Tysons Corner area Home sales in January 2010

- 23 Homes Sold in Tysons Corner Area (22102 McLean Zip Code + 22182 Vienna Zip Code) in January 2010

- The Type of homes sold were = 14 Tysons Corner Single Family Homes, 4 Tysons Corner Townhomes + 5 Tysons Corner Condos

- For all Tysons Corner Area Properties sold in January 2010 the average statistics were [1] 99.68% sold to list price ratio, [2] an average subsidy of $2,456.22 and [3] average of 98 days on the market

- The numbers are somewhat different by property type though:

–> Tysons Corner Single Family Homes = [1] 99.8% sold to list price ratio, [2] average subsidy of $1,942.2, and [3]average of 104 days on the market

–>Tysons Corner Townhomes = [1] 98.9%, sold to list price ratio, [2] $7,325.50 average subsidy, and [3] average of 88 days on the market

–> Tysons Corner Condos = [1] 100% sold to list price ratio, [2] average subsidy of ZERO ($0), and [3] an average of 89.8 days on the market.

- Homes sold in a variety of communities and neighborhoods =

–> Tysons Corner Single Family Homes = Colvins Glen, Estates at Great Falls, McLean Hamlet (2), Peacock Station, Pine Hill, Saddlebrook Farms, Shouse Village, Smith Farm, Spring Hill, Spring Lake, Timberly South, Woodhaven, and Woodside Estates

–> Tysons Corner Townhomes = Colonies of Madrillon, McLean Court, The Reserve at Tysons Corner, and Westwood towns

–> Tysons Corner Condos = Fountains at McLean, Regency at McLean, Rotonda (2), and The Colonies

- Of the 23 homes sold in the Tysons Corner area in January 2010, there was 1 identified as a Short Sale, and 1 identified as a “foreclosure” or bank owned sale

data from MRIS

Anicipated record snow fall has begun in Tysons Corner, Virginia

With just about all area schools closing for today and the weekend, the plans of many have changed.  The schools weren’t the only ones closing down, as the Metro and Dulles Transit Partners (the contractor joint venture company doing the construction of the new Silver Line) canceled all of it’s planned road closings for the recent future.

As is almost always the case, the weather future isn’t certain.  Although many are claiming the Tysons Corner area (McLean and Vienna, Virginia) will receive 12-36 inches of snow over the weekend.  That said I believe there won’t be very many home showings in the real estate market for this Saturday and Sunday.

Under Contract in 3 days in Tysons Corner

A new listing was put on the market in a Tysons Corner Condo community.  There were 7 groups of agents and buyers who saw the property in the first 24 hours.  All that while an underestimated snow storm was blanketing the area with 2+ inches.

An offer came in on the property the next day, Saturday.  A pre-planned open house occured on Sunday with 40+ people who came through the property.

By Sunday night there were 3 offers, and more agents and buyers hoping to see the property.  Monday afternoon the property is under contract over asking price.

The real estate market in Tysons Corner is not even close to freezing.

Waiting a few extra days or weeks to purchase a home this spring could cost buyers thousands of extra dollars as the office of Housing and Urban Development (HUD) implements several changes for loans guaranteed by the Federal Housing Authority (FHA).

Coming just weeks before the April 30 deadline for the Home Buyer Tax Credit and just days after the March 31 expiration of the Federal Reserve Board’s mortgage backed securities purchase program (which has kept home loan rates artificially low for over a year), these FHA changes make it even more important to act now to save big.

Here are a few reasons why:

On April 5th, the cost of required up-front mortgage insurance for loans guaranteed by the FHA will increase from 1.75% to 2.25%. For a borrower purchasing a $200,000 home with a $7,000 down payment, the up-front mortgage insurance will increase by $965. Up-front mortgage insurance is typically financed in the final loan amount so the impact to a monthly payment will be minimal but overall, the increase is still borne by the borrower both upfront and monthly.

Later this spring, the amount of money that a seller can return to the buyer from their sale proceeds will be reduced from 6% to 3%. The reduction in these “seller concessions” can increase the amount of cash a buyer will be required to pay at closing by $6,000 for a home purchase of $200,000.

There is only one way to avoid being affected by all of these costly changes that lie ahead – submit all FHA mortgage applications by the last week of March.

If I can answer any questions you may have about how these changes could impact you, call me. I appreciate your business.

Post Courtesy of,

Leslie Wish
Suntrust Mortgage

Tysons Corner Virginia

In an article 1-4-2010, Dan Beyers of the Washington Post wrote that the Top Washington Business stories of 2009 were =

[1] Tough Year for Retailers – Circuit City was used as an example, as it shut its doors to all retail locations in 2009. Ritz Camera was anothere example of a company going through some tough times, although it seemed to be trying to survive.

[2] Abe Pollin’s death, is the area’s loss of a good person, sports team owner, and former developer.

[3] Local speciality finance companies: Allied Capital, Capital Source, and American Capital, were hit hard during the recession.

[4] Prominent local car dealers losing local franchises due to bankruptcies.

[5] The rise of unemployment.

[6] Lawfirm merger of DC’s Hogan + Hartson to London’s Lovells.

[7] Fairfax County scores big in getting companies to move their headquarters to the area: Hilton (Tysons Corner), SAIC (Tysons Corner) + Ignite Institute for Individualized Health.

[8] “The Executive Shuffle,” as movement in key positions continued at Freddie Mac and Fannie Mae.

[9] The project to bring Metro to Dulles airport began construction on the first phase and was awarded federal funding.

