Foreclosures in Arlington

Today’s topic: that article in the Washington Post on Thursday about foreclosures. Wow, what a headline! “D.C. Region’s Foreclosure Rate Soars.” The basic point of the article is one you’ve probably heard many times over recently — people got overextended, in part because banks played tricks with smoke and mirrors and immigrants have a burning desire to embrace the American Dream. No matter how many times you hear the story, it’s still so very sad. And now we’re all paying the price.

However, deep in the article there was a shocking statistic for many readers I’m sure — in our region, it has only been in the “core” area of DC/Arlington/Alexandria that there has actually been an increase of 3.4% in home sales price over the past year.

Still, you can find a few foreclosures in Arlington if you look hard enough. Now, if you’ve read my other posts, you’ll know that I draw a big distinction between “short sales” and foreclosures. Essentially, foreclosures are workable for the home buyer, short sales are not.

In Arlington today, there are 11 active foreclosure listings. An additional 6 are under contract. And how many homes for sale are there currently in all of Arlington?? 1158. That’s just about 1% in foreclosure.

Here’s one foreclosure on the market — 1 bedroom/1 bath condo in Frederick Courts, on Columbia Pike — $109,900.

Here’s another, at the Prospect House in Rosslyn — 1 bedroom/1 bath condo on Nash St — $590,000.

Here’s a townhouse in Alcova Row on Columbia Pike — 3 bedrooms/2.5 bath — $500,395.

Crystal City is a great location — here’s something in foreclosure there — 2 bedroom/2 bathrooms — $425,000.

And here’s one more, 2 bedroom/1.5 bathroom townhouse little over a mile from Ballston for only $204,900.

Be aware of potential pitfalls with buying a foreclosure — but if you’re a risk-taker, these homes could represent a deal!

Have a great weekend!

Chris

Looking Out For You