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Number of rooms required? Beds 1 2 3 4 5 6 7 8+ Baths 1 2 3 4 5 6 7 8+

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MAP

Select a Starting Point: No Preference Accokeek Aldie Alexandria Annandale Annapolis Arlington Arnold Ashburn Baileys Crossroads Bealeton Beltsville Bethesda Bluemont Bowie Boyds Bristow Brookeville Burke Burtonsville Calverton Catharpin Catlett Centreville Chantilly Chevy Chase Clarksburg Clifton Clinton College Park Crofton Crownsville Damascus Davidsonville Derwood Dulles Dumfries Edgewater Fairfax Fairfax Station Falls Church Falmouth Frederick Fredericksburg Gainesville Gaithersburg Glenn Dale Goldvein Great Falls Greenbelt Hamilton Hanover Haymarket Herndon Hyattsville Kensington Lanham Laurel Leesburg Lovettsville Manassas Manassas Park Marshall Mclean Middleburg Millersville Mineral Nokesville North Potomac Oakton Occoquan Odenton Oldtown Olney Pasadena Poolesville Purcellville Remington Reston Rockville Round Hill Severn Severna Park Shady Side Silver Spring Spotsylvania Springfield Stafford Sterling Stone Ridge Suitland Takoma Park The Plains Triangle University Park Upper Marlboro Vienna Warrenton Washington Winchester Woodbridge Choose a property type: All Property Types Detached Homes Condominiums Townhouse Multi-family Land Commercial

What is your price range? No Minimum $25,000 $50,000 $75,000 $100,000 $125,000 $150,000 $175,000 $200,000 $225,000 $250,000 $275,000 $300,000 $325,000 $350,000 $375,000 $400,000 $425,000 $450,000 $475,000 $500,000 $525,000 $550,000 $575,000 $600,000 $625,000 $650,000 $675,000 $700,000 $725,000 $750,000 $775,000 $800,000 $825,000 $850,000 $875,000 $900,000 $925,000 $950,000 $975,000 $1,000,000 $1,050,000 $1,100,000 $1,150,000 $1,200,000 $1,250,000 $1,300,000 $1,350,000 $1,400,000 $1,450,000 $1,500,000 $1,750,000 $2,000,000 $2,250,000 $2,500,000 $2,750,000 $3,000,000 $3,250,000 $3,500,000 $3,750,000 $4,000,000 $4,500,000 $5,000,000 $5,500,000 $6,000,000 $6,500,000 $7,000,000 $7,500,000 $8,000,000 $8,500,000 $9,000,000 $9,500,000 $10,000,000 No Maximum $25,000 $50,000 $75,000 $100,000 $125,000 $150,000 $175,000 $200,000 $225,000 $250,000 $275,000 $300,000 $325,000 $350,000 $375,000 $400,000 $425,000 $450,000 $475,000 $500,000 $525,000 $550,000 $575,000 $600,000 $625,000 $650,000 $675,000 $700,000 $725,000 $750,000 $775,000 $800,000 $825,000 $850,000 $875,000 $900,000 $925,000 $950,000 $975,000 $1,000,000 $1,050,000 $1,100,000 $1,150,000 $1,200,000 $1,250,000 $1,300,000 $1,350,000 $1,400,000 $1,450,000 $1,500,000 $1,750,000 $2,000,000 $2,250,000 $2,500,000 $2,750,000 $3,000,000 $3,250,000 $3,500,000 $3,750,000 $4,000,000 $4,500,000 $5,000,000 $5,500,000 $6,000,000 $6,500,000 $7,000,000 $7,500,000 $8,000,000 $8,500,000 $9,000,000 $9,500,000 $10,000,000

Number of rooms required? Beds 1 2 3 4 5 6 7 8+ Baths 1 2 3 4 5 6 7 8+

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Overpriced Condo Alert -- How to Decide How Much to Offer on an Arlington Condo in Clarendon

How Do You Decide How Much to Offer on an Arlington Virginia Condo

Crunching the Numbers on a Clarendon 1021 Condo in Arlington Virginia  -- from $475,00 List Price to a $410,000 offer

Due to technical problems the video is temporarily not showing up correctly so click here to view video on how to decide how much to offer on an Arlington Virginia condo in Clarendon.

