Penderbrook

Real Estate Outlook: Recovery Underway

Real Estate Outlook: Recovery Underway

The pattern gets clearer week after week: We are looking at a slow-motion housing recovery that is itself feeding into a broader economic recovery that should have us out of recession later this year.

Now that's not to ignore the fact that there are markets in the country that still face very challenging economic dynamics - with no real turnaround in view yet on housing sales, prices and unemployment.

But the national numbers are telling us something important, and they increasingly look positive.

Take the last new home construction starts and permits reports. Your local paper or the network news may have said housing starts dropped again, but that was misleading.

The facts are that the Commerce Department found that apartment starts - new multifamily units - took a drop in April, but starts of new single family homes were up by 3 percent, and permits for future construction of detached single family homes jumped by nearly 4 percent.

That's the second straight month of increases . Home builders themselves are seeing a turnaround - more shoppers in their models and showrooms, more contracts, fewer cancellations.

The latest survey of builder confidence - released last week by Wells Fargo and the National Association of Home Builders - found sentiment up again for the second straight month. So this is for real.

Consumer confidence in the economic outlook also continues to get better and better. The latest University of Michigan consumer sentiment poll took a three point jump overall…and a 6 percent jump in terms of consumers' expectations for economic improvements ahead.

There are other, less widely publicized signs that we've digging out of the recession as well. For example, economists at Northwestern University say the fact that new weekly claims for unemployment insurance peaked last month - and have been dropping ever since - is a sign that the national economy is past the worst.

Treasury Secretary Timothy Geithner told a congressional panel about other, more technical indicators of growth ahead -- such as narrowing spreads on corporate and municipal bonds, smaller risk premiums on short-term inter-bank loans and decreased credit protection costs at the largest U.S. banks.

Finally, consumer interest rates continue to be about as stimulative for economic expansion as they possibly could: Mortgage rates dropped last week by a tenth of a percent -- 30-year fixed rate mortgages are at 4.7 percent with an average one point, and 15-year rates are at 4.4 percent.

Remember back to how you felt last September and October when the global financial system was falling apart? Now think about how you feel about the economy today.

It's a refreshing comparison.


Written by Ken Harney

Penderbrook Homes Sales Weekly Report 6/12/09-6/18/09

MyPenderbrookHome.com

Relevant Real Estate Information for the Penderbrook Community of Townhomes and Condos in Fairfax, VA

INTRODUCTION

Well we had only 1 new home come on the market this past week BUT we now have 26 homes under contract. That is 6 under contract in the last week! 3 were condos and 3 were townhomes. 4 homes also went to closing this past week and their numbers are below.

We have great news for first time home buyers.

First program is for first time home buyers, who make less than $52k. This program is a $10,000 grant, that does not have to be repaid and to be used to your home purchase. You can still qualify for your $8,000 tax credit when you file your taxes next year.

Second program is for those that make more than $52k. You can use your $8,000 tax credit now as a down payment. This means very little money for you to buy a home.

Contact me

As of today (June 18, 2009 11 AM) there are 25 active homes in Penderbrook and 26 homes that are currently under contract and 11 homes that have sold in the last 30 days.

Here’s the breakdown of all active listings in MLS:

Townhomes- 8 active

4 regular sales , 2 bank owned , 2 short sales

Condos - 17 active

1 bedroom condos - 6

2 bedroom condos - 10

3 bedroom condos - 1

Heights at Penderbrook (Condo/Townhome) - 7 condos ( 3 regular, 2 bank owned, 2 short sales)
Penderbrook Square (Condos)- 10 condos (3 regular, 4 short sale, 3 bank owned)


NEW LISTINGS

According to MLS, there was 1 new listing this week.


UNDER CONTRACT

According to MLS, there are 14 Condos and 12 townhomes under contract.

Condos

12163 Penderview #1022 - 1bd/1ba (0 DOMP)
3921 Penderview Dr #1806 - 1bd/1ba (232 DOMP)
12155 Penderview Ter #822 - 1bd/1ba (66 DOMP)
3903 Penderview Dr #1506 - 1bd/1ba (59 DOMP)
3904 Penderview Dr #735 -1bd/1ba (15 DOMP)
3807 Green Ridge Ct #102 -3bd/2ba (6 DOMP)
12108 Greenway Ct #101 - 3bd/2ba - (251 DOMP)
12110 Green Leaf Ct #201 -3bd/2ba (240 DOMP)
12023 Golf Ridge Ct #101 - 2bd/2ba (0 DOMP)
3909 Penderview Dr #1924 -2bd/1ba (107 DOMP)
12104 Greenway Ct #201 - 2bd/2ba (85 DOMP)
12115 Greenway Ct #101 -2bd/2ba (56 DOMP)
12103 Green Ledge Ct #201 -3bd/2ba (263 DOMP)
3805 Ridge Knoll Ct #10B - 2bd/3ba (0 DOMP)

