McLean, VA Real Estate News

By Brian Block, Northern Virginia & D.C. Real Estate
(RE/MAX Allegiance, Managing Broker/Branch Vice President)
Are you wondering about Northern Virginia real estate and pondering what has sold recently? Here's some information about the most expensive home sales in Northern Virginia (Arlington County, Alexandria City, Fairfax City, Fairfax County, and Falls Church City) for April 2010.  All information was obtained through MRIS. Overall, there were 63 Northern Virginia home sales topping $1 million during April 2010, 11 more than  sold in March 2010.  It seems that the luxury market is picking up speed. Currently, there are 787 homes on the market in Northern Virginia with list prices topping $1 million which is up significantly from the 721 that were on the market a month ago. APRIL 2010'S MOST EXPENSIVE SALES Single Family Detached Homes: 7815 Twincrest Court, McLean, VA -- Sold on April 23rd ...
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By Craig Richardson
(National Realty)
When former Washington Post owner John Roll McLean decided to name a Great Falls and Old Dominion Railway stop after himself at what is now the interesection of Old Dominion Drive and Chain Bridge Road, I'm sure he could not have envisioned modern day McLean.  In 1910, the community was founded when the areas of Lewinsville and Langley merged, meaning that this year, 2010, is its 100th Anniversary. A non-profit organization, McLean & Great Falls Celebrate Virginia, of which I am a Board member, is undertaking the task of hosting a one-day event at the McLean Community Center (MCC) on June 26th to commemorate McLean's Centennial.  As their brochure states, the "event will feature knowledgeable speakers of the area's past, historic displays, old photographs, antiques, historic personaliti...
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By Brian Block, Northern Virginia & D.C. Real Estate
(RE/MAX Allegiance, Managing Broker/Branch Vice President)
Take a look at this chart which shows the price distribution of available homes in McLean, Virginia: There's a few things apparent: 1.  Almost half of the available homes in McLean are priced between $1-$3 million. 2.  There are more McLean homes priced above $4 million than there are in any single price range under $1 million! 3.  It costs some money to buy a home in McLean.  That may be the biggest understatement of the day! 4.  There are still some McLean homes available priced under $500K.  However, those are all condominiums.  Okay.  That part may not be apparent from this chart, but I'm telling you so. 5.  I've got a penchant for using rainbow colors for my graphs depicting the real estate market. If you're ready to buy a home in McLean, Virginia, I'm here to help.  I'm the Managi...
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By Craig Richardson
(National Realty)
Condo sales for the 1st Quarter 2010 are arguably the best of any of the past 5 1st quarters.  The 15 median days on the market is nearly half the time of the next best 1st Quarter of 28 in 2006, and nearly 4 times less than last year's 1st Quarter.  Also, after dropping to $302,000 in the 1st Quarter 2008, the median sold price rebounded to $316,500 in the 1st Quarter this year. While prices have not returned to the pre-market crash days, when the median sold price was nearly $400,000 in the 1st Quarter 2006, there is no question that the condo market in McLean is very hot right now.  As I've mentioned in the past, many of these condos are located near Tysons Corner, so the development plans for that area that includes the Metro extension has clearly positively impacted the market.  Al...
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By Craig Richardson
(National Realty)
The total number of townhouses that sold in the 1st Quarter of 2010 in McLean climbed back to 12 after dropping to 8 and 7 in the 1st Quarters of 2009 and 2008, respectively.  In another sign that the market has rebounded, the Median DOMP dropped to 78 in the 1st Quarter 2010, the fewest days of any of the previous 1st Quarters except for 2006, when the DOMP was 65 for the 1st Quarter that  year. The Median List and Median Sold were the lowest in the 1st Quarter 2010 than any of the previous four 1st Quarters, although I know prices have started to rise and this should be reflected in the 2nd Quarter 2010 numbers.  Please see the chart below for more information.  Data is gleaned from the MRIS.  
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By Jay Hurst, Luxury Homes in McLean, Tyson's, and Great Falls
(Coldwell Banker Luxury)
Mine are finished. Thank goodness! I saw on CNN that 91 percent have their taxes done by now. I guess that is of the people that have a computer, and go to CNN.com. But, that is good news. Most of us are very responsible. I noticed many new deductions that are the also good news. The home buyer credits, the long list of energy saving deductions. A few new or improved deductions helping with raising a family. 2010 is almost half over. Still, it is a good time to plan for taxes next year. More home buyer credits and more eco-credits are out there. Good luck today!
