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Monday, January 19, 2009

Gates of Fair Lakes Condos Weekly Report 1/13/2009-1/19/2009

MyGatesofFairLakesCondo.com

INTRODUCTION

Gates of Fair Lakes is an excellent place to live. The condos are newer and it is a gated community but... Not much is selling right now here. This is mostly because owners are not willing to drop there price to sell at the current market price. Instead they are deciding to rent out.

As of today (January 19, 2009) There are 4 active listings in MLS and 2 condo that is currently under contract.

Here’s the breakdown of all active listings in MLS:

2 - 2 bedroom units (1 Bank Owned, 1 Short Sale)
2 - 1bedroom unit (Bank Owned, 1 Regular Sale)


NEW LISTINGS

According to MLS, there was 0 new listing this week.


UNDER CONTRACT

According to MLS, there is 2 condos under contract.

12902 FAIR BRIAR LN #12902
12834 FAIR BRIAR LN

I will have the final numbers for this once it closes, if it closes.


SOLD

According to MLS, 1 condos sold in the last 30 days.

12898 FAIR BRIAR LN #12898, FAIRFAX, VA 22033 (226 DOMP) (2bed/2ba) Regular Sale

Asking Price - $324,900
Sales Price- $284,000
Seller Subsidy - $10,000


22033

These stats are for all real estate in the 22033 zip code for the Month of December
2008 2007 % Change
Total Sold $ Volume $11,625,825 $14,391,987-19.2%
Avg. Sold Price$400,891 $423,294 -5.2%
Median Sold Price $319,900 $4410,000-21.9%
Total Units Sold 2934 -14.7%
Avg. Days on Market11289 25.8%
Avg. List Price for Solds: $461,292 $454,655 1.4%
Avg. Sale Price as a percentage of Avg. List Price: 86.91% 93.10%


Fairfax Condos Sold for 2007 vs. 2008






RENTALS

There are currently 4 condos for rent

1 condos have been rented out in the past month.

If you need any help finding a rental or listing your condo for rent, please contact us.

We will take care of all the work for you and do background checks on the applicants to make sure they are qualified. We are also a fully licensed property management group also. Just ask us more about how this benefits you.


OBSERVATIONS

We have one bank owned and one short sale currently under contract here. Everything on the market right now looks like its priced to sell. Only two of the listings have been on the market more than 2 months. They have dropped their prices since they first when on the market.

Not to many owners are trying to sell their condo right now in Gates of Fair Lakes or they cant afford to sell it. Make sure you have a tog agent who knows your neighborhood and knows how to get buyers if you are going to sell in this market.

Keep checking back for the status of your community. If you have any questions or would like to know the value of your home right now, email us!





Disclaimer: Information was gathered from the MLS and is deemed reliable but not guaranteed.

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