The Streetcars Are Coming and Property Values Will Rise
by Shilpi Paul
Yesterday, Housing Complex got it’s hands on a 71-page report from the Office of Planning, which analyzes the effects of DC’s eventual streetcar system.
According to the study**, about 72,000 households in the city now located more than a quarter mile from a Metro station would be located that distance or less from a streetcar when the system is fully implemented. To put that in perspective, right now, 22,300 residents in the corridors analyzed by the study live within a quarter mile of a Metro station. We know that renters and buyers are willing to pay more to be close to a Metro; once the streetcars are in place, all sorts of housing stock becomes more desirable.
Most interesting to UrbanTurf were the numbers attached to real estate appreciation; the study posits that the system will add $5 to $7 billion to the value of existing property in the corridors analyzed by the study and spark $5 to $8 billion in new development within ten years of completion. Property values and rents will rise by 5 to 12 percent with “values likely to rise even higher in areas that have many prime redevelopment sites.” The report notes that the strongest demand for new and existing development would occur in the following areas: U Street/Logan Circle/Florida Avenue/NoMa/HowardUniversity/western Rhode Island Avenue, H Street/Benning Road, Buzzard Point, Capitol Riverfront, Downtown Anacostia, Takoma Park, and Georgetown.
From the study:
The increases in real estate values and development that the streetcar could spur over a ten-year period—looking only at land within a quarter-mile of new routes—would exceed the projected cost of creating the system [$1.5 billion] by 600% to 1,000%.
The District has already started brainstorming about ways to help lower income residents who find themselves in a neighborhood where property values have appreciated, including encouraging mixed-income development and creating affordable units in garages and basements.
**The area that this analysis covered includes all land within one-quarter mile of the proposed streetcar lines.
Fairfax County (+ Tysons Corner) Mean Business!
In the most recent issue of the Vienna & Oakton Connection, Fairfax County’s Chairman of the Board of Supervisors, Sharon Bulova, authors an Op-Ed article. The article is focused on how Fairfax County is a great place for business, and the goal is to continue to create a Pro-Business culture throughout the county.
Chairman Bulova, Chairman of the county in which Tysons Corner is a part of, mentions statistics such as =
* 66 of the nation’s 100 largest government contractors have a presence in Fairfax County Virginia
* 22 of those 66 are based out of Fairfax County Virginia
Chairman Bulova also credit’s the county’s Economic Development Authority for assisting in the relocation of companies such as “Volkswagen Group of America and Hilton Worldwide,” for having selected the county as their headquarters location of choice. Bechtel is the latest addition named for announcing that it too will move it’s HQ to Fairfax County Virginia.
The article was a good reinforcement for the County’s focus on fostering a great environment for business. It’s no surprise that the county which houses Tysons Corner, McLean, Vienna, and many other great areas would be so appealing to many of the nation’s corporations. Lets hope this trend continues. Corporations and residents together can all be excited at the transformations that are occuring throughout Fairfax County, in particular areas like Tysons Corner and Merrifield.
To learn more about buying or selling real estate in Tysons Corner, McLean, Vienna, or anywhere in Fairfax County – feel free to contact Jeff Wu, Associate Broker + Realtor for Century 21, New Millennium. Jeff@AgentKnowsHomes.com
Open Houses this Weekend in McLean!
January 7th & 8th Open Houses in McLean (22101 & 22102)
Open Houses (22101) -Saturday, January 7th 2012
6053 Ramshorn Pl 1-4pm
1603 Kirby Rd 2-4pm
Open Houses (22101) -Sunday, January 8th 2012
1820 Youngblood St 12-3pm
2023 Rockingham St 12-4pm
1300 Calder Rd 1-4pm
1519 Pathfinder Ln 1-4pm
734 Lawton St 1-4pm
6302 Kensington St 1-4pm
6429 Georgetown Pike 1-4pm
1126 Buchanan St 1-4pm
1603 Kirby Rd 1-4pm
406 Chain Bridge Rd 1-4pm
6053 Ramshorn Pl 1-4pm
6893 Chelsea Rd 1-4pm
6601 Old Chesterbrook Rd 1-4pm
1023 Shipman Ln 1-4pm
1107 Pine Hill Rd 1-4pm
6509 Bellamine Ct 1-4pm
1808 Solitaire Ln 1-4pm
1497 Teague Dr 1-4pm
6132 Ramshorn Dr 1-4pm
6683 McLean Dr 1-4pm
6643 Madison McLean Dr 1-4pm
6901 Benjamin St 1-4pm
6817 Baron Rd 1-4pm
1460 Waggaman Cir2-4pm
624 Live Oak Dr 2-4pm
904 Countryside Ct 2-4pm
6330 Old Chesterbrook Rd 2-4pm
6951 Duncraig Ct 2-4pm
Open Houses (22102) -Sunday January 8th 2012
7509 Royal Oak Dr 1-4pm
1201 Old Stable Rd 1-4pm
8350 Greensboro Dr #712 1-4pm
8112 Touchstone Ter 1-4pm
8602 Dixie Pl 1-4pm
1120 Brook Valley Ln 2-4pm
8019 Greenwich Woods Dr 2-4pm
Tysons Corner: Five-Year Demonstration Project
Fairfax County has selected the Georgelas Group to partner with them to form a plan, the Tysons Demonstration Project, to illustrate the future development of Tysons Corner.
