The in heart of FairFax County lies Tysons Corner. It is Virginia’s largest office market and one of the leading business centers in the nation with 26.3 million square feet of office space. Office buildings are typically mid-rise or high-rise in design. There are a few smaller structures and townhouse office condos around the periphery of the submarket. The largest business parks are Tysons II, West*Gate, West*Park and Westwood Corporate Center.

Fairfax County’s 1 million citizens are diverse and well-educated.

Residential Real Estate

Fairfax County and the Washington metropolitan area boast a broad variety of homes, locations and prices. Housing is available for individuals seeking an urban, suburban, small town or country feel. High-rise apartments, condominiums, single family homes and townhouses are plentiful.

Fairfax County’s major residential communities offer a broad spectrum of choices for the home-buyer or renter. The Northern Virginia Association of Realtors maintains a list of agents in northern Virginia. Real Estate assessment information for homes is available by address or tax map reference number on the Fairfax County Government Web site.

Metro Area Housing Affordability

*County states provided by Fairfax County Economic Development      Authorityhttp://www.fairfaxcountyeda.org/demographics

For additional information regarding Fairfax County history and facts, contact

Jeff Wu
Century 21, New Millenium
571-248-1110
240-994-7938
Jeff@AgentKnowsHomes.com
www.AgentKnowsHomes.com

As you plan your next vacation, take five minutes to review these simple, yet often overlooked home safety practices that deter burglars from breaking into your house. Your home will appear to be lived in whether you are away for only a weekend or for weeks at a time.

Give a Neighbor A Spare Key
Leave a key with a trusted neighbor in case anything happens to your house while you are away, or in case you get locked out. It’s usually not a good idea to leave a key hidden outside your house, especially in more urban areas.

Change Your Locks
It is usually a good idea to change the locks on your new home when you move in. You never know who might have keys to your house. If your new home does not have deadbolts on all ground-level doors, consider installing them. If a sliding glass door is easily accessible, it is a good idea to put a strip of wood in the lower tract.

Protect Your House Keys
Don’t give repairmen a key, and don’t give people fixing your car your whole set of keys. Your house keys can be easily duplicated and your address can usually be obtained from your license plate number.

Lock Doors And Windows
Keep your doors locked, even if you step out for just a few minutes. Especially remember to lock all doors at night and when you go on vacation. Similarly, keep your windows locked. Check that all windows have locks when you move into a new house. If they don’t, install them or replace the window.

Make Your Home Appear Lived-in
Install automatic timers to turn lights and radios on and off at appropriate times. Ask a friend or neighbor to pick up your mail, or have it forwarded it to the post office. Contact your local newspaper to stop delivery and consider having someone mow your lawn and water the flowers. Lower the sound of your telephone and answering machine so they cannot be heard from outside and make sure your outgoing message does not imply that you are away.

Consider Installing An Alarm
You may also want to install an alarm if the house doesn’t already have one. If you move into a new house with an alarm, make sure you get accurate (written) directions on how to operate it.

 For additional information on keeping your home safe, please contact:

Jeff Wu
Century 21, New Millenium
571-248-1110
240-994-7938
Jeff@AgentKnowsHomes.com
www.AgentKnowsHomes.com

House hunting can be an exciting time for most people, as they search for the perfect house. Becoming a homeowner can be a rite of passage for first time homeowners. The search for a house, whether it’s the first time or just one of the many in a lifetime, is a process. There are many mistakes that house hunters sometimes fall prey to, that can be avoided before the “for sale” sign comes down. Before buying, consider the following key ideas.

1. It’s a Real Fixer Upper

Every house has some potential, and fixer-uppers tend to hypnotize some potential buyers into believing that a house that is listed in “as is” condition can be rehabilitated into the mansion of their dreams. The initial price may be cheap, a real bargain even, but the costs associated with repairing or rehabilitating a fixer upper house, can quickly add up. There are some people who can benefit from buying this type of house, but those that will be required to hire out for all the major repairs, may want to reconsider.

2. The Desperate Purchase

The desperate purchase is often the result of rushing to buy a house. This could be the result of selling a home without purchasing another, or just a case of house hunting fatigue. Planning is key and desperate purchases are permanent, so a little forethought can go a long way in choosing a house to buy. House hunting fatigue often creeps in after months of looking but not finding the perfect home. When the pressure to find a house is high, desperate purchases are more common. To avoid buying a house that will be regret in a few months, take the time to look longer or explore alternatives before buying. Temporarily moving to a rental property until the right house comes along may be an alternative.

