If you’re looking for Cedar Lakes condos for sale, the market analysis in this blog post will give you a good idea of the fair market value of properties in this subdivision. I recently did this analysis for a client who is thinking of purchasing a condo in Cedar Lakes. Specifically, the listing he’s interested in is a 2 bedroom, 2 bath condo priced at $304,000. Curiously, however, it’s being advertised as a 3 bedroom property. This happens a lot – sometimes home owners intentionally advertise a property differently to make it seem like a better deal, and sometimes they don’t realize that certain rooms don’t qualify as bedroom unless ingress/egress requirements are met and the room as a closet. Regardless, construction permitting requirements are a subject for another blog post, but suffice it to say the condo in Cedar Lakes that my client likes is actually a two bedroom unit.
See All Currently Listed Cedar Lakes Condos
I pulled up recent comparable sales of Cedar Lakes condos, and found that there were three sales of 2BR/2BA condos from the last six months:
- 4215 Mozart Brigade Ln. #4 – originally listed at $295,000 and closed on August 12, 2013 at $295,000 with a $2,500 seller subsidy.
The other two Cedar Lakes condos that closed in the last six months were short sales, which make them much less relevant when analyzing market value of a similar property in the subdivision. On average, short sales sell for significantly less than average. (In a short sale, the home owner owes the bank more on his or her home than the home is worth and the bank agrees to allow the property to be sold at a loss in lieu of foreclosing on the owner). Here are the two recent Cedar Lakes condo short sale closings:
- 4215 Mozart Brigade Ln. #66 – originally listed at $265,000 and closed November 22, 2013 at $265,000 with no seller subsidy.
- 4215 Mozart Brigade Ln. #24 – originally listed at $265,000 and closed August 27th, 2013 at $250,000 with no seller subsidy.
The condo in Cedar Lakes that is currently priced at $304,000 is remodeled, with beautiful hardwood floors in the main living areas, as well as a stunning kitchen with granite counter tops. However, it’s been on the market for 87 days – this is way past the market average in this area. This Cedar Lakes condo is a nicer unit than 4215 Mozart Brigade Ln. #4. However, when a property has been listed for a long time and hasn’t sold, the market is essentially saying that the property is not worth the asking price, and buyers will always want to offer less than asking price. It’s probably worth somewhere around $295,000.
If you’re thinking of buying a condo in Cedar Lakes, give me a call at 703-462-0700. I’m an experienced buyer agent who grew up in this area and knows the Cedar Lakes condo community, as well as the Fairfax condo market, very well.
If you’re considering selling your Cedar Lakes condo, call me for a no hassle, over-the-phone comparative market analysis. This will give you a good idea of how much your condo in Cedar Lakes is worth.