Home Buying in Fairfax>Question Details

Rudals1281, Home Buyer in Fairfax, VA

ELAN at East Market Condo in Fair Lakes , VA for $270k? Too high?

Asked by Rudals1281, Fairfax, VA Sun Mar 27, 2011

I am looking at a 700ish sq ft 1bdr condo at ELAN at East Market in Fair Lakes, VA. The price is $270k. It seems really high even though the condo is very nice. Is the price reasonable and what will happen to its value within the next 5 years? I intend on living here for good but you just never know. I work in DC so the commute will be a bit of a hassle.

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Here is a link for 1br sales at Elan over the last 6 months. It looks liek tht price is a bit high, by at least 10k.

http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=203…


No telling what the value will be in 5 years. While condos do not tend to appreciate as quick as SFH and TH. I believe you will see some appreciation in 5 years.
Web Reference: http://www.joedettor.com
1 vote Thank Flag Link Sun Mar 27, 2011
I think that, with your commute, buying in Fair Lakes is not a really great idea. Also, I-66, as of 18 April of this year, will be down to one lane in each direction both in- and out-bound from Route 50 to the Beltway from 9 PM to 5 AM for several years. Check the Dr. Gridlock part of the Washington Post, or the VDOT Web site. This has to impact resale value, and, in any event, might prod the builder into discounting.

There is one really good reason for not buying a new condo in this market, and that is the big risk that the builder will, to close out the project under pressure from his lender, really discount the last 10% or so of the condos from the price paid by earlier buyers. I have seen this happen dozens of times in this market. This will really hurt your chances of resale at a price that will allow you to go to settlement without paying money to your lender.

I think you may well be better off renting until your circumstances permit buying a resale two-bedroom condo in a development with a long term record of good management closer in. Why a two-bedroom? Historically, they have held their value better. Note that it's all about the location, however, and a one-bedroom really close in could be a good buy. When you do buy, you need an agent who is familiar with lender guidelines. Resale condos are not that easy to finance now, and could be a better buy because of this. See the Web reference for financing issues.
1 vote Thank Flag Link Mon Mar 28, 2011
Go out a little to Centreville and you can have a 3 level townhouse roughly 1,600+ square feet for the same price, it be a much better resale in a few years in my opinopn
1 vote Thank Flag Link Sun Mar 27, 2011
I have a condo at Élan East Market that is for sale by owner.
0 votes Thank Flag Link Mon Jul 8, 2013
Gerrodstan, please send me details of your condo (foe sale by owner) via email at us-desi@cox.net. -Aaron.
Flag Wed Jul 17, 2013
I have a 1 bedroom condo at Elan East Market if interested.
0 votes Thank Flag Link Mon Jul 8, 2013
April 28th 11-3 Elan Community Sidewalk Sale - "Antiques to Kitch"
Pre-owned furnishings, antiques, knick-knacks, collectibles, etc.
Elan at East Market 4480-90 Market Commons Drive Fairfax 22033
(in the Whole Foods shopping center)
Saturday April 28th 2012 11 AM to 3 PM Cash & carry only
0 votes Thank Flag Link Sun Apr 22, 2012
Hello Rudals,

I bought a property there less than 6 mos ago. Location is great. If your biggest problem is commute, there's no way to escape it in the DC Metro area. The awesome thing about Elan is that it has a FREE (well, it is included in your HOA fees which are still well priced) shuttle to the Metro. SO, you can relax, sleep, work, whatever while going to work. Hope this helps!
0 votes Thank Flag Link Mon Apr 4, 2011
Check out http://www.InsideRealEstate.com
You can view all condos their and get a good comparison of the prices. You should also review all the condos for sale in that Fair Lakes area. You will be able to determine which is a fair value.
0 votes Thank Flag Link Mon Mar 28, 2011
I can't say it's too high but I would recommend having your lender give you the loan amount based on the condo sales price plus the condo fees. Take that amount and check out the Townhouses in Fair Lakes or even Faircrest in Centreville. You might get a lot more for your money.

With all that said, if you prefer to live in a condo you will love the Elan at East Market Condos. Great location!
0 votes Thank Flag Link Mon Mar 28, 2011
Hi Rudals1281 - if you view the options in various areas such as Fair Lakes, Dunn Loring, Vienna, Tysons, I think you may be pleasantly surprised at the condition of some of the condo options - some of them do have all the nice upgrades and may end up feeling as nice to you as a brand new condo, but for a lower price and possibly with more appreciation potential. It's hard to turn down a model home - that's why they do the professional decorating. However, this is a very large purchase for most people, and it's important to explore various options and choose the best one from the position of being an informed consumer.

It is useful to choose a buyer's agent in this process. A full-time agent lives and breathes this information and will be a great asset to you in your search. If you choose to explore this, I can meet with you for a no obligation initial consultation to see if we will work well together!

Thank You,
Sonal
0 votes Thank Flag Link Mon Mar 28, 2011
You should really talk with a buyers agent, who can help you narrow down your focus and goals of location, value, etc. Looking at what has sold over the last 6 months, the price is a little high, but why pay $270k if you are going to re-think the commute to DC, why not try moving in closer or someplace by a metro, such as Vienna or Dunn Loring if you are looking for a condo? I would recommend finding yourself a buyer's agent to help you with this process and make sure you buy a place in the right location for you now and 5 years from now.

Good luck!
0 votes Thank Flag Link Mon Mar 28, 2011
Yes. it's very high. Many young people can't even afford it.
0 votes Thank Flag Link Mon Mar 28, 2011
I clicked the "like" button for a couple of the answers provided.

But let me be frank about your question and scenario. Buying directly from a condo builder is completely foolish and ill advised as a consumer. You inherently cannot get the best price that way...EVER. You need to find an agent who has lots of experience negotiating new construction condos and get a better price than you ever could on your own.

My video details the reality of negotiating new construction condos.
0 votes Thank Flag Link Sun Mar 27, 2011
Location,location. Certainly a lifestyle issue as well. Might I suggest you sit down with a qualified buyer agent to discuss options. We sell new and resale and you get representation for free. If I can assist please contact me.

Kind regards,

Erik j. Weisskopf,ABR,CDPE,CRS,GRI
Erik@AskMeAboutHomes.com
703.216.1222
0 votes Thank Flag Link Sun Mar 27, 2011
For a condo in the suburbs, you may also want to consider the Tysons Corner area -- you can currently find a 1BR/1BA condo for roughly the same size and at a lower price than what you're considering . . . and in an area that has a better chance of increasing in future value, due to the metro stations under construction and scheduled for completion starting in 2013. And you'll eventually have a metro within walking distance from your home, making your commute to D.C. much easier. Please give me a call if you'd like more info or to discuss further -- & good luck!
0 votes Thank Flag Link Sun Mar 27, 2011
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