McLean, VA Real Estate News

By Lizzy Conroy
(Keller Williams Realty)
How often are you asked, "Where are you from?"  Until I started my own family in McLean, Virginia, I always answered, Oklahoma City, OK.  Having spent the first 18 years of my life there, it was (and still is) something I wanted everyone to know about me because I was so proud of my heritage.  I always got such varied reactions: "You are?  Did you grow up on a farm?" Or, "Oh, that's why you're so nice."  Or, "Why did you move to Washington, DC?"  And I answered the same every time, "No, I grew up in a neighborhood not that different from McLean." And, "Everyone from Oklahoma is nice because we don't have any traffic."  And, "I moved to DC to attend college.  I met my husband who is from Maryland.  We married, and we moved to McLean to start our family. I love McLean, Virginia.  I have b...
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By Craig Richardson
(National Realty)
More condos sold in McLean (12) than any of the previous five Februaries.  Also, the median days on the market in February was the least since February 2006, at the height of the market.  Both indicators that the market has returned to normal here in McLean.  The numbers may have even been better if it wasn't for the record snowfall in early February. February 2010's median list price of $236,500 and the median sold price of $227,000 were the lowest of any of the previous five Februaries.  The height was February 2007, when the median list was $349,950 and the median sold price was $335,000. Please see the table below for further information.  Information was gleaned from MRIS.    
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Despite four snow storms in a row that essentially closed everything in the Metropolitan D.C-area down for nearly two weeks, real estate sales still occurred.  In February, 14 single family homes in McLean traded hands, which was identical to 2008, and less than 2009 (21), 2007 (17), and 2006 (22). Another good sign for this market is that the 84 Med. days on the market for February 2010 was the 2nd lowest for the previous five Februaries, with only February 2006's median DOMP moving quicker at 48 days.  Also, the February 2010 Median List price of $912,375 and Median Sold of $860,000 remains strong, a good sign for the continued recovery of the market. It is likely that the snow did have some impact, most likely with the number of properties that sold.  Not being able to show houses fo...
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By Are Andresen, Northern Virginia Real Estate
(Soldsense - your sixth sense in real estate)
The sales and rental activity at the Fountains of Mclean was steady in 2009. There were 23 homes sold in 2009 (in 2008 22 homes sold.) The lowest price was a 1br/1ba at $182,000. The highest price was a 2br/2ba property at $335,000. The sales mix remained relatively unchanged from 2008 to 2009. In 2009 about 35% of the sales were foreclosures or short sales. In 2008 only 27% were a foreclosures or short sale. The 2009 average price for a 1 bedroom unit was $2108,042. The 2009 average price for a 2 bedroom unit was $309,150. Homes on average sell for 95.0% of the original list price. They sell for 97.0% of the final list price. So, if you are looking to purchase at the Fountains of Mclean, it may be able to get a slight break in price. Fountains at Mclean Sold 2009: http://mrislistings.m...
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By Craig Richardson
(National Realty)
As the Commissioner of McLean's youth football program, I have been invited to attend planning meetings by Fairfax County for the creation of another park our town.  Named Salona, the area is located off of Dolley Madison Blvd. on the left hand side as you head from the GW Parkway, past the CIA, towards McLean Center. According to the County's webpage dedicated to the new park, the piece of land "is a privately owned 51-acre historic property with significant natural and cultural features."  (See the photograph on the left courtesy of Fairfax County).  The County has a "perpetual easement" on 41-acres for park use, a right it was granted in 2005.  The future park "will seek to provide a balance between recreation, resource protection, and resource interpretation, as well as address issu...
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By Craig Richardson
(National Realty)
I ran across an interesting tidbit from the Dallas Morning News about Kay Bailey Hutchinson, the senior senator from Texas who is currently running for Governor of that state this fall.  Coming in at Number 18 in their article, "50 things you need to know about Kay Bailey Hutchinson,"  is the following: "She and her husband, Ray, sold their house in McLean, Va., in October for $1.4 million. That's $170,000 less than they bought it for in 2006."  The home is pictured to the left (photo courtesy of MRIS). When you've got to sell, you've got to sell I guess, particularly when you're running for office back home again.  The problem for Senator Hutchinson is that she bought at the height of the market and sold at or near the bottom.  Still, an 11% hit isn't too bad considering what others h...
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It's hard to imagine with all this snow on the ground that summer will ever come.  However, the summer's just around the corner and registration is now open for several of the McLean Community Center's camps.  These are very popular, particular Camp McLean, so if you're interested jump on them soon. Here's the list of camps with links per the MCC website: MCC's Summer' Sensational Day Camps:Before you know it, it'll be summer again!  Here's a sneak peak at some of the 2010 camp programs we plan to offer. Camp McLeanSummer Theatre CampCamp ShakespeareMcLean Project for the Arts' Art CampsCamp AbrakadoodleOld Firehouse Teen Center Camps (11-14 years)Summer Specialty WeeksSummer Camp Registration will begin on Tuesday, Feb. 16.