Townhomes

12112 Wedgeway Pl - 2bd/4ba (6 DOMP)
12118 Wedgeway Pl - 3bd/3ba (4 DOMP)
12102 Wedgeway Ct - 2bd/4ba (9 DOMP)
12129 Wedgeway Ct - 2bd/4ba (2 DOMP)
11728 Valley Ridge Cir - 4bd/4ba (40 DOMP)
11702 Valley Ridge Cir - 3bd/ 4ba (57 DOMP)
3920 Valley Ridge Dr - 3bd/4ba (502 DOMP)
11906 Matthews Ct - 3bd/4ba (86 DOMP)
3947 Clares Ct - 3bd/4ba (68 DOMP)
11791 Valley Ridge Cir - 3bd/4ba (3 DOMP)
3931 Clares Ct - 3bd/4ba (31 DOMP)
3803 Inverness Rd -3bd/4ba (6 DOMP)

I will have the final numbers for these once they close


SOLD

According to MLS, 11 homes have sold in the last 30 days .

12165 Penderview Ter #100 - 1bd/1ba (487 DOMP) Regular Sale

Asking Price - $215,000
Sales Price - $160,000
Seller Subsidy - $0

12016 Golf Ridge Ct #301 - 2bd/2ba (63 DOMP) Regular Sale

Asking Price - $264,990
Sales Price - $237,500
Seller Subsidy - $0

12012 Golf Ridge Ct. # 301 - 3bd/2ba (7 DOMP) Regular Sale

Asking Price - $249,900
Sales Price - $240,000
Seller Subsidy - $0

11795 Valley Ridge Cir -3bd/4ba (0 DOMP) Short Sale

Asking Price - $399,000
Sales Price - $379,000
Seller Subsidy - $0

3808 Green Ridge Ct #301 - 3bd/2ba (257 DOMP) Bank Owned

Asking Price - $219,900
Sales Price - $220,000
Seller Subsidy - $ 6,600

3784 Inverness Rd - 3bd/4ba (39 DOMP) - Bank Owned

Asking Price - $414,900
Sales Price - $365,000
Seller Subsidy - $ 10,000

3944 Kathryn Jean Ct -3bd/4ba (6 DOMP) - Regular Sale

Asking Price - $398,500
Sales Price - $398,000
Seller Subsidy - $7,760

12112 Wedgeway Ct - 2bd/4ba (8 DOMP) - Regular Sale

Asking Price - $319,800
Sales Price - $311,900
Seller Subsidy - $10,850

12113 Wedgeway Ct - 2bd/4ba (35 DOMP) - Short Sale

Asking Price - $335,000
Sales Price - $290,000
Seller Subsidy - $ 9,000

11718 Valley Ridge Cir -4bd/4ba (87 DOMP) - Regular Sale

Asking Price - $435,000
Sales Price - $395,000
Seller Subsidy - $1,000

3907 Clares Ct -3bd/4ba (66 DOMP) - Regular Sale

Asking Price - $450,000
Sales Price - $422,000
Seller Subsidy - $0

More Than 30 Days Ago

12116 Greenway Ct #101 - 3bd/2ba (133 DOMP) - Bank Owned

Asking Price -$237,900
Sales Price - $175,000
Seller Subsidy - $6,000

3800 Green Ridge Ct #302 - 2bd/2ba (64 DOMP) - Bank Owned

Asking Price - $214,900
Sales Price - $160,535
Seller Subsidy - 0




Click below for Penderbrook Home Sales for 2009
More Than 30 Days ago



22033

These stats are for all real estate in the 22033 zip code for the Month of March


2009 2008 % Change
Total Sold $ Volume $13,961,288 $14,878,678-6.1%
Avg. Sold Price$367,402 $413,297 -11.1%
Median Sold Price $323,500 $381,900-15.9%
Total Units Sold 3836 52%
Avg. Days on Market7991 0%
Avg. List Price for Solds: $397,753 $441,841 -9.9%
Avg. Sale Price as a percentage of Avg. List Price: 92.37%93.54%




Penderbrook Home Sales 2008 vs. 2009





Fairfax Condos Sold for 2007 vs. 2008




Fairfax Townhomes Sold for 2007 vs 2008




EXPIRED or WITHDRAWN

There has been 1 listings that have been taken off the market in the last 30 days.


