What's up with all of the foreclosures and short sales around Winchester? (Alexandria: for sale)

[jacmadhel]

My husband and I (3kids) are thinking about a move from Greensburg, Pa to Winchester or Front Royal. The housing costs are more up front but significantly lower property taxes and better universities for the $ are two reasons for considering a move. We can spend between 200K and 275K. We noticed a ton of foreclosures(comparitively) while browsing real estate. Are there a severe lack of jobs ? My husband will not want to commute more than 20 minutes, No D.C. for him. Wondering if this is a good idea.
I am excited, I grew up in Alexandria in the 70s and 80s and I miss it a little. Gotta get out of the Pa tax pit
K

[clintsullivan]

Check out the eastern panhandle of WV too; low cost of living & low unemployment.

[South Jersey Styx]

You didn't mention what kind of work you and your husband do. There are a few federal agencies nearby Winchester and the Front Royal area - FEMA, Army Corps of Engineers, FBI, etc. There are also several universities in the vicinity, with Shenandoah U being right in Winchester. Be sure to check out the surrounding towns and cities, the western part of MD (Frederick and westward), and WV such as Martinsburgh and Charlestown.

If you cannot find something near Winchester and have to work in DC AND can't stand the commute, then I would recommend finding a house closer to DC.

I have been looking at buying a house in Winchester since March 2009. There are alot of foreclosures and short sales and I am not sure exactly why. Since Spring, some of the short sales are now on their 2d or 3rd Buyer, being that the 1st buyer got tired of waiting and moved on to something else.I am looking at historic properties and the pre-foreclosure/short sales will go fairly quickly, depending of course, on cost and the amount of fixing needed. There are newer houses and developments as well as the historic ones, mostly downtown.

The downtown area is going through a "Historic Renaissance." If you haven't visited yet, the historic architecture is fabulous. There's also lots of work being done on the infrastructure of the city. The people are pretty friendly. Good luck with your search!

[clintsullivan]

I'm a real estate appraiser working in the eastern panhandle of WV and Frederick & Clarke counties in VA. It looks like the foreclosures have stabilized and prices may be starting to head back up some, especially in the newer house market & Stephen City area. The homes built in the '80's and early '90's appear to be the best deals at this point, but they are often in neighborhoods that are predominanly rented and are not in the best of condition. Most of the new foreclosed & short sale listings are going under contract often with multiple offers within a month. I have seen a slow down in pre-foreclosure work in the area over the past month. Interest rates remain around 5% for borrowers with good credit on a 30 year fixed and the Fed just re-authorized the $8,000 first time homebuyer credit and added a $6,500 credit for folks who have lived in their current home for 5 years or more and buy a home as a new primary residence by middle of 2010. All these factors should keep the market moving.
Let me know if you have any questions about specific areas. Also take a look at my house which I have for sale near Shepherdstown WV (You can search my threads for the classified listing here at city-data.) I hope to take advantage of the tax credit and move westward a bit.

[jacmadhel]

Thanks to both of you.
Let me give more details. I work in interior decorating and write for online publications from home. Mostly a stay at home mom. My husband hates his job and the general field he is in. He has many years of management experience. He mentioned something about working at a club on the golf coures etc. as his dream of "being a bum". I think to begin with he just wants to find a job and is not particular about it.
I am interested in histiric properties too. I don't think we want to live in town. Been there, done that. I saw one online that is intriguing but only one picture.
We are going to take a drive down there soon and get a better feel for where everything is. Not planning on moving until school is out.
thanks

[South Jersey Styx]

Originally Posted by jacmadhel

Thanks to both of you.
Let me give more details. I work in interior decorating and write for online publications from home. Mostly a stay at home mom. My husband hates his job and the general field he is in. He has many years of management experience. He mentioned something about working at a club on the golf coures etc. as his dream of "being a bum". I think to begin with he just wants to find a job and is not particular about it.
I am interested in histiric properties too. I don't think we want to live in town. Been there, done that. I saw one online that is intriguing but only one picture.
We are going to take a drive down there soon and get a better feel for where everything is. Not planning on moving until school is out.
thanks

I understand that most of downtown has completed their infrastructure projects so alot of the debris and construction will be gone.

Sounds like you'd have a nice set-up since you are a SAHM and can work from home!

I will be going to settlement on my house in Winchester (a historic property downtown) so DM me if you'd like to. We'lll be getting feelers for the area too -- best places to go, groups to join, etc.

Good luck with the job hunt to your husband! Since he is in management he may have luck in administration, restaurants, clubs, government, or university opportunities, depending on the specifics. Be sure to check out jobs in nearby West VA and drivable areas in western MD. Enjoy your trip and hope you like VA!

[jacmadhel]

Are there any neighborhoods that either of you would reccomend/not reccomend? We have seen houses online that we like but have not yet seen them in person and gotten an understanding of them.
If we do not find a historic house that fits our needs (3/4 br, large kitchen, on 2+ acres) we will consider a neighborhood. A few houses seem to have large lots and mature trees and older homes, built in the 60s and 70s, are these in named neighborhoods?

[clintsullivan]

You should probabaly narrow down your husband's employment location and the distance he's willing to commute, if that will be an issue. For low taxes & living expense and the ability to use your 2+ acres the way you want, avoid subdivisions and towns/cities. Towns, cities & subdivisions typically restrict against a variety of animals, types of fences, cutting/planting trees, hanging out laundry, etc. Also you have higher taxes within municipalities, usually water & sewer fees too and HOA fees in subdivision.
For the price range you are considering you'll probably find the best deals on the western side of Frederick County or in Berkeley County, WV. You can possibly find the type of home & lot you want in Clarke County VA or Jefferson County WV, but the prices will be higher. Since you work from home via the internet, be sure to check high speed internet access at any homes you consider; some areas still don't have DSL or Cable available.
If you see something you like give me the info on it and I can give you an idea of the specific area and taxes, access, etc.

[South Jersey Styx]

Originally Posted by clintsullivan

You should probabaly narrow down your husband's employment location and the distance he's willing to commute, if that will be an issue. For low taxes & living expense and the ability to use your 2+ acres the way you want, avoid subdivisions and towns/cities. Towns, cities & subdivisions typically restrict against a variety of animals, types of fences, cutting/planting trees, hanging out laundry, etc. Also you have higher taxes within municipalities, usually water & sewer fees too and HOA fees in subdivision.
For the price range you are considering you'll probably find the best deals on the western side of Frederick County or in Berkeley County, WV. You can possibly find the type of home & lot you want in Clarke County VA or Jefferson County WV, but the prices will be higher. Since you work from home via the internet, be sure to check high speed internet access at any homes you consider; some areas still don't have DSL or Cable available.
If you see something you like give me the info on it and I can give you an idea of the specific area and taxes, access, etc.

All of this is great information. Thanks for sharing!

jacmadhel, if you're looking for 2+ acres, then downtown won't be suited for you. However, let us know if you change your mind. In addition, you'll learn alot when you visit as far as neighborhoods. Best of luck!

[jacmadhel]

Thanks! Good luck to you too. Let us know how the restaurants are.