More info and changing the price on Clarendon 1021 Condo ....

I received input from the listing agent to the effect that the selling points of the unit are better than I first observed--the patio photo doesn't do it justice:

"a feature that sets this condo apart from any other in the building-the 10x12 private outdoor patio-its connection to the courtyard and gated street access for dog owners. The layout of this unit is also one of the best in the building. " 

So with 2 condos closing on the 3rd floor for $446,000 and $426,000 I'm willing to change the value from $420,000 up to $430,000 as legit.  The market will tell and indeed there may be a buyer out there who clicks with the condo that will pay up to $440,000 which would be cool for owners there.  For my own buyer I'd advise them higher than 430 isn't wise.  But one thing is for sure, when you find the right home, such as a patio that gets you to the dog park readily it isn't about winning the negotiating battle; it is about landing the home.  so what about the final $10,000 if the home is perfect and you're going to be there 4-5 years.  It's getting the right home that counts in the end.  Put the ego aside and don't lose the home when you find it. 

the nice thing is that with the best agent you can OFTEN accomplish both--the right home for 1-2% lower than its market value.  Enough said.

Transcription on the Deciding How Much to Offer on an Arlington Condo Video

9 Responses to "Overpriced Condo Alert -- How to Decide How Much to Offer on an Arlington Condo in Clarendon"

nolatravelgirl wrote:
I think you sometimes twist the facts to fit whatever scenario you are trying to shove down others throats. You state there are only 8 "true" two bedroom in 1021. 1021 has over 400 units, I don't know the exact numbers but I would venture to say that there are atleast 150 "true" two bedroom units. Other point of note is the B unit you are comping has a walk out patio that should be considered an amenity that may make it more equitable to your non balcony/patio unit on the 3rd floor.

Posted on Monday, August 30th, 2010 at 7:06 AM.

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Jay Seville

the 2BR scenario is VERY rare in the building--there are just a handful or so. It's mostly 1BR+den or 2/2. Not sure why. I'm sure it has something to do with which scenarios get the highest demand of buyers and $$$ and research has been done it so that's why builders go that route. In general in these cookie cutter condominiums on the orange line for new buildings fro 2003+ there are almost no 2BR 1BA units.

Your point is on the increased value of the patio is good and legit. I know to me that outdoor space has value because I'm in dire need of sunshine all the time :) But I've found that demand is pretty low from viewing units with 100s of people over the years thinking they would be excited about the big patios on the ground floor of many buildings and it was almost never the case.

I don't think it could appraise higher than 430ish.

When I used to write the overpriced condo series I went back and checked and 24 out of 25 I got correct.

Posted on Monday, August 30th, 2010 at 7:17 AM.

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Jay Seville

I hope you're right though. It would be nice for homeowners there and past clients of mine in the 1021 building. Also keep in mind the peak of the 2010 cycle is over...prices generally go down in the late summer and fall till the next spring market. Not to mention this year's spring market had some astroturf to it--$8000 credit to buyers that did impact home prices.

Posted on Monday, August 30th, 2010 at 7:23 AM.

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nolatravelgirl wrote:
Once again you are twisting facts, a 2/2 is a "true" two bedroom, so hence your statement that there are only 8 "true" twos is false and misleading. Yes, there are people who list 1+den as a 2 and that is a problem, but that usually is because the listing services are not set up to recognize a +den other than listing it in the description. I realize you are a buyer's agent, but frankly you are predatory and you are great at sucking the realtor fees helping people buy, but do you also realize what you are doing to the overall market with your comments about this area. Your clients who buy in this area are being sandbagged by you and will never be able to sell, because all you talk about is low balling everyone, heck no one is ever going to be able to sell and even break even because of your constant rambling chatter. Maybe you can put the whole building into foreclosure with your insane pricing "strategies"

Posted on Monday, August 30th, 2010 at 7:40 AM.

