Supply and Demand, an age old economic concept. It's in effect everywhere you look. Especially here at the Gates of McLean.
One property goes under contract tonight in just 8 days. This is while 6 others are still available after having been on the market for 7, 40, 60, 156, 273, 768 days.
I saw demand first hand this past Saturday. 30 people came through an open house for a 1 bedroom condo on a beautiful day from 1-4pm. Priced well, and in good condition, with good exposure, and the right access, and any property will sell. 4 key factors. I saw them in action. This property was priced well. It was staged, painted, and improved. It was made known on many different mediums, and access was there. And now it's under contract.
This great community has many wonderful features. There are lots of amenities, from a pumped up (pun intended) fitness center to an amazing location. The board really cares, and is committed. Do I need to mention the metro. Well I will. It will be a block away. That's the closest proximity of any residential location in Tysons Corner area. There's plenty of appeal. That translates to reasons for demand. All you need is the right supply.
It's the same in any market - Supply + Demand. Happening in a neighborhood near you!
Thursday, April 23, 2009
Sunday, April 5, 2009
1st Quarter 2009 Home Sales re-cap
What happened in the first quarter of 2009 in the Gates of McLean? The good news is that there were 4 SOLD properties. Those properties were actively on the market an average of 53 days, and they sold for an average of -5.42% (that minus in front means negative). There was also an average of $500 seller subsidy (also referred to as closing cost help from seller to buyer).
What types of sales were these 4 transactions?
Regular Sale = 2
Short Sale = 0
Bank Owned Property = 2
What style homes were these 4 properties?
1 Bedroom = 1 (Danielle)
2 Bedroom = 2 (Logan + Dalton)
3 Bedroom = 1 (Christine Model)
How does this compare to the same time last year?
Last year there were only 3 properties sold in the same time period. And they sold for an average of -6.5% (yes, also negative) of their list price, in an average of 85 days on the market. They also had an average of $1333.33 in seller subsidy. So you could say that things are picking up considering the same time comparison to last year. Let's hope that trend continues!
Below is a graphic of the sold properties I've mentioned, plus those that did not sell, and those that are under contract, or for sale right now at the Gates of McLean.
(Data is from MRIS and represents multiple listings from multiple brokers)
Wednesday, March 18, 2009
Buy it now! 3rd floor Preston Model
Why commute? This home is right where it's at in the heart of the area's #1 job center. And if you don't work here, it's easy access to 495, 66, 123, 7, 267, MD, DC, New Harris Teeter Grocery, Future Metro (1 block) and many other places in the DC metro area.
This 2 bedroom 2 bathroom home is on the third floor of a secure four floor building. It's situated in a Gated community. So there is prestige and security. This is the largest true 2 bedroom model in a secure/mid-rise building.
The home has many upgrades throughout: wood style flooring in the hall, dining, and living areas; ceramic tile in the foyer, kitchen, and both bathrooms; crown molding in a variety of locations, 2 walk-in closets, an expansive deck, large bedrooms, a gas fireplace, granite counters in the kitchen + both bathrooms, maple cabinetry with fine hardware, and the list goes on and on. Off the living room there is a long deck. This property style is one of the only two models in the community that has a true extra storage closet on the deck. The property also boasts 2 assigned parking spaces, one of which is garage.
The community has a lot of pluses as well: fitness center, basketball, bbq area, outdoor fitness trail, clubhouse with great room, movie room, outdoor pool, sauna, car wash area, playground, grassy common area, and secure gates.
View photos
http://picasaweb.google.com/AgentKnows/1570SpringGateDrive7308McLeanVA22102?feat=directlink
For more information, or to see this fine property:
Jeff Wu
Weichert, Realtors
240-994-7938
Licensed VA + MD
AgentKnowsHomes.com
Jeff@AgentKnowsHomes.com
Equal Housing Opportunity
This 2 bedroom 2 bathroom home is on the third floor of a secure four floor building. It's situated in a Gated community. So there is prestige and security. This is the largest true 2 bedroom model in a secure/mid-rise building.