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By Brian Block, Northern Virginia & D.C. Real Estate
(RE/MAX Allegiance, Managing Broker/Branch Vice President)
McLean Virginia has the highest percentage of million dollar homes on the market as a share of the entire housing inventory anywhere in Northern Virginia.  Yes, fully 67% of the homes on the market in McLean are priced at $1 million or more, and more than half of those are priced over $2 million. It's nice to boast of these stratospheric listing prices, but do these homes actually sell.  The answer is yes.  In the past 12 months, 43% of the single family homes sold in McLean went for over $1 million. Current Picture of the McLean Real Estate Market SUPPLY:  As of February 11, 2010, there are about 191 homes on the market in McLean, Virginia.  These range in price from $165,900 to $17.5 million, with an average listing price of just over $2 million. DEMAND:  In the last 30 days, 27 homes...
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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 January 2010.  All information was obtained through MRIS. Overall, there were 48 Northern Virginia home sales topping $1 million during the first month of 2010. Currently, there are 633 homes on the market in Northern Virginia with list prices topping $1 million just up from the 627 that were on the market in December. JANUARY 2010'S MOST EXPENSIVE SALES Single Family Detached Homes: 1030 Aziza Court, Great Falls, VA 22066 -- Sold on January 4th for $2,800,000After a long time on the market, this home built in 2008 sold for $...
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By Craig Richardson
(National Realty)
While the January 2010 single family and townhome sales activity show real positive signs for the local market, the condo sales last month didn't indicate much progress and was similar to the January 2009 numbers. Seven condos changed hands in 2010, only one more than in January 2009.  This is significantly lower than numbers for January 2006 (17), January 2007 (13), and January 2008 (12).  The January 2010 median list ($375,000) and median sold ($355,000) were lower than January 2009 but not the lowest in the past 5 years.  Only January 2008 posted lower numbers in both median list and median sold.  January 2010's median DOM-P was back over 100 days, and only in January 2007 did condos sit longer on the market. Condos do tend to be the first to stall in a declining market and the last ...
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The market for townhouses last month was arguably the strongest of any of the past five Januaries.  Comparing January 2010 to the four previous Januaries, the 7 that sold was the most, edging out January 2006, when 6 changed hands.  The 60 Med. DOM-P was the least in January 2010, less than half the time townhouses remained on the market in January 2009.  Only January 2006 had a higher median list price ($925,000 compared to January 2010's $789,500) and a higher sold price ($850,000 compared to last month's $775,000). It is important to remember that McLean doesn't have a huge number of townhouse developments, so the sales numbers in general tend to be on the low side compared to neighboring areas where this type of property are more prevalent.  Please see below for more information on ...
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By Craig Richardson
(National Realty)
Well, just as my children predicted, we got another dose of the white stuff over night in McLean.  The timing was perfect...for my kid's sake.  It started snowing in the late afternoon yesterday and didn't stop until the early morning.  This ensured yet another a snow day from school.  According to Wikipedia, the average snowfall for the Washington, D.C. area is 16.6 inches.  We got that and then some in just the one storm that hit right before Christmas!  Add that to the snow last Saturday and the snowfall over night, and we've just about doubled the average. Did I mention we're getting another whopper this weekend.  The National Weather Service has already issued a Winter Storm Watch starting Friday morning through Saturday night.  And the expected amount?  12 inches up to 20 inches i...
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The most startling piece of information when examining the January sales for single family homes in McLean over the past 5 years is how low the January 2009 market fell.  In January 2009, only 15 single family homes sold, the fewest in the last five years, after staying on the market for 120 days, the longest DOM-P in the past five years.  More striking is that the median list price of $649,900 and median sold price of $648,500 was half the values versus January 2007, which saw prices at $1,310,000 and $1,300,000 respectively. In January 2010, fortunately, the market rebounded and the numbers improved across the board.  The 18 homes that changed hands last month was identical to January 2008, although not nearly as high as the 31 that sold in 2007.  The 75 median days on the property wa...
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By Craig Richardson
(National Realty)
As I covered earlier this week, Fairfax County planners released a revised 40-year plan for the Tysons Corner area.  A key ingredient of the plan is the Metro, which is scheduled to be completed by 2013, and attempts to create pedestrian walking areas, etc. The Fairfax Times, while covering the release of the revised plan, noted that while things looks good now, "key aspects of the process that would turn a vision of Tysons Corner on paper into a reality of high-rises and pedestrian-friendly streets have yet to be resolved."  The paper points to two key areas of concern: "how to ensure development does not outpace the infrastructure that supports it, and how the county will pay for the future needs in the corridor." I can also tell you as the Commissioner of McLean's Youth Football prog...
