Braemar Condo Quarterly: October 2011-December 2011

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Real Estate Agent with Long & Foster REALTORS®, Gainesville, VA VA License # 0225089470

Braemar Condo Quarterly:  October 2011-December 2011

Time for the year end wrap up of the Braemar condo market.  The fourth quarter of Braemar condo sales was certainly more active than the third quarter.  When statistics were pulled for sales that closed from October 1, 2011 to December 31, 2011 there was only Braemar condo that was lingering under contract.  As of today, January 1st, there are no active listings for Braemar condos.

There five Braemar condos sold during the fourth quarter of 2011.  The majority of them, three to be exact, were Short SalesThe remaining two included one traditional sale and one foreclosure.  The average sales price of $189,230 is not even a one percent increase since the third quarter, but it is an increase nonetheless.  The reality is that a 0.8% increase is at least representing stability, and that's a good thing.

The high sales prices is a tad higher this quarter as well.  $500 higher.  The low sales price is $3,000 lower than it was in the third quarter.  Probably the best news is that the average closing cost assistance from seller to buyer is down over 23% since last quarter.  Of course, three of the five sales had a minimum of $5,000 in closing cost help, so that's the mean.  The average marketing time only increased by one day since the third quarter.  Again, stability is a good thing.

Looking back to the fourth quarter of 2010, Braemar condos have lost almost five in average market value, but by and large, the market is stable.

What all this means is that if you placed your Braemar condo on the market, priced to current market conditions you could expect to be under contract in about one month's time and give an average of 2.2% of the sales price in closing cost help to the buyer.

If you are thinking of selling your Braemar condo, give me a call for a free market analysis of your specific home's worth.  Not only have I been a Braemar resident and full-time Bristow real estate agent since 2005, I have also been a Short Sale Specialist since 2007.  In fact, if you are curious about the Short Sale process, I wrote an article that appears in the Jan/Feb 2012 edition of the Bagpiper (Braemar's newsletter.)  No matter what your equity position, I can get your home sold for the most amount of money in the shortest amount of time.  And remember, no one knows Braemar better!

Chris Ann Cleland, Associate Broker-Licensed in Virginia, Long & Foster REALTORS®

703-402-0037, ChrisAnn@LNF.com, www.NVARealEstate.net, www.SellingBraemar.com

 

Statistics compiled by Chris Ann Cleland using the MRIS (Metropolitan Regional Information Systems.)

 

 

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Rainmaker
1,231,587
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Chris Ann - Wow, no Braemar condos for sale, that is incredible.

January 01, 2012 09:08 PM #1
Rainmaker
974,561
Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
Pasadena Real Estate Representation 818.516.4393

Chris Ann -- as you state, an increase, albeit even a small one, is still an increase and shows stability in a marketplace.  I'm sure if there was increased sales activity, we would have a better idea of the strength of the market.  I think many homeowners are wary of becoming home sellers.  

January 01, 2012 09:26 PM #2
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Chris Ann Cleland
Long & Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Northern VA

Michelle:  We could definitely use some Braemar condos on the market.

Michael:  I know that many Braemar condo owners are upside down in their mortgage, as shown by the majority of homes being Short Sales.  Anyone considering a Short Sale needs to be aware that the  tax waiver on the forgiven, unpaid mortgage balance, under the Mortgage Debt Forgiveness Act expires at the end of this year.

January 02, 2012 12:13 PM #3
Rainmaker
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Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Very nice market report, it is so clean and packed with info that is attractiove to the eye. Good job Chris Ann. Have a great Monday

January 03, 2012 10:17 AM #4
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Chris Ann Cleland
Long & Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Northern VA

Scott:  Got a few more like it to come out this week.  Will cover single family homes and townhouses in Braemar too.

January 03, 2012 05:18 PM #5
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Debb Janes
The Carl Group, LLC - Camas, WA
REALTOR®, EcoBroker Camas, Washington

The best part of this market report is the great job you did explaining what the information actually means in "real life" application. I know I'd appreciate that if I were looking to buy or sell a condo in Braemar.  Hope your having a good start to the New Year Chris Ann.

 

January 03, 2012 07:01 PM #6
Anonymous
Anonymous
Anonymous

Good to see the fourth quarter busy.

I've always had very busy fourth quarters, mainly because so many people start taking vacations around Halloween. I kept on working and, if I was ever behind one of my competitors going into those final eight weeks or so, I could make it up by working while they were out looking at pumpkins, giving thanks, and doing their Christmas shopping.

January 04, 2012 12:52 AM #7
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Chris Ann Cleland
Long & Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Northern VA

Debb:  I think that real estate agents can take what we know for granted and assume that everyone can interpret stats for what they really mean.  Taking a step back and explaining in every day language what it means is critical. 

Russel:  Fourth quarters are not always bummers.  I've had the same experience as you.  I just don't get in vacation mode or lighten up the workload that time of year.

January 04, 2012 12:15 PM #8
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Chris Ann Cleland

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