The second quarter of 2011 is officially behind us and the Braemar community pools are busy entertaining now that school is out. So what happened with Braemar condo resales during the second quarter of 2011?
Well, just like the first quarter of the year, there were only two resales of Braemar condos during the second quarter. One was a Short Sale, the other a Foreclosure. And at the time of this report, there are two Short Sales under contract and one Short Sale active on the Braemar condo market. Clearly, the Braemar condo market is still dominated by Short Sales.
The average sales price of those Braemar condo sales brings the average market value for Braemar condos down to $191,500 from $205,000 last quarter. That’s nearly a 7% drop in three months time.
If you placed your Braemar condo on the market, and priced it to current market conditions, this report indicates that you could expect your condo to be under contract in about one month’s time. You could also expect a Buyer to ask for an average of about 1.6% of the sales price in closing cost help.
The next Braemar Condo Quarterly will be out in June. Until then, if you are thinking of selling your Braemar condo, give me a call. As a full-time Bristow real estate agent since 2005, and Short Sale Specialist since 2007, I can help you no matter your equity position. Remember, 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
Other Braemar Property Value Reports for the time period of May-June 2011:
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)
Townhouse Report (townhouses separated into garage and no garage categories)