Tysons Corner Blog

In May of 2009 2 homes SOLD. There was a two bedroom that sold and also a one bedroom that sold.







The two bedroom was a Dalton Model. At time of contract it had been asking $319,000. They Sold for $279,000 with no seller subsidy. This is 87% of asking price. This property was credit union owned, or what could and is also referred to as a foreclosure or bank owned property. The property was on the market for 76 days. When it listed they were asking $339,000.







The one bedroom that sold was a "normal" or "traditional" sale. The asking price was $220,000 and it sold for $220,000 with $3,000 in seller subsidy. It was a top floor Danielle model that was very well taken care of.







Here is the virtual tour so you can take a look --> http://www.homevisit.com/mlsTour?ver=1&id=37394

Last year in the same month, May 2008, there were also 2 properties SOLD. They were both two bedrooms. They sold for $365,000 (Logan Model) and $320,000 (Dalton Model).

Right now there are 4 properties on the market. Three of them seem to be traditional sales. The fourth is a short sale. See below:

In the Gates of McLean in May of 2009 5 properties were rented. Three were one bedrooms, and the other two were two bedrooms. The average one bedroom rental was $1,180/month. The average two bedroom rental was $1,675/month. Here is a visual:

Last year in May, May 2008, there were only 3 properties rented. The two bedroom (1) price was $1,695/month. While the one bedroom (2) average was $1,300/month.

Right now there are 16 properties available for rent at the Gates of McLean. There are 7 one bedrooms available, 6 two bedrooms, and 3 three bedrooms. They range in asking price from $1,225/month to $2,400/month.

I've heard that Tysons Corner is either the 12th or 14th largest city in the country, by # people, Monday through Friday from 9am-5pm. That's pretty big. However, that's also a lot of depreciation or shrinkage, or any other fun term for smaller, during the off hours. I konw there are a lot of things planned to alter the landscape and make Tysons Corner more of a destination. Much more than people just going to the mall.

Events that involve a large part of the community can be a lot of fun. There should be a bunch of events like that in Tysons Corner. And they should occur every year. One event that I know people have a lot of fun at in Arlington, is the Taste of Arlington. There are lots of restaurants, big ones and small ones, and all types of ethnic food. There are also a multitude of entertainment acts from within the community. And last but not least there is even a program of events and activities for families and children. It is a really good community event for all ages and tastes.

I know that there are many terrific restaurants in Tysons Corner. Let's have the Taste of Tysons Corner. It would be a great way to create community here in one of the premier destinations in DC. Shoot, I'm hungry just thinking about it.

1641 International Dr #416 was the only property SOLD in April 2009. It is/was a Jaclyn model. Which is a 2 bedroom 2 bathroom with 1114 square feet. It was asking $387,500, and it ended up selling for a price of $350,000 with no seller subsidy. The property sold in 71 days on the market.

Last year in the same month, April 2008, there were zero (0) properties sold.  So even though this year there was only 1 sold in April, 1 is better than 0!

2 properties available for sale in Lillian Court right now. Both are 2 bedroom, and both are multi-level style properties. One is a townhouse style, and one is a top floor 2 level within the condo building.

data from MRIS

There were 3 properties sold in the Rotonda in April 2009. They are shown above. They were models = C, E, + F. The average time on market was 61 days on market. The average price per square foot was $259.75.

In same month, April 2008, last year there were 5 sold properties. They were on the market an average of 99 days on market. And they had an average price per square foot of $303.8.

Right now at the Rotonda there are 15 properties on the market for sale. And at 3 a month that equals 5 month's supply if nothing new were to come on the market.

data from MRIS

In April of 2009 there were 2 homes sold in the Fountains at McLean. Both were "1st floor" homes in mid-rise buildings. The reason I used quotes around the "1st floor" is because depending what side of the building you're on you may be on the ground (1st floor) or you may be up 3 levels above the ground. This is because of the grading of the land around the buildings.
These properties also shared similarities in that they were both 1 bedrooms, and they both came with 1 garage parking. That's where the similarities end though. The property condition was very different.
The two properties sold were
- 1524 Lincoln Way #109 = $229,000 + $8,000 seller subsidy to buyer [VIRTUAL TOUR]
--> on the market 24 Days
- 1504 Lincoln Way #102 = $190,000 + $0 seller subdiy to buyer
--> on the market 139 Days
--> Bank Owned

In April 2008, the same month last year, there were also 2 properties SOLD.

Right now there are 2 properties available to buy in the Fountains at McLean. Both are 2 bedrooms, ranging from $306,800 to $314,900.

data from MRIS

Whenever basketball is being played, real estate is picking up, or doing well.  Is that a coincidence?  The market usually is really getting going when March Madness comes around.  And we've got a whole bunch of activity now with Lebron and Kobe in action.

