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Old 02-01-2011, 07:48 AM
 
Location: Macao
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Just general obervation, but interesting to read comments.

Falls Church/Annandale both have attracted lower income, from my understanding - I get the impression by the occassional posts about immigrants, spanish, etc. However, location remains ideal for many with Fairfax addresses and DC proximity. But my understanding is there are also quite a few 'postage stamp size' houses interspersed here, moreso than outside the Beltway Fairfax County.

Nontheless, the very high cost of housing here remains a testamant that people are more than willing to pay a small fortune to live within the zip codes of Falls Church or Annandale. However, I am surprised that the high prices remain high, and the foreclosures remain so low.

In contrast, we have Woodbridge/Manassas, both of which seem to have low priced housing throughout them, and both have a high rate of foreclosures.

Just for the sake of thought-provoking conversation...would be interesting to hear people's reasonings behind it... as well as their future predictions. Do you all think that Falls Church/Annandale will remain high priced housing for small houses? (Focusing on those, although I realize there are plenty of large and very large houses there too).
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Old 02-01-2011, 07:56 AM
 
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I think Manassas/Woodbridge areas had a higher proportion of affordable lower priced housing, that in many cases attracted lenders who gave loans they shouldn't have, included "no documentation" type loans. This is why there's a higher percentage of foreclosures in those areas, and why prices dropped faster in Manasssas and Woodbridge than other jurisdictions.
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Old 02-01-2011, 07:59 AM
 
Location: Chapel Hill, NC, formerly DC and Phila
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I think it all has to do with location - Falls Church and Annandale are close in. Manassas and Woodbridge are far out. For people without a car especially, it's much easier to get around living in Falls Church or Annandale than Manassas or Woodbridge. This helps keep the prices higher in Falls Church and Annandale.
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Old 02-01-2011, 08:14 AM
 
Location: Virginia
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LOL, ngadude and michgc made exactly the same two points I would have made!

Yup, that pretty much explains it. So since there isn't much more to be said in that area, I'll move on to predictions.

Falls Church will see the greatest increase once the Silver Line is completed. Annandale will also see a large increase. IMO that will be due to several factors including being fairly close to the new Brac facility. Woodbridge will also attract more people who need to be relatively close to Brac. IMO, the foreclosures may reflect an increasing interest in Woodbridge lately. There seems to be an increased interest in Woodbridge, which I interpret as meaning the area is on the upswing--and I suspect the banks think the same thing. The way I see it, Nova banks hold onto foreclosures until an area is on the upswing. They release them when they know they will be snapped up quickly (which is what seems to be happening. So far, anyway).

Manassas is the one area I don't know much about. However, I note that the stores there are slowly becoming more upscale. So retailers seem to be betting that this area will see an increase, as well.
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Old 02-01-2011, 08:39 AM
 
10,596 posts, read 12,086,197 times
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Quote:
Originally Posted by Caladium View Post
There seems to be an increased interest in Woodbridge, which I interpret as meaning the area is on the upswing--and I suspect the banks think the same thing. The way I see it, Nova banks hold onto foreclosures until an area is on the upswing. They release them when they know they will be snapped up quickly (which is what seems to be happening. So far, anyway).

Manassas is the one area I don't know much about. However, I note that the stores there are slowly becoming more upscale. So retailers seem to be betting that this area will see an increase, as well.
The interesting point here is that several weeks ago the Washington Post pointed out that the value of homes in Woodbridge and surrounding areas had increased by something like 29% and that Prince William had pretty much reduced its foreclosure inventory and how they did it.

So, I'm not sure the predictions/data hold true for Woodbridge WRT foreclosures as they seem to be over that hump for now. I think the area got "most improved county" regarding foreclosures. Part of the reason for this is that most foreclosures were on affordable properties and not the McMansions or high dollar homes that other localities experienced. These were easy pickings for investors and first time home buyers.
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Old 02-01-2011, 08:55 AM
 
Location: Brambleton, VA
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A lot of people in Falls Church (and possibly Annandale, though I don't know enough about it to say) rent their houses. Since housing stock is cheaper in Manassas, it is possible that more lower-income folks were able to buy something there during the boom, but then lost it later - whereas lower-income people closer in were never able to buy something.
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Old 02-01-2011, 10:55 AM
 
Location: Macao
15,897 posts, read 36,023,827 times
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Quote:
Originally Posted by Caladium View Post
Falls Church will see the greatest increase once the Silver Line is completed. Annandale will also see a large increase. IMO that will be due to several factors including being fairly close to the new Brac facility. Woodbridge will also attract more people who need to be relatively close to Brac.
I forgot about that Silver Line...the prices in Falls Church will probably only go up.

Where is BRAC going to be setup?
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Old 02-01-2011, 11:30 AM
 
Location: Censorshipville...
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BRAC will distribute a lot of jobs to the various bases including Fort Belvoir and Quantico. Woodbridge is pretty much situated in the middle of those bases.

Check out RBI and get stats on the different zip/counties. In Woodbridge, the stats have been on the rise.
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Old 02-01-2011, 11:35 AM
 
Location: Virginia
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Isn't BRAC also going to have a major facility in Alexandria? Or did that idea get scrapped?
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Old 02-01-2011, 11:49 AM
 
Location: Censorshipville...
2,674 posts, read 6,237,402 times
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I think you're referring to the Mark center, and as far as I know that is still going forward.
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