With all of the new development that has taken place and is still taking place along the Route 1 corridor in Prince William County you are going to find communities where either investors or adjustable rate mortgages are taking their toll. 

A recent tour of homes in the Port Potomac neighborhood shows what you might expect to find in some of the Prince William communities built since 2005.  There are currently 12 detached homes for sale not counting the builders inventory.  The homes listed for sale range in price from $330,000-$599,135 based on size, location or owner status. 

The highest priced property listed is owned by an investment group and leased back to the builder, a practice that was common when the market was hot.  The lowest priced listing is a short sale that the agent is suggesting will be the lowest price for detached home sale in the community ever, which isn't correct since a foreclosure sold for $280,000 in January 2009.

With the exception of one property, which is a foreclosure, all of the other detached home listings are short sales.  The sales since the beginning of the year have all either been short sales or foreclosures.  So what does this mean for buyers?  It means that you need to be cautious and you need to be patient.  Port Potomac does offer a number of great amenities.  The club house is designed after the Governors Palace in Williamsburg has indoor and outdoor pools, a fitness center and business center.   There is easy access to two VRE stations and the new Wegmans grocery store is only a few minutes away.

If you are a buyer looking at the Port Potomac neighborhood give the Cindy Jones team at call at 703-346-2213.  We have successful negotiated foreclosure and short sale deals in the current Prince William County market and know how to work with local lenders, FHA and VA appraisers and home inspectors to protect your interests when buying a lender owned property or short sales.