Braemar Property Values: July-August 2011 (Courtyard Series)
The real estate market in Braemar is strong. Demand is outpacing supply in our overall community. However, Braemar Courtyard homes do not always benefit from the buyer demand. And to understand why, one must first understand the unique features of a Braemar Courtyard home that require a specific type of buyer.
A Braemar Courtyard home is a one of three different models that share a private courtyard driveway and have very small yards. Models include the Arlington, Ballston and Clarendon.
Unlike last report (May-June 2011) there was only one resale in the Braemar Courtyard homes for the past two months. It was a Ballston model that listed for $327,500 and sold for $305,000. As the Listing Agent for the property I can tell you that the sale is not indicative of what every Braemar Courtyard home owner would face. To read specifically about what made this sale different, click this link. For the purposes of this report, its sales price for $305,000 becomes the new average market value for Braemar Courtyard homes. That means a decrease of nearly 5% since last report and a decrease of over 14% since the same reporting period this time last year.
This report will indicate that if you placed your Braemar Courtyard home on the market, priced to current market conditions, you would have it under contract in about five months. However, given the situation that surrounded this particular sale, I think applying the days on market to other Braemar Courtyard home sales would be inaccurate. The same may also apply to the lack of closing cost assistance since this was a rare cash buyer.
The next Braemar Property Value Report will be out in November and will detail sales from September and October. Hopefully we will have more than one sale to report at that time. Until then, if you are contemplating putting your Braemar Courtyard home on the market, feel free to call for a free customized analysis of your specific home's worth. As a Braemar home owner and full-time Bristow real estate agent since 2005, and a Short Sale Specialist since 2007, I can help you get top dollar for your Braemar home no matter your equity position. And remember, no one knows Braemar better!
Chris Ann Cleland, Associate Broker-Licensed in Virginia, Long & Foster REALTORS®
Other Braemar Property Value posts for the period of July-August 2011:
Arista Series (large single family homes built by Brookfield Homes)
Carriage Series (smaller single family homes with detached garages, built by Brookfield Homes)
Heritage Series (mid-sized single family homes built by Brookfield Homes)
Townhouse Report (separated into Garage and No Garage categories)
Condo Quarterly (condos known as Barrhill at Inverness Village)