistance stopping foreclosure, contact me today by calling 703-623-8759.

Posted in Just Sold, Short Sales
Feb. 24, 2014

End Unit Townhouses For Sale In Alexandria VA

End Unit Townhouses For Sale In Alexandria VA

End Unit Townhomes

Alexandria VA Real Estate - So you're in the market for a new home and you've decided that you don't want a condo, but you also don't want all of the maintenance and upkeep of a detached home.  Buying a townhome seems like the logical choice.   When it comes to looking at townhomes for sale in Alexandria VA, you'll notice that there are two types, interior units or end units.

The most noticeable difference between the end units and the interior units is the amount of yard space.  If you're looking for more room for a garden, a small pond, or more exterior entertainment space, then an end unit might be the perfect fit for you.  The extra yard space also comes in handy if you have a pet.  A fence can provide the enclosed space for pets to get some exercise while not being confined to the inside.  Homeowners also find value in the ability to use the space for more storage.  That extra space is ideal for a storage or tool shed, and when fenced in, make the perfect hideaway for trash and recycle bins.

In addition to more yard space, end unit townhomes are usually larger in square footage, and the additional wall provides more windows for more natural light.  Some Alexandria VA townhome communities such as Stonegate, Cameron Station, Potomac Greens, Old Town Greens, and Old Town Village, offer luxury end unit townhomes with interior square footage of over 2500 square feet.  If these homes were built with structural additions such as a 2- or 3-story bumpout, then you'll find extra space in the upper level master bedroom, the main level family room or kitchen, and the lower level recreation room.  Another structural feature seen on many end units is to have the main entrance on the side as opposed to the front like with interior units.  This feature provides another level of uniqueness that is often a big 'wow' factor with homebuyers.

Many end unit townhomes in Alexandria VA can offer so much space and with an open floor plan, can make you feel like you're living in a detached home.  Below is a snapshot of the newest end unit townhomes for sale in Alexandria VA.  If this is the right type of new home for you, then take a look at all of the end unit townhomes for sale in Alexandria VA by clicking this link.

Whether you are looking at interior units or end units, working with an experienced Alexandria VA buyer agent can make a world of difference.  When you're ready to 'Make That Move' give me a call at 703-623-8759.

 

Related Home Search Links:

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Posted in Buyers
Feb. 24, 2014

Foreclosures For Sale In Alexandria VA - January 2014 Report

Foreclosures For Sale In Alexandria VA - January 2014 Report

Alexandria VA Real Estate - Finding a foreclosure in the Alexandria VA real estate market is like looking for a needle in a haystack, these days they are few and far between. These types of sales are not like traditional sales, the bank in charge of the sale will likely have different forms and contract documents to sign, and you may not have the opportunity to negotiate home inspection items.  Make sure you have an experienced Alexandria VA buyer agent who has sold foreclosures, to guide you through these types of sales.

Take a look at the interactive chart below:

 

The number of home sales in Alexandria VA declined sharply from December to January, but the amount of foreclosure activity remained low.  There were two bank owned foreclosures that sold in January.

 

The holidays have come and gone, and sellers who were waiting for the start of the new year have now entered the market.  In January, 200 new listings came on the market in Alexandria VA, and only four of the new listings were bank owned foreclosures.

Currently, there are 10 active bank owned foreclosures for sale in Alexandria VA.  The homes include 8 condos, 1 townhome, and 1 single-family detached homes.  The prices range from $144,000 to $879,000 so there is ample opportunity from the starter condo range to the luxury price point.

If you are in the market to buy a home in Alexandria VA, you should consider all of your options.  Make sure you are working with a reputable Alexandria VA buyer agent who understand the local market trends, and has experience both traditional and distressed sales as your guide.  To sign up for email alerts to be notified whenever a new foreclosure is listed in Alexandria VA, just click here.

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Feb. 10, 2014

Palazzo at Park Center Condos Alexandria VA | 2013 Sales Report

Palazzo at Park Center Condos Alexandria VA | 2013 Sales Report

palazzosign

Alexandria VA Real Estate - The Palazzo at Park Center is a subdivision of contemporary styled condominiums in Alexandria City, located off of I-395 and King

Street. These homes offer one- and two bedroom floor plans, some floor plans include a den for additional square footage. All homes in the Palazzo at Park Center also include a balcony (corner units have two balconies), washer and dryer, and garage parking. There are 392 units ranging from 726 square feet to 1,160 square feet. The top floor units also have vaulted ceilings and gas fireplaces.  The location, square footage, and parking make this an ideal community for many Alexandria VA homebuyers.

Palazzo at Park Center Condos For Sale in Alexandria VA

Palazzo at Park Center Home Prices for 2013

  • Number of Units Sold - 25
  • Number of One Bedroom Units Sold - 9
  • Number of Two Bedroom Units Sold - 18
  • Lowest List Price - $195,000
  • Lowest Sold Price - $195,000
  • Highest List Price - $310,000
  • Highest Sold Price - $302,000
  • Average Days on Market - 18

Here is a Google map location of the Palazzo at Park Center:


View Larger Map
If you are thinking about selling your condo in Palazzo at Park Center, your first step would be to request a comparative market analysis to determine how much it is worth.  The suggested list price would depend on the floor plan, condition, level, and the number of parking spaces.  As a top Alexandria VA listing agent, I successfully listed and sold two units in Palazzo in 2013.  With flexible commissions and a successful marketing plan that includes online, print, and social media, I have the tools to help you sell your Palazzo condo for top dollar.

