I recently did a comparative market analysis that focused on Gray’s Pointe condos. Gray’s Pointe is a condo community in Fairfax, Virginia 22033. I prepared the analysis for a buyer client who is potentially interested in purchasing a 1 bedroom 1 bath condo in this community. If she buys the condo, it will be an investment property, so I analyzed recent comparable sales as well as recent rental closings of Gray’s Pointe condos. I thought it would be interesting to my readers to report my findings regarding how much the condos in this community are currently worth, as well as their current rental market value. The closing prices for comparable sales in the last six months, taking into account seller subsidies, ranged from $174,500 to $187,500.
Gray’s Pointe Condo Comparable Sales:
- 12935 Gray’s Pointe Rd #B - $175,000 – with a $500 seller subsidy
- 12912 Gray’s Pointe Rd #B - $178,000
- 12912 Gray’s Pointe Rd #A - $180,000 with a $2,000 seller subsidy
- 12889A Gray’s Pointe Rd #A - $190,000 with a $2,500 seller subsidy
The condo in Gray’s Pointe that my client is interested in has a good number of upgrades, including nice pergo floors and a remodeled bathroom and kitchen. It’s currently priced at just under $200,000. The units from the list above that sold for significantly less didn’t have hardwood or pergo in the living areas, upgraded kitchens, or upgraded bathrooms. The most comparable recent sale was 12889A Gray’s Pointe #A, which closed at $190,000 with a $2,500 seller subsidy. It was a little smaller than the unit my client is interested in, but it still had a lot of upgrades.
Currently Listed Gray's Pointe Condos for Sale
Overall, I think the 1 bedroom Gray’s Pointe condo that my client is interested in is a little overpriced right now. It’s probably worth somewhere between $187,000 and $195,000. That said, it’s currently the only unit for sale in the subdivision, and demand here is usually pretty high. Whenever inventory is this low, it’s sometimes possible for sellers to push the envelope a little when it comes to pricing their properties.
To read the second post in this two-part blog series, click here
If you own a Gray’s Pointe condo and are curious about how much it’s worth, call me at 703-462-0700. I’ll do a free market analysis for you – this will give you a good idea of its current value.
If you’re in the market for a condo in Gray’s Pointe, or in another area of Fairfax, contact me so I can go to work for you. I’m an experienced buyer agent who grew up in this area and has in-depth knowledge of the real estate market in Fairfax.
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