Just Sold in Parks at Piedmont: Three Bedroom Condo for $185,000
This one car garage condo in Gainesville's Parks at Piedmont South Condominiums hit the market priced at $194,900 on April 18, 2012. It immediately appealed to down-sizing and first-time home buyers. The problem is that every one of our buyers needed a loan to purchase. Parks at Piedmont Condos have been troubled by high delinquency rates for a long time. When I called the Property Manager and inquired about the last recorded delinquency rate, she told me it had been 34%. That's a long way off from the 15% or less that underwriters of even conventional loans want to see. So we had to focus on getting a cash buyer. That meant a price reduction to $190,000 after only ten days on the market.
Fifteen days after the price reduction our buyer found us. A cash buyer offering $185,000. My sellers snapped it up. And since it was an investor purchasing the home, they were able to negotiate a rent back until their next home was ready for them. The condo sold for $185,000 on June 7, 2012.
I imagine there are a lot of buyers out there that would love to live in a Parks at Piedmont condo in Gainesville. Some may even be getting their hopes up about buying one. This is where working with a full-time local real estate agent helps. Agents local to Gainesville who are actively engaged in the business know the pitfalls that are facing certain condo developments and we are keeping close watch on the situation.
If you are interested in buying or selling a Gainesville, VA condo, give me a call for a free market analysis.
Chris Ann Cleland, Associate Broker-Licensed in VA, Long & Foster REALTORS®
703-402-0037, ChrisAnn@LNF.com, www.NVARealEstate.net
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