McLean, VA Real Estate News

With the downturn in real estate starting in 2007 and the stock market crash just prior to the 2008 elections, people were wondering how this would impact a high-end area like McLean where home values doubled and tripled during the previous decade.  The median sales prices for single family McLean homes has fallen each year from $1,075,000 in 2006 to $900,000 in 2009.  This represents a median sold price drop of $175,000 or 16 percent over the past four years.  Considering what's happening to the real estate market in general and McLean's higher home prices, a 16% course correction doesn't seem too bad. The median days on the market was also at its highest point in 2009 (71) compared to the three previous years, nearly double the 2006 figure of 36.  Certainly buyers are more cautious th...
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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 December 2009.  All information was obtained through MRIS. Overall, there were 69 Northern Virginia home sales topping $1 million during the month of December 2009, quite a bit up from the 48 in November. Currently, there are 627 homes on the market in Northern Virginia with list prices topping $1 million down from 708 that were on the market last month. DECEMBER'S MOST EXPENSIVE SALES Single Family Detached Homes: 11215 Stuart Mill Road, Oakton, VA 22124 -- Sold on December 9th for $3,430,000This large (15,300 square foot ho...
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By Craig Richardson
(National Realty)
Well he may not be George Bailey and the bank's a little different than the old Building and Loan, but McLean does have its own personal banker.  His name is Peter Fitzgerald and he is a former U.S. Senator from Illinois.  Back in 2007, after serving one term as a Senator, Fitzgerald launched Chain Bridge Bank, which is located in the heart of McLean Center. Fitzgerald was profiled in today's Chicago Tribune about the bank he began "just in time for the credit crunch, housing bust and recession that flattened the financial industry," notes the paper.  He is a sound and conservative banker, however, and "his timing turned out to be a boon, largely because he adheres to practices that would have held him back in the go-go years, but proved ideal for economic Armageddon." It's nice to kno...
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By Craig Richardson
(National Realty)
More good news for the McLean real estate market.  The December condo sales in McLean over the past 4 years did not change dramatically, except for how long they stayed on the market.  The median 18 days on the market in December 2009 was by far the least in recent Decembers, when the median DOM were 67 in December 2008, 90 in December 2007, and 45 days in December 2006. The 17 McLean condos that sold in December 2009 was on par with recent Decembers.  22 condos sold in December 2008, 15 in December 2007, and 18 in December 2006.  The median sold price of $280,000 was similar to December 2006 and December 2008, and lower than December 2008 median sold price of $33,500.
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By Craig Richardson
(National Realty)
According to data gleaned from MRIS, in December, 9 townhouses sold in McLean, which is more than any of the three previous Decembers.  5 townhouses sold in December 2008, 4 in December 2007, and 7 in December 2006. The 21 Median Days on the Market in December 2009 was also dramatically less than the Median Days on the Market in December 2008 (81), December 2007 (59),  or December 2006 (68).  The median sold price of $720,000 in December 2009 was significantly higher than the December 2008 median sold price of $595,000 but slightly lower than December 2007 ($772,500) and December 2008 ($855,000). All signs are pointing to a healthy spring market!  See below for more details.    
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By Craig Richardson
(National Realty)
The December 2009 sales for single family homes in McLean continues to signal a strengthening local market.  In total, 33 single family homes were sold in December 2009 compared with 26 sold in December 2008, and 30 in December 2007.  Only December 2006 had more sales when 50 changed hands. While the number of sales in December 2006 might have been greater, December 2009 posted the highest average median list price ($1,050,00) and the highest average sold price ($989,500) than any of the previous three Decembers.  The December 2009 median list and median sold prices were also up significantly over December 2008, which now appears to be part of the period when market downturn bottomed out. Below is the data comparing the past four December sales prices for McLean Single Family homes, whi...
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By Ellen Crawford, Alpharetta Real Estate Agents & Alpharetta REALTOR
(Maximum One Executive REALTORS®)
McLean Virginia is located in northern Virginia in Fairfax County VA.  McLean VA is a luxury homes area with higher priced homes and luxury estates it is nestled on the north side of Fairfax County, and the Potomac River to the north.  To the east of McLean is Langley Virginia, home of the Central Intelligence Agency CIA, and Washington DC lies just beyond.  McLean Virginia is also the home of Fannie Mae,  It is a prime location in the DC area for luxury homes and estates.  Of the Active homes for sale in McLean Virginia today, the highest priced home is priced at $17,500,000 in Elmwood Estates and the lowest price home fro sale in McLean Virginia is priced at $509,900 in Hunting Ridge.  The following subdivisions and communities are single family detached homes. Market Update: There ar...
