Braemar Piggyback Quarterly: July-September 2019 (3rd Quarter)
Yesterday I was at a birthday celebration and one of the guests had received a my under contract postcard for 13036 Bathgate Way. It briefly told the same tale as my blog post on the subject. Of course, the other guests started asking what a piggyback townhouse was. The image that the term conjured in their mind was a townhouse on top of a townhouse, like you would find at Heathcote Commons. Those are referred to as “stacked condos.”
In Braemar, a piggyback townhouse is one that is back to back with another row of townhouses. And just like a traditional townhouse, they are also attached on the sides. The trade off for not having a back yard is that you get much larger bedrooms than a traditional townhouse and an attached two car garage. This report details the sales of Braemar Piggyback townhouses that happened from July to September.
There was only one sale of a Braemar Piggyback townhouse during the third quarter of 2019. The details of that sale are listed below:
While there was only the one sale, combining it with the previous three quarters of Piggyback sales gives us an entire year’s worth of sales data. From that the six and twelve month data points are freshened up to reveal the following:
Looking at the sold price column, it is a sign of rising property values that both the six month average and six month median sold prices are above their twelve month counterparts. This indicates Braemar Piggyback townhouses are still pushing up in value. However, seeing that there are four Braemar Piggyback townhouses sitting on the market, I’m not sure this trend is going to continue. Only time will tell. We’ll have to wait and see.
Now for the seller subsidy column. As of the end of the third quarter, buyers were having to compete for these homes and forego or drastically reduce their requests for closing cost help. However, the beginning of the fourth quarter is revealing a different trend that will become clear in our next report.
Days on market also reveals that as of the end of the third quarter, these Braemar Piggyback townhouses were selling faster in the short term six month values, compared to the longer term twelve month values. Again, just looking at the days on market peeling off for the homes just sitting on the market now, this is a trend we are likely to see change by the second quarter of 2020.
If you placed your Braemar Piggyback townhouse on the market, priced to current conditions, you could expect your home to be under contract in a week. If it is not, there is something wrong with either your marketing or list price, or both. I am still puzzled that my listing at 13036 Bathgate had two offers, yet there are similar listings still waiting for offers just lingering on the market. Also, this report indicates you could potentially get an offer with no closing cost help requested. However, as demand wanes, this is likely to no longer be the case.
The next Braemar Piggyback Quarterly will be out in January and will detail the activity from the fourth quarter. Until then, don’t squander your only chance to maximize the profit from the sale of your Braemar home. When it is time to sell, give me a call. Since 2005, No One Knows Braemar Better!
Associate Broker-Licensed in VA
Long & Foster Real Estate