If you are thinking about buying a condo in Palazzo at Park Center, your first step would be to find out how much you can afford so that you will know if you are looking at one-bedroom or two-bedroom units.  One bedroom units usually list for under $230,000, while the two-bedroom units sell for as much as $302,000.  Your lender will take into account the monthly condo fees when approving you for your mortage loan, and condo fees do vary depending upon the unit.  As a top Alexandria VA buyer agent, I also represented the buyer in one of the units sold in Palazzo in 2013.

Understanding the Alexandria VA community and the local market statistics is key to providing superior service.  If you need assistance buying or selling in the Palazzo at Park Center, give Tamara Inzunza a call today at 703-623-8759.

 

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Posted in Condos, Market Reports
Feb. 4, 2014

Alexandria VA Foreclosure Report for 2013 - Little to None

Alexandria VA Foreclosure Report for 2013 - Little to None

Alexandria VA Real Estate - If you were relocating to Alexandria VA and were thinking you could bring the foreclosures from your market with you, then you had another thing coming in 2013.  There was barely any room for bank owned foreclosures to breathe in the rebounding real estate market of 2013 in Alexandria VA.

 

Ten out of twelve months saw single-digit sales volume for bank owned foreclosures, so there was clearly not a whole lot of action.  Only in the spring market did we see double-digit volume of foreclosure sales, with March and May both closing 12 foreclosures in the month.

Did foreclosures take longer to sell in 2013? When the year opened, bank owned foreclosures were getting snapped up quicker than traditional resale homes.  Take a look below, and you'll see that from January to April, traditional resale homes stayed on the market longer to sell.

 As the year progressed, traditional sales regained steam and began to sell faster.  There are two months where it seems like the foreclosure listings did face some stagnation, in August and November.  In August, foreclosures had an average time on the market of 121 days, and in November just as high with 122 days.

Who got more money, the banks or the homeowners? In 2013, homeowners definitely had the upper hand with getting what they were asking for in terms of sales prices.

Throughout the year, Alexandria VA homeowners sold for over 95% of their asking prices.  Proving again that the spring time is the best time to sell a home, homeowners got the most for their homes in the months of April, May, and June.  In April, homes were sold at 98.1% of their asking price, in May, 98.3%, and in June 98.2%.  Bank owned foreclosures were the better deal overall.  In January, foreclosures sold an average of 83.9% of the the original asking price, and December ended with foreclosures selling for 90.2% of the original asking price.

In summary, the Alexandria VA real estate market did not see a high volume of foreclosure inventory in 2013.  These bank owned homes are not a significant part of the market, but the statistics show that the year 2013 proved to be very strong for the City.

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Posted in Foreclosures
Jan. 28, 2014

Another VHDA Short Sale Approved - Park Place Condo in Alexandria VA

Another VHDA Short Sale Approved - Park Place Condo in Alexandria VA

IMG_8045

Alexandria VA Short Sale Help - Alexandria VA real estate market statistics show that short sales are not a huge part of the market, so it takes an experienced agent who specializes in these types of transactions.  We are helping another homeowner stop foreclosure in Alexandria VA with a short sale.  Our listing located at 2500 N. Van Dorn Street - Unit 1214 is a VHDA short sale that has just been approved.  The list price is $89,000.

Should I Buy a Short Sale in Alexandria VA?

If you are in the market to buy a home in Alexandria VA, a short sale may be a good opportunity for you, but these types of transactions are not like traditional resales.  For example:

  • You should be flexible with your closing date.  It's a good idea to allow a minimum of 60 days for a short sale to be approved by the seller's lender.  This may take longer if there is more than one lender, or additional liens that need to be negotiatied such as IRS liens or delinquent HOA/condo fees.
  • You should be able to pay all of your own closing costs. Keep in mind that the homeowner is selling the home for less than what they owe, that means their lender is taking a loss.  The short sale lender may not allow buyer closing costs to be included, so it's a good idea to be well qualified and have your down payment and closing costs already in the bank.
  • Short sales are sold in as-is condition.  Typically with short sales, there is no negotiation of repair items.  You can still negotiation the home inspection contingency to be part of your offer, that way if you find the home inspection unsatisfactory you still have the option of cancelling your contract.

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Posted in Short Sales
Jan. 20, 2014

Celebrate Restaurant Week In Alexandria - Winter 2014

Celebrate Restaurant Week In Alexandria - Winter 2014

Are you looking to test out some of the fine establishments of Alexandria VA? Then prepare your palate for Restaurant Week, where you'll have the chance to test out different restaurants at an affordable price.

  • Where? - Throughout the City of Alexandria, including Old Town, Del Ray, and Alexandria West
  • When? - January 17-26
  • How much? $35 dinner for two, or a Prix-Fixe menu

Wanna see the menu before leaving the comfort of home? Take a look at the menu below:


 

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Posted in Things To Do