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Latest Round of Overpriced Condos in Arlington -- Clarendon & Ballston

Overpriced Clarendon Condos & Real Estate

It's time for a whole new round of overpriced Arlington Virginia Condos in Clarendon & Ballston.  Orange liners have a knack for living in the past in terms of the values of their homes.  Yes there were some crazy-A glory days where you could list that condo and have at least 5 offers coming in all with escalation clauses bidding it up.  It was a brutal market.  It led to my article on How to Win Against Mulitple Offers. 

But now we have a corrected market with equilibrium.  The demand is high, but the seller now has to be reasonable, i.e. price close to market value.  The reason demand is high is because Clarendon is the hottest market in Northern Virginia Real Estate.  Back in Nov. 2006 when the rest of Northern Virginia was experiencing 20% fewer transactions compared to Nov. 2005, Clarendon (22201) was rippin' it up with 20% increase in transactions compared to 2005.  Yet prices did correct in 2006 and in some cases owners lost 20% of their value very quickly...not just due to the buyer revolt but because some new condos delivered that now made older condos on the orange line worth much less than they had been.

Thinking about buying in the area, read my Ultimate Buyer's Guide for Condos in the area.

More Overpriced Condos in Arlington Virginia 3-1-07

 

1. 1001 N Randolph:  4 units at Eastview have tried to list there the last 8 months or so around this price and all have expired or been withdrawn.  Here's a hint!  Look at the comps, Mr./Ms. Seller!#!#!   A unit did sell at this condo's little brother, Westview, for $528,990 with a $40,000+ seller subsidy in Nov. 2006.  Now that guy got a bargain for 1200 sq. ft.  This home is probably worth around $525,000.  But wait!  There's more to the story I just noticed.  This same condo #219 was listed as having 995 square feet when it failed to sell last year at a lower price.  Now the square footage is listed at 1198.  So did this condo get off of his diet and expand a bit????!!!
2. 2001 15th St N #1403:  Ah!  The Odyssey.  Need I say more?  This is the best condo in Northern Virginia.  However this unit offers 898 sq. ft. for 1BR/1BA.  Views are great but not of the monuments.  The 2BR/2BA units generally sell for $650ish for 1100 sq. ft.  Therefore this unit could very well be $100,000 overpriced.  A bare minimum is this is a $65,000 overpriced Clarendon condo if being high up saves the day.  If you're going to overpay, you might as well overpay in the Odyssey.   Or maybe this owner is trying to outdo some of the Seller's at Lyon Village who have been smokin' crack with their list prices the past few months.
3.  1021 GARFIELD ST N #821: So why is this 1BR listed at $525,000.  Oh!  It's a listed FSBO.  You see FSBOs (for sale by owners) are notorious for pricing their homes way too high.  Ironic since they are paying less in fees.  You see Mr. Seller, you have 1BR/1BA, not 2!#!#!  This condo is worth $475,000 at the most but maybe even less....
4. 1021 GARFIELD ST N #907:  The last 2/2 sold for 575K in Sept. 2006.  It did not have the higher floor or view...but is that worth $150,000????   That's the big question.  I think if it doesn't sell for 6 more weeks, after all it started at $800,000 back in May 2006 if I recall, then they better drop pronto down 689,000 before they get stuck in the summer market....
5. OOPS!  My bad.    This is priced realistically the comps prove it.  Good  luck you have my blessing Mr. Seller and any Purchaser who are interested.  2 parking spaces!
6. Sorry you've owned this just over a year (jan. 2006 for $520,000), Mr. Seller.  You see the buy at any price and sell much higher a year later stopped back in Fall 2005.  [let's give Seller benefit of doubt.  There could be one of those life curve balls at play here versus a speculator].  Anyway another 2 level unit with 2 garage spaces listed at $545,000 and is under contract as of last month.  Therefore this Arlington condo with 1 garage space is a good $50,000 overpriced!#!!#!  Not to mention the high condo fees at Courthouse Hill....
7. 1201 GARFIELD ST N #611:  This is good...the owner, "Ms. Seller", contacted me about what her condo was worth.  After all, if you're going to sell your condo, why not use the realtor whose website has the top 2 results for Google with "arlington virginia condos"?  I bring 200-300 unique visitors a day from around the country to my website.  So that's how to get exposure for your Arlington condo.  Anyway, I told her with comps it was worth about $535,000.  Demand is higher now so listing at $569,000 and negotiating might be reasonable.  But listing at $625,000 for a bare 1000 sq. ft. is pathetic.  At least $50,000 overpriced.  Ms. Seller, if you're going to be difficult, modify the price to $599,000 and be difficult from there....Give me a break   Buyer beware!
8. 1021 GARFIELD ST #921:  This one is funny The condo only has 1000 sq. ft but is listed at $734,000.  At least the overpriced guy with the view on the 9th floor above has 1244 sq. ft.  The remarks say the Seller is motivated and to make an offer.  Well then why is the home $100,000+ overpriced if the owner is so "motivated"!#!#  I see in the tax records that is assessed by the county for $584,000 in 2006.  It's worth about $550,000.  I have a feeling a good person (Ms. Seller) may have got stuck in an upside down situation which is always a tragedy & not funny.  Tax records are not showing when Seller purchased it or what they paid....Worth about $585,000 at the most with the 2nd parking space.  May only be worth $560,000.
9. 2801 LEE HWY #301:  A bunch of these Lyon Hill condos have gone up for sale since they delivered in 2006.  No doubt most of them were for sale by speculators who really purchased about 18 months too late.  You see one of these closed for $670,000 in August so the Seller's desire for $800,000 is a joke!  Others have also listed this high in this building.  DO NOT BUY THEM if priced too high!
10. 1021 GARFIELD ST #914:  So this bedroom + den listed originally for $628,000 back in May 2006.  I don't know how people could be so stupid or unrealistic....What!  Are the floors made of gold in this unit!#!#!   Previous unit of this size sold for $557,500  There is just 1 bath.  That's not going to change...even if you can see the monuments while...using that bathroom.   Anyway their price is close now to being correct so it should not have been included in this list.  But the initial sales price in May 2006 when it was known that the market was correcting says something about the parties involved....
    
11. 1021 GARFIELD ST N #732: It does not mention the view and it has been on the market 308 days so it is overpriced.  Is worth no more than 500ish.  I doubt they'll listen and they've probably received other offers of this size and turned them down. 
    

Sellers, stop ruining the party!  There is a lot of demand with lots of 2006 buyers ready to put down $$$$.  Price your home closer to market value please.  If you're home has been on the market for 100s and 100s of days...maybe it's overpriced?  Just a thought!


Feel free to use the airplane icon to email this to a friend or digg it below if this article is worth others viewing.  And agents, bring...it...on!

Date: 2007-03-01 19:46:02
Views: 6009

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