Wednesday, May 27, 2009

Update - May 27

Since the last posting, several properties have gone under contract. Two of them have reduced the price: 11k and 5k respectively. One returned to the market - the contract fell through. There is one property which is short sale - a 2-level 3 bedroom townhouse on Borge St. It is offered for $334k. It is interesting to know that the same townhouse was purchased for $435k only 4 years ago... Sad. However, you should hurry. This is your opportunity to purchase a property at a very reasonable price. And the location is super convenient. Close to metro, step to the metro bus, shops, excellent schools, etc. Let me know if you need help.Good luck!

Thursday, May 21, 2009

Market update - May 21

There are 8 properties for rent in this area: starting from $600/mo for 1 room in a townhouse and upto $1,700/mo for a 3-bedroom townhouse.
16 properties are for sale: the cheapest is 1 bedroom condo on Bushman Dr. for 215k. The most expensive is 455k for a townhouse on Turnberry. 4 other ones on the same street went under contract. (The last one - list. price $494,900 - was on the market only 3 days before the contract was ratified!)
Two condo units on 2817 Jermantown Rd. are under contract. The only other unit (3 bedroom 2 full bath - 1,538 sq.ft) is available - the price has been just lowered to $315k. And it is not a short sale or a foreclosure. What a deal!

Thursday, May 7, 2009

Rentals in Treebrooke area

I am frequently asked about rentals in this area. As of today, there are 7 properties for rent. The cheapest is $1,350/mo for 1 bedroom 1 full+1half in Trevor House and the most expensive is $1,800 for a townhouse with 3 bedrooms and 2 full +2 half baths in Arrowood.
Yes, it makes sense to rent and save some money before you start looking for a property to purchase if you do not have enough cash to go to settlement. These days you should have at least 3.5% for downpayment. And in case of a foreclosure, the seller (bank) most likely will refuse to give you subsidy for closing costs. If you only have 3.5% for downpayment and the property needs to be fixed, an FHA appraiser will most likely refuse to appraise it until it is fixed...So, my advice is - wait and save if you do not have sufficient funds to close the deal. Good luck!