Braemar Townhouse Report: September-October 2011

Braemar Townhouse Report:  September-October 2011

Things are a lot quieter these days around the Braemar townhouses surrounding the Rob Roy pool.  The pool season ended on Labor Day and cooler temperatures means less action on the playgrounds.  Autumn doesn’t mean a slow down in the Braemar townhouse market though.  Let’s take a look back at sales of Braemar townhouses in this edition of the Braemar Townhouse Report.  As always, the sales are divided into two categories:  No Garage and Garage.

Braemar Townhouses with No Garage saw only two sales in the previous two months.  A high sold price of $225,000 and a low sold price of $220,000.  Their average gives us a new average market value of $222,500 for Braemar Townhouse with No Garage.  That’s over a 9% decrease since last report and over a 5% decrease since this time last year.

If you placed your Braemar Townhouse with No Garage on the market, priced to current market conditions, you could expect your home to be under contract in about two months.  You could also expect a buyer to request an average of about 2.5% of the sales price in closing cost help.

Braemar Garage Townhouses, on the other hand, saw six sales in the previous two months.  The high sold price was $274,900; the low sold price was $229,000.  The average of all six sales gives us a new average market value of $253,317 for Braemar Garage Townhouses.    This is not a measurable change since last report or this time last year.  That mean the Braemar Garage Townhouses have been steady in their values for one year.  Not bad news.

If you placed your Braemar Garage Townhouse on the market, priced to current market conditions, you could expect it to be under contract in about two weeks.   You could also expect a buyer to ask for an average of 3% of the sales price in closing cost assistance.

The next Braemar Townhouse Report will be out in January and will detail sales during the months of November and December.  Until then, if you are thinking of selling your Braemar townhouse, I’d be happy to give you an estimate of your home’s specific value in the market.  No matter your equity position I can help.  I’ve been a full-time Bristow real estate agent and Braemar resident since 2005; and a Short Sale Agent since 2007.  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 System)

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You can see the most recent property values in Braemar by clicking the links below:

Arista Series (large single family homes built by Brookfield Homes)

Carraige Series (smaller single family homes with detached garages, Brookfield Homes)

Courtyard Series (executive style homes, five to a private driveway, Brookfield Homes)

Heritage Series (mid-sized single family homes, Brookfield Homes)

Condo Quarterly (condos knowns as Barrhill at Inverness Village)

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Everyone Wants to Be Home for the Holidays

Everyone Wants to Be Home for the Holidays

There is something magical about this time of year.  The approach of Thanksgiving, Christmas and New Year’s Eve put a palpable electricity in the air.   You feel it at the grocery store, the mall and even in the real estate market.

Most people don’t believe it, but November and December are great times to sell your Braemar home.  There are families that are always relocating to our area.  And even some native Northern Virginians just get the bug to be HOME for the holidays.

Purchasing a home this time of year is a great event.  The big problem is that sellers tend to hold off for the spring market.  This means fewer homes to choose from, which actually puts the advantage of negotiations in the sellers’ hands. 

If you have been thinking of putting your Braemar home on the market, I can assure you there are buyers out there just waiting to snatch it up before the end of the year.  Call me for a free market analysis of your Braemar home’s value and I’ll tell you all about the historical price bump we see this time of year.  Remember, no one knows Braemar better!

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

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

Braemar Property Value Report: September-October 2011 (Heritage Series)

Braemar Property Value Report:  September-October 2011 (Heritage Series)

The holiday season is getting underway in Braemar.  Of course, with September and October behind us we can take a look back at the resale activity for those months in the Braemar Heritage Series homes.  Heritage Series homes are mid-sized single family homes in Braemar, built by Brookfield, that include the following floor plans:  Exeter, Yardley, Zachery and Waverly.

You may think that once Labor Day comes and goes that the real estate market in Braemar shuts down.  Far from it.  There were seven resales in the Heritage Series in the previous two months.  Six of those were Yardley models, the other a Zachery.  This means all of the homes sold the mid-sized of the mid-sized homes in Braemar. 

The high sales price was $400,000; the low sales price $305,000.  The average of all seven sales prices gives us our new average market value of $$354,014.  That’s over an 8% decrease in value since last report (July-August 2011.)  Year over year is a different story.  We’ve seen over a 1% increase since last year.  That’s stability and looking back to yearly drops near 30% in the last few years, I’ll take a 1% increase any day.

This report also gives us some indication how long a home takes to sell, though with one home’s marketing time at an unbelievable 431 days, it is certainly throwing off that the average marketing time of 86 days.  Realistically, if you priced your Braemar Heritage Series home to market conditions, you could expect to be under contract in about a month.  And you could expect a buyer to ask for an average of about 2.5% of the sales price in closing cost help.

