Braemar Condo Quarterly: January-March 2016
The first quarter of 2016 is behind us, which means it is time to look back at the first three months of the year and see what happened to Braemar Condo values. If you weren’t aware the Braemar had condos, we do. They look like townhouses. Some have garages, others do not. “Condo” simply refers to the type of ownership, which is far different from any other type of home in the community. For instance, the physical structure of a condo is insured by the condo association, not a personal home owner’s insurance policy.
You know you live in a Braemar condo if you pay condo fees to Barrhill at Inverness Village. An easier way for folks who would like to be certain when they are looking at a Braemar condo is to identify them by where they are located. Braemar condos are only found on the following streets: Caithness Circle, Moxleys Ford Lane, Lord Lovat Way and Heykens Lane.
Unfortunately, there was only one Braemar condo that sold in the first quarter of 2016. It listed for $250,000 and sold for $247,500. If we compared that value to the average value last report, we see a 2% decrease in value. However if compare to the low sales price from last report, we see an increase of 1%. comparing to last year’s report we still see only one sale and that one was a little more in value–$249,900. That would be a decrease of 1% in value over one year if all things were equal in those condos. For now, I think it is safe to say that Braemar condo values are stable.
If you placed your Braemar condo on the market now, priced to current conditions, this sale from the first quarter indicates that you could expect it to be under contract in just over two months. Considering at the time of this report there are three Braemar condos under contract with an average marketing time of 85 days, that would be great. The reported sale in this report also suggests that you could expect to give 2.5% of the sales price in closing cost help to your buyer.
The next Braemar Condo Quarterly will be out in July and should have quite a few sales to report. Until then, when you are ready to sell your Braemar condo, give me a call for a free market analysis. No One Knows Braemar Better!
Chris Ann Cleland, Associate Broker-Licensed in VA
Long & Foster REALTORS®, Manassas VA