We all want to know how the rich guys are doing but most of us aren't in their category. So when the multi-million dollar homes change hands we can ohhhh and ahhhh but we know we probably won't be buying one soon.
However there is the other end of the market. The lower end, no I mean the lowest end of the market where homes seem to be flying off the market. So how low can you go and pick up a home in the Northern Virginia area? Low varies from county to county in our area.
In Arlington the lowest priced sale so far in 2009 (as recording in the MLS) was:
A property on MONROE ST S which sold for $177,000 with a $5000 seller subsidy. What did the buyer get for that price? A 2BR/1BA 672 SF detached home on a 5250 SF lot.
In Alexandria the lowest price sale was:
A home on Glebe road sold for $255,000 with a $7650 seller subsidy. For that price the buyer scooped up a 2BR/2BA Bungalow with 1128 finished SF and an unfinished basement.
Heading further South into Fairfax County buyers managed to score an uninhabitable Cape Code for $77,500 on a 6572 SF lot. I hear the bulldozers warming up now
In Fairfax City a 4BR/3BA, which is a stretch, sold for $145,000.
In Falls Church City you can't buy anything "cheap". In fact the lowest priced sale this year was a property listed at $267,000 that sold for $353,000. Yes that is right it sold for $86,000 more than list price.
If you are honestly looking for a bargain then Prince William County might just be the one that has the winning number. A brick rambler sold for an incredible $35,000 and it was still standing. In fact in Prince William County there have been 136 properties that have sold for under $100,000.
What does this mean? As anyone can see the prices closer into the city are still higher than those further outside the beltway. It also shows that for savvy buyers who are looking to invest in their first home, add to their investment portfolio with real estate or scoop up some property for a future new home, that there are prospective properties that might be what you are looking for.
If you are looking for a home in any price range in Northern Virginia give the Cindy Jones team a call at 703-346-2213. We are out everyday looking through properties in all conditions from new, almost new to tear down and can provide you with insight in the home buying and investment process.
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