Braemar Piggyback & Patio Quarterly: July-September 2014
The end of the year is approaching. And now with the third quater behind us, we can take a look back at the Braemar real estate market and see what happened in the world of Piggyback Townhouses and Patio Homes. Because this is only the third edition of this report, we won’t have yearly comparisons. We will look back to last report (April-June 2014.)
For clarification, Braemar Piggyback Townhouses are attached side-to-side and back-to-back. While they do not offer back yards, they offer large bedrooms and a two car garage. Braemar Patio Homes are also known as quads. Each is attached at the side, back and corner to another Patio Home. They have two levels, also offering large bedrooms and a modest side yard.
The third quarter of real estate sales in Braemar was softer than sellers and agents expected. In fact, there were no sales of Braemar Piggyback Townhouses in those three months at all. That’s despite having three listings on the market from $260,000 to $275,000. At the time of this report, only one of those listings is still active. It’s listed for $274,950, down from its original list price of $309,000. And after 127 days on the market, you can see what I mean when I use the word soft about the market. The days of putting a home on the market and having it under contract in a week or less seem to be behind us.
If you placed your Braemar Piggyback Townhouse on the market, you should be prepared to be aggressive on price to avoid the overblown days on market and lack of success of those before you. Price it to sell from the beginning and get the job done.
There wasn’t much activity in the Patio Homes in the third quarter either, but what did happen gives us some good news. One Braemar Patio Home sold. Its sales price is our new market value, which is a nearly 7% improvement since last report.
If you placed your Braemar Patio Home on the market, priced to current conditions, this report indicates it would be under contract in just under one month. You could also expect a buyer to ask for some closing cost help. In this case, it just happened to be $1,000.
The next Braemar Piggyback & Patio Quarterly will cover the fourth quarter of 2014 and will be out in January. Until then, I hope you enjoy the upcoming holiday season. Of course, if you are thinking of selling your Braemar condo, call me for a free market analysis. No One Knows Braemar Better!
And if you haven’t already, please join my Braemar Facebook group. You can find links to these reports and be involved in all kinds of neighborhood conversations.
Chris Ann Cleland, Associate Broker-Licensed in VA
2011 & 2013 Top Producing Agent
Long & Foster REALTORS® Manassas, VA
Statistics compiled by Chris Ann Cleland, using the MRIS (Metropolitan Regional Information Systems.)
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)
Carriage Series (smaller single family homes with detached garages, Brookfield Homes)
Courtyard Series (executive style home, five to a private driveway, Brookfield Homes)
Heritage Series (mid-sized single family homes, Brookfield Homes)
NV Homes (single family homes built by NV Homes)
Ryan Homes (single family homes built by Ryan Homes)
Townhouse Report (traditional townhouses with back yards)
Condo Quarterly (townhouse style condos)