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This 3 bedroom, 2.5 bath, 2250 sq ft, 1 car garage end unit town home in Ashburn is a foreclosure/REO. It has a fenced yard, deck and a 3 level bump-out.
It needs the usual work (carpet, paint, etc), but it's a great deal at $282,500.
If you'd like more info, let us know.
Here is a map showing median prices of REOs (foreclosed/bank owned properties) versus median list prices throughout the US (click to enlarge). Though it's not completely indicative of the ratio in Loudoun County, it will give you a general idea of the variance in the Mid-Atlantic region and throughout the country. (Please note that these are the median list prices not the median sales prices)
As a region, the Mid-Atlantic area has one of the closest ratios of median REO prices to median list prices. Notice the huge difference in the Midwest (there is one part of Cleveland, Ohio where 1 in 10 homes is a foreclosure).
Source: Trulia
Loudoun County Assessor Todd Kaufman made a presentation to the Dulles Area Association of Realtors today regarding the recent county assessments. The slide show part of the presentation (which was closed to questions) was filled with information regarding the overall picture of assessed values in the county including residential and commercial properties, the steps in the appeal process and the definition of market value.
What we found out was the following:
What we didn't find out was the following:
Although I appreciate his taken the time to make the presentation this year, the entire process remains extremely vague and opaque. There is no transparency of data and no definitive answer as to how values are ascertained.
And in stating that Market Values are opinion of the Assessors office, it makes it difficult if not impossible for homeowners to win an appeal in the initial phase of appeal. More than likely, homeowners will be forced to present to the Board of Equalization.
FYI, the deadline for the initial appeal is March 7th. Let us know if you need help in preparing your paperwork and supporting documentation for the appeal.
The Loudoun County Board of Supervisors prepared a report entitled "Subprime Lending - Loudoun County Impacts Report" for their meeting on February 20, 2008. The report is on the impact of subprime lending and foreclosures on Loudoun County and covers such items as:
The report also consists of maps showing "low risk" and "high risk" areas within the county based on "Subprime Purchase Incidence" as well as "Foreclosures as Percent of Total Home Sales, January to June 2007 Loudoun County".
Unfortunately, the report does not include second half 2007 statistics in detail. The second half of 2007 saw a big increase in foreclosures both in number and as a percentage of total home sales. Though the report shows the beginning of the trend, it does not fully show nor illustrate the impact of subprime lending and foreclosures in Loudoun County.
For example, the report states:
"Foreclosures in the first half of 2007 represented 10% of Loudoun County sales but account for 25% of sales in the most affected area."
If they were to look at second half 2007 statistics in detail, they would see that those percentages are much higher than first half 2007 percentages, especially when looking at November's and December's figures.
The report does a good job analyzing the impact of subprime lending and foreclosures on Loudoun County. Just hope that they don't underestimate the true impact of subprime lending and foreclosures on Loudoun County and apply that to other decisions moving forward.
For the full report, click here and look for "Item #6 Subprime Lending and Attachments" (pdf).
The six major lenders participating in the Project Lifeline initiative have agreed to put foreclosure proceedings on delinquent borrowers on hold for up to 30 days to evaluate alternatives. The lenders say that eligible borrowers will be offered workout plans that could lead to formal loan modifications for those who can make payments on new terms for three months.
The borrowers targeted by the Project Lifeline are those who are 90 days or more behind on their payments. But borrowers can be excluded if they are in active bankruptcy, if a foreclosure sale date is less than 30 days away, or if the home is an investment property or vacant.
The lenders are also members of the HOPE NOW coalition organized by the Treasury Department to speed up the process of modifying subprime adjustable-rate mortgage (ARM) loans before the interest rate resets. By March 31, Project Lifeline will include every member of the HOPE NOW coalition, which is an additional 19 lenders and loan servicers, according to a press release by the coalition yesterday.
Source: InmanNews
Further Reading:
Statement by Secretary Henry M. Paulson, Jr. on Hope Now and Project Lifeline initiative
"Project Lifeline" post - Calculated Risk
Various posts (and reactions) on "Project Lifeline" - Technorati
I just read a good article regarding property assessments and how to fight them. Two interesting facts in the article: 1 out of 50 homeowners fights their assessments and 60% of assessments are overvalued by assessors.
http://money.cnn.com/2008/02/12/real_estate/tax_squeeze.moneymag/index.htm?postversion=2008021306
Loudoun County assessments came out earlier this month and assessed values went down in most areas of the county. But did they go down enough for your area of the county?
