Time to take a closer look at one of those really hard hit Culpeper subdivisions, Lakeview.

Construction in Lakeview started about six years ago and is just about finishing now. In this market that pretty much guarantees that anyone who about in the first few years has seen the value of their homes decline substantially.

The completed subdivision is supposed to have approximately 600 homes, a combination of single family homes and townhomes.

There are currently 45 homes listed for sale in Lakeview. Of those 9 are new construction. Thirty three of those homes are vacant. 17 are foreclosures. 7 have been disclosed as short sales. Although disclosing this in the listing is a requirement, it doesn't always happen. So there may be additional short sales that aren't clearly flagged.

The cheapest townhouse here is $188,500. The cheapest detached home is $216,000. The most expensive townhouse is $239,000. The most expensive detached home is $399,000.

The good news is that 34 homes sold in this community in the last year. So things are selling. The bad news is probably best shown in the most recent sale, one that closed just this week.

A brick detached home with a side-loading two car garage, 3 bedrooms, 2.5 baths and a full, unfinished basement sold for a net of $222,450.

Considering that there are townhouses listed for considerably more than that at the moment, prices still have a ways to fall here. Even the nicest homes in this subdivision will have trouble commanding prices close to $400,000 given these kind of comparables in the neighborhood. And, if you should get lucky enough to get that kind of offer, I wouldn't count on getting an appraisal that comes in at or above purchase price.

Culpeper remains one of the hardest hit areas, even more so in newer subdivisions such as Lakeview. But if you're bargain hunting, this is a promising place to look!