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By Brian Block, Northern Virginia & D.C. Real Estate
(RE/MAX Allegiance, Managing Broker/Branch Vice President)
Real estate, like any other market, is all about supply and demand. So, how's the supply and demand in McLean Virginia real estate these days? SUPPLY:  As of April 12, 2010, there are 207 homes on the market in McLean, Virginia DEMAND:  In the last 30 days, 37 homes sold in the McLean.  At this pace, there'd be 6.9 months of inventory of McLean homes.  This is a bit higher than surrounding jurisdictions, primarily because the homes are more expensive in McLean. Here are the details about the housing inventory in McLean-- if you're thinking about buying a home in McLean or elsewhere in Northern Virginia, you might want to take advantage of the beautiful weather and head for a drive around town or at least to your local McLean RE/MAX office!  McLean Virginia Single Family Homes  144 Singl...
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By Craig Richardson
(National Realty)
The Median Days on the Market for McLean Condos was 3 days in March!   Multiple contracts within hours of a listing seemed to be the norm in this market sector.  I recently ratified a condo for a client which had 4 cash offers within a day of going on the market, so I know it's extremely competitive.  I see 3 primary reasons for all this activity in the McLean condo market.  With many of these condo developments located near Tysons Corner, the first reason is what I call the "Tysons Affect."  Within a couple of years, many of these condos will suddenly be within a mile or less of a one of the 4 new Metro stops, so buyers understand that despite the traffic difficulties now as a result of the construction, this will soon evaporate and they will then own a great asset.  Also, many of the ...
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By Craig Richardson
(National Realty)
Because McLean doesn't have them many townhouse developments, extrapolating meaningful trends from monthly sales can be difficult.  In March 2010, 4 townhouses traded hands, which was one more than a year ago last month but less than in March 2006, March 2007, and March 2008. The Median List and Median Sold were the lowest in March 2010 compared to the four previous Marches, but with so few sold, it's difficult to read too much into this.  The median days on market of 99 days in March 2010 was up over a year ago March, but better than March 2008 and March 2007. Please see the chart below for more information.  Information in gleaned from the MRIS.
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Last month, 21 single family homes sold in McLean, up 4 from March 2009.  More notable is that the median list price in March 2010 was nearly $200,000 higher than last year at that time, and the median sold price was up more than $250,000.  The March 2010 numbers tracked closely to the March 2008 sales numbers, when 25 single family homes traded hands and the median list prices was virtually identical.  Interestingly, the median sold price for March 2010 was actually higher than the median list price, meaning people were offering more than the list price. In terms of the median DOMP, again, the March 2010 number of 64 was in line with the March 2008 figure of 61, and was more than half the days than the 138 days posted in March 2009.  Only March 2006 had fewer days on the market than Ma...
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By Brian Block, Northern Virginia & D.C. Real Estate
(RE/MAX Allegiance, Managing Broker/Branch Vice President)
Are you wondering about Northern Virginia real estate and pondering what has sold recently? Here's some information about the most expensive home sales in Northern Virginia (Arlington County, Alexandria City, Fairfax City, Fairfax County, and Falls Church City) for March 2010.  All information was obtained through MRIS. Overall, there were 52 Northern Virginia home sales topping $1 million during March 2010, more than double the amount that sold in February.  I guess it was much easier for agents and buyers to get down the driveways to see these homes after February's snow melted! Currently, there are a whopping 721 homes homes on the market in Northern Virginia with list prices topping $1 million which is up significantly from the 639 that were on the market in February. MARCH 2010'S M...
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By Craig Richardson
(National Realty)
Well it seems like we just finished the 2009 football season but believe it or not, registration for the 2010 season is now open.  We officially open on April 1 but it is actually available now. Practices begin on August 9th and the first game of the regular season is September 17-19, 2010.  We practice 5 days a week during August, and once school begins, it's 3 nights a week with a game on the weekend.  Typically there are 7 games in a season plus post-season play.  The season typically winds up by the second week of November. For those interested in registering or for more information about our program, visit www.mcleanyouthfootball.org.