I think there are seasons that affect real estate.  Sports Seasons!  It's easy to see, people like to buy when basketball is going on.  But not when football is being played.

Definately cause for research, but we can call it the hoops factor.  Whatever it is, I like all the activity in the market.  And it's our job to make sure we get slam dunks for our clients!

Supply and Demand, an age old economic concept. It's in effect everywhere you look. Especially here at the Gates of McLean.

One property goes under contract tonight in just 8 days. This is while 6 others are still available after having been on the market for 7, 40, 60, 156, 273, 768 days.

I saw demand first hand this past Saturday. 30 people came through an open house for a 1 bedroom condo on a beautiful day from 1-4pm. Priced well, and in good condition, with good exposure, and the right access, and any property will sell. 4 key factors. I saw them in action. This property was priced well. It was staged, painted, and improved. It was made known on many different mediums, and access was there. And now it's under contract.

This great community has many wonderful features. There are lots of amenities, from a pumped up (pun intended) fitness center to an amazing location. The board really cares, and is committed. Do I need to mention the metro. Well I will. It will be a block away. That's the closest proximity of any residential location in Tysons Corner area. There's plenty of appeal. That translates to reasons for demand. All you need is the right supply.

It's the same in any market - Supply + Demand. Happening in a neighborhood near you!

If you're just looking same period, meaning first quarter, 2008 vs. 2009. Then it's definately slower at the Rotonda.

In the first quarter of 2009, that just ended, there were 4 properties sold. Those properties were actively on the market an average of 41 days, and they sold for an average of -6.27% (that minus in front means negative). There was also an average of $0 seller subsidy (also referred to as closing cost help from seller to buyer).

What types of sales were these 4 transactions?
Regular Sale = 2
Short Sale = 1
Bank Owned Property = 1

What style homes were these 4 properties?
1 Bedroom = 1
2 Bedroom = 2
3 Bedroom = 1

How does this compare to the same time last year (1st quarter - 2008)?
Last year there were 10 properties sold in the same time period. And they sold for an average of -5.48% (yes, also negative) of their list price, in an average of 108 days on the market. They also had an average of $2,000 in seller subsidy. So in 2009 it's been happening quicker, for what does sell. But it's not happening as much 4 sold 2009 vs. 10 in 2008.

Below is a graphic of the sold properties I've mentioned, plus those that did not sell, and those that are under contract, or for sale right now at the Rotonda.




(Data is from MRIS and represents multiple listings from multiple brokers)

What happened in the first quarter of 2009 in the Fountains at McLean? 5 SOLD properties, that's what happened. Those properties were actively on the market an average of 127 days, and they sold for an average of -5.94% (that minus in front means negative). There was also an average of $2,300 seller subsidy (also referred to as closing cost help from seller to buyer).

What types of sales were these 5 transactions?
Regular Sale = 4
Short Sale = 0
Bank Owned Property = 1

What style homes were these 5 properties?
1 Bedroom = 2 (Birch + Cedar)
2 Bedroom = 3 (Oak[2] + Linden)

How does this compare to the same time last year (1st quarter - 2008)?
Last year there were 7 properties sold in the same time period. And they sold for an average of -5.72% (yes, also negative) of their list price, in an average of 51 days on the market. They also had an average of $4,327.70 in seller subsidy.

Below is a graphic of the sold properties I've mentioned, plus those that did not sell, and those that are under contract, or for sale right now at the Fountains at McLean.



(Data is from MRIS and represents multiple listings from multiple brokers)

What happened in the first quarter of 2009 in the Gates of McLean? The good news is that there were 4 SOLD properties. Those properties were actively on the market an average of 53 days, and they sold for an average of -5.42% (that minus in front means negative). There was also an average of $500 seller subsidy (also referred to as closing cost help from seller to buyer).

What types of sales were these 4 transactions?
Regular Sale = 2
Short Sale = 0
Bank Owned Property = 2

What style homes were these 4 properties?
1 Bedroom = 1 (Danielle)
2 Bedroom = 2 (Logan + Dalton)
3 Bedroom = 1 (Christine Model)

How does this compare to the same time last year?
Last year there were only 3 properties sold in the same time period. And they sold for an average of -6.5% (yes, also negative) of their list price, in an average of 85 days on the market. They also had an average of $1333.33 in seller subsidy. So you could say that things are picking up considering the same time comparison to last year. Let's hope that trend continues!

Below is a graphic of the sold properties I've mentioned, plus those that did not sell, and those that are under contract, or for sale right now at the Gates of McLean.
(Data is from MRIS and represents multiple listings from multiple brokers)