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 going to this site drivers can:

• Understand how the Express Lanes will improve your Beltway travel
• Learn how to use the new Express Lanes
• Plan your new route on the Express Lanes
• And best of all, get personalized Express Lanes information including customized directions and alerts you want

The Express Lanes are built through a public-private partnership between Chamber member Transurban-Fluor and the Virginia Department of Transportation. The Chamber encourages you to visit the new website and see the updates on the project.

The 495 Express Lanes will run down the middle of the Capital Beltway, and there will be several opportunities to enter the Lanes. If you’re already on the Beltway, you can enter just north of the Dulles Toll Road and just south of Braddock Road. There are also several entry and exit points to and from other highways and major side routes. The 495 Express Lanes are high occupancy toll (HOT) lanes that will operate on the I-495/Capital Beltway to provide you with faster and more predictable travel options on I-495. The 495 Express Lanes will be two new HOT lanes in each direction on theVirginia side of the Capital Beltway from the Springfield Interchange to just north of theDulles Toll Road (approximately 14 miles). The Express Lanes are on schedule to be completed in late 2012 and will operate 24 hours a day, seven days a week.

You will pay your toll on the Express Lanes with an E-ZPass® – there are no toll booths to slow you down. The electronic tolling equipment will charge your E-ZPass® account. The Express Lanes will have all-electronic tolling to keep you moving. Warning! There will be no toll booths or options to pay cash. Carpools can use the lanes without paying a toll. If you plan to carpool on the Express Lanes, you will need three people in the vehicle and a switchable E-ZPass® (available summer 2012). The switchable E-ZPass® is your way to tell the Express Lanes operator that you are carpooling and ensure you are not charged a toll. Buses, carpools (HOV-3+), motorcycles, and emergency vehicles can use the lanes without paying a toll. If you have fewer than three people in your car, you will pay a toll to use the lanes.

Tolls for the Express Lanes will be dynamic, meaning they will change periodically based on real-time traffic conditions to keep the lanes free flowing. It is not possible to predict exactly what the tolls will be at any given time. It is expected they will range from as low as 20 cents per mile during less busy times, to approximately $1 per mile in some sections of the Beltway during rush hour. The average trip cost is estimated to be between $5 and $6. The toll rate will be based upon the changing levels of traffic in the Express Lanes. Sensors alongside the road will monitor traffic levels and speed, and toll prices will adjust to maintain free flow in the lanes.

Anyone who normally uses this route would do well to visit the new website at http://www.495expresslanes.com.

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

If you are looking to buy a new home in the Tysons’s Corner area in 2012, securing a mortgage loan is among the first steps.  Lending standards will remain tight in 2012 but being proactive and well prepared can score you a great loan with an attractive rate.

Here are some tips to help you improve your chances for success by being well prepared in advance when securing your mortgage loan.

Have Documents Ready
Every lender requests basic documents when applying for a mortgage.  Having some of these ready before arriving at the lender’s office can help to expedite the process.  You will need your last two pay stubs, W-2’s, income tax returns (it wouldn’t hurt to have from the last 2 years) and bank statements from the last 3 months.

To be super prepared and organized, you can put all documents in an electronic format.  This will help to resend quickly if necessary and to send to other lenders if it turns out you need to shop around.  Areas to ask about that cost you money include interest rates, points, closing costs, pre-paid expenses.  The type of loan you choose can also change your down payment amount and determine whether a mortgage insurance is required.

Know your Credit Score
Good credit – well, excellent credit – is the key to getting a great interest rate loan in today’s market.  Most lenders require a minimum credit score of 680 to be compliance with the guidelines with Fannie Mae and Freddie Mac.  There are other loan types which will accommodate slightly lower scores but you may not get the lowest interest rate available.

Before starting the process, obtain copies of your credit scores and credit history from all three major credit bureaus.  Study the reports to ensure there are no mistakes or issues that need to be cleared up before applying; sometimes it can take time to get errors taken off the report.

Determine Affordability
Don’t rely on your pre-approval amount and look for a home that meets the maximum price.  Instead, look at your income and budget to determine what you can comfortably afford.  You know best what extra expenses you splurge on each month, what you can cut back on and what you cannot.  Take into account that as a new homeowner, you will also have unexpected expenses with your new house and make room in your monthly budget accordingly.

Be Proactive
The clock starts once you submit your mortgage application and you need to act quickly with any and all requests so that there is no hold up in the approval process.  As a buyer, a delay in closing could affect your deposits and the contract in closing the home altogether so be sure to know your expected closing date and don’t be afraid to periodically follow up with the lender until the loan closes.

Do Not Take on More Credit
Until your loan closes, the lender can arbitrarily pull your credit and usually will right before the loan is set to close.  It’s smart to avoid making any large purchases or applying for new credit until after you have closed on your new Tysons’s Corner home.  You may feel the need to buy all new furnishings in anticipation of your new home but waiting will guarantee fewer problems in the loan process.

Buying a Tysons’s Corner home can be an exciting time.  Starting the process off right can help to alleviate any problems along the way and make the whole experience less stressful.  Jeff Wu can help you from the beginning of the process, will find you your dream home and will be with you every step of the way until you are settled into your new home.  Contact us today to find out how we can help you.

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

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.

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.

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