My SIL lives in that neighborhood. She grew up there and then also bought there. It is a very, very nice neighborhood. |
Also to Rosslyn. Leave between 7-7:30, takes 50 mins or less via 16th St/RCP. |
New poster here. I am familiar with pimmit hills and homes that are completely updated inside like the one above do sell for 600k+. |
Examples? Only house remotely similar to this Pimmit Hills house I could find was 7405 Bethune, which sold for $630K in 2012. It's a larger house (2500 SF vs. 1900 SF), is two stories vs. one, is a superior renovation (and not a quick flip), and is rated by the county as "Good" construction quality and condition, compared to 7414 Paxton, which is rated "Average" construction quality and "Fair" condition. |
Interesting that you would mention year's assessment which doesn't reflect the renovation. I think this area of fairfax county is going to be interesting with all the new development and changes. |
Data is as of 4/25/14. I assume the flipper needed to have the house inspected before he put it on the market for over $230K more than what he paid for it last October. The higher appreciation is now taking place elsewhere. Only a sucker would buy this house for over $600K thinking they'll see lots of appreciation. |
I don't think you are familiar with the fairfax county inspection and assessment process. New homes and renovations usually take over a year to be recorded. The icare record still shows Year Addition 2005 Year House Remodeled {blank} So the assesment has not changed yet. Appreciation is happening everywhere, it didn't stop in that part of fairfax county. In fact as more and more of the re-development is completed, appreciation will continue at a steady pace. Have you looked at the market? There aren't any other homes of that size in that school district for less than 625K so this appears to be properly priced. I just found this smaller home that went under contract immediately in a bidding war starting at 550k http://www.redfin.com/VA/Falls-Church/7529-Lisle-Ave-22043/home/9471255 |
Here is that other home and I believe it is going to be sold close to 600k http://www.floorplanonline.com/presentation_v2/presentation.php?order_id=132583 |
Either way, the county does not yet appear to have made any determination that the house is of any better than "Average" construction quality or "Fair" condition. The flipper is asking $230K more than what he paid for the house six months ago, but the renovations appear to be largely cosmetic. As for the school district, you can find plenty of houses in the price range in the Woodson and West Springfield districts, which most would consider preferable to Marshall (they are both AP schools, whereas Marshall has the less popular IB program). And, if you want IB, you can get the exact same IB diploma at Annandale, Stuart and several other schools with more affordable homes. I still think this house is unattractive and greatly overpriced. |
Guess we'll see. That house has a very odd history, having previously sold for $525K in 2006, $273K in mid-2009 and $428K in late 2009. I'm not sure I'd view any sales price associated with that house as reflective of the current market. |
| Guys, could the Pimmit Hills debate have its own thread? I will start one for you! I like the genuine discussion of neighborhoods and houses under 6. |
Woodson and W.Springfield districts are both nice neighborhoods with good schools. Stuart doesn't have the same reputation. If you commute to DC, Marshall district is better for commuting times. Also, if you live in the Marshall district and want AP instead of IB, you can attend McLean High. When it comes to houses, there is no such thing as "overpriced." If someone likes it enough to buy it, it isn't "overpriced." It may not be worth as much in your eyes. You may have trouble believing it sells for that much. But if it sells, then there's no real basis to say it's overpriced. It's all relative. |
I agree, I simply provided some homes in Pimmit Hills under 600K and was attacked. Not sure why. |
A house may be considered "overpriced" if it's listed for more that it sells for, or sells for more than it's subsequently appraised for. The most recent sales price is one, but not the only, measure of a home's value. |
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Here are some nice houses around $600K in the Woodson and West Springfield districts:
http://franklymls.com/FX8330156 http://franklymls.com/FX8300908 |