The Latest Overpriced Condos in Clarendon and Ballston

This is one of my favorite regular posts to make...probably each month I find time to do it. There are times showing property when I just have to tell me buyers, "I'm sorry about the price on this one. The owner just doesn't get it. He's still trying to sell his home at the peak price of 2005." Often the investors are the worst about this. Also the FSBOs tend to be guilty as well more often than the regular listings by listing agents. I had compiled this list a few weeks ago but was too busy to post. Since several have been withdrawn, expired or dropped their price. So here's what's left of that list of Clarendon and Arlington Condos and a few newcomers in the last 10 days. And any time search the cutting edge Arlington Virginia MLS by clicking on SEARCH MLS.

1. 1210 Taft must have some unique issue going on to have been listed for over a year at this price (maybe even higher originally). When I first glanced at it last month I said it should be listed at 299K at the most. Sure enough another 1BR unit listed at 299 and in 12 days is under contract although it was very renovated with granite countertops, stainless steel appliances, etc.
2. Now the atrium condo had its day. No doubt it was the cutting edge luxury condo at one time. But that was then and this is now. It now worth about $525,000 tops with its $525/month condo fee. Originally listed at 675,000 over a year ago; now that's hubris or ignorance. The beautiful pink bedroom and red bathroom isn't exactly helping their cause:

3. The Williamsburg is one of my favorite buildings on the orange line. It has a great gym that is almost as good as Odyssey or Clarendon 1021. The floor plans are great in some of the units. They are very spacious and yet retain a low condo fee--just $305 for 1300 sq. ft. That's great! Nonetheless this unit has been listed for 200 days. It's a great home that is very renovated with stainless, wood and granite. However $649,000 isn't realistic. It should be withdrawn till February and then drop the price to $599,000. You'll get some contracts right away....
4. 130 Bedford--now this one is pathetic. The units with a 2nd full bath are only selling for $385-415K. Now why would I pay $439,000 for 1 full bath for a unit without stainless appliances, granite, bosch dishwasher, etc. Why pay more for less? That's not how it works people. Get a clue!@#!@##
5. Woodbury Heights...actually this one isn't so bad in terms of value. There is a 2nd parking space but it does not have the great wooden floors that previous comp sold for ($510,000--keep in mind both of these are monument view listings). Also that was in the summer so you can back at least 5% in terms of value. Still $475 is a good place to negotiate from seller side. I will say that this is one of my least favorite buildings. Absolutely depressing to walk into. It could use some light inside the hallways as its so dark in there.....
6. Unit is in excellent condition but 2 previous comps are at $345,000, and those were from the summer. The price is hopefully a point from which they will negotiate down to at least $365,000.
7. skipping to the Wooster and Mercer Lofts. I'm sure they're beautiful inside, blah blah blah. You don't sell 1500 sq. ft. condo for 900,000 that does not overlook the monuments. It doesn't work that way. They need to drop down to at least $775,000 for the 2BA/2BR for 1500 sq. ft.. I'm giving serious slack here because it does sound like a unique building with some 22 high foot ceilings. Although it just has 1 parking space. Can you imagine paying $900,000 smackeroos for 1 parking space. The 1BR/1BA at Wooster and Mercer Lofts at 819K should come down to at least $655,000 for its 1100 sq. ft. Now the unit with 1700 sq. ft. for $999,900...I'll say the jury is out on that one. The town houses at Courthouse Hill sell in the 800s now for almost 2000 sq. ft. and the 900s for Clarendon Park townhouses so it's hard to imagine that much money without a view of the monuments. I believe they'll need to come down at least $100,000.

8. And for Monroe at Virginia Square with its 1300 sq. ft. it's value is probably more around $699,900 with its 1 parking space. It's gorgeous inside but with a $604.00 condo fee each month the value isn't there. I can get the crystal clear views of the monuments or National Cathedral at Odyssey for $650,00ish for a similar size. Not to mention the condo fee is MUCH lower at Odyssey. Let me redo this one; it's value is about $625,000-650,000. Sorry to burst your bubble folks....

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This blog entry currently has 2 comments posted.

Sebastian

Hehe, i like this blog.

Jay Seville

Why? Then have you sent it to DIGG or Furl by clicking on the icons and letting the world know they should take a look....Please do as not many know about this blog yet.

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