The Tysons Demonstration Project will consist of hundreds of community planning meetings, and will reflect five years of planning.
First and foremost to turning this vision into a reality is good urban planning. All factors must be considered, such as the effect the project will have on the immediate community and the surrounding environment. How a design functions within the community must be considered. The Corporate Office Centre at Tysons II and the 1861 International Drive buildings are perfect examples of good urban planning.
The plan hopes to accomplish a Tysons Corner community that is connected to the Washington D.C. metropolitan district starting with a public transit system that will be the best in the nation.
The Silver Line subway is expected to be open in 2013 and will provide four stations in Tysons Corner. Once completed, traveling to, from, and around Tysons Corner will be a breeze! There will also be a convenient “Kiss and Ride” which will provide convenient metro access for neighbors.
In addition to the metro stations, over twenty-eight acres surrounding Tysons West Metro station have been designated to create a grid of streets to transform Tysons Corner.
In addition to transportation, the Demonstration Project will focus on a mixed-use community. A proper blend of restaurants, hotels, office space, residences, shopping, and entertainment will abound in Tysons Corner.
The future Tysons corner will be a place to work, play, shop, and live…not just a place to work. Many steps are already underway to bring this vision to reality.
There are currently many multi-use projects that are being planned to ensure the Tysons Demonstration Project’s vision will indeed be a reality. “A Look into the Future of Tysons Corner” delineates some of these projects.
I am Jeff Wu and I can assist you with all of your real estate needs. Whether you are relocating to the futuristic city and growing business district of Tysons Corner, or if you already live here and are selling your house or purchasing your new dream home in Tysons Corner, McLean, or Vienna, please contact me at Agent Knows Homes.
Attention Late Shoppers!
Macy’s in Tysons Corner is now offering round–the-clock holiday shopping, (starting at 7 p.m. Dec. 21) until 6 p.m. Dec. 24. The Tysons store (in Tysons One) is among 14 Macy’s that will be open for an 83-hour stretch to accommodate holiday shoppers.
Tysons Corner Condo Sales 2011 YTD
Happy Saturday. Can’t believe it’s a week until Christmas. The year will soon be over. Which is why this blog is relevant. What has the pace of condo sales been like in Tysons Corner This year? Check it out - here is some neat data on the 13 condo communities in Tysons Corner showing sold homes in the MLS this calendar year. Reminder, Tysons Corner is considered to be the meeting of Vienna Virginia 22182 and McLean Virginia 22102 zip codes. So home sales in McLean and home sales in Vienna, that are condos, in these two zip codes, are what make up Tysons Corner Condo sales.
The trend in 2011 in the Tysons Corner area has been for relatively low inventory. This has made for homes priced right selling pretty quickly in terms of days on market stats. That said, prices have remained flat or slight movement up, if any movement, in most of the Tysons Corner Condo neighborhoods.
Here is the data for the 13 Tysons Corner Condo communities = Encore of McLean, Fountains at McLean, Gates of McLean, Lillian Court at Tysons, McLean Chase, McLean Hills, McLean Place Townhome, One Parkcrest, Regency at McLean, Rotonda, The Colonies, The Westerlies, and Westwood Village.
Most Condo neighborhoods in Tysons Corner have less sales this year than 2010
As you can see, the Tysons Corner Condos as a whole were down to only 90% in terms of sold homes in 2011 vs. the real estate sales in 2010 of same Tysons Corner Condo neighborhoods in same calendar date range. With the entire category of Tysons Corner Condos being down, there were some neighborhoods that bucked the trend and actually sold one or more greater than their 2010 numbers sold. Those neighborhoods were = Encore at McLean, Lillian Court at Tysons, McLean Place Townhome, Regency at McLean, and Rotonda.
No matter what Tysons Corner neighborhood you’re interested in, I am Jeff Wu and I can assist you with all of your real estate needs in Tysons Corner, McLean, Vienna, or any other surrounding area. If you are planning on selling your house or buying a home, or investing in real estate, please contact me at Jeff@Agent Knows Homes.com
Open Houses this Weekend in McLean! (22101 & 22102)
Map of Open Houses in McLean (22101 & 22102)
Saturday, December 17th 2011 Open Houses
2023 Rockingham St 1-4pm
1603 Kirby Rd 2-4pm
Sunday, December 18th 2011 Open Houses
1300 Calder Rd 1-4pm
734 Lawton St 1-4pm
6302 Kensington St 1-4pm
6429 Georgetown Pike 1-4pm
1603 Kirby Rd 1-4pm
6132 Ramshorn Dr 1-4pm
2023 Rockingham St 1-4pm
406 Chain Bridge Rd 1-4pm
8909 Brook Rd 1-4pm
6601 Old Chesterbrook Rd 1-4pm
6507 Old Chesterbrook Rd 1-4pm
6719 Wemberly Way 1-4pm
6132 Ramshorn Dr 1-4pm
6912 Elm St 1-4pm
