During the boom market, many people and investors jumped at the opportunity to buy new construction in Loudoun County with the hopes of flipping the property(ies) in the future for a profit. After all, many thought that the boom would never end.
Well, many got burned.
One such example is the owner of three of the homes in the Villages of Waxpool subdivision in Ashburn.
They bought three properties from the builder for a total amount of $3,403,708 in 2005.
These three properties are now all on the market almost 3 years later as "short-sales" for a total amount of $2,490,664. If they get the full asking price, they will have lost $913,044. And that's if the bank/lender approves the short-sale, which doesn't happen often.
This just goes to show that you need to do your homework before making any such decisions and perhaps not go at it alone.
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