The idea of writing this post is adapted from New York Times. Who says that you can't get anything below $300,000 for the area? Well, it turns out that there are quite a number of active listings in DC that falls within the search criteria. I think it all comes down to where you want to live and what is your comfort level.
What we're going to do is to look at our local market, i.e. Washington DC and Northern Virginia. Data is gathered using information provided by MRIS, all the properties listed here is randomly picked.
WASHINGTON DC
There are at least 565 properties on the market with an average of $232,923.
WHAT: Townhouse listed at $264,900
WHERE: 1606 W St. NE Washington DC 20018 [GMAP]
NEIGHBORHOOD: Brentwood
MLS: DC6322155
Tax: $1,190 Age: 56
A three level townhouse is on the market with a new price of $264,900. Originally, it was listed for $299,990. The house has three bedroom and one bath, partially finished basement and fenced yard.The property is within walking distance to metro station. Might need a little bit of renovation, i.e. TLC, however, according to the information on MLS, its furnace was replaced 4 years ago. Having a few years old of furnace at least reduce the unexpected home renovation. It is an estate sale, in which the seller will pay $5000 towards closing costs. Property is sold as-is. Has been on the market for 76 days. Listed by: Turner Real Estate.
For a comparison, there is a studio on the waterfront on the market for $179,000.
WHAT: Studio listed for $179,000
WHERE: 1250 4th Street SW #W112, Washington DC 20024 [GMAP]
NEIGHBORHOOD: RLA (SW) - Carrollsburg condominium
MLS: DC6041575
Tax: $793 C/C Fee: $313.78 Monthly Age: 40
This property has been on the market for 421 days. What's going on here? Maybe it's overpriced? Originally was priced for $199,500, dropped it to $189,000 and now the new price is $179,000. it is a studio that has one full bath. Located within one block to Metro, shops, restaurants, waterfront -- and future ball park. The condo fee includes almost everything from electricity, gas, heat, management, master insurance policy, trash removal and water. The living area has 484 s.f. Listed by: Coldwell Banker.
NORTHERN VIRGINIA
The information from MRIS, shows that Northern Virginia that incl. Alexandria, Falls Church, Arlington and Fairfax, there are 1112 properties on the market with an average of $255,300. Most of the properties on the market under $300K in NVa -- are condos.
WHAT: 1 BR Condo listed for $290,000
WHERE: 4501 Arlington Blvd. Arlington, VA 22203
NEIGHBORHOOD: BALLSTON - The Chatham condominium
MLS: AR6261901
Taxes: $2,345 Age: 42
This condo is located at the Chatham, off Route 50 and a within walking distance to Metro. Originally was priced at $300,000. The new price is at $290,000. Located on the first floor of the building. It has one full bath and 800+ s.f. of living area. The kitchen has been updated with custom cabinetry, Corian countertops and matching appliances. Condo fees includes everything -- all utilities. Now, one thing though, this condo can't be use for business! Property has been on the market for 152 days. Listed by: Arlington Realty, Inc.
WHAT: Single Family (Rambler) listed for $299,900
WHERE: 12261 Turkey Wing Ct. Reston, VA 20191 [GMAP]
NEIGHBORHOOD: Reston
MLS: FX6268031
HOA: $84/ Monthy Taxes: $3,074 Age: 32
This property has three bedrooms and two bath located in Reston HOA district. Sits on 0.08 acre of land and has about 1040 s.f. of living area. The house is owned by Fannie Mae (read: pre-foreclosure). Therefore, it is approved for their Express Path Financing, which allows the buyers who purchase Fannie Mae owned properties as their primary residence with low minimum for downpayment and 100% financing. It was originally priced for $371,000 then reduced to $310,000 and now... the new price is $299,900! Has been on the market for 400+ days. Because it's Fannie Mae owned, sold As-Is. Listed by: Rhonda Richardson Realtors.
There you go... good time for buyers and investors with (still) historically low interest rates, ample supply of properties and good prices.
For full listings of the properties, District of Columbia, click here. And Northern Virginia, click here. Only the first 500 homes on display.