RENTALS

There is currently 2 townhomes for rent and 10 condos

5 townhomes and 7 condos have been rented out in the past month.

If you need any help finding a rental or listing your condo for rent, please contact us.

We will take care of all the work for you and do background checks on the applicants to make sure they are qualified. We are also a full licensed Property Management Group.


OBSERVATIONS

Townhouses are selling quickly here at Penderbrook. They are selling at great prices for first time home buyers.

Condos on the other hand are taking much longer. The rentals for these condos are taking longer also. Owners are expecting more than what the market is asking for. Also alot of these condos are not updated. I have been in almost all of them and when I bring buyers and renters in, they point it out and mark that condo off the list. A little money invested in your kitchen and bathrooms goes along way !

If you are thining about buying in the next 3 moths Contact us today !


Keep checking back each Thursday for more insight to what is going on at Penderbrook.












Disclaimer: Information was gathered from the MLS and is deemed reliable but not guaranteed.


Buy A Home With No Down !

We have an exciting opportunity to announce for first time home buyers. We have 2 lenders that provide these programs.

First program is for first time home buyers, who make less than $52k. This program is a $10,000 grant, that does not have to be repaid and to be used to your home purchase. You can still qualify for your $8,000 tax credit when you file your taxes next year.

Second program is for those that make more than $52k. You can use your $8,000 tax credit now as a down payment. This means very little money for you to buy a home.

Email me today to get more information and start looking for homes!

Penderbrook This Week

Not much has happend in the last week in Penderbrook. Only 1 sale, a 1 bedroom condo.

4 more units came on the market.

27 active homes
23 under contract
11 sold in the last 30 days

I will update this more next week, when we get some more numbers

The TH priced at 325k is still available, but probably will be gone by next week.

Email me if you want to see it.


Penderbrook Homes Sales Weekly Report 5/22/09-6/04/09

MyPenderbrookHome.com

Relevant Real Estate Information for the Penderbrook Community of Townhomes and Condos in Fairfax, VA

INTRODUCTION

6 TH and 1 Condo have sold since 2 weeks ago. Check out the numbers below !

Renting Your Home at Penderbrook. We have partnered with a great property management group. The cost is only 8% of the rent. You don't have to do anything ! Contact us for more info if you are thinking of renting your Penderbrook home out.

Selling Your at Penderbrook. Only hire the best agent that knows this area. All we ask is that your interview us to see how we will get your home sold quickly and for the highest price possible. Homes are selling quickly here at Penderbrook ! Don't sit on the market longer than you should.

Contact me

As of today (June 4, 2009 11 AM) there are 28 active homes in Penderbrook and 21 homes that are currently under contract and 9 homes that have sold in the last 30 days.

Here’s the breakdown of all active listings in MLS:

Townhomes- 9 active

5 regular sales , 2 bank owned , 2 short sales

Condos - 19 active

1 bedroom condos - 7

2 bedroom condos - 11

3 bedroom condos - 1

Heights at Penderbrook (Condo/Townhome) - 9 condos ( 4 regular, 2 bank owned, 3 short sales)
Penderbrook Square (Condos)- 10 condos (3 regular, 4 short sale, 3 bank owned)


NEW LISTINGS

According to MLS, there was 8 new listing this week.


UNDER CONTRACT

According to MLS, there are 13 Condos and 8 townhomes under contract.

Condos

12155 Penderview Ter #822 - 1bd/1ba (66 DOMP)
3903 Penderview Dr #1506 - 1bd/1ba (59 DOMP)
3904 Penderview Dr #735 -1bd/1ba (15 DOMP)
3807 Green Ridge Ct #102 -3bd/2ba (6 DOMP)
12108 Greenway Ct #101 - 3bd/2ba - (251 DOMP)
12165 Penderview Ter #100 - 1bd/1ba (487 DOMP)
12110 Green Leaf Ct #201 -3bd/2ba (240 DOMP)
12004 Golf Ridge Ct #101 -2bd/2ba (93 DOMP)
12104 Greenway Ct #201 - 2bd/2ba (85 DOMP)
12103 Green Ledge Ct #201 -3bd/2ba (263 DOMP)
12016 Golf Ridge Ct #301 - 2bd/2ba (63 DOMP)
12012 Golf Ridge Ct. # 301 - 3bd/2ba (7 DOMP)
3805 Ridge Knoll Ct #10B (0 DOMP)

