I am looking to buy a condo and I think the market has hit it's bottom. I've seen a few units at Lafayette Park on Leesburg Pike in Fairfax County/Falls Church area, it's a very nice complex- well landscaped and maintained. It's close to Culmore and Baileys Crossroads, but doesn't seem to be a bad area at all.

THe prices are really affordable- you can buy a 1 BR 1 BA for about $120,000 and condo fees are about $400 (including everything). I am getting ready to do a contract. Does anybody here know anything about Lafayette Park that I should know about? Condo is well funded, I'm just wondering if it's on an ancent Indian graveyard or some other reason it is selling so cheap!

In real estate, it is called "comps" - what comparable properties nearby went for. Unfortuneately, short sales and bank owned properties are not figured into the comps except that they will push prices down for non bank owned properties.

Look at the area. Are there simillar condos nearby? What are they going for? If they are going for twice what your is, then the indian burial ground might be a good theory and worth investigating.

A few good resources are available Fairfax County lists all property tax records which show the date the property was sold and for how much. www.zillow.com uses this information, plus other real estate prices nearby etc to predict what you should expect to pay. Zillow is a guide only. It is very interesting to browse, but it should not be taken literally.

www.remax.com is the best site I have found for searching comps.

Good luck. And welcome to the world of homeownership!

The unit I am seriously considering is a bank owned property, was sold for $200,000 just 2 years ago. There are a few 1 BRs/1BAs in the complex selling for 140 to 165,000. My guess is that it was a nieghborhood that attracted a lot of immigrants who got jammed up with A.R.M's and other funky financing. I don't think that necessarily makes it a bad bet, I think the complex is far better than anything that can be bought in Skyline, Landamrk or Hollybrooke. I know with a small down payment, my monthly including condo fee will be about the same as what I pay to rent now in Centreville, which is a hike into town compared to Lafayette Park (about 15 mins to Tysons/20 mins to DC)

NIce link to Zillow! Great website...

I saw a 1/1 when I was looking for a condo earlier this year. The bedroom was tiny as all get out, and whoever wrote the listing had the nerve to say it would hold a queen size bed, dresser and night stand. Yeah, that's about all that would fit.

You might want to consider what will happen if a lot of the units go into foreclosure. Would your condo fee go up?


redfin.com is a good site, too.

isawone Wrote:

>
> redfin.com is a good site, too.

Redfin is awesome. Basically, it's the complete MLS system updated every 5 mins.

Also check out franklymls.com

I live there now and am trying to get out of my 1BR I bought 3yrs ago. I think I paid 170k for it... it went up to about 210k and is now worth about 165k. The market blows now so buy it if you really want. I had completely renovated the place, they are old and most of them need work. Residents there are ok if you can deal with the Friday mosque mayhem. Condo fees are high, I pay $420 /month but that includes all utilities. Neighbors are quiet, I dj and constantly blast my music and nobody complains... thick walls. For the price, it's the best you're going to find in the area however if I had to do it again (if I knew the market was going to be this bad) I would have saved another 50k and bought something closer to Arlington.

I put in a bid on Friday afternoon- $120,000 plus a little closing help.DirtDigler you are right - the assessed value is much higher for all of the units over there. I think its going to be a good move, its not so close to Metro that it will make a difference but its close enough to DC and Tysons Corner. I've seen Rt 7 on Fridays and the mosque traffic is pretty insane but people there (in Lafayette Park) have told me the Muslims are much better neighbors than the other immigrants as they keep to themselves, dont over-occupy the units and don't drink and get loud etc...


I think values will go back up in a year or twu and property INSIDE the Beltway will appreciate because of transportation costs..

I looked online and am going there to look this weekend..VERY AFFORDABLE

Saw 5 units today, some good, some so-so. Overall the place is nice (except for the condo fee), nice grounds and didn't look like scumbag neighbors at all..

Great place to live except for uncontrolled children. Also be aware that many units get listed as 2 BDRMS when in fact it is a 1 BDRM and Den. All 2 BDRM units have 1 1/2 bathrooms. Also Condo Fees are over 530.00 a month starting in 2009 for a 1 BDRM+Den
With increase of rental units the value is dropping as non-resident ownership
makes it harder to get mortgage loans.
Convenient to Arlington and Tyson's and Annandale. Area is in need of renovations as the public areas are 1950's vintage strip mall design. Discount stores are in abundance and a lot of retail space is for rent.

