U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > U.S. Forums > Virginia > Northern Virginia
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 07-25-2008, 11:39 AM
 
27 posts, read 110,904 times
Reputation: 17

Advertisements

I am moving back to the area after living on the West Coast and I am shocked to see the dramatic price drops on some properties in the Manassas area. I recognize from reading other posts that some of the areas (eg. Manassas Park and Georgetown South) are less desirable, but even so I am seeing listings that last sold over $300K on the market for under $100K. Any idea what is causing the precipitous price drops there?
Rate this post positively Reply With Quote Quick reply to this message

 
Old 07-25-2008, 11:47 AM
 
2,720 posts, read 4,867,488 times
Reputation: 2277
Lots of foreclosures.

You might be interested in sites like this:

Northern Virginia Housing Bubble Fallout
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-25-2008, 03:22 PM
 
27 posts, read 110,904 times
Reputation: 17
Thats what I suspected, thanks for the link! I guess people were driving to qualify for homes they just couldn't afford. Seems like there was some really irresponsible lending going on there.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-25-2008, 07:07 PM
 
4,711 posts, read 11,498,675 times
Reputation: 3789
Quote:
Originally Posted by weisla View Post
.....Seems like there was some really irresponsible lending going on there.

"there"? You have to be kidding....irresponsible lending caused the entire national mess!

And the worst of it swept eastward from the West Coast. Ever heard of IndyMac? Countrywide? Golden West? Or any of the dozens of other now-failed west coast sleazy loan factories?

I think those million dollar plus 800 sq ft bungalows in Cali ought to be getting cheaper too, eh?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-25-2008, 07:24 PM
 
2,730 posts, read 7,642,002 times
Reputation: 1071
Quote:
Originally Posted by car54 View Post
"there"? You have to be kidding....irresponsible lending caused the entire national mess!

And the worst of it swept eastward from the West Coast. Ever heard of IndyMac? Countrywide? Golden West? Or any of the dozens of other now-failed west coast sleazy loan factories?

I think those million dollar plus 800 sq ft bungalows in Cali ought to be getting cheaper too, eh?

Car54 how could you post such nonsense on the board. Don't you know it was caused by little green men from Manassas Park who invaded our banks?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-25-2008, 10:17 PM
 
27 posts, read 110,904 times
Reputation: 17
Quote:
Originally Posted by VRE332 View Post
Car54 how could you post such nonsense on the board. Don't you know it was caused by little green men from Manassas Park who invaded our banks?
Of course I am aware of the national lending crisis fueled by wildly irresponsible lending. My point was that if foreclosures are singularly responsible for the extremely concentrated pockets of dramatic price drops in those Manassas neighborhoods (as you claim) that there is likely an explanation. What I was curious about is whether there is some reason other than the patently obvious national lending crisis adding to the particularly dramatic price drops there - even in the worst pockets of foreclosure in California, Colorado, Florida, etc it would be unusual to see such widespread 75-80% price drops. But thank you for your oh so helpful comments so in the spirit of these forums.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-25-2008, 11:16 PM
 
4,711 posts, read 11,498,675 times
Reputation: 3789
Quote:
Originally Posted by weisla View Post
Of course I am aware of the national lending crisis fueled by wildly irresponsible lending. My point was that if foreclosures are singularly responsible for the extremely concentrated pockets of dramatic price drops in those Manassas neighborhoods (as you claim) that there is likely an explanation. What I was curious about is whether there is some reason other than the patently obvious national lending crisis adding to the particularly dramatic price drops there - even in the worst pockets of foreclosure in California, Colorado, Florida, etc it would be unusual to see such widespread 75-80% price drops. But thank you for your oh so helpful comments so in the spirit of these forums.

Well, there is one other factor in play in Prince William County. The County Board enacted a crack down on illegal aliens which has allegedly led to an exodus of said aliens. Many of these folks owned houses (upside down) and the County gave them another reason to walk away.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-27-2008, 11:03 PM
 
523 posts, read 1,328,602 times
Reputation: 134
Quote:
Originally Posted by weisla View Post
I am moving back to the area after living on the West Coast and I am shocked to see the dramatic price drops on some properties in the Manassas area. I recognize from reading other posts that some of the areas (eg. Manassas Park and Georgetown South) are less desirable, but even so I am seeing listings that last sold over $300K on the market for under $100K. Any idea what is causing the precipitous price drops there?
Simple. The price of housing is correcting back to a price that the wages in that particular area can support. This is happening all over Northern VA and across the nation.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-28-2008, 08:45 AM
 
595 posts, read 2,158,596 times
Reputation: 179
Let's just say if the price charts were a ski slope--it would truly be "experts only."
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-28-2008, 09:01 AM
 
2,730 posts, read 7,642,002 times
Reputation: 1071
Quote:
Originally Posted by barryhussein View Post
Let's just say if the price charts were a ski slope--it would truly be "experts only."
Let's say if Dumfries and Manassas combined, and they changed to Dumassas.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Virginia > Northern Virginia

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top