Townhomes

12112 Wedgeway Pl - 2bd/4ba (6DOMP)
12129 Wedgeway Ct - 2bd/4ba (2 DOMP)
11795 Valley Ridge Cir -3bd/4ba (0 DOMP)
3920 Valley Ridge Dr - 3bd/4ba (502 DOMP)
11702 Valley Ridge Cir -3bd/4ba (57 DOMP)
11906 Matthews Ct - 3bd/4ba (86 DOMP)
3931 Clares Ct - 3bd/4ba (31 DOMP)
3803 Inverness Rd -3bd/4ba (6 DOMP)

I will have the final numbers for these once they close


SOLD

According to MLS, 9 homes have sold in the last 30 days .

3808 Green Ridge Ct #301 - 3bd/2ba (257 DOMP) Bank Owned

Asking Price - $219,900
Sales Price - $220,000
Seller Subsidy - $ 6,600

3784 Inverness Rd - 3bd/4ba (39 DOMP) - Bank Owned

Asking Price - $414,900
Sales Price - $365,000
Seller Subsidy - $ 10,000

3944 Kathryn Jean Ct -3bd/4ba (6 DOMP) - Regular Sale

Asking Price - $398,500
Sales Price - $398,000
Seller Subsidy - $7,760

12112 Wedgeway Ct - 2bd/4ba (8 DOMP) - Regular Sale

Asking Price - $319,800
Sales Price - $311,900
Seller Subsidy - $10,850

12113 Wedgeway Ct - 2bd/4ba (35 DOMP) - Short Sale

Asking Price - $335,000
Sales Price - $290,000
Seller Subsidy - $ 9,000

11718 Valley Ridge Cir -4bd/4ba (87 DOMP) - Regular Sale

Asking Price - $435,000
Sales Price - $395,000
Seller Subsidy - $1,000

3907 Clares Ct -3bd/4ba (66 DOMP) - Regular Sale

Asking Price - $450,000
Sales Price - $422,000
Seller Subsidy - $0

12116 Greenway Ct #101 - 3bd/2ba (133 DOMP) - Bank Owned

Asking Price -$237,900
Sales Price - $175,000
Seller Subsidy - $6,000

3800 Green Ridge Ct #302 - 2bd/2ba (64 DOMP) - Bank Owned

Asking Price - $214,900
Sales Price - $160,535
Seller Subsidy - 0

More Than 30 Days ago

-3912 Penderview Dr #507 - 1bd/1ba (126 DOMP) - Bank Owned
Asking Price - $119,900 / Sales Price - $125,000 / Seller Subsidy - $3,655

-12008 Ridge Knoll Dr #2 - 2bd/2ba (7 DOMP) - Regular Sale
Asking Price - $235,000 / Sales Price - $238,000 / Seller Subsidy - $3,000

-3910 Valley Ridge Dr -3bd/3ba (147 DOMP) - Bank Owned
Asking Price - $350,000 / Sales Price - $347,000 /Seller Subsidy - 0

-12104 Wedgeway Ct - 2bd/4ba (444 DOMP) - Bank Owned
Asking Price - $360,000 / Sales Price - $275,000 /Seller Subsidy - $8,250

-12004 Golf Ridge Ct #302 - 3bd/2ba (33 DOMP) - Bank Owned
Asking Price -$222,900 / Sales Price - $210,000 /Seller Subsidy - 0

-12017 Lisa Marie Ct (0 DOMP) 3bd/4ba TH - Regular Sale
Asking Price - $445,000 /Sales Price - $429,100 /Seller Subsidy - $ 5,000

-3951 Kathryn Jean Ct (7 DOMP) 3bd/4ba TH - Regular Sale
Asking Price - $429,000 /Sales Price -$409,000 /Seller Subsidy - 0

-12145 Wedgeway Pl (51 DOMP) 4bd/ 3ba TH - Bank Owned
Asking Price -$304,750 / Sales Price - $285,000 / Seller Subsidy - 0

-12102 Green Ledge Ct #302 (88 DOMP) 2bd/2ba Condo - Regular Sale
Asking Price -$249,900 / Sales Price -$220,000 / Seller Subsidy - 0

-12101 Green Leaf Ct #302 (165 DOMP) 3bd/2ba Condo - Regular Sale
Asking Price - $289,900 / Sales Price - $240,000 / Seller Subsidy - $7,200

