Nov. 12, 2008- Arlington, VA Real estate Market Observations:
Found several N Arlington condos heading for foreclosure auction in the next two weeks. The disturbing thing is that these are coming on from the most prized areas of N. Arlington. Saw one 2bdrm/2fba at the Odyssey heading for the auction block later this month. That building was popular and expensive when delivered in 2006. This was also a period in our credit markets where credit was cheap to say the least. I'm sure many if not most of these units were financed using now the infamous "100% financing"! And needless to say, are under water! But among the rubbles, there are gems to be found in the foreclosure markets:
Found a 2bdrm 2fba unit in Lexington Sq. will be going to auction for the 1st trust amount. Since the owner purchased this back in 2001, pre-bubble era?, the 1st trust amt. should be in the mid $200K.
There's a similar 2bdrm 2.5 fba unit at the newest delivered condo complex in Clarendon for a price you haven't seen, even from the builder back in 05 when they were selling this stuff...
Email or call me for more information on this gem or if you are in the market for a property and would like to catch a bargain, rather than a falling knife, please see below for ways to contact me.
**Ask to be on my sifted list for Arlington or DC's Pre-Foreclosures!
Theresa Kim, Real Estate Specialist
Licensed in VA, DC and MD
Re/Max Allegiance-McLean Office
6226 Old Dominion Dr.
McLean, VA 22101
Do you know anyone who will be moving in or out of the DC metro area? Your referrals are really appreciated!