Braemar Condo Quarterly: October 2011-December 2011

Braemar Condo Quarterly:  October 2011-December 2011

Time for the year end wrap up of the Braemar condo market.  The fourth quarter of Braemar condo sales was certainly more active than the third quarter.  When statistics were pulled for sales that closed from October 1, 2011 to December 31, 2011 there was only Braemar condo that was lingering under contract.  As of today, January 1st, there are no active listings for Braemar condos.

There five Braemar condos sold during the fourth quarter of 2011.  The majority of them, three to be exact, were Short Sales.  The remaining two included one traditional sale and one foreclosure.  The average sales price of $189,230 is not even a one percent increase since the third quarter, but it is an increase nonetheless.  The reality is that a 0.8% increase is at least representing stability, and that’s a good thing.

The high sales prices is a tad higher this quarter as well.  $500 higher.  The low sales price is $3,000 lower than it was in the third quarter.  Probably the best news is that the average closing cost assistance from seller to buyer is down over 23% since last quarter.  Of course, three of the five sales had a minimum of $5,000 in closing cost help, so that’s the mean.  The average marketing time only increased by one day since the third quarter.  Again, stability is a good thing.

Looking back to the fourth quarter of 2010, Braemar condos have lost almost five in average market value, but by and large, the market is stable.

What all this means is that if you placed your Braemar condo on the market, priced to current market conditions you could expect to be under contract in about one month’s time and give an average of 2.2% of the sales price in closing cost help to the buyer.

If you are thinking of selling your Braemar condo, give me a call for a free market analysis of your specific home’s worth.  Not only have I been a Braemar resident and full-time Bristow real estate agent since 2005, I have also been a Short Sale Specialist since 2007.  In fact, if you are curious about the Short Sale process, I wrote an article that appears in the Jan/Feb 2012 edition of the Bagpiper (Braemar’s newsletter.)  No matter what your equity position, I can get your home sold for the most amount of money in the shortest amount of time.  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 Systems.)

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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)

Carriage 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 (garage and no garage townhouses, not including patio homes)

Braemar Condo Quarterly: July 2011-September 2011

Braemar Condo Quarterly:  July 2011-September 2011

Three more months of Braemar condo sales are officially on the books.  Let’s take a look and see if Braemar condo values are increasing, stabilizing or decreasing.

As of today, October 2nd, there are three Braemar condos under contract and one available for sale.  Those under contract are Short Sales.  The one left for a Buyer to snag is a Foreclosure.  When looking at the range of list prices between these four Braemar condos, we see a low of $174,900 to a high of $220,000.  If you guessed that the high list price was the one not under contract…you are CORRECT.  After 31 days on the market, it’s time to re-evaluate that optimistic list price.  Average list price of active and under contract Braemar condos is $193,450.  As always, for the best idea of market value, it is best to look at SOLD prices.  Data depicted in the table below reflects the Braemar condos that have sold during the last quarter.

Of the two Braemar condo sales represented on the graph above, we have one regular sale and a Short Sale.  The high sales price comes from the regular sale.  Looking back to the second quarter, high sales price increased by $5,000.  However, the low sales price decreased by $4,500.  What does that do to the average sales price for a Braemar condo?  Well, the new average sales price for a Braemar condo is $187,750, down only 2% since last quarter’s value of $191,500

If you placed your Braemar condo on the market and priced it to current market conditions, this report also indicates you could expect to have a contract in 29 days.  That’s only increased by 1 day since last quarter.  You could also expect a buyer to request an average of 3% of the sale price in closing cost assistance.    That’s double the average seller subsidy we saw in the second quarter.

All in all, the Braemar condo market shows signs of stability.  Hopefully we’ll see more of the same, or better in the fourth quarter. 

The next Braemar condo quarterly will be out in January.  Until then, if you are contemplating the sale of your Braemar condo, don’t hesitate to contact me.  I’ve been a full-time real estate agent and Braemar resident since 2005.  I’ve also been a Braemar Short Sale Agent since 2007.  No matter what your equity position, I can get you the most amount of money for your Braemar condo in the shortest amount of time.  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

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For information on other recent Braemar Property Value Reports, click the links provided:

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

Carriage Series (smaller single family homes with detached garages, built by Brookfield Homes)

Courtyard Series (executive style homes, five to a private entrance, built by Brookfield Homes)

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

Braemar Townhouse Report (garage and no garage townhouses, not condos)