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If your question is about investment, then yes, your husband is correct. Buying a lot with an old house, tearing down and building new would have absolutely been a better investment. This assumes that the house you ended buying was already located in a place of uniform affluence. Pimmit Hills eight years ago was a run-down place, and run--down places appreciate quicker than affluent ones.
If you question was whether Pimmit Hills is becoming an upscale area, then the answer is no. Over the last eight years PH has added probably hundreds of new builds. But the old houses are numerous enough, and the new builds are different-looking enough that the area won't be getting an upscale, manicured look of affluent communities where houses look more or less alike and are more or less of the same size, style and value. Not any time soon. And mind you, I live in PH and would not ever live in Fairfax because the commute would kill me. I love PH but I see it for what it is - a place with fabulous location, great amenities, excellent schools and mediocre aesthetics. |
DP here. Don't know what the finished product looks like but the marketing of this house, which is at the absolute high end of the PH market, is atrocious. http://frankly.com/FX8467784 On the other hand, I think this house looks fine, but it's an example of a PH house priced over a million that just sits on the market for months. http://frankly.com/FX8450441 |
The second house is overpriced, that's why it's been sitting. The first house is too eccentric to sell quickly. I drive past it every morning and I was shocked to learn it was a house built to sell. From the look and the layout, I assumed it was someone building a house for themselves because the style of that house is too unique for the market, certainly for the PH market. That house would have taken a long time to sell even in Arlington or McLean, simply because this style is preferred by a minority of buyers. |
Both of those houses are priced a bit too high but if you search any other area (McLean, Arlington, Vienna) etc.. there are ton of over priced new homes just sitting right now. The neighborhood tends to have ANV, NDI, EverGreene and Classic as spec builders. Not high end but those are the bread and butter of the new home sales in that area. |
| No. |
It's hard to say what's "unique" for PH, because it's whatever the buyer of a teardown wants to put up. There are houses built in the last few years in PH that look Colonials built in Ashburn in 1995 or Craftsmans built in Arlington in 2010. There are contemporary homes in Arlington or McLean that have sold for over a million in less than a month, so it's not only the style that is an issue. It's also price and, perhaps, construction quality (hard to say since it's been marketed unfinished). |
| When main stream builders start building in PH, it will upswing. Right now there are random builders constructing junk that will show extreme wear and tear in 10 years. |
LoL, the random builders are very few, I see a ton of ndi, classic and stanley martin. |
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It's a mix of random builders and mainstream builders like ANV, NDI, Classic. Some OK, some awful, none really upscale.
Did you have another question, or will this do for now? |
The first house also has a virtually non-existent yard with a deck on back that looks like it was moved from a Toll Brothers Leesburg townhouse. No way for $1.3. |
I think it's pretty self-evident that contemporary houses are less popular in this area and move a lot slower. There is a comparable size house next door to the one you posted that was listed for over a million, and went very quickly. It's a fairly conventional Craftsman. |
Toll brothers deck? I guess you have run out of insults. It's a California style house which is not easy to sell around here. It will stl from around 1.2 |
I drive by it everyday. It has a horrible looking cheap deck overlooking a gulley for a house with that price tag. |
| You can't see the deck from the road, unless you have magic powers of seeing through the mass of the house. |
I'm not seeing anything near the 2109 Pimmit "contemporary" that sold recently for over a million. I see a more conventional house a few blocks away that sold for slightly over $900 in early 2014. On the other hand, there are contemporary homes in Arlington and McLean that have sold quickly for over a million in recent years. 2111 Rolfe in Arlington sold for $1.24 million in 15 days. 1933 Birch in McLean sold for $1.35 million in 13 days. A PH contemporary listed for over a million may be at a disadvantage for being a contemporary, but it's also at a disadvantage for being listed for over a million in that neighborhood. |