The home has many upgrades throughout: wood style flooring in the hall, dining, and living areas; ceramic tile in the foyer, kitchen, and both bathrooms; crown molding in a variety of locations, 2 walk-in closets, an expansive deck, large bedrooms, a gas fireplace, granite counters in the kitchen + both bathrooms, maple cabinetry with fine hardware, and the list goes on and on. Off the living room there is a long deck. This property style is one of the only two models in the community that has a true extra storage closet on the deck. The property also boasts 2 assigned parking spaces, one of which is garage.
The community has a lot of pluses as well: fitness center, basketball, bbq area, outdoor fitness trail, clubhouse with great room, movie room, outdoor pool, sauna, car wash area, playground, grassy common area, and secure gates.
View photos
http://picasaweb.google.com/AgentKnows/1570SpringGateDrive7308McLeanVA22102?feat=directlink
For more information, or to see this fine property:
Jeff Wu
Weichert, Realtors
240-994-7938
Licensed VA + MD
AgentKnowsHomes.com
Jeff@AgentKnowsHomes.com
Equal Housing Opportunity
Tuesday, March 10, 2009
Metro Full Funding Approved!
Today I, along with many others probably, received the below letter =
"March 10, 2009
Today, the Chairman of the Airports Authority Board of Directors, H.R. Crawford, signed a Full Funding Grant Agreement for the Dulles Metrorail Extension. In a ceremony with the U.S. Secretary of Transportation Ray LaHood, Chairman Crawford noted that this grant in the amount of $900 million will enable the Airports Authority to begin the long-awaited construction of the Dulles Metrorail Extension.As you know, achieving this milestone is the culmination of years of planning and public process that has involved many individuals from our state and local governments, the business community, and our elected officials.Our local project partners, the Commonwealth of Virginia, Fairfax County, Loudoun County, the Town of Herndon and the Washington Metropolitan Area Transit Authority are committed to bringing major transportation and economic benefits to the Dulles Corridor and to our Washington Metropolitan Region.I want to thank you for your strong commitment to bringing rail to the Dulles Corridor and all your efforts in this cause. Without your support, particularly in recent years, this day would not have come.The Airports Authority looks forward to continuing our partnership and excellent working relationship with you as we move forward on the Project. We are ready to go to work and we will continue to look for your involvement.We hope you will be able to join us later this spring when we have a kick-off event to celebrate the long awaited start of construction.
Sincerely,
James E. BennettPresident and CEOMetropolitan Washington Airports Authority"
"March 10, 2009
Today, the Chairman of the Airports Authority Board of Directors, H.R. Crawford, signed a Full Funding Grant Agreement for the Dulles Metrorail Extension. In a ceremony with the U.S. Secretary of Transportation Ray LaHood, Chairman Crawford noted that this grant in the amount of $900 million will enable the Airports Authority to begin the long-awaited construction of the Dulles Metrorail Extension.As you know, achieving this milestone is the culmination of years of planning and public process that has involved many individuals from our state and local governments, the business community, and our elected officials.Our local project partners, the Commonwealth of Virginia, Fairfax County, Loudoun County, the Town of Herndon and the Washington Metropolitan Area Transit Authority are committed to bringing major transportation and economic benefits to the Dulles Corridor and to our Washington Metropolitan Region.I want to thank you for your strong commitment to bringing rail to the Dulles Corridor and all your efforts in this cause. Without your support, particularly in recent years, this day would not have come.The Airports Authority looks forward to continuing our partnership and excellent working relationship with you as we move forward on the Project. We are ready to go to work and we will continue to look for your involvement.We hope you will be able to join us later this spring when we have a kick-off event to celebrate the long awaited start of construction.
Sincerely,
James E. BennettPresident and CEOMetropolitan Washington Airports Authority"
Friday, March 6, 2009
2 Sold and Settled in February (09)
The Gates of McLean had 2 properties that Sold in February of 2009. That's a 100% increase vs. the 1 of the same month last year (08). So, definately good news on increasing transactions.
The properties themselves were very different. One was a 3 bedroom, Christine model, in building 1530. It was located on the 2nd floor. That property was asking $374,900 and ending up settling for $354,750. It was a cash transaction.
