Are Northern Virginia Luxury Homes Seeing Upward Trend in Foreclosures?

Foreclosure

According to results from the Metropolitan Regional Information Systems, Inc (r), of homes that sold for over $1,000,000,  58 sold transactions were recorded in the MRIS (r) (homes listed through the MLS provider for the Greater DC area) between January 1, 2008 and December 31, 2010 (36 months) in the following counties combined:

Arlington County (3), Alexandria City (0), Falls Church City (0), Fairfax County (41), Fairfax City (0), Loudoun County (13), Prince William County (1), Manassas City (0) and Manassas Park (0), Stafford County (0), and Spotsylvania County (0).

The results from the period from January 1, 2011 to present (50 months) show that there is an equal number of foreclosures (58) that had sold in a wider time span.  Results were as follows:

Arlington County (5), Alexandria City (3), Falls Church City (0), Fairfax County (36), Fairfax City (0), Loudoun County (12), Prince William County (1), Manassas City (0) and Manassas Park (0), Stafford County (0), and Spotsylvania County (1).

This recent article from the Wall Street Journal, Bigger Mortgages Likelier to Go Into Foreclosure,  seems to indicate an increase in foreclosures for luxury homes is imminent but the data doesn’t support that YET here in Northern Virginia.  The three states that seem to have the highest high-end foreclosure rates for 2014 are New Jersey (5.2%), New York (4%) and Florida (3.7%).  We can consider ourselves lucky for the time being!

Irene Morales Ward, Realtor (r)

Because Choosing the Right Realtor DOES Matter!

Because Choosing the Right Realtor DOES Matter!

 

Advertisements

About Quantico Homes

Working primarily as a referral agent, my main motivation is to be able to provide you the highest possible level of service as you look to buy or sell your home in the Northern Virginia Real Estate market. You should be so impressed with your service that you will feel compelled to refer me to your family, friends and colleagues. Our time together is always well spent meeting your specific needs because my time and effort is not spent looking endlessly to generate more business. As an Accredited Buyer's Agent, the buyer's criteria becomes paramount during the homebuying process. Your needs will never be compromised because Dual Agency is not something I participate in. This is a distinguishing characteristic from many in the industry and I stand firm in the belief that no client in a transaction (whether a buyer or a seller) should be without 100% representation. You deserve all the loyalty and attention from an agent who will always have only your best interests in mind. Keeping in mind that Northern Virginia is a highly transient area, I am always privvy to sales reports and market analysis of all the surrounding counties from Alexandria/Arlington to as far south as Orange County and from east on the Potomac River to the Shenandoah and West Virginia border (and all points in between!). Between the military, corporate, and government relocations, having an agent working to provide you with the latest statistical information and market trends is imperative to a successful sale or purchase. Also, as an e-Pro, finding you homes and communicating that to you becomes increasingly efficient, as does marketing properties for sale. Using exceptional photography for virtual tours, staging all listings, and incorporating "out of the box" methods to generate the largest number of buyer leads while Marketing Your Property For Sale, I can save you time, money and frustration. Start your search for homes at http://www.IreneMoralesWard.com!
This entry was posted in Distressed Properties, Foreclosures, market trends, Mortgages and tagged . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s