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By Craig Richardson
(National Realty)
  With the extension of the Metro through Tysons Corner and out to Dulles Airport, several condominium complexes are now poised to suddenly have the Metro in walking distance.  According to NBC Washington, "The coming rail line would put several condominium communities within walking distance of a Metro station, including The Fountains at McLean, Lillian Court, The Rotonda, and Park Crest."  This will obviously have a huge impact on Tysons Corner condo prices, just as it already does in Arlington and other developments within walking distance to the Metro.  Adds the news outlet, "The "Metro effect" is not a new phenomenon in the D.C. area...the arrival of Metro usually means that prices will increase."  
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  This is really cool!  Mars Chocolate Brands (i.e., Snickers, Milkway, 3 Muskateers) is offering one lucky fan an opportunity to celebrate on the field immediately following this year's Super Bowl! According to a press release from the McLean, VA based company, "one lucky fan will score an all-expenses-paid trip for four to Super Bowl XLV in North Texas, where he or she will get to celebrate on the field with the newest Super Bowl champion." In order to take part in the lottery, you must enter the UPC codes from the chocolate products at the following website: http://www.beonthefield.com/ between now and February 7, 2010. I'm off to the store to buy as many Mars products as I can so I'll be the one on the Field in Miami!  
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By Nate Johnson, Realtor
(Keller Williams Realty - Serving Northern Virginia)
MyFairfaxCountyRealEstate.com       November 2009 McLean Real Estate Sales Market Report *211 Active Homes    Summary: Our single family homes in Mclean took a big jump this past month.  We are seeing this trend in the NOVA area of million dollar homes selling rapidly.  So it definately is a good time to buy and sell if you are in this price range.  Its tough for TH to sell in Mclean because they are so expensive but condos continue to sell very well here. Just watch out for this condo fees !   Contact us if you are thinking about buying or selling in McLean   Single Family Homes McLean Sold McLean Homes in November 2009: 38 homes Average Sold Price: $1,077,317 Median Sold Price: $915,000 Homes sold for about: 93.5% of asking price Average Days on Market: 125 days  Out of the 38 McLean ...
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By Craig Richardson
(National Realty)
Looks like I'm not going anywhere today.  After dumping nearly two feet of snow on the area, the sun has come out again.  It's beautiful but has locked everyone in their homes for the foreseeable future. Here is a look of my driveway from my car's viewpoint.  Unless I get really motivated and decide to clear this big snow drift, it looks like my rear wheel drive car will be staying put for a while.  Even if I did shovel myself out, my street and the other side roads aren't much better. Nothing left to do but watch football all day...it could be worse.  
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By Craig Richardson
(National Realty)
After spending nearly twenty-five years here in the Nation's Capital, I have come to the conclusion that there is only one thing that can unite this otherwise very contentious city, and that's the Washington Redskins.  I personally have kept my allegiance to my home town Patriots, but native and non-native alike live and die by what happens with the Redskins.  In fact, I usually plan any shopping trip I have to coincide with the 'Skins game because I know I'll get a parking space and there will be no one in the store. Even for a non-Redskins fan it's been tough to see what's happened to this once storied franchise (supporters rightly blame the current owner for its recent demise).  Well, now, hopefully things are going to change. One name that is synonymous with the Redskins and its tr...
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By Nate Johnson, Realtor
(Keller Williams Realty - Serving Northern Virginia)
MyFairfaxCountyRealEstate.com     October 2009 McLean Real Estate Sales Market Report   Summary: In October, McLeans higher priced homes thrived. There are very few distressed properties in Mclean so prices are holding strong and closings are happening quickly. Days on the market are way down also.   Contact us if you are thinking about buying or selling in McLean   Single Family Homes McLean Sold McLean Homes in October 2009: 24 homes Average Sold Price: $1,626,667 Median Sold Price: $1,350,000 Homes sold for about: 91.6% of asking price Average Days on Market: 27 days  Out of the 24 McLean home sales in October - 1 (.04%) was distressed (foreclosure, bank owned, short sale).   Townhomes in McLean Sold McLean Townhomes in October 2009: 9 homes Average Sold Price: $683,956 Median Sold P...
