McLean, VA Real Estate News

Well the title tells the first part of this real estate tale. In June 2 homes were sold. On June 5th a 1 bedroom 1 bathroom, Lauren model, was sold for $245,000. It had been on the market 46 days, and had been asking $255,000. It sold for 96% of asking price, and $325/square foot.The other property sold was not a similar model. It was a 2 level, 2 bedroom and 2 bathroom Stephanie model. This home sold in a time of 23 days on the market for $365,000. It had been listed at an asking price of $416,000. It sold for 87% of asking price, and $341/square foot. This property was officially sold and settled on June 25th.Year over year sales comparison shows that this is a 100% improvement over same month sales, June 2008, when there was only one sale. In this period last year that property sold ...
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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 June 2009.  All information was obtained through MRIS. Overall, there were 92 sales sales topping $1 million during the month of June 2009, a 50% increase from the 61 that sold in May and more than double the number (40) that sold in April.   The luxury market seems to be heating up a bit.  Or maybe it's just those Maryland Millionaires moving down our way to Virginia. JUNE'S MOST EXPENSIVE SALES Single Family Detached Homes: 816 Arcturus on the Potomac  -- Sold on June 25th for $3,700,000.This riverfront home came with a pow...
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By Jeff Wu
(@Home Real Estate)
In May of 2009 2 homes SOLD. There was a two bedroom that sold and also a one bedroom that sold.The two bedroom was a Dalton Model. At time of contract it had been asking $319,000. They Sold for $279,000 with no seller subsidy. This is 87% of asking price. This property was credit union owned, or what could and is also referred to as a foreclosure or bank owned property. The property was on the market for 76 days. When it listed they were asking $339,000.The one bedroom that sold was a "normal" or "traditional" sale. The asking price was $220,000 and it sold for $220,000 with $3,000 in seller subsidy. It was a top floor Danielle model that was very well taken care of.Here is the virtual tour so you can take a look --> http://www.homevisit.com/mlsTour?ver=1&id=37394 Last year in the same...
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By Brian Block, Northern Virginia & D.C. Real Estate
(RE/MAX Allegiance, Managing Broker/Branch Vice President)
As of today, June 8th, there are 397 homes on the market for sale in McLean, Virginia.  80 of these were listed for sale within the last 30 days This chart shows the current inventory, number of pending sales and average list price sorted by neighborhoods within McLean:   McLean Virginia Neighborhood # of Homes Available Pending Sales Average Listing Price Ashley 5 2 $3,056,998 Ballantrae Farms 4 - $2,448,500 Beverly Manor 4 2 $695,000 Brookhaven 4 - $1,661,750 Bryn Mawr 6 2 $1,318,832 Chesterbrook 8 1 $1,146,000 Evans Farm 8 - $1,761,625 Franklin Park 10 4 $1,793,838 Hunting Ridge 6 1 $825,467 Langley Farms 4 - $5,695,500 Langley Forest 8 2 $2,415,488 Old Dominion Gardens 4 2 $1,767,000 River Oaks 9 1 $3,365,544 Rivinus 4 - $4,224,500 Salona Village 6 2 $1,820,500 The Reserve 6 1 $5,0...
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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. It seems investors and homeowners are realizing the value of the community - on the last few homes I inquired or put in offers on we have competed with multiple offers with the sales price ending up at or above asking price. There has been 7 homes sold in the first 5 months of the year. The lowest price was a 1br/1ba at $195,000. The max price was a 3br/2ba property with granite countertops at $354,750. The average price YTD for a 1 bedroom unit is $207,500. The average price YTD for a 2 bedroom unit is $301,600. As mentioned earlier, one 3 bedroom unit sold for $354,750. Homes on average sell for 91.1% of the original list price. They sell for 94.2% of the final list price. So, if you are looking to purchase ...
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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 April 2009.  All information was obtained through MRIS. Overall, there were 61 sales topping $1 million during the month of May 2009, a 50% increase from the 40 that sold in April.   The luxury market seems to be heating up a bit.  Or maybe it's just those Maryland Millionaires moving down our way to Virginia. MAY'S MOST EXPENSIVE SALES Single Family Detached Homes: 7724 Georgetown Pike, McLean, VA 22102  -- Sold on May 8th for $7,850,000.Wow!  What a sale.  Though the economy has surely taken its toll since this one sold for...
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By Brian Block, Northern Virginia & D.C. Real Estate
(RE/MAX Allegiance, Managing Broker/Branch Vice President)
In real estate, as you know, there are three important words. Location. Location. Location. Whether it's a potential homebuyer deciding upon where to live, or a seller trying to value their home, location plays the primary role. I always tell people that you can change the home both interior and exterior on your own. However you cannot change the location. The same rule applies when deciding where to establish a business. In this case, a real estate office. My RE/MAX office is located in McLean, Virginia. Take a look at this short video which covers a recent study that named McLean, Virginia as the wealthiest community in America. Emulating what the banker said in the video clip: I can attest that McLean, Virginia is a Great Place to have a Real Estate Office. And you can quote me on th...
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By Jeff Wu
(@Home Real Estate)
I've heard that Tysons Corner is either the 12th or 14th largest city in the country, by # people, Monday through Friday from 9am-5pm. That's pretty big. However, that's also a lot of depreciation or shrinkage, or any other fun term for smaller, during the off hours. I konw there are a lot of things planned to alter the landscape and make Tysons Corner more of a destination. Much more than people just going to the mall.Events that involve a large part of the community can be a lot of fun. There should be a bunch of events like that in Tysons Corner. And they should occur every year. One event that I know people have a lot of fun at in Arlington, is the Taste of Arlington. There are lots of restaurants, big ones and small ones, and all types of ethnic food. There are also a multitude of ...
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By Laura Rubinchuk Schwartz, Your Northern Virginia and D.C. Realtor
(Keller Williams Realty)
The real estate market in McLean Virginia has not been immune to some of the foreclosures that have hit Fairfax County. McLean still has mutli-million dollar properties selling, but there are still some hidden gems of affordability in the area. Here's the breakdown for April 2009: Single Family Detached Homes Average Selling Price: $954,149 after 139 Days on the Market (we saw everything from a $500k house to a $2.5M in April) Townhouse Average Selling Price: $511,775 after 80 days on the market Condos 1 bedroom, 1 bath: $209,255 after 129 days on the market 2 bedrooms, 2 baths: $310,600 after 117 days on the market   As I keep saying - real estate values are influenced greatly by many different factors. This is an attempt to capture the market at large...if you're interested in specifi...
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By Brian Block, Northern Virginia & D.C. Real Estate
(RE/MAX Allegiance, Managing Broker/Branch Vice President)
Whether you are "Top