The next Braemar Property Value Report will be out in January and will reflect on the sales that happen in November and December.  Until then, please call me if you are thinking of selling your Braemar home.  I’d be happy to do a free market analysis of your particular Braemar home’s worth in today’s market.   As a Braemar resident and full-time Bristow real estate agent since 2005, and a Short Sale Agent since 2007, I can help you sell no matter what your equity position.  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.SpeakingofHomes.net

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

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You can see the most recent property values in Braemar by clicking the links below:

Arista Series (large single family homes built by Brookfield Homes)

Carraige Series (smaller single family homes with detached garages, Brookfield Homes)

Courtyard Series (executive style homes, five to a private driveway, Brookfield Homes)

Braemar Townhouses (Divided into Garage and No Garage categories)

Condo Quarterly (condos knowns as Barrhill at Inverness Village)

Braemar Property Value Report: September-October 2011 (Courtyard Series)

Braemar Property Value Report:  September-October 2011 (Courtyard Series)

The fall foliage in Braemar has passed its peak of brilliant golds and reds and now seems to be heading down the road of browns.  Such is to be expected as we move into November.  And as you’ve grown to expect, this is the Braemar Property Value Report for Courtyard homes in Braemar. 

Braemar Courtyard homes are characterized by their very small lots and five homes clustered around a private courtyard driveway.  The models of Courtyard homes include the Arlington, Ballston & Clarendon.

As is sometimes the case, there were no resales to report for the previous two months of September and October.  No sales means no change to the average market value for Braemar Courtyard homes that we had of $305,000 from last report (July-August 2011.) 

 

There are currently three Braemar Courtyard homes on the market, priced between $320,000 and $339,900.  One of those homes, as of the date of this report, has been on the market for 145 days and still has no offer.  However, there is one Braemar Courtyard home under contract that was only on the market for 37 days.  It was priced at $339,900 when it went under contract and is scheduled to settle in early November.  So by next report, we should have some new values.

The next Braemar Property Value Report will be out in January and will detail sales of Braemar Courtyard homes from the months of November and December.  Intel then, if you are thinking of selling your Courtyard home give me a call.  I’ve been a full-time Bristow real estate agent and Braemar resident since 2005, and a Short Sale Agent since 2007.  No matter what your equity position I can get your Braemar home sold as quickly as possible and for the maximum dollar amount.  Remember, no one knows Braemar better!

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

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

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

_______________________________________________________________

You can see the most recent property values in Braemar by clicking the links below:

Arista Series (large single family homes built by Brookfield Homes)

Carraige Series (smaller single family homes with detached garages, Brookfield Homes)

Heritage Series (mid-sized single family homes, Brookfield Homes)

Braemar Townhouses (Divided into Garage and No Garage categories)

Condo Quarterly (condos knowns as Barrhill at Inverness Village)

Braemar Property Value Report: September-October 2011 (Carriage Series)

Braemar Property Value Report:  September-October 2011 (Carriage Series)

Only two more months left in 2011.  Where did the time go?  More importantly, how’s the Braemar Carriage home resale market doing?  This Braemar Property Value Report will take a look back at resale of Braemar Carriage homes during the months of September and October and let us know.

For those unfamiliar with Carriage homes in Braemar, they are smaller single family homes with a detached garage, or no garage at all.  They include the following floor plans in order from smallest to largest:  Maplewood, Norwood, Oakdale & Parkdale.

There were two resales of Braemar Carriage homes in the previous two months.  Both were the homes with the smallest, Maplewood, floor plan.  Normally, we see very few Maplewoods on our Braemar Property Value Report, so the values are a little skewed.  The high sold price was $324,900.  Low sold price was $290,000.  The average of these two prices gives us our new average market value for Braemar Carriage homes of $307,450.  This means a decrease of over 9% since last report (July-August 2011) and over a 7% decrease since last year (September-October 2010.)  Again, these are numbers that should not terrify any Braemar Carriage home owner.  Normally, Maplewoods do sell for less as they are the smallest of the Braemar Carriage homes.  And in reality, these are nice numbers to see for a Maplewood model.

This report indicates that if you placed your Braemar Carriage home on the market, priced to current market conditions, that you could expect it to be under contract in about five months.  That number is skewed by the exceptionally high days on market of 222 days and a high 75 days on the other.  The reality is that Braemar Carriage homes have always seen high demand and will be under contract quickly when priced well.  However, what this report does reliably tell us is that you could expect a buyer to ask for about 1% of the sales price in closing cost assistance.

