I am looking to purchase a condo in Morley Corner at about 334K, is this a good purchase

Asked by Jack, Ashburn, VA Thu Apr 5, 2012

Help the community by answering this question:

+ web reference
Web reference:

Answers

4
Unspecified, Renter, Ashburn, VA
Mon Apr 29, 2013
Jack,

let me say the area is spiking, what will happen in the future who knows. Eric seems to have the best approach, prices are soaring with all the buzz of the Metro. Will it happen, when will it. I wouuld say they are building a new schools across Morley Corner, and new buisness construction is going on across the street. I bought a condo last year at Morely Corner, I paid about $40k less than your price tag.
0 votes
Jonathan Bunn, Agent, Raleigh, NC
Fri Apr 13, 2012
Hey Jack,
I would say no... There are so many great deals on town homes in the area (20147) at this time under $350k that buying a stacked condo doesn't make for a great investment. You will be buying at the top of the market for condos in the area. While MC will be relatively close to the future metro stop, it won't be a short walk. I would hold out at that price.

All the best.
jon
0 votes
Eric Pearson, Agent, Ashburn, VA
Thu Apr 5, 2012
Morley Corner has a lot of potential upside with the plans of the Metro eventually coming out to Ashburn - we'll see if it ever actually happens. Great floorplan and that community is selling extremely fast, so $334,000 is market value for those units.

That being said - you can go to Lansdowne or Brambleton and get a very similar resale for around the $310,000 price range. While the HOA/Condo payments are slightly higher - it includes cable and internet so in the end about the same.

Advantage of that new construction area is with the housing market beginning to rebound - Morley Corner should not be affected by short sales/foreclosures.

I recently visited Morley Corner with an investor and we decided to go a different route and purchase a townhouse at a lower price and signficantly lower monthly payment because HOA much lower.

Feel free to give me an email/call if you want to discuss in more detail.
540-454-1551
eric@e4realty.com
0 votes
Kamal Singh, Agent, Reston, VA
Thu Apr 5, 2012
Jack
its good time to buy. i will suggest buy a townhome instead of condo, Resale value of townhome is better than single family. Are you buying for investment or peimary residence?


Kamal Singh
VA, MD ABR® Broker Realtor
Jobin Realty
Mobile- 703-728-3403
Cash back on any new home purchase
Web Reference:  http://www.vamdnewhomes.com
0 votes
This would be our primary residence.
Flag Thu Apr 5, 2012
Search Advice
Search
Ask our community a question
Market Conditions in Ashburn Zip Codes

Email me when…

Learn more