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Latest Overpriced Condos in Clarendon, Ballston & Courthouse -- V

Overpriced Clarendon Condos & Real Estate

Overpriced Arlington VA Condos in Clarendon, Ballston, Courthouse & Rosslyn

If you're considering purchasing a condo in the area  read the Ultimate Guide for Buying Arlington Condos in Clarendon.

[a new overpriced condo listing got emailed to me by my good friend Frank of FranklyRealty.com who is one of smartest realtors I know out there--of course I'm the smartest realtor of all though since a good portion of my readers don't realize that's what I am.  He pointed out a 1BR listing at $499,000 in Clarendon 1021 with 780 square feet #919.  So it's number 8 below on the overpriced condo list.  Anytime any of you are suspicious of overpriced condos send them in and I'll check them out when I can or write me directly.  They have to be very overpriced for me to include them in the blog though.]

I've been so busy writing contracts and doing the first big family vacation with my relatively new family (see about Jay) that I haven't scanned the market for overpriced listings in awhile.  By the way, for those of you with families or that will be on that path in the near future, I highly recommend the Honda Odyssey van to make your life much easier.  I may even have to start a Honda Odyssey group at Facebook as I'm so jazzed about ours. As it's been 3 weeks since I last blogged I think I have case BD that affects many bloggers.  It's rather embarrassing of course to suffer from Bloggerile Dysfunction but I'm hoping a bottle of Writeagra will put me back on the write path again.   

So let's the get the party started, educating you & myself on the Arlington Virginia Condo market for Clarendon condos & Ballston condos in particular.

Arlington Condos that Need to Lower Their Price!

1. 1021 GARFIELD ST N #507 $639,000 This is a 2/2 in the well known Clarendon 1021 building.  It boasts 1137 sq. ft and 2 parking spaces.  Yet there is another active listing--albeit on the 1st floor--for $574,900 that has been active 3 months.  Another with 1300 sq. ft. is under contract now that listed at $587,000.  Unit #324 is active at $579,000 that is slightly larger (1 car garage--but that doesn't impact many buyers),   This and another unit there are trying to base their value on a sale recently of $610,000 of unit #226.  However, I do think that buyer overpaid as 8 homes in the 600s in Clarendon 1021 have expired or withdrawn this year.  This home should be relisted at $599,900 to be more accurate of its real value. 
   
2. 1220 FILLMORE ST N #909 for $655,000  This is a 2/2.5 in Station Square just 1 block to the Clarendon metro.  It's a great building and doesn't have so many units that it feels like a college dorm.  Any recent sales of this size unit 1176 sq. ft. are non-existent in the MLS, but there are some sales we can use as a frame of reference.  2 units there with 1400 sq. ft have sold for $655,000 and $666,000.  The square footage is much more important than an extra half bath that 2 people use twice a year when you have a dinner party.   So it should be relisted at $619,000 at the MOST if you ask me.  It's market value is debatable which is a scary scenario from a buyer's perspective  
   
3. 1050 TAYLOR ST #1-701 for $490,000  This guy is pathetic.  It's essentially a listed FSBO and they tend to be the most overpriced listings along w/ investor flippers.  I kid you not...his neighbor 1 door away just sold his for a net of $438,000 of the same size.  This one needs to relist prontisimo (spanglish for really fast) at $449,000 but not past $459,000 at the most.  
4. 1200 HARTFORD ST #507 for $589,900 This condo in The Hartford just a block to the Clarendon metro is one of my favorite buildings.  There are not many units in the building compared to others.  I'm not the expert on construction but it seems like a well built building from how it feels.  I've always thought that.  However this unit offers just 985 square feet.  Essentially it's a 1BR+den with a 2nd bath.  It's worth no more than $525,000ish.  Although it may be worth less.  The BR+dens sell for $495-500ish at Clarendon 1021 so add a 2nd bath and subtract away the values of all the amenities Clarendon 1021 brings to the table and you get an estimated value.
5. 1201 GARFIELD ST #413 for $699,000 in Station Square is a 2/2.5 of 1139 square feet.  Since the 1400 sq. footers sold around $660,000 then these guys need to drop the price to $639,900 to be reasonable.
   

More Overpriced Condos in Arlington VA in the Clarendon & Rosslyn & Courthouse Areas

         6.  I have removed all comments at the request of the owner.  It was taken off the market back in Summer 2007 soon after listing.  I will refrain from commenting on this unit in the future.
          7. 1423 RHODES ST N #401 for $679,000 is a new condo with just 8 units available.   And I must say the buildings are attractive.  However, I don't know of any SOLD in the building yet, meaning the value is unestablished.  If there are solds the builder hasn't wanted to make it known in the MLS which raises its own concerns about much lower SOLD prices.  And if I'm representing a buyer, that is very uncomfortable territory--unestablished market values.  If the 1400 sq. ft. is selling for $660,000 at Station Square 2 blocks to metro with a pool and other amenities, then one has to go backwards from there.  1423 offers slightly less sq. ft. and is MUCH further away from the metros and nightlife compared to Station Square.  8 blocks to the Rosslyn metro and about 5 to the Courthouse metro.  I don't think it has a pool or exercise room.  I'd be leery of being the 1st to buy in this building for these reasons.  I can't imagine paying more than $600,000ish given the comparison of value with Station Square.  And that might be too high....
             8.  1021 GARFIELD ST #919 for $499,000 Clarendon 1021.  This unit has 780 square feet and was just purchased in August 2005 for $425,000.  It boasts of being Fully FURNISHED w/ high-end leather furniture.  Well I don't really want leather furniture--although it would be great for catching the throw-up of my 7 month old versus the cloth couches I have now.

It's assessed value by the county went down versus up in 2007, yet they are trying to sell it much higher.  Interesting.  Comps earlier peaked at $430ish but for units on that 9th floor, but since the same sizes even though a few floors down have been in the low $400,000.  Unless this is a dead on monument view scenario--and it's not or they would have stated as much--they are grossly overpriced by $75-85,000.  And some units of 750 sq. ft have settled recently for under $400,000 even on the 5th floor.   Your free luxury furniture trick isn't going to get past the appraiser so you're wasting your time even if you do find a buyer. 

Articles on Odyssey, Clarendon 1021, Phoenix Condo & Station Square

Coming soon....

Date: 2007-07-22 09:40:00
Views: 6877

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