For those of you just joining us, this is the third post in a three-part blog series on current listings and recent sales of Gray's Pointe condos. Read the first and second blogs in this series. Gray's Pointe is a beautiful garden-style condo community conveniently located close to I-66.
Currently Listed Gray's Pointe Condos
The 2BR/2BA condo in Gray's Pointe that I’ve been discussing is the only unit for sale in the community right now, and it’s already generating a lot of interest. When inventory is scarce and demand is high in a subdivision, this gives sellers and their agents a lot of confidence in getting a higher sales price. This is probably why the sellers of this Gray's Pointe condo feel like they can “push the market” a little with their $249,900 listing price. Also, there’s currently a 1BR/1BA condo listing in Gray's Pointe for $225,000, and even though it is a renovated showpiece and has a bonus room that somewhat justifies its higher price, this probably gave the 2BR/2BA condo sellers more confidence in listing their unit at a higher price. In fact, these are the only two Gray's Pointe condos for sale right now.
“On paper”, the 2BR/2BA Gray's Pointe condo I’ve been talking about is probably worth somewhere between $235,000 and $242,000. However, competition among buyers can increase market value. For instance, it’s impossible to predict other buyers’ behavior in this type of situation, especially when there are currently no other 2BR/2BA Gray's Pointe condos for sale. When buyers have wanted to get into a subdivision for a while, sometimes they’re willing to pay more, especially when a property hasn’t been on the market long.
I mentioned earlier that I also researched recent rental activity of Gray's Pointe condos. Here were my findings:
Rental Comps:
- 12897 GRAY'S POINTE RD #B – listed at $1,650 per month, closed July 2013 at $1,600 per month – took 60 days to rent.
- 12893A GRAY'S POINTE RD #12893 A - listed at $1,650 per month, closed May 2013 at $1,600 per month – took 43 days to rent.
- 12931 GRAY'S POINTE RD #B – listed at $1,600 per month, closed May 2013 at $1,600 per month – took 15 days to rent.
- 12947C GRAY'S POINTE RD #APT C – listed at $1,599 per month, closed May 2013 at $1,599 per month – took 14 days to rent.
- 12887 GRAY'S POINTE RD #12887 C – listed at $1,595 per month, closed July 2013 at $1,595 per month – took 22 days to rent.
- 12905B LEE JACKSON MEMORIAL HWY #12905B, FAIRFAX, VA 22033 – listed at $1,550 per month, closed August 2013 at $1,550 per month – took 55 days to rent.
- 12908C GRAY'S POINTE RD #C – listed at $1,495 per month, closed November 2013 at $1,500 per month – took 67 days to rent.
Overall, the comparable rental data is pretty positive, especially given that current condo association dues for Gray's Pointe condos are less than $300 per month. It’s important, however, to keep in mind that the Spring and Summer are more competitive times for both buyers and renters.
If you’re in the market for a Gray's Pointe condo, give me a call at 703-462-0700 so I can help you find the right property. I’m an expert with contracts and a great negotiator who will work hard to get you the best deal possible.
If you own a Gray's Pointe condo and are curious about how much it’s worth, call me for a no hassle, over-the-phone market analysis.
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