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By Are Andresen, Northern Virginia Real Estate
(Soldsense - your sixth sense in real estate)
There has been a reasonable market activity at the Gates of McLean this year. Investors and homeowners are still realizing the value of the community. Lower priced units routinely have multiple offers on them. There were 18 homes sold in 2009 (in 2008 20 homes sold.) The lowest price was a 1br/1ba foreclosure at $193,000. The highest price was a renovated 3br/2ba property with granite countertops at $366,000. The sales mix changed from 2008 to 2009. In 2009 about 40% of the sales were foreclosures or short sales. In 2008 only 25% were foreclosures (no short sales.) The 2009 average price for a 1 bedroom unit was $212,667. The 2009 average price for a 2 bedroom unit was $309,233. The 2009 average price for a 3 bedroom unit was $356,917. Homes on average sell for 95.2% of the original lis...
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By Brian Block, Northern Virginia & D.C. Real Estate
(RE/MAX Allegiance, Managing Broker/Branch Vice President)
There are NO antelope in McLean, Virginia. However, the real estate market in McLean Virginia has shifted into high gear and is about to run like an antelope out of control! What the heck am I talking about? The lyrics (and I use that term loosely) to a popular Phish song say: Run Run Run Run Run Run Run Set the gearshift for the highgear of your soul You've got to run like an antelope out of control Run Run Run Run Run Run Run Comparing the real estate market in McLean Virginia in January 2010 to the one that existed at this time last year, one could describe it as an antelope running out of control!  The McLean Virginia market has shifted into highgear! What's Happening in the McLean, Virginia Real Estate Market? Here's a snapshot of McLean Virginia home sales in the last 30 days comp...
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By Craig Richardson
(National Realty)
Like townhouse sales in 2009, the median days on the market for condos in McLean last year was the shortest than any of the previous years going back to 2006.  Condos stayed on the market a median 26 days in 2009, nearly 2/3rds less than in 2008 when it took a median 66 days.  The 2009 median days on the market is also significantly better than 2007 (58 days) and 2006 (54 days). Prices also fell in 2009 compared to previous years, similar to townhouse and single family sales last year.  The 2009 median sales price for a condo was $312,500, representing a drop of $52,500 or 14% from their peak in 2007 when the median sales price stood at $365,000.  With many of McLean's condo developments located in or near Tysons Corner, predictions are for prices to head back up as the area prepares fo...
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In 2009, townhouses in McLean stayed on the market the shortest median days in the past 4 years.  The 49 DOMP in 2009 was nearly half as long as the 92 median DOMP that townhouses stayed on market in 2008, and lower than 2007 (68) and 2006 (58). The median sold price continued its four year drop in 2009 when it reached $639,001.  This represents a median sales price drop of $151,749 since 2006, when the median sold figure was $790,750, the peak of the past 4 years.  The median sales price, therefore, dropped by 19% from 2006 to 2009. With the pace of sales picking up, it is very likely that 2009 may represent the bottom median sales price for McLean townhouses, and prices could even start ticking up in 2010 and beyond.  See the table below for additional data on the McLean's townhouse m...
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By Nate Johnson, Realtor
(Keller Williams Realty - Serving Northern Virginia)
MyFairfaxCountyRealEstate.com     December 2009 McLean Real Estate Sales Market Report *194 Active HomesSearch Crime Stats by Zip Code   Summary: Again not much change this month in Mclean.  There are alot of homes on the market.  We are expecting this to even increase dramatically this year.  This is because alot of the homes with mortgages over 700k are going to be short selling soon.  A majority of them got 5 year arms that adjust this year.  This is going to rock our NOVA community in the higher end homes.    If your home mortgage is about to adjust and you can no longer make the payments, pleaes contact me asap. We have a law firm that will negotiate the short sale , so you do not have to pay the rest of your mortgage.   Contact us if you are thinking about buying or selling in McL...
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By Craig Richardson
(National Realty)
It's not too early to start planning for the 2010 McLean Day.  The date is Saturday, May 15 at the usual Lewinsville Park location.  Click here for McLean Day 2010 Exhibitor Application or click here for McLean Day 2010 Food Vendor Application. Other upcoming events at the McLean Community Center (MCC) include: 7th Annual McLean Martin Luther King Jr. Day Celebration Sunday, Jan. 17, 3-5 p.m. In the Alden Theatre General Admission: Adults: $5; Children: $3 (age 10 and younger), includes reception. Come join the McLean Community Center as we celebrate the legacy of Dr. Martin Luther King, Jr. We've got barbecue and the blues! Presented in cooperation with the DC Blues Society       Jewelry Showcase Saturday, Feb. 6 11 a.m.–5 p.m. Admission: $3, Take $1 off admission with this ad  Food se...
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