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.

One of the zip codes that contributes to what is the Tysons Corner area

Right now (this second!) there are 75 single family detatched homes available for sale.   They range in price from a $250,000 bank owned property (really an anomally – since the next lowest priced home is $498,900 short sale) all the way upto $3,350,000 property on 5 acres in the Windstone neighborhood.  The properties have been on the market a low of 0 days (just put on today) upto 619 days.  The average is 171 days.  Of the 75 properties only 2 are referred to as distress sales, 1 of those being the bank owned property and the other being the short sale property.  See below for a little more on these 75 properties, what neighborhoods they’re in, how much they’re asking, how many bedrooms and how much acreage.

Single family homes for sale right now in the 22182 (Tysons Corner area) zip code

In the month of November, just finished, there was one property SOLD and SETTLED in the Tysons Corner Condominium community the Fountains at McLean.  The property was a 1 bedroom 1 bathroom 626 square foot Elm model.  The property was on the market 7 days and it sold for $225,000.  There was no subsidy (closing cost credit from seller to buyer) involved in the transaction.  The property was not listed as being a distress situation (foreclosure or short sale).  So based on this transaction, November 2009 had the Fountains at $359/square foot.  Extremely uniqure was that this property did include 2 garage parking spaces.

Comparing year over year for same month sales activity we find that November 2008 had a similar level of sales.  There was also one property sold in the Foutains in November 2008.  The one property sold then was also a 1 bedroom in a gated mid-rise building.  This property was larger, at 689 square feet.  And it sold for $230,000 after being on the market 189 days.  The price per square foot at that time was $334.

There is currently one property under contract at the Fountains.  It is a 1 bedroom 1 bathroom, Pine model, short sale that was listed for $184,900 at time of contract.

There is only one property available for sale at the moment.  It is a 2 bedroom 2 bathroom, Oak model, that has been on the market for 20 days.  The property is currently listed at $325,000.  It is not described as a short sale, foreclosure, or other distress situation.

There is a lot of demand in the market right now, and the Fountains at McLean, just like many other Tysons Corner, McLean + Vienna area communities, could use more good inventory on the market.

Data from MRIS

An organized closet can make the difference when trying to sell a home

Some of these rules and tips are true no matter what area of the country you live in, Tysons Corner, McLean, Vienna or beyond.

When considering selling real estate the question surfaces, what can I do to improve my home and make it more appealing to a prospective buyer?  Looking at your closets might be the answer.  Closets may be the small improvement your home needs when getting ready to sell.

Newer homes tend to have bigger closets and they aren’t just dark spaces with doors any more.  Today’s closets, thanks to companies like California Closets and other offshoots, are filled with light and organized spaces like drawers, shelves, shoe racks and hanging bars that hang at different heights to accommodate different articles of clothing.  Some closets come across as small rooms.  Regardless of whether you have a new home or an older home, if your closets aren’t organized they can be.

Closets can be do-it-yourself projects or created by a contractor or a closet company.  Remodeling closets can be an inexpensive re-model that can add value to the sale of your home without breaking the bank.

In the month of November, the most recent past month, there was one home sold in the Tysons Corner Condominium community known as The Gates of McLean.  The property sold was a 1 bedroom 1 bathroom home.  There are many 1 bedroom 1 bathroom models, but the one sold was a Danielle model on the 2nd floor of building 1570.  The property had some upgraded flooring and appliances, and included a garage parking space.  It sold for $223,000 when asking $245,000.  There was no subsidy involved so the net price of $223,000 reflected a price of $303/per square foot.  This property was on the market 9 days prior to ratifying a contract.

There continues to be a shortage of good homes on the market, in the gates, and the surrounding area.  This is evidenced even more so by how quickly this one sold.

November 2009 fared similarly with the same month previous year in terms of the number of sales.  As November 2008 also had a single property sold in The Gates of McLean.  That property (in 2008) was a 2 bedroom 2 bathroom Preston model that sold for $285/per square foot.  Comparing 1 bedrooms to 2 bedrooms isn’t a fair comparison, and the sample size is small.  However, looking at the price per square foot numbers many would say that things are looking up for this Tysons Corner community!

At this moment there are 3 properties available for sale in The Gates of McLean.  Two of those are 1 bedrooms, and the third is a 3 bedroom.  There are also 8 properties for rent in this Tysons Corner community.  Of the properties for rent, five are 1 bedrooms, a single 2 bedroom is available, and there are two 3 bedrooms.

Data from MRIS

In November 2009 there were 9 Townhomes sold in the parts of Vienna (22182) and McLean (22102) that make up and border Tysons Corner.  These homes were sold in Courthouse Station (2), Courts of Tysons (2), Hunting Ridge, The Reserves at Tysons, Tysons Village, Westwood Towns, and Wheystone.  These homes sold at an average of 96% NET SOLD price compared to the list price at the time of contract.  They also sold in an average of 56 days on the market.  None of the 9 Tysons Corner Area townhomes sold in November are described as bank owned or short sale (distress situations).

November 2009 Tysons Corner Townhomes Sold (9)

These numbers compare well with the 5 sold in the same month, November, of the preivous year (2008).  In 2008 the 5 sold in Tysons Corner area sold in an average of 92 days on market, and 95% NET SOLD to list price at the time of contract.

Right now there are 21 Tysons Corner area townhomes Under Contract.  The Reserve at Tysons Corner leads the pack with 45 properties under contract.  Other communities with sales pending are: Battery Park, Cedars of Tysons, Courts of Tysons, Hahn Property, Hallcrest Heights, Hunting Ridge, Madrillon Springs, McLean Court, Merry Oaks, and Tysons Village.  Of these 21, none are listed as foreclosure or bank owned, but 9 are described as being potential short sales.

There continues to be a lack of inventory across the board in our area, Tysons Corner area townhomes being no exception, as there is only one property available on the market.  That property is in the Hahn Property neighborhood and is asking $545,000 and has been on the market 223 days.