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.

Besides keeping up with the prices in Port Potomac, I've also been tracking the change in the number of distressed properties in the neighborhood.

Taking a look back to 2008 here is how short sales and distressed properties are tracking.

Year Total Sales Short Sales Foreclosures
2011 35 9 5
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.

Currently there are 10 short sales and 2 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.

Take a quick tour of the Detached homes and Clubhouse in Port Potomac

Port Potomac Homes For Sale

                No Hassle-No Pressure-Just Straight Talk About The Northern Virginia Real Estate Market

If you are interested in learning more about the Northern Virginia Real Estate market including Alexandria, Arlington, Fairfax and Prince William Counties give Cindy Jones and CJ Realty Group, Inc a call at 703-346-2213. 

Military Relocation Specialist serving military families relocating to and from the Pentagon, Fort Belvoir, Quantico MCB and all of the Military District of Washington installations. 

Check out www.varealestatetalk.com and www.cjrealtygroup.com for more information.
CJ Realty Group Woodbridge VA 

Licensed in Virginia



 

 

 
This post has been included in Virginia Real Estate News Prince William County, VA Real Estate News Woodbridge, VA Real Estate News Port Potomac (Woodbridge, VA) Real Estate News
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8 Comments on Port Potomac-Tracking The Changing Market In the Neighborhood

OCT
21
2011
630,210 Points 7 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Great market report Cindy !
8:01pm • #1
OCT
22
2011
388,883 Points 21 Featured Posts Outside Blog Called Shot Master

Cindy, I just posted my take on New Construction in our area and how its heading. Good News.
12:08am • #2
1,524,617 Points 163 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Thanks Hannah.  Always happy to see your smiling face.
7:56am • #3
1,524,617 Points 163 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Ellen-I'll head over to your post and see what's happening.
7:57am • #4
228,103 Points Called Shot Master

Good to see the market in Port Potomac continuing to improve.  The new construction by M/I home and Ryan are both moving well as we can attest to your buyer's under construction.
8:34am • #5
1,524,617 Points 163 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Pat-Port Potomac is continuing to see the backlog of upside down properities clear out/ 
8:42pm • #6
OCT
23
2011
1,344,201 Points 71 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

So glad to see the number of foreclosures decreasing up there! That is always wonderful news!
10:37am • #7
1,524,617 Points 163 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Barbara Jo-a decrease in distressed properties is always a move in the right direction.
7:27pm • #8

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Cindy Jones-Northern Virginia Real Estate & Military Relocation Services

Woodbridge, VA

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CJ Realty Group, Inc.

Address: 12804 Marblestone Drive, Woodbridge, VA, 22192

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