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Saturday, August 15, 2009

Summer Days (and Summer Nights!!) Review

So the summer days and summer nights have flown by and during that time it looks like one of our case studies went under contract on August 1st, as I started to pull together the information needed for a closeout and recap the property got relisted at a higher price!

Considering the price history under Re/Max at 7301 Pimmit Ct. I don't think this is a greedy buyer looking at foreclosure, I am guessing that this is a Broker Price Opinion coming in at over the asking.

Here is a BIG question for you; does it really make sense to kill a deal over $10,000 or possibly less when the home has been on the market for over a year?

Now for the Review of 7301 Pimmit Ct.
Positive aspects
Siding appears to be in good shape.
Well manicured lawn, shrubs, and bushes.
It is a large 0.41 acre lot zoned R-4.
Negative aspects
There is no driveway.
Roof may need to be replaced in 3-4 years.
Windows are single pane glass.
Porch light is hanging by the wires.
Current addition is not permitted by the Fairfax County and would have to be removed.
Lot is in the shape of a pentagon so expansion would be “unconventional”.
Land is listed as Buildable-Poor Lot.

Questions left unanswered:
Why is the land listed as Buildable-Poor?
Did a discount of $49,000 make sense compared to FX6928567? This was the fully upgraded house down the street with mahogany, granite, and marble throughout.
Will a discount of $39,000 still bring in buyers?
With so little description about the inside of the property does it really belong in the high end of the lower cluster of property sales over the past year? The closest comparable for the size of the land was FX6853705 which sold in October of 2008 for a net of $318,000 but the house has a basement making it twice the size with a nice, but not polished, interior.

The property included in this chart contain lots from 0.23 to 0.39 acres and 884 to 1556 sq. ft.