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I'll take a guess... ALOT of people from Leesburg/ purceville sold thier smaller (10year old)3-4 bedoom 2500sqft houses and moved out to Lovettesville and purchased NEW builder homes at incredibly inflated prices. Reported to become the next Ashburn. Now no-one is moving out there because of gas prices, the fact that thier is nothing out there, and the market has tanked.
The people we bought our house from in Leesburg moved out to a big 3500sqft house (why? they didn't even have enough furniture for the old one) They wanted NEW etc...
They just sold it for a BIG loss and moved back into Leesburg. The mortage payment and gas prices were killing them.
TONS of builder spec homes in Lovettesville and Winchester. back late 2004 early 2005 investors could buy a bulider home and turn around and re-sell it for a good profit before they had to pay the first mortgage payment. Then the market cooled and htey were left holding onto 1-2 properties...
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Why so many houses for resale in Lovettsville?
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