Braemar Townhouse Report: July-August 2011
Like it or not, Braemar residents are seeing the beginning of the fall season. The kids are back in school, the pools are closed and there is a chill in the air. It won't be long before the leaves turn shades of gold, red and orange. I for one love fall, but there's something else I love more. Rising property values in Braemar.
Let's take a look back at the Braemar townhouse market for the last two months of summer. You're going to like what you see. As always, Braemar townhouses are divided into two categories for the purposes of this report: Townhouses with No Garage and Garage Townhouses.
Bramear Townhouses with No Garage saw only one resale during the months of July and August. That sales price of $245,000 now becomes the average market value for the No Garage Townhouses. This means a 21% increase since last report (May-June 2011) and over a 12.5% increase in value since the same reporting period last year.
If you placed your Braemar Townhouse with No Garage on the market, priced to current market conditions, you could expect your townhouse to be under contract in about one month. You could also expect a buyer to ask for an average of about 2% of the sales price in closing cost help.
The demand seems to be for Braemar Garage Townhouses. These homes saw seven resales during the months of July and August. The average of those seven sales prices gives us our new average market value for Braemar Garage Townhouses of $252,986. That's over a 13% increase since last report and a nearly a 1/2% increase since last year.
If you placed your Braemar Garage Townhouse on the market, priced to current market conditions, you could expect to have it under contract in a little over two weeks. You could also expect a buyer to request an average of over 1.5% of the sales price in closing cost assistance.
The next Braemar Townhouse Report will be out in November and will take into account sales during the months of September and October. Until then, if you are thinking of selling your Braemar townhouse, I'd be happy to give you an estimate of your home's specific value in the market. No matter your equity position I can help. I've been a full-time Bristow real estate agent and Braemar resident since 2005, and a Short Sale Agent since 2007. 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)
Courtyard Series (executive style homes, five to a private entrance, built by Brookfield Homes)
Heritage Series (mid-sized single family homes built by Brookfield Homes)
Condo Quarterly (condos known as Barrhill at Inverness Village)