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By Brian Block, Northern Virginia & D.C. Real Estate
(RE/MAX Allegiance, Managing Broker/Branch Vice President)
This week marks one year since I became the Managing Broker of our RE/MAX Allegiance office in McLean, VA.  It's a good time to look back and reflect on some numbers.  These numbers make me very proud of our great agents here and quite happy with my first year "at the helm." Here we go: Over the last 365 days our office had a total of 317 sales for a total sales volume of $128,667,784. That's over 6 sales per week for an average volume of $2,467,601 every week of the past year. I compared that with the 365 days previous to my appointment as Managing Broker. In that period, there were a total of 248 sales for a total volume of $107,373,607. Thus, we're up 27.8% in the number of sales (69 additional sales) and 19.8% in total dollar volume of sales (over $21 million in additional volume). ...
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By Brian Block, Northern Virginia & D.C. Real Estate
(RE/MAX Allegiance, Managing Broker/Branch Vice President)
Three and a half months ago, I wrote Stop Thinking About It. It's Time to Sell Your House. Inventory is Very Very Low in Northern Virginia I'm not one of those agents who's constantly running around saying "It's a good time to buy.  It's a good time to sell," everyday, everywhere, to everyone. When asked whether it's a good time to buy or to sell, I always answer with the lawyerly answer "It Depends!"  It always depends on your personal and financial situation and on your life and goals. However, if you've been considering selling your home, or you HAVE to move, it's time to repeat the advice in my earlier post. Inventory of homes on the market is up just slightly from then and mostly due to the seasonal slowdown in home sales during the Winter and the grinding halt of business in early...
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  I had the privilege to witness one of my favorite coming-of-age rituals in McLean Youth Athletics again this year, the 8th grade boys west division All Star game. These boys are all at the precipice of their teenage years, playing, some for the last time, with and against their friends and rivals from their youth sports experience. The cream of the crop, All Stars are the best 2 players from each team and represent those who have managed to find some way to coordinate those rapidly growing limbs or to compensate for the growth spurt yet to come. The awkwardness of the early teenage boy, a young bird spreading it’s wings for the first time, surprised at how far it can reach; pitted against the practiced skill of a child yet to experience waking up in a new form, all arms and legs. Thes...
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On March 2nd the McLean Citizens Association(MCA) held their winter meeting.  The primary agenda item was "a presentation and discussion about the final plan for Tysons Corner that is being considered by the Fairfax County Planning Commission for recommendation to the Board of Supervisors," according to a letter by MCA President Rob Jackson.  The presentors at the meeting were Dranesville Planning Commissioner Jay Donahue and At-Large Planning Commissioner Walter Alcorn. With its proximity to Tysons Corner, McLean will be impacted by expansion plans, and is already experiencing disruptions and traffic congestion due to the construction underway for the Silver Line.  I can personally attest to this! The McLean Connection covered the meeting and noted that traffic "and transportation infr...
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By Brian Block, Northern Virginia & D.C. Real Estate
(RE/MAX Allegiance, Managing Broker/Branch Vice President)
If you've been reading my blog for some time, live in the Northern Virginia area, or have been contemplating a move here (why haven't you called yet?), chances are you know that McLean, Virginia is one expensive community. Back in 2008, I wrote Meet McLean, Virginia: The Fourth Most Affluent Community in the U.S.  A year later, when McLean took the top rank of wealthiest community in America, I penned (okay, really I typed) "It's a Great Place to Have a Real Estate Office, I Can Tell You That!" Reading my monthly rundown of the most expensive home sales in Northern Virginia, you'll notice that homes in McLean always make the list.  Here's the latest: February 2010's Most Expensive Home Sales in Northern Virginia. Much of the inventory of homes for sale in McLean are above the million do...
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By Brian Block, Northern Virginia & D.C. Real Estate
(RE/MAX Allegiance, Managing Broker/Branch Vice President)
Are you wondering about Northern Virginia real estate and pondering what has sold recently? Here's some information about the most expensive home sales in Northern Virginia (Arlington County, Alexandria City, Fairfax City, Fairfax County, and Falls Church City) for February 2010.  All information was obtained through MRIS. Overall, there were only 24 Northern Virginia home sales topping $1 million during February 2010, half as many as sold in January. Currently, there are 639 homes on the market in Northern Virginia with list prices topping $1 million just up from the 633 that were on the market in January. FEBRUARY 2010'S MOST EXPENSIVE SALES Single Family Detached Homes: 7426 Dulany Drive, McLean, VA 22101 -- Sold on February 12th for $2,700,000Built in 2008, this 6 bedroom, 4 level h...
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