This is the breakdown for the change in prices for the Leesburg area of Loudoun County. This analysis is for the 20175 and 20176 zip codes. It will show you the difference in values for homes sold at the end of 2006 versus the end of 2007.
Two different datasets were used: Homes sold in the month of December and homes settled between December 16th and January 15th. A complete explanation can be found in the first post of this series.
| Leesburg Market Value Analysis | ||||
| Under contract Dec 1 - Dec 31 | 2008 | 2007 | (+/-) | % change |
| All Leesburg | $435,971 | $459,493 | -$23,522 | -5.1% |
| 20175 | $385,945 | $385,955 | -$10 | 0.0% |
| 20176 | $504,756 | $501,118 | $3,638 | 0.7% |
| Settled Dec 16 - Jan 15 | ||||
| All Leesburg | $398,649 | $496,961 | -$98,312 | -19.8% |
| 20175 | $416,006 | $410,710 | $5,296 | 1.3% |
| 20176 | $385,065 | $570,891 | -$185,826 | -32.6% |
The huge disparity in prices for the Leesburg area indicates further drilling down into the various neighborhoods is necessary to determine the true market values. In areas with vastly different property types, sizes and ages this can and often does occur.
Loudoun County assessments came out earlier this month and assessed values went down in most areas of the county. But did they go down enough for your area of the county?
This is the breakdown for the change in prices for the Sterling area of Loudoun County. This analysis is for the 20164, 20165 and 20166 zip codes. It will show you the difference in values for homes sold at the end of 2006 versus the end of 2007.
Two different datasets were used: Homes sold in the month of December and homes settled between December 16th and January 15th. A complete explanation can be found in the first post of this series.
| Sterling Market Value Analysis | ||||
| Under contract Dec 1 - Dec 31 | 2008 | 2007 | (+/-) | % change |
| All Sterling | $319,346 | $412,535 | -$93,189 | -22.6% |
| 20164 | $279,028 | $383,333 | -$104,305 | -27.2% |
| 20165 | $396,714 | $433,529 | -$36,815 | -8.5% |
| 20166 | $293,380 | $439,590 | -$146,210 | -33.3% |
| Settled Dec 16 - Jan 15 | ||||
| All Sterling | $299,718 | $407,385 | -$107,667 | -26.4% |
| 20164 | $256,284 | $372,114 | -$115,830 | -31.1% |
| 20165 | $383,024 | $418,610 | -$35,586 | -8.5% |
| 20166 | $330,000 | $485,073 | -$155,073 | -32.0% |
Values in the 20165 zip code of Sterling held up relatively strong during the past year as compared to the other two zip codes.
Loudoun County assessments came out earlier this month and assessed values went down in most areas of the county. But did they go down enough for your area of the county?
This is the breakdown for the change in prices for the Ashburn area of Loudoun County. This analysis is for the 20147 and 20148 zip codes. It will show you the difference in values for homes sold at the end of 2006 versus the end of 2007.
Two different datasets were used: Homes sold in the month of December and homes settled between December 16th and January 15th. A complete explanation can be found in the first post of this series.
| Ashburn Market Value Analysis | ||||
| Under contract Dec 1 - Dec 31 | 2008 | 2007 | (+/-) | % change |
| All Ashburn | $433,324 | $507,273 | -$73,949 | -14.6% |
| 20147 | $419,218 | $478,606 | -$59,388 | -12.4% |
| 20148 | $451,142 | $572,515 | -$121,373 | -21.2% |
| Settled Dec 16 - Jan 15 | ||||
| All Ashburn | $427,966 | $490,195 | -$62,229 | -12.7% |
| 20147 | $395,073 | $454,611 | -$59,538 | -13.1% |
| 20148 | $479,363 | $575,048 | -$95,685 | -16.6% |
The average price of a house in the two zip codes of Ashburn went down a minimum of 12.4% during the past year. The 20148 zip code was down at least 16%.
A spec town home with an April delivery date just became available in Lansdowne. It's a brick front end unit with approximately 2400 square feet of finished living space. It has a 2 car garage, 3 bedrooms, 2 full baths and 2 half baths. The kitchen has upgraded maple cabinets, a large center island, corian countertops and stainless steel appliances. It has hardwoods in the kitchen and family room, a deck, 3-sided fireplace and upgraded carpet throughout. The master bedroom has 2 walk-in closets and a tray ceiling with upgraded tile in the master bath.
The builder just reduced the price by $28K from $468,118 (original base price plus options) to $439,990 (spec price). There are additional incentives available as well.
If you would like more information about this property, feel free to contact us.