The next Bramear Property Value Report will be out in January and will detail sales from November and December, so we’ll be able to see how we ended the year.  Until then, if you are thinking of selling your Braemar Carriage home, get in touch with me for a free analysis of your home’s specific value.  Braemar Carriage homes are always in demand and I can help you sell yours quickly and for the maximum amount of money. 

As a Braemar resident and full-time Bristow real estate agent since 2005, and a Short Sale Agent since 2007, I can help you no matter what your equity position.  And remember, no one knows Braemar better!

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

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

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

_______________________________________________________________

You can see the most recent property values in Braemar by clicking the links below:

Arista Series (large single family homes built by Brookfield Homes)

Courtyard Series (executive style homes, five to a private driveway, Brookfield Homes)

Heritage Series (mid-sized single family homes, Brookfield Homes)

Braemar Townhouses (Divided into Garage and No Garage categories)

Condo Quarterly (condos knowns as Barrhill at Inverness Village)

Braemar Property Value Report: September-October 2011 (Arista Series)

Braemar Property Value Report:  September-October 2011 (Arista Series)

It’s hard to believe there are only two months left in 2011.  Seems that Braemar real estate values turned a corner this year and that’s great news.  Let’s take a look at resales of Braemar homes in the Arista Series for the months of September and October.  These are the large single family homes, built by Brookfield Homes, that includes the following floor plans:  Allister, Buckingham & Canterbury.

There were two resales during the months of September and October.  The high sales price was a Canterbury (the largest model in the series) that sold for $487,000.  The low sale price was an Allister at $435,000.  The average of their two sales prices gives us our new  average market value of $461,000.  That’s a 2% since last report (July-August 2011) and a 2% increase since last year (September-October 2010.)

If you placed your Allister, Buckingham or Canterbury model on the market today, priced to current market conditions, you could expect your Braemar home to be under contract in under two weeks.  You could also have a buyer that did not need any closing cost assistance.

The next Braemar Property Value Report will be out in January and will cover the months of November and December.  Until then, if you are thinking of selling your Braemar home, please give me a call for a free market analysis of your specific home’s worth.  As a Braemar resident and full time real estate agent since 2005, and a Short Sale Agent since 2007, I can help you sell your Braemar home for the most money in the least amount of time no matter what your equity position.  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.SpeakingOfHomes.net

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

_______________________________________________________________

You can see the most recent property values in Braemar by clicking the links below:

Carraige Series (smaller single family homes with detached garages, Brookfield Homes)

Courtyard Series (executive style homes, five to a private driveway, Brookfield Homes)

Heritage Series (mid-sized single family homes, Brookfield Homes)

Braemar Townhouses (Divided into Garage and No Garage categories)

Condo Quarterly (condos knowns as Barrhill at Inverness Village)

Just Because the Bank is Willing to Take Less in a Braemar Short Sale…

Just Because the Bank is Willing to Take Less in a Braemar Short Sale…

Toward the end of summer, I was taking a family looking to purchase in Bristow through some Braemar homes.  We saw many Yardleys, and as I track the value of Yardley and similar models built by Brookfield in Braemar through my bi-monthly Braemar Property Value Reports, I was shocked when we came across a Yardley priced substantially below the going market value.

A call to the Listing Agent indicated this Braemar Short Sale had been approved by the bank on a previous contract at that price, and that they needed no more than that.  Mind you, the difference between what the bank was willing to accept and what they could have easily gotten in the market was at least $50,000-$75,000, if not more since values were increasing.  And a quick tour of the home indicated the home was nicely upgraded and had no major issues.

As a Braemar Short Sale Agent myself, I was curious as to WHY another agent would price a Short Sale so low, just because the bank had already said okay to that number?  After all, as Braemar Short Sale Agents we represent the best interest of the Sellers, and that means getting the highest payoff for the bank to minimize tax implications that can be associated with the short payoff.  The bank doesn’t pay the taxes on the amount of forgiven debt.  That falls to the Sellers.  And at a very modest 15% tax bracket, with an additional $50,000-$75,000 that wasn’t collected toward the loan payoff, that’s anywhere from $7,500-$11,250 in tax debt that a Seller may have to pay to the IRS, not to mention the state income tax.

Naturally, another side effect of the low sale, because the final sales price was only a smidge higher than the approved list price, is decreased property values for Yardleys in the neighborhood.  Again, a Yardley in outstanding condition sold for substantially less than it should have.  The bank could have made more money, the Sellers been forgiven less mortgage debt, thus incurring less tax implication, and the neighbors could have seen a higher sale price.

Picking the right Braemar Short Sale Agent goes beyond who can pick up the phone and ask the bank what they will accept.  It’s knowing the market values in the neighborhood and the pulse of our Braemar real estate market.  If you want to hire someone who knows Short Sales and knows our Braemar marketplace, let’s talk.

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

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