Same Model - Very Different Price - Inside vs Outside the Beltway
Recently I sold a Fairfield Model townhouse in the Newington Forest neighborhood of Springfield. The Fairfield model was a very popular model built by Ryan Homes in the 80's and are found all around the beltway in Northern Virginia. The open staircase and built-in shelving in the living room are pretty much what gives it away. They were and still are a great starter home. They are generally three bedroom three bath three level townhouses, with walk-out basements and are about 1,400 square feet. The range of pricing on them is amazing though. I recently sold one to my client Erin for $230,000 in March in Newington Forest. I had another client just write an offer on one just inside the beltway off of Route 50 in Falls Church that was listed at $400k and was in the same condition. It is amazing how 6.5 miles outside the beltway equates to $170k less in price. I have also seen a lot of these models in Centreville where they are selling in the low 300's. In the McLean school district in Falls Chuch I have seen the Fairfield go for as high as $470k. I also showed one yesterday in Newington Forest that is listed around $190k that needs a total overhaul. It would make a great investment property if you have the time and means to do a renovation. The Fairfield is a great model to buy as a starter home and also for investment purposes. The model seems to be very easily rentable. Is the pricing difference worth it? For most of my clients lately it has been all about the commute. They no longer want to sit in traffic anymore and are willing to downsize to spend less time in their car. I have also been encouraging clients to buy something like this rather than a lower priced condo. I am finding that by the time you add in the steep condo fees your monthly payment is the same on a townhouse that is a little bit higher priced.
Left: The Fairfield Model, Below: Erin signing her life away!
For information on buying or selling a home in Northern Virginia please contact Kim Darwaza @ kim@kimdarwaza.com or visit my website at http://www.kimdarwaza.com.