If you’re just joining us, this is the second post in a three-part blog series on current listings and recent sales activity of Gray's Pointe condos. To read the first post in this series, click here. In my last post, I analyzed newer comparable sales activity.
Currently Listed Gray's Pointe Condos
Here are the older sales of Gray's Pointe condos:
12951C GRAY'S POINTE RD #C – this unit was listed at $229,000 and closed in July 2013 at $226,500 with a $2,500 seller subsidy.
These next two sales of Gray's Pointe condos should be taken with a grain of salt – they’re less relevant when it comes to assessing fair market value. What I mean by this is that one was a bank owned sale, and one was tenant occupied and would have really only been attractive to investors.
12948 Gray's Pointe Rd #B – this unit was listed at $225,000 and closed June 2013 at $214,000 with a $1,000 seller subsidy. Compared to the rest of the Gray's Pointe condo closings from the last 9 months, this one was definitely an anomaly. It was tenant occupied and would have required a buyer who was okay with becoming an instant landlord who inherited tenants.
12898C Gray's Pointe Rd #C – this unit was listed at $220,000 and closed June 2013 at $230,000. This Gray's Pointe condo listing was a bank owned sale, which happens when a bank takes possession of a property (in many cases, through foreclosure) and sells it. Bank owned sales can be very similar to short sales in the sense that they often sell for significantly less than market value. In a bank owned sale, the bank wants to sell the property as quickly as possible – as they say, banks are in the business of making money, not selling real estate.
When looking at the data, the 2 bedroom, 2 bath Gray's Pointe condo my clients are interested in appears to be overpriced, at $249,900. However, comparable sales of Gray's Pointe condos have been trending upward over the past few months. For instance, in addition to the increasing sales prices of 2BR/2BA condos over the past few months, there’s currently a completely remodeled 1BR/1BA unit condo in Gray's Pointe on sale for $225,000.
If you’re a buyer who’s interested in Gray's Pointe condos, call me at 703-462-0700 so I can go to work for you. I’m an experienced buyer agent who grew up in Northern Virginia and knows the real estate market here very well.
If you own a Gray's Pointe condo and are curious about how much it’s worth, call me for a hassle-free, over-the-phone market analysis of your property.
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