[10] Westgroup announced the sale of it’s 42 acres in the McLean/Tysons area.

[11] Cupcake shops abound in Greater Washington area.

We are reminded that the Tysons Corner area is a key player in the area’s, the nation’s capital’s, goings on; As it is prominent in six of the above stories = 1, 7, 8, 9, 10 + 11.  What do you think was an impactful event, story in the Tysons Corner area in 2009? Business? Transportation? Real Estate ([a] the constant improvement at the end of the year [b] 2009 better than 2008!)?

Quick Facts for 2009 Tysons Corner Area (McLean 22102 + Vienna 22182) Townhome Sales =

[-] 93 Townhomes (fee simple) Sold

[-] Average Days on Market = 57

[-] Average List Price = $627,407

[-] Average Sold Price = $606,776

[-] Average Seller Subsidy = $3,211

[-] Average Net Sold Price = $603,565

[-] Average Sold to List Price Ratio = 96.7%

[-] Average Net Sold to List Price Ratio = 96.2%

[-] High Sold Price = $365,000

[-] Low Sold Price = $860,000

[-] Short Sales = 5

[-] Bank Owned/Foreclosures = 1

[-] Community with the most sales = The Reserve at Tysons Corner (21)

Caisson Load Testing Planned Week of Jan. 4‐8, 2010

The week of January 4

th‐8th, field engineers from the Dulles Corridor Metrorail Project will begin performing structural integrity tests on piers being built near Dolley Madison Road (Route 123) and the Dulles Connector Road (Route 267) interchange. The first of these tests is planned for Thursday, Jan. 7, 2010, at approximately 1:00 PM, weather permitting. This test will be performed on the right hand side of southbound Route 123 across the street from Anderson Road. It is between the Route 123 southbound ramp to eastbound Dulles Connector Road and the ramp for Dulles Connector Road eastbound to southbound Route 123.

This testing is a routine part of the construction program to collect data about the load capacity of caissons, which are the foundations that will support the aerial structures of the future Metrorail.

Some of this testing will sound like a knocking noise, and

a few short, loud blasts will occur. We want you to be aware in advance of this testing.

All work will be performed during daytime hours only (7 AM to 5 PM).

Additional testing along that stretch of Route 123 will continue through January, and installation of piers will continue through 2010.

We thank you for your patience.

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‐related emergencies, call the Project Hotline at 877‐585‐6789. For information about the project, visit www.dullesmetro.com or call 703‐572‐0506.

NVAR (Northern Virginia Association of Realtors) Summary 2000 – Year to Date

Finding a mortgage before looking for real estate is a smart idea

One of the first steps in purchasing real estate should be getting a mortgage.  Getting a mortgage, or rather getting approved for a mortgage, lets a buyer know what he can expect to afford when looking at property.  It is important for a potential buyer to know how to secure a mortgage.

A good realtor will do a buyer consultation to discuss: the current real estate market, the home buying process, the buyer’s wants and needs in an new home, and also the financing.  It is so important to get connected with a good realtor and a good loan officer at the very begining of the process.  Both are essential in moving forward.

There are any places to look for a mortgage these days.  There are banks, mortgage brokers, finance companies, credit unions and private lenders.  Often experienced Realtors have mortgage brokers or banks that they work with often and using a lender that has a good reputation is often a safe bet.

When looking for a mortgage have a good idea how much you can afford to pay each month.  Look into the past, present and future to determine this.  It is of the utmost importance not to bite off more than you can chew when it comes to your finances and the affordability of a home that you might buy.

When applying for a loan a person must provide documentation of income, expenses, and assets.  Have your financial statements and tax returns ready and the process will be much easier.

Having a mortgage ready to go before finding a property will make the entire process smoother.  Financing is harder to get these days and being prepared is a wise step in the home buying process.

For more information on mortgages click here.

For an email response with contact information for a good loan officer (or even more than one), send an email to Jeff@AgentKnowsHomes.com

Short sales used to be the exception.  They used to be a freak occurence.  Now they are a regular part of the market.  We, here in the Tysons Corner, McLean, Vienna + Arlington areas, are not immune.  The government is making efforts to improve the short sale process and help those sellers involved in it.  Here’s some data compiled by VAR (Virginia Association of Realtors) to understand some of the government efforts in this area of distress sale situations.

Virginia Association of Realtors

The new Home Affordable Foreclosure Alternatives Program (HAFA) — which is part of the Home Affordable Modification Program (HAMP) — provides incentives to homeowners who are looking to sell but won’t make enough to cover their existing loans if that existing loan is eligible for modification under HAMP (but the homeowner still needs to sell).

Note that HAFA doesn’t apply to loans guaranteed by Fannie Mae or Freddie Mac, which, the feds say, will issue their own versions of HAFA in coming weeks.

The idea is to streamline short sales (or deeds-in-lieu) so the homeowner can avoid foreclosure.

Here come the bullets. HAFA:

• Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.
• Uses borrower financial and hardship information already collected in connection with consideration of a loan modification.
• Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).
• Prohibits the servicers from requiring a reduction in the real estate commission agreed upon in the listing agreement (up to 6 percent).
• Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).
• Uses standard processes, documents, and timeframes/deadlines.
• Provides financial incentives: $1,500 for borrower relocation assistance; $1,000 for servicers to cover administrative and processing costs; and up to $1,000 for investors for allowing a total of up to $3,000 in short sale proceeds to be distributed to subordinate lien holders (on a one-for-three matching basis).

The program takes effect on April 5, 2010, “but servicers may implement it before then if they meet certain requirements.” It sunsets on December 31, 2012.