Braemar Condo Quarterly: April 2012-June 2012
We are more than halfway through the year. Time for another look at resales of condos in Braemar. Unfortunately, just like the first quarter of the year, the second quarter is showing absolutely no closed sales of Braemar condos either.
There has been some activity, but nothing that has made it to the settlement table. Near the end of last October, a one car garage condo went under contract while listed at $195,900. It was a Short Sale. As a Short Sale Agent myself, I can tell you that the fact that this has still not closed is not typical. Short Sales generally take about three to four months to get to closing after you receive a contract and submit it to the bank. It can be much shorter if there is only one loan on the property.
There was another one car garage condo, also a Short Sale, that hit the market in the middle of May. It was priced at $219,900 when it went under contract about a month later. If all goes smoothly, this one should definitely be showing up in our third quarter report.
Listed at the beginning of this month, July, there was a condo without a garage that hit the market at $204,900. Another Short Sale. I suspect it will be under contract before the end of the month.
And there was one listing, another Short Sale, that withdrew from the market in May. It had been listed less than one month. Let's hope this was a good indicator and that the Seller was able to stay in their home. Sadly, most times a Short Sale is withdrawn from the market, it is because the home went to foreclosure.
Clearly, the importance of hiring an experienced Short Sale Agent is critical to success or failure of the listing. Getting started before you are in imminent danger of foreclosure is another key to success. I've been a Short Sale Agent since 2007. I've been specializing in Braemar since 2005. If you need to sell your Braemar condo, give me a call for your free market analysis.
The next Braemar Condo Quarterly will be out in September and we'll hopefully be able to share some SOLD figures with you. Until then, enjoy your summer.
Chris Ann Cleland, Associate Broker-Licensed in Virginia, Long & Foster REALTORS®