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Old 04-14-2008, 11:53 AM
 
14 posts, read 41,385 times
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With the market the way it is, we might find a home for our $250k budget and 2 infants!
Major criteria: NEAR VRE/METRO (I work on Capitol Hill), around $250k or less.
Less Major criteria: 1/4 acre; low crime, good schools

Here's my rundown so far:
1. Burke (perfect): Saw a short-sale there, 3br/2ba on 1/3 acre for $274k. Wow. Now, I know it's low-hanging fruit, but still - eveything around it is in the mid-300's.

2. West/North Springfield: Similar to Burke; no real complaints except for high prices...

3. Manassas Park: affordable SFH's; lots of selection from the mid-100's up to and past our $250k range. Crime is under control (per NITROVIC) and illegals are leaving PW county in droves. Schools are BAD BAD BAD - but only when compared to FFX county. Otherwise schools, compared to the rest of the U.S., are pretty good. My biggest gripe is sprawl/congestion. Hoping Maplewood addresses some of the crappy zoning on rte 28...

4. Manassas: similar to above.

5. Lorton to Quantico: similar to above

Other than checking out MARC-accessible areas like Columbia, MD, are there any other suggestions? I've all but ruled out Woodbridge/Dale City, due to congestion alone...
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Old 04-14-2008, 02:09 PM
 
1,623 posts, read 4,322,995 times
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Check this community out. Staying Close To Nature, and To Neighbors - washingtonpost.com

I remember looking at it 4 years ago and thought it was very nice, but a little too expensive. It's a 4Br/3Ba TH community that surrounds a lake near Mt. Vernon. That article piqued my interest and I was surprised that prices have really cratered. FranklyMLS.com Virginia & DC MLS via Keyword Search & Wiki There are several banked owned units going for $250K-280K that used to sell for $370K a year or so ago.
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Old 04-14-2008, 02:15 PM
 
951 posts, read 1,290,082 times
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vhblocker
Can you stand to stick it out in a rental for a year or so? Cause prices are guaranteed to drop and you can take your time to pick out some sweet deals, if you are patient.
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Old 04-14-2008, 02:57 PM
 
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Slim04 - we are pretty set on a freestanding SFH, but I'll take a look at Pinewood Lake. I lived in Reston for two years, so the idea definitely appeals to *me*. <whisper> "it's the wife that needs convincing!" </whisper>

ersatz - Haven't really considered renting, since we have a lot of equity in what we own right now (condo). I guess that may become an option if we can't find something to buy...
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Old 04-14-2008, 05:42 PM
 
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274k for a sfh on 1/3 of an acre in Burke seems like a pretty good deal to me. Especially if it's in decent shape.
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Old 04-14-2008, 05:52 PM
 
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If every other house in the neighborhood is selling for significantly more than $274K, that tells you that the house is probably NOT in decent shape.
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Old 04-14-2008, 06:30 PM
 
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Quote:
Originally Posted by claremarie View Post
If every other house in the neighborhood is selling for significantly more than $274K, that tells you that the house is probably NOT in decent shape.
That's a good point. And probably very true. But some of the short sales/foreclosures in the area have some really low balled prices regardless of condition. Mainly because they're being sold "as is" - the bank doesn't want to deal with home inspections and fixing any problems.

Normal resales are probably a much safer way to go. But they will carry a higher price tag.
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Old 04-14-2008, 06:54 PM
 
2,462 posts, read 8,041,874 times
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If a house in great condition is listed at a lowball price because a bank just wants to clear the property from its inventory, it would be sold within days. Most short sales and foreclosures are NOT in great condition, and many need considerable work, which is why they are priced well below comparable nearby homes.
Those who are considering the purchase of such homes would do well to ponder just how the former owners ended up in foreclosure to begin with. Eventually, the market catches up with you.
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Old 04-14-2008, 07:23 PM
 
Location: Alexandria, VA
11,358 posts, read 20,150,912 times
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I honestly don't think you'll find a SFH in the price range you have in mind. People are NOT giving away their homes, the foreclosure sales, as stated, are "as is" you don't know what kind of problems the homes have.

I think - rent until you have the money to get into a home at a reasonable price that is well maintained, passes, inspection, etc.
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Old 04-15-2008, 11:12 AM
 
14 posts, read 41,385 times
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Well, "as-is" doesn't mean it can't be inspected first to assess the extent of how bad it might be... it just means that the bank is not liable for repairs. You get what you get. And this might not be a bad thing... even with the market downturn, 20,000 jobs are being moved to Ft. Belvoir in the next year. THAT will have an effect on housing prices. So get'em while they're hot, "as-is" or not!
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