Local real estate news...August 30, 2006

August 30, 2006

The first story isn't really focused on rel estate but is relevant to our economy:

D.C. Suburbs Top List Of Richest Counties

Nationwide Data on Health Coverage Bleak

By Amy Goldstein and Dan Keating
Washington Post Staff Writers
Wednesday, August 30, 2006; Page A01

The three most prosperous large counties in the United States are in the Washington suburbs, according to census figures released yesterday, which show that the region has the second-highest income and the least poverty of any major metropolitan area in the country.

Rapidly growing Loudoun County has emerged as the wealthiest jurisdiction in the nation, with its households last year having a median income of more than $98,000. It is followed by Fairfax and Howard counties, with Montgomery County not far behind.
Read the full article here.

We in Loudoun complain about a lot of things: transportation, property tax, growth, cost of schools and giving teachers raises to name a few. Based on this census report, why would anyone complain about giving our teachers (most of whom can't afford to live in Loudoun) a meager raise? Helps me put future debates into a little different perspective.

PS: What ever happened to Marin County, California. It was at the top of the list for years. Must be suffering some hardships out west.

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Many people buying new construction were caught in declining prices after signing the build contract. Here's one builder's solution:

Home Builder's New Incentive: A Flexible Price

By Tomoeh Murakami Tse
Washington Post Staff Writer
Wednesday, August 30, 2006; Page D01

And now, in the latest sign of the cooling home sales market, a luxury home builder in Rockville has begun resorting to the kind of tactic usually reserved for screaming electronics discounters -- the Lowest Price Guarantee.

To ease buyers' worries about declining prices, Mid-Atlantic Builders will adjust its sales contract if the price it is charging for one of its houses falls from the time a customer signs an agreement to 45 days before settlement. So, the thinking goes, jittery buyers shelling out $500,000 to more than $1 million for one of the builder's single-family houses can rest assured that they're not sinking money into a depreciating asset.
Read the full article here

Do you think if enough people write contracts they won't have to lower their price? Seems pretty straight forward to me. Savvy marketing approach?

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