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Jay Seville

nolatravelgirl, my comment on 8 2BRs was specifically pertaining to the 2BR 1BA scenario. Of course there are a ton of 2/2s in the building. The 2BR 1BA scenario is rare.

And I think it is great to advertise 1BR+dens as 2BR 1BA units with a quick note in the remarks it is a BR+den. Because for many people the den is good enough to be a BR. I think it is fine ethically listing them as 2BRs as well. So we're on the same page there.

As far as how I treat sellers. Well here is the virtual tours I provide to them http://www.homevisit.com/tour/mristour.asp?id=33942
or this 1BR+den http://www.homevisit.com/tour/mrisTour.asp?id=29309

Here's what you need to understand, nolatravelgirl, I am SO UNIMPORTANT to the marketplace and home values except for my specific clients which are a drop in the bucket in the overall marketplace. You attribute a lot more influence to me that is really the case. I am nothing. The market is its own monster and except for 8000 tax credits hard for anybody to impact directly. That is the bottom line.

If you look at posts the past 2 months on the Arlington market you'll find it very positive to homeowners. This listing represents one out of many on the market most of which I would find quite reasonably priced for standard negotiating. It's not my fault this home is priced more extremely than the other homes on the market. If it is worth in the 340 in the marketplace that would be cool. It would be a new base from which to assess future listing values for sure.

Time will tell so we'll see.

My job on the buyer side is to protect people. The listing agent's job is to puff up the price.

Here's one thing that is for sure. The listing agent is not bringing buyers to the table and that is why the listing agents pay the buyer agents commissions---usually the greater part of the commission goes to the buyer agent for that reason. So maybe it is not the buyer's agents who are sucking up realtor fees; it is the listing agents who don't bring the buyers to the table to ratify contracts. Rare exceptions of course.

I am not lowering the values in the market at all save for 1 on 1 negotiating when I have a buyer or seller I'm representing. I represent being a consumer advocate who takes his job sincerely whether representing buyers or seller.

"constant rambling chatter" Well at least the great majority has been positive no? the last time I wrote an overpriced condo series was 2 years ago.

Posted on Monday, August 30th, 2010 at 8:35 AM.

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MICHAEL K. BOSLEY wrote:
Jay,

Just came across your web site and I am reading your blogs. VERY INTERESTING.....

Just a note to say I agree with your comments and I like the way you protect your clients. A lot of your comments surely shows why buyers should be represented. I have opened some great Buildings in North Arlington and again I feel your comments are very Professional!

THE CONDO KING......

Posted on Wednesday, September 8th, 2010 at 10:03 AM.

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Jay Seville

Thanks for that, Michael. It's always a surprise to find other realtors and brokers reading my blog. Appreciate your observations.

The listing agent did call me to clarify that her unit has a 10x12 patio which is much larger than the small photos denote. And that is consquential. So I'm going to add headline text to the blog piece of her input and add new observation on my perceived value of the condo--hopefully today.

Posted on Wednesday, September 8th, 2010 at 10:22 AM.

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Lee wrote:
Interesting Blog. Wouldn't buyers be better off focusing on prices in terms of $$ per sq. ft. instead of the total price? From an economic standpoint it's a better measure for comparison purposes.

Posted on Wednesday, September 8th, 2010 at 10:32 AM.

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Jay Seville

Great comment, Lee. You must be an engineer. :) $$/sq ft is a great tool--especially at the macro level of looking at areas, regions zip codes. But for individual properties with nuances such as direction they are facing, floor, amount of light, floor plan, etc. the $$ / sq ft method is not too effective at hammering out the market value.

Posted on Wednesday, September 8th, 2010 at 10:37 AM.

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