Two months ago, I started the Braemar Condo Quarterly. This is the second edition of that report. It is simply a look back at condo sales in the community of Braemar to determine average sales price, market activity and set expections of Braemar Condo Sellers and Buyers.
The second quarter of 2010 is definitely showing a lack of sales activity when compared to the seven sales of last quarter. There was only one sale in the entire three months, a unit with a garage. Therefore, the average, high and low sales prices below are identical.
At the time of this report, there is one Active listing and two listings Under Contract. All three, and even the one sale for this quarter, are all Short Sales. Short Sales can test the patient of the Buyer and Seller, but are not impossible to close. A very important component to getting a Short Sale Approved is having an experienced Northern Virginia Short Sale Listing Agent.
If a Braemar Condo Seller placed their home on the market and priced it to current market conditions, this report indicates they would be on the market for nearly two months before going Under Contract. Of course, I suspect that if a Braemar Condo Seller that was not facing a short payoff on their mortgage and could settle quickly, this number would drastically decrease...maybe to as few as two weeks time.
A Braemar Condo Seller could also expect a Buyer to ask for 3% of the sales price in closing assistance. Again, this is based on one sale. I imagine a regular sale would also have that number decrease as Buyers swarmed to compete for a home that didn't involve the same uncertainty as a Short Sale.
If you are thinking of buying or selling a Braemar condo, give me a call. No one knows Braemar better!
And until next report, get out there and enjoy the rest of your Summer. Those pools in Braemar are calling your name.
Chris Ann Cleland, Realtor, Licensed in VA, Long & Foster