3. Built in 1950, Interior Design by Donna Reed

Hidden costs of redecorating a house that may be sound in value, but strikingly outdated in the interior decorating arena. There are many of these houses on the market. Sometimes the homes have great value, but the previous owners never bothered to update the interior in the forty years of living there. There is a difference between cosmetic changes and painting, and more extensive changes to an interior, such as putting in new kitchen cabinets, flooring, and countertops. The less work that you have to do to the interior when you move in, the more money for the mortgage. Interior redecorating can add up, and some new homeowners may come to find that they cannot make immediate changes to the interior after moving in. Others plan to make changes and just never seem to find the right time, leaving them with a home that is part modern, part Donna Reed style.

4. Breaking the Bank

This mistake is similar to the idea of being “house poor.” Most house hunters enter the real estate search with a certain budget in mind. This is often a range of house prices that can be quite broad, depending on the amount the mortgage company will approve for. Selecting a house that stretches into the upper limits of affordability could be a problem if paying the mortgage depends on an income that will stay the same or grow over the next 15-30 years. Pouring all your savings and a large percentage of the weekly paycheck into a house may not be as comfortable to do in five or ten years. If it means that you have to sacrifice eating out and taking vacations until the mortgage is paid off, the house is probably going to break your bank account..

5. The Sell Out

The sell out is typically the result of listening to an aggressive realtor, who has convinced you that you will never find the exact house that you were looking for on the market, and that you should consider something else. You sell out your dreams and settle for a house that leaves you less than excited to move into. Another type of sell out happens when buyers become preoccupied with certain neighborhoods or areas and are willing to sell out quality for a location. Sometimes this works, but most sell out purchases don’t hold their value. A closet-sized house in an upscale section of town may not feel as cozy in a few years.

For additional information on how to avoid buying the wrong house, please contact:

Jeff Wu
Century 21, New Millennium
571-248-1110
240-994-7938
Jeff@AgentKnowsHomes.com
www.AgentKnowsHomes.com

Tysons Corner Condos Sold May 2010

16 Condos (Condominiums) were sold in the Tysons Corner area in Northern Virginia in May 2010.  This includes 22182 (Vienna) and 22102 (McLean)  zip codes.  Properties ranged from a one bedroom one bathroom condo at the Fountains At McLean asking $218,000, with 624 square feet, all the way to a two bedroom two and a half bath condo in the One Park Crest building with 1620 square feet asking $728,000.  Here are some quick stats:

* Tysons Corner Condo real estate changed hands in these condo communities in May 2010 = Fountains at McLean (4), Gates of McLean (3), One Park Crest (2), Regency  At McLean, Rotonda, The Colonies (3), The Westerlies, and Westwood Village

* Average Days on Market = 24

* Average Sold to List Ratio = 99.15%

* Average Subsidy $479 (only 3 had any subsidy)

* Bank Owned or “Foreclosure” properties in Tysons Corner = 2

* Short Sale Transactions in Tysons Corner Condos = 0

* Up 46% over the number of Tysons Corner Transactions settled in May 2009 (same month, previous year)

* up 5.5% over the number of Tysons Corner Condos sold in April 2010 (previous closed month)

Data from MRIS

Today, 2/26/10, there are 35 properties for sale in the Tysons Corner area (McLean 22102 zip code + Vienna 22182 zip code) in the price range from $300,000 to $600,000. 

Quick Facts

- 19 are Condos, 8 are townhomes, and 8 are detached single family homes

- Communities with properties for sale in Tysons Corner Area in the price range $300,000 to $600,000 = Courthouse Station (2), Dunn Loring Garden, Eudora, Fountains at McLean, Hahn Property (2), Hallcrest Heights (2), Lillian Court (2), Madrillon Springs, Martin, Park Crest (only 2 listed), Regency at McLean (5), Rotonda (7), Spring Lake (2), Sunnybrook, The Colonies (2), The Trails, Tysons Townes, and Tysons Woods

- Distressed Properties (5 of 35 total properties) = 1 is a bank owned property, and 4 are listed as potential short sales.

Tysons Corner available real estate $300,000-$600,000

data from MRIS

Today, 2/19/10, there are 12 properties for sale in the Tysons Corner area (McLean 22102 zip code + Vienna 22182 zip code) under $300,000.  All of those are 1 and 2 bedroom condos located in the 22102 (McLean) zip code.

Quick Facts

- Communities with properties for sale in Tysons Corner <$300,000 = Encore of McLean (1), Fountains at McLean (1), Gates of McLean (5), Regency (1), Rotonda (2), and The Colonies (2).

- All are 1 level properties

- 10 of the 12 are 1 bedroom properties, the other 2 are 2 bedroom properties.

- Distressed Properties (3 of 12 total properties) = 1 is a bank owned property, and 2 are listed as potential short sales.

On the Market right now (2-19-10 11:48am) in Tysons Corner, Virginia under $300,000

data from MRIS

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

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)

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