Quick Look at the Neighborhood Sales Report for Lillian Courts. A couple of  Sold & Under Contract within the Last Three Months!

Jeff Wu, your Tysons Corner Specialist! Helping people Buy, Sell & Invest in Real Estate – Have a great Day!

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.

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

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

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

Saturday, December 10th 2-4pm

1603 Kirby Rd

Sunday, December 11th 1-4pm

406 Chain Bridge Rd

6405 Old Dominion Dr

734 Lawton St

6302 Kensington St

1731 Melbourne Dr

6547 Old Chesterbrook Rd

1603 Kirby Rd

1902 Woodgate Ln

6509 Bellamine Ct

6601 Old Chesterbrook Rd

1447 Waggaman Cir

1023 Shipman Ln

6132 Ramshorn Dr

6901 Benjamin St

6817 Baron Rd

1460 Waggaman Cir

624 Live Oak Dr

1408 Colleen Ln

1329 Lessard Ln

22101, 22102 Open Houses (McLean)

Saturday, December 3rd Open Houses                   

6903 Lupine Ln 1-4pm

1603 Kirby Rd 2-4pm

Sunday, December 4th Open Houses

8445 Portland Pl 10am-5pm

8909 Brook Rd 12-5pm

1519 Pathfinder Ln 1-4pm

871 Centrillion Dr 1-4pm

1201 Old Stable Rd 1-4pm

6405 Old Dominion Dr 1-4pm

6004 Woodley Rd 1-4pm

734 Lawton St 1-4pm

7307 Hooking Rd 1-4pm

6302 Kensington St 1-4pm

1731 Melbourne Dr 1-4pm

1492 Hampton Hill Cir 1-4pm

1497 Teague Dr 1-4pm

7207 Farm Meadow Ct 1-4pm

6547 Old Chesterbrook Rd 1-4pm

1959 Rockingham St 1-4pm

6507 Old Chesterbrook Rd 1-4pm

7337 Lewinsville Park Ct 1-4pm

1808 Lansing Ct 1-4pm

848 Saigon Rd 1-4pm

6901 Benjamin St 1-4pm

Quick Look at the Neighborhood Sales Report for Fountains at McLean. Several Active & Under Contract as well as Quite a Few Sold within the Last Three Months!

Jeff Wu, your Tysons Corner Specialist! Helping people Buy, Sell & Invest in Real Estate – Have a great Day!