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22366 Dolomite Hills Drive, Ashburn, Va.
Original Listing Price: $895,000(April 4, 2007)
Closing Price: $655,000 (Feb. 27, 2008)
Slash Rate: 27 percent
Square Footage: 4,287
This Ashburn four-bedroom home is filled with “luxurious amenities thru-out,” including a gourmet kitchen with an island, maple cabinets, and granite countertops. But, those qualities alone didn’t convince buyers Steven and Ariane Ford to make an offer. The couple first examined this property last June but considered it overpriced. They wanted to move to Ashburn to be closer to Ariane’s family, but that was easier said than done, she says. “This buyer’s market isn’t really like a cookie jar that you can just dip into. It takes a lot of hard work and discipline,” she says. Identical properties had listing prices that differed by $100,000, Ariane recalls. “It’s all about who is stretched the most. That’s where you find the discrepancy,” she says, referring to foreclosures and defaulted mortgage payments. After selling their Bowie, Md., home and visiting roughly 100 Ashburn homes during the summer, the couple still couldn’t find the ideal house. So they rented a home in Ashburn and continued to look in the area. Finally, they decided to reexamine this Dolomite Hills home, after the price had dropped significantly. They contacted listing agent Ray Gernhart, who worked out a deal. Gernhart says he’s starting to see more people like the Fords, who rent near busy markets, waiting for the best buy. “If you read the newspaper, it does make people think there are great opportunities out there,” he says. Ford clearly thought it was worthwhile to wait around: “I’m not a compulsive buyer,” she says.
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