Vienna VA Teardowns Part 2 – Street Competition

http://www.dreamstime.com/royalty-free-stock-images-track-hoe-image20781359I have written about the tear down phenomenon in Vienna VA before in the blog post Is your Home Worth More Dead or Alive?  This time I thought I would survey 3 main streets in Vienna to gauge the penetration of teardowns on those roads.  It seems like “every” home is being torn down.  But are they?  I looked at Cottage St from Rt 123 to Cedar Lane and Kingsley and Tapawingo from Nutley to Park.  What do you think the percentage of teardowns was on each?  Which do you think had the highest percentage?

Well, I slowly drove each street counting the homes.  Luckily no one called the police on this car that looked liked it was stalking the neighborhood.  I counted as a tear down any home that was actually a complete new home, had a 2nd story added or had a new home sign in front of an older home.   Most all of these were built in the last few years but some people “popped their top” several years ago ahead of the curve.

And last, in case anybody really cares, the homes on corners of Cottage and Tapawingo and Cottage and Kingsley I put in the Cottage total. For all 3 streets, I counted all corner homes even it the address was actually the side street.

Here are the results.

Cottage:  48 of 164 homes redone =   29.2%

Tapawingo: 25 of 119 homes redone = 19.4%

Kingsley:   28 of 107 redone = 26.1%

I hope to revisit this in about a year to measure progress.

QUICK PRICE POINT UPDATE FOR IN TOWN DETACHED HOMES

One last piece of info.  As of this writing, there were 49 detached homes for sale in the town of Vienna.  Here is the price breakdown:

2 less than $600,000

3  between $601,000-$700,000

4 between $701,000 and $999,999

40 over $1,000,000

As I said in my earlier post, if you have an entry level home in town and you want to maximize your sale proceeds, you may be better off selling it as home vs a lot.  With so little available at the lower end and so many families wanting the Vienna schools, it very well could be a competitive situation which results in you getting top dollar.

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