-3916 Penderview Dr #425 (0 DOMP) Bank Owned - 1bd/1ba Condo
Asking Price - $189,900 / Sales Price - $148,000 / Seller Subsidy - $7919

-12115 Wedgeway Pl (45 DOMP) Regular Sale - 2bd/4ba TH
Asking Price - $309,900 / Sales Price - $305,500 / Seller Subsidy - $933

-3916 Green Look Ct (29 DOMP) Regular Sale - 3bd/4ba TH
Asking Price - $432,000 / Sales Price - $425,000 / Seller Subsidy - $10,000

-12110 Green Leaf Ct #301 (141 DOMP) Bank Owned - 3bd/2ba Condo
Asking Price - $259,000 / Sales Price - $210,000 / Seller Subsidy - $12,600

-11787 Valley Ridge Cir (92 DOMP) Regular Sale - 3bd/4ba TH
Asking Price - $477,000 /Sales Price - $410,00 /Seller Subsidy - $8,000

-3909 Penderview Dr #1901 (185 DOMP) Short Sale - 2bd/2ba Condo
Asking Price - $249,900 / Sales Price - $218,000 / Seller Subsidy - $5,000

-12159 Wedgeway Plv (39 DOMP) 3bd/4ba TH - Regular Sale
List Price - $317,000 / Sales Price - $305,000 / Seller Subsidy - $3,000

-12100 Wedgeway Pl (139 DOMP) - Bank Owned - 2bd/4ba TH
Asking Price - $373,000 / Sales Price - $277,500 Seller Subsidy - $8,250

-12104 Green Ledge Ct #302 (18 DOMP) 2bd/2ba Condo - Regular Sale
Asking Price -$239,000 / Sales Price -$239,000 / Seller Subsidy -$7,000

-12110 Green Ledge Ct #301 (26 Days on the market) 3bd/2ba Condo - Regular Sale
Asking Price - $250,000 / Sales Price - $250,000 / Seller Subsidy - $5,000

-12108 Green Ledge Ct #301 (Condo - 3bed/2ba - 229 DOMP) - Regular Sale
Asking Price - $259,999 / Sales Price - $240,000 / Seller Subsidy - 0

-12118 Wedgeway Pl (Townhome - 3bed/4ba - 83 DOMP) - Bank Owned
Asking Price - $317,900 / Sales Price - $307,900 / Seller Subsidy - $ 0

-12128 Wedgeway Ct (Townhome - 2bed/4ba - 34 DOMP) Bank Owned
Asking Price - $309,900 / Sales Price - $310,100 / Seller Subidy - $ 0


22033


These stats are for all real estate in the 22033 zip code for the Month of March


2009 2008 % Change
Total Sold $ Volume $13,961,288 $14,878,678-6.1%
Avg. Sold Price$367,402 $413,297 -11.1%
Median Sold Price $323,500 $381,900-15.9%
Total Units Sold 3836 52%
Avg. Days on Market7991 0%
Avg. List Price for Solds: $397,753 $441,841 -9.9%
Avg. Sale Price as a percentage of Avg. List Price: 92.37%93.54%



Penderbrook Home Sales 2008 vs. 2009



Fairfax Condos Sold for 2007 vs. 2008




Fairfax Townhomes Sold for 2007 vs 2008




EXPIRED or WITHDRAWN

There has been 1 listings that have been taken off the market in the last 30 days.


RENTALS

There is currently 1 townhomes for rent and 11 condos

8 townhomes and 7 condos have been rented out in the past month.

If you need any help finding a rental or listing your condo for rent, please contact us.

We will take care of all the work for you and do background checks on the applicants to make sure they are qualified. We are also a full licensed Property Management Group.


OBSERVATIONS

Townhouses are selling quickly here at Penderbrook. They are selling at great prices for first time home buyers.

Condos on the other hand are taking much longer. The rentals for these condos are taking longer also. Owners are expecting more than what the market is asking for. Also alot of these condos are not updated. I have been in almost all of them and when I bring buyers and renters in, they point it out and mark that condo off the list. A little money invested in your kitchen and bathrooms goes along way !

If you are thining about buying in the next 3 moths Contact us today !

Keep checking back each Thursday for more insight to what is going on at Penderbrook.




Disclaimer: Information was gathered from the MLS and is deemed reliable but not guaranteed.









Hurry!

Another very low priced TH just came on the market here at Penderbrook, it will not last long !

Great for first time home buyers or for those wanting a little bit bigger house than their condo.

Listed at $335,000

Email me for more info