Over the last few years I've had the good fortune to list and sell a few properties in the Port Potomac neighborhood in Prince William County Virginia. As one of the newer communities in eastern Prince William County the impact of the downturn of the real estate market was readily apparent as the sales prices for the neighborhood plummeted and the number of short sales and foreclosures skyrocketed.
Recently in working with a buyer looking at new construction in the neighborhood they asked, "how many short sales or foreclosures have sold in the last few years?" Great question. Time to do a little research in the MLS to see if the flood of short sales and foreclosures had stopped or slowed down.
Here is what I discovered looking back to 2008.
| Year | Total Sales | Short Sales | Foreclosures |
| 2011 | 16 | 1 | 1 |
| 2010 | 66 | 25 | 13 |
| 2009 | 68 | 23 | 22 |
| 2008 | 83 | 8 | 53 |
It would be easy to take a few guesses as to why there was such a high number of foreclosures in 2008. Strategic defaults, lenders who were quick to foreclose, lack of experienced short sale agents, lack of lender process for short sales or none of the above. However what isn't a guess is that the numbers of foreclosures has dropped every year since the high number in 2008.
To date in 2011 there have only been two distressed properties sold in Port Potomac. There are more distressed properties in the neighborhood that have not settled yet this year. Currently there are 12 short sales and 1 foreclosure under contract but even with those properties remaining to be settled, the number of distressed properties appears to be on a steady decline.
Most of the sales in Port Potomac in 2011 so far have been new construction. The builders are offering competitive prices and a range of incentives making new construction a viable option. It is nice to see Port Potomac on the rebound from the bottom of the market. If you are considering buying in Port Potomac give Cindy Jones and CJ Realty Group a call at 703-346-2213. Let our experience and knowledge of Port Potomac work for you. No hassle, no pressure just straight talk about the Northern Virginia real estate market.
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