- Fountains at McLean
In September 2009, the month just ended, there were 2 sold properties at the Fountains at McLean. Both of these properties were one bedroom condos. The first was a 3rd floor Cedar model sold for a cash price of $198,500. The second was a 1st floor mid-rise building Birch model sold for a total purchase price of $218,000, with the first trust amount coming from FHA financing. Both of these sales were from traditional sellers, and not bank owned properties or short sales. The two properties averaged 25 days on the market, and an average of $302 per square foot.
There are also 6 properties under contract. That bodes well for good sales numbers for October and I’m sure some will trickle into November. There is a lot of energy in the real estate market right now. The Fountains at McLean community is well placed in terms of prices to benefit from this market demand, as most of this activity is occuring in price ranges under $400,000. There is quite push of people trying to take advantage of the current $8,000 tax credit before it expires. Of the 6 properties under contract, all but 1 are one bedrooms. The 6th is a two bedroom. A fact of note is that 3 of the 6 under contract are short sales.
There is currently one property on the market at this Tysons Corner condo community. It is a two bedroom two bathroom property in a mid-rise building on the third floor. It is described as not being a bank owned property or short sale. They are asking $339,000. So at 6 properties going under contract, and only one on the market, we definately need more inventory at the Fountains at McLean.
