Braemar Piggyback & Patio Quarterly: October-December 2016
We have officially hit bitter cold winter temperatures. I was out showing property this afternoon in Marshall, VA and I think I went numb. When I say I was showing property, I mean land with no heated structure. At this moment, I am quite content to be sitting in front of my computer, typing another Braemar Piggyback & Patio Quarterly. or those who aren’t familiar with these types of home styles, 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.
Unlike the third quarter of 2016 when five Piggyback Townhouses sold in Braemar, only one sold in the fourth quarter of 2016. That’s one less than sold in the fourth quarter of 2015. The sales price of our one Piggyback sale was $307,600. That is higher that average sales prices from last quarter and last year. However, it is lower than the high sales price last quarter. We’ll have to see more sales in the first quarter, possibly into the second quarter, to see where values are heading. My gut tells me they are holding steady.
If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect it to be under contract in 41 days. You could also expect to pay over 2.5% of the sales price in closing cost help for the buyer.
Just like the fourth quarter of 2015, the fourth quarter of 2016 gives us only one Patio Home sale in Braemar. There were fives sales in the third quarter of 2016. The one sale we did have between October and December was for $300,000. That is lower than the averages of last quarter and last year. However, it is not lower than the low sales price from last quarter. Just like the Piggyback Townhouses, we’ll have to get past the first quarter, possibly the second, to see where values are heading.
If you placed your Braemar Patio Home on the market, priced to current conditions, you could expect it to be under contract in 28 days. You could also expect to pay 3% of the sales price in closing cost help for the buyer.
The next Braemar Piggyback & Patio Quarterly will be out in April and will details sales from the first quarter of 2017. Until then, when it is time to sell your Braemar home, give me a call for a free market analysis. Since 2005…No One Knows Braemar Better!
Chris Ann Cleland, Associate Broker-Licensed in VA
Long & Foster REALTORS®, Manassas VA
Statistics compiled using MRIS (Metropolitan Regional Information Systems.)