Market Activity in Great Neck Estates

Home sales have increased 3.7%. Are we on the upswing? Case Shiller says we won't see the bottom till Spring 2010. Then, prices won't be where they are today till 2012. A little daunting to sellers.  Foreclosures are hitting the market faster than ever. 

Every neighborhood is different. This looks like a neighborhood that moves faster than others. Location and schools play a big part. Here are the active listings, expired, pending, and sold.

Status

StatusChge

Bdrs

FB

HB

SqFt

List Price

Price Sale

MktTime

ACTV

9/2/2009

4

2

0

2450

339,900

 

 

EXPD

7/31/2009

4

2

0

2450

334,900

 

203

PEND

8/25/2009

3

2

0

1636

369,000

 

67

SOLD

7/7/2009

3

2

0

1344

274,900

272,000

7

SOLD

8/11/2009

3

2

0

1471

325,000

318,000

49

SOLD

6/30/2009

3

2

0

2376

339,000

372,000

8

SOLD

4/30/2009

3

2

0

1100

212,000

220,500

14

Great Neck Estates is located in Virginia Beach off Great Neck Road. In the last six months, four homes have sold, 1 did not sell, 1 is pending, and 1 is on the market. The average time on the market is 58 days with a high sales price of $372,000 and a low of $220,500.

The one that sold for 220,000 was a foreclosure and listed at 212,000 and sold in 14 days at that price. When the sales price is higher than the asking price, the buyer added his closing costs into the loan. So, his or her closing cost may have been 8K so instead of coming out of pocket or the seller paying it, the buyer added it on top of the loan to make it work. If he was a first time home buyer, he will probably get the 8K tax savings and pay it off or fix up their new home.

The expired listing did not sell at 334,900. It is back on the market at 339,900.

A mortgage of 220,000 would roughly be between 1400-1500 monthly (5.5% interest, 30 year term). That payment might be higher or lower depending on the rate and insurance amount.

The high school is Cox, middle school is Great Neck, and the elementary is John B. Dey.

Cox district current homes for sale (318)! Sorted by neighborhood.

Suzi Noyes, Realtor

For an updated foreclosure list, call 757-724-1064.