The other property that sold was a one bedroom, Danielle model, which is the largest you'll find in a secure building(1581). This property was also on the 2nd floor. The property was a bank owned property, also referred to as an REO. It was asking $199,900 and settled for $195,000. It sold rather quickly, being on the market only 23 days.
(data from MRIS)
The properties themselves were very different. One was a 3 bedroom, Christine model, in building 1530. It was located on the 2nd floor. That property was asking $374,900 and ending up settling for $354,750. It was a cash transaction.
The other property that sold was a one bedroom, Danielle model, which is the largest you'll find in a secure building(1581). This property was also on the 2nd floor. The property was a bank owned property, also referred to as an REO. It was asking $199,900 and settled for $195,000. It sold rather quickly, being on the market only 23 days.
(data from MRIS)
Friday, February 27, 2009
Major Construction to begin
SAVE THE DATE!MAJOR CONSTRUCTION BEGINS IN TYSONS THIS SPRINGOn Route 123, Route 7, Dulles Toll Road, and the Capital Beltway
You're Invited to"Keep Tysons Moving"An Executive Business Briefing on the Capital Beltway HOT Lanes and Dulles Corridor Metrorail Projects
Thursday, March 26, 20097:30AM - Registration8:00AM - Presentation9:00AM - Workshop: Employer/Commuting SolutionsCapital One1680 Capital One DriveMcLean, VA 22102-3491(703) 720-1000
HOSTED BY:Virginia Department of Transportation (VDOT)Metropolitan Washington Airports AuthorityVirginia Department of Rail and Public Transportation (DRPT)Fairfax County Department of TransportationTysons Transportation Association (TYTRAN)Fairfax County Chamber of CommerceFairfax County Economic Development AuthorityVisit Fairfax (FXVA)Fluor-TransurbanDulles Transit PartnersBriefing will include:Construction Schedules and Potential Traffic Impacts Resources for Employers & CommutersAnd much more!!
RSVP at outreach@virginiahotlanes.com or (877) 495-VDOT
Sunday, February 22, 2009
Wood floors = Rent it now
End unit condo in secure building in a gated community. Enjoy your wood floors through entire home. Fill up the walk-in closet in the bedroom. Bask in the outdoors on your deck. Experience the ease of cooking with your built in microwave. Be glad you have a washer and dryer in your home. Wash up in your upgraded bathroom. Enjoy life!
Plus enjoy the amenities = clubhouse, outdoor pool, party room, movie room, fitness center, sauna, car wash area, playground, fitness trail, basketball, bbq area, and more!
Plus enjoy the location = Tysons Corner, not far from brand new Harris Teeter, will be a block away from a brand new metro station (completion date not yet known), and close to major roads: 123, 66, 495, 7, 267, MD, DC, and more!
Lots of photos = http://picasaweb.google.com/AgentKnows/1571SpringGateDrive6316FORRENT?feat=directlink
For more information or to schedule a showing, contact:
Jeff Wu
Tysons Corner Specialist
Weichert, Realtors
AgentKnowsHomes.com
703-938-6070x198
240-994-7938
Jeff@AgentKnowsHomes.com
Licensed in VA + MD
Equal Housing Opportunity
Plus enjoy the amenities = clubhouse, outdoor pool, party room, movie room, fitness center, sauna, car wash area, playground, fitness trail, basketball, bbq area, and more!
Plus enjoy the location = Tysons Corner, not far from brand new Harris Teeter, will be a block away from a brand new metro station (completion date not yet known), and close to major roads: 123, 66, 495, 7, 267, MD, DC, and more!
Lots of photos = http://picasaweb.google.com/AgentKnows/1571SpringGateDrive6316FORRENT?feat=directlink
For more information or to schedule a showing, contact:
Jeff Wu
Tysons Corner Specialist
Weichert, Realtors
AgentKnowsHomes.com
703-938-6070x198
240-994-7938
Jeff@AgentKnowsHomes.com
Licensed in VA + MD
Equal Housing Opportunity
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