Reply to The thread for the, "buying under $600,000," crowd.

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]
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
[/quote]

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.  [/quote]
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.[/quote]

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