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By Craig Richardson
(National Realty)
The most encouraging news when looking at the November 2009 McLean Condo sales versus the previous three Novembers is how short the properties were on the market.  Condos that sold in November 2009 had a Median DOM of 12 days, down from a whopping 133 Median DOM in 2008.  It is the shortest DOM in the past four Novembers, with November 2007 registering 45 DOM and November 2006 at 83 DOM. The Median List price for Condos rebounded in November to $343,450 from $302,450 among those sold in November 2008.  It's still below November 2007, when the Median List was $385,000. All in all, the most recent condo data, like the single family home and townhouse sales information, continues to indicate the return of a strong market in McLean.    Looking to buy or sell a home in McLean, VA?Visit: www....
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With a low number of townhouse developments in general, gleaning real estate market trends from townhouse sales in McLean can be difficult.  November is also a month when sales typically start slowing a bit.  For example, the most townhomes sold over the past 4 Novembers was six in November 2007.  That being said, there continues to be positive news when comparing the sales of November 2009 with previous November's.  The most encouraging sign is that in November 2009, the townhomes that sold had a Median DOM of 12 days.  This is down from 183 DOM in November 2008, 152 DOM in November 2007, and 92 DOM in November 2006. For a complete look at the past four November townhouse sales, please see the table below. Looking to buy or sell a home in McLean, VA?Visit: www.craigsrealtylist.com    
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By Craig Richardson
(National Realty)
According to the Washington Examiner, it appears that a member of the British Royalty has been spotted at the Tysons Corner Mall.  Not surprisingly, the siting occured at Neiman Marcus. According to the Newspaper, Sarah "Fergie" Ferguson, the Dutchess of York, was signing autographs at the store.  She's "is in town to promote her production of 'The Young Victoria,' a film featuring 'The Devil Wears Prada' actress Emily Blunt that depicts the turbulent first years of Queen Victoria's reign." Who needs Hollywood when you have the Tysons Corner mall in your backyard!  
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By Ellen Crawford, Alpharetta Real Estate Agents & Alpharetta REALTOR
(Maximum One Executive REALTORS®)
McLean VA is a great place to live in the DC area.  McLean VA is located in northern Virginia in Fairfax County just minutes from Washington DC, and Dulles International Airport. McLean includes Tyson's Center and is the gateway to northern Virginia's Tech Corridor which includes, Tyson's Corner, Reston to Dulles airport in the Dranesville District of Fairfax County. McLean with its great location is located in one of the most prosperous counties in the United States for business development. McLean with all that it offers is a wonderful community! McLean VA has a great location! It's even home to Freddie Mac! In the 2000 census, McLean had a population of about 66,627.  McLean is just 18 miles from our nation's capital Washington DC, and it is conveniently located near Dulles Internati...
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By Craig Richardson
(National Realty)
Snow began falling in McLean this morning around 10:00 a.m.  Another Nor'Easter along with some Artic air from up North has transformed the area into a winter wonderland. The snow is now steady and it's too slippery to drive.  Time to lay down for a long winter's nap!  I always welcome these kind of days.  Not only does it help build excitement for the Advent Season, but also shuts the world down for at least a day, which is always a welcome event! Enjoy!   Looking to buy or sell a home in McLean, VA?Visit: www.craigsrealtylist.com  
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By Craig Richardson
(National Realty)
In November, 36 single family homes sold in McLean, up from 21 in November 2008 and essentially identical to the November 2007 figures, when 37 sold.  In November 2006, only 20 single family homes sold but seeing that the Median Sold Price was higher than the Median List Price that year, it's likely the fewer number has to do with a lower inventory. The Median Sold price for November 2009 single family homes was $932,500, higher than 2006 at the height of the market.  It certainly seems like the market has recovered and is back on track at least in McLean. See the chart below for more information.   Looking to buy or sell a home in McLean, VA?Visit: www.craigsrealtylist.com
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Well, you can put the 2009 McLean Mustangs Football season in the bank after tomorrow night.  We are hosting an appreciation dinner for our coaches, Team Moms, and other volunteers.  The dinner will be held at St. John's. In addition to recognizing all the individuals who go into making this such a great organization we will also acknowledge the Coach of the Year, Rookie Coach of the Year, and Volunteer Coach of the Year.  Only 8 months until the start of the 2010 season! Looking to buy or sell a home in McLean, VA?Visit: www.craigsrealtylist.com
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