530.. a month? condo fees? Does the place have an open bar, massage, live bands, and shuttle service? Country club on site?

530 a month is insane, I honestly would like to know what that pays for in a neighborhood like that.

Myhusband and I have lived in Lafayette park for 4 years. We bought in 2005 a ground level 2 bdroom 1 bath for 215,000. We are now officially stuck with 2 kids and a dog and cat. We are making the best of it and have had little problems with neighbors.. we do have kids and try to keep them "controlled". It is a family freindly neighborhood with an extremely diverse mix of people who all in all very much respect each others differneces. The pool is really nice in the summer the grounds are maintained beautifully and the walls are definitely thick.

guclho Wrote:
-------------------------------------------------------
> I am looking to buy a condo and I think the market
> has hit it's bottom. I've seen a few units at
> Lafayette Park on Leesburg Pike in Fairfax
> County/Falls Church area, it's a very nice
> complex-

> THe prices are really affordable- you can buy a 1
> BR 1 BA for about $120,000 and condo fees are
> about $400 (including everything).

2/1/1 is now going for $155K now, but condo fees are $554 (!) WTF?

http://www.franklymls.com/FX6766074

I've heard of Older high-rises having high condo fees -- I saw an ad for a place in Alexandria and the condo fee was $650 for a 1 bedroom.

But, this
http://franklymls.com/AX6753264 ?

Buying a condo right now is a stupid idea. The fees do not even come close to being worth the money. More often than not you are paying for basic maintenance and nothing else. Every year they will raise them as much as they legally can. Besides all that, condos are the first to depreciate and they depreciate the most. But if you desire the condo lifestyle you can always rent.

The reason is selling cheap, is that the condo fees are so high compared to what the property is offering. All owners are complaining about the increasing condo fees every year, and it seems like they is some mismanagement of the property, owners are suing them for fraud.

THE MOSQUE HAS NOTHING TO DO WITH WHATEVER YOU WROTE, IT DOESN'T SEEM TO TROUBLE ANYTHING AROUND IT. NOBODY IS ALLOWED TO PARK IN THE CONDO PARKING LOT. THE PRAYERS ARE HELD EACH FRIDAY AROUND NOON TIME, WHILE EVERYBODY IS AT WORK. SO IF YOU WANT TO WRITE SOMETHING NEGATIVE ABOUT THE COMPLEX, IT'S SURE THE MOSQUE IS NOT ONE OF THEM, IT'S ACTUALLY A POSITIVE THING.

As someone who's been in the mortgage business for 20+ years let me weigh in on a couple of items.

You want to know from the Condo Association how many unit owners are delinquent on their condo fees. This will play into who will or won't lend to you on that unit!

Additionally, your condo fee is going to increase as more and more either walk away or simply no longer pay their condo dues so you can count on that expense increasing as if you have 100 people payinig $500 a month now and a year from now only 50 keep up their end of the bargain then your condo fee is going to go to $1,000 to cover the shortfall of the others.

Lastly, find out how many rentals are in the complex as well. If it exceeds 50% of the project you've got another issue to contend with.

Dar Al-Hijrah Islamic Center is the name of the mosque. It's a hornets nest of many backward ass thinking terrorist motherfuckers.

Anwar al-Awlaki - Former Imam, al-Qaeda leasder now dead, killed by a hellfire missle in Yemen.

Nidal Malik Hasan - Ft Hood shooter, attended circa 2001 with 2 9/11 highjackers.

Ahmed Omar Abu Ali - Plotted to kill President Bush

Mohammed Adam El-Sheikh - Defends the practice of Palestinian suicide bombers.

Nothing positive about that place or that religion.

TO THE STUPID AllaSnackbar, GO EDUCATE YOURSELF, YOU CAN'T STEREOTYPE EVERYBODY. HOW ABOUT WE SAY THAT ALL AMERICANS ARE BUNCH OF HATERS AND KILLERS AND TERRORISTS, THEY GO TO OTHER COUNTRIES AND TERRORISE PEOPLE AND KILL THEM IN THEIR OWN LAND. THE WHOLE WORLD HATE AMERICA AND AMERICANS, I LIVE IN THIS COUNTRY AND I KNOW A LOT OF AMERICANS, ARE THEY ALL BAD, OF COURSE NOT. SO DO NOT JUDGE EVERYBODY BECAUSE ONE OR TWO PEOPLE GAVE A BAD NAME TO MUSLIMS AND ISLAM.

ZZZZZZZZZZZ Wrote:
-------------------------------------------------------
> TO THE STUPID AllaSnackbar, GO EDUCATE YOURSELF,
> YOU CAN'T STEREOTYPE EVERYBODY. HOW ABOUT WE SAY
> THAT ALL AMERICANS ARE BUNCH OF HATERS AND KILLERS
> AND TERRORISTS, THEY GO TO OTHER COUNTRIES AND
> TERRORISE PEOPLE AND KILL THEM IN THEIR OWN LAND.
> THE WHOLE WORLD HATE AMERICA AND AMERICANS, I LIVE
> IN THIS COUNTRY AND I KNOW A LOT OF AMERICANS, ARE
> THEY ALL BAD, OF COURSE NOT. SO DO NOT JUDGE
> EVERYBODY BECAUSE ONE OR TWO PEOPLE GAVE A BAD
> NAME TO MUSLIMS AND ISLAM.


Pray that Allah will teach you how to use the fucking caps lock.

ZZZZZZZZZZZ Wrote:
-------------------------------------------------------
> TO THE STUPID AllaSnackbar, GO EDUCATE YOURSELF,
> YOU CAN'T STEREOTYPE EVERYBODY. HOW ABOUT WE SAY
> THAT ALL AMERICANS ARE BUNCH OF HATERS AND KILLERS
> AND TERRORISTS, THEY GO TO OTHER COUNTRIES AND
> TERRORISE PEOPLE AND KILL THEM IN THEIR OWN LAND.
> THE WHOLE WORLD HATE AMERICA AND AMERICANS, I LIVE
> IN THIS COUNTRY AND I KNOW A LOT OF AMERICANS, ARE
> THEY ALL BAD, OF COURSE NOT. SO DO NOT JUDGE
> EVERYBODY BECAUSE ONE OR TWO PEOPLE GAVE A BAD
> NAME TO MUSLIMS AND ISLAM.

Be thankful we are sufficiently tolerant here in this country so that you may openly live and worship as you see fit.

Have you ever heard of a Christian church in Saudi Arabia? Of course not. Your religion is not known for its tolerance.

You should be cursing your Muslim brothers and the public relations nightmare they have created with their "Global Jihad".



Edited 1 time(s). Last edit at 07/07/2012 10:07PM by Hank Moody.

Such a silly outdated notion.

Religion_LOL Wrote:
-------------------------------------------------------
> Such a silly outdated notion.

++1

to the caps lock post>>>

I absolutely stereotype anyone who subscribes their life to a "god". It's simply foolish.

Serve yourself first, then your fellow man.

There have been no condo fee increases at Lafayette Park for two years now, because of solid management and concerned owners and the board of directors.
There have been no "special assesments" as the reserve fund covers the unforeseen maintinance needs. All monthly costs are paid for by the condominium fee, no seperate utility bills unless the resident orders them such as wifi and cabel and telephone. Well built and well maintained, great schools and location to Tyson's and DC are great for the price.

Actually they've only not raised condo fees _one_ year, not two (this year) and only because people have raised a lot of heck about it. Last year it seemed there was such a surplus of funds that they were taking on new expensive projects just to try to spend it down so it wouldn't look so bad. The previous year, near the end of the year, they had a surplus of about 100k that wasn't spent in the budget that got shifted over to reserves.

The community is fairly well maintained, and the grounds and pool are beautiful, but the condo board needs new blood, especially when it comes to the president. Hopefully, the budget surpluses of late will mean that the condo fee will stop going up for awhile. It was $275/mo when I moved it. It's $498/mo now for my 1 bedroom.