Price Pick of the Week
2807 Jefferson Dr., Alexandria

Original listing price: $319,000 (June 17, 2008)
Current listing price: $290,000 (Aug. 12, 2008)
Slash rate: 10 percent
Square footage: About 1,200

This three-bedroom home is in “a great location,” a few blocks from the Huntington Metro Station in Jefferson Manor, a community of 550 semi-detached, post-World War II red brick homes. The current owner—a captain in the Airforce recently transferred to St. Louis—bought the place for $130,000 in 2001, says his listing agent Tom Rickert of Coldwell Banker in Old Town Alexandria. Rickert has lived and worked in Jefferson Manor since the early 1990s and says he has been involved in more than 120 real estate “transactions” in the community: purchasing homes, flipping homes, listing houses and rental properties, etc. These days, the neighborhood is “flooded with homes for sale.” Rickert says this property is now on the definite low end of Manor pricing, which goes up to the $400,000s. Rickert’s seller moved to Missouri a few weeks ago, at which point he became “more motivated.” Before that, he just “wanted to try to test the market and be sure he wasn’t going to leave the money on the table.” Other sellers, says Rickert, suffer from “selective amnesia”: They all think they can stay in an overpriced pack and trick the buyers into believing the home values are higher. On this house, Rickert says: “I have a very realistic owner.” Over the holiday weekend, the seller received two offers; “We hope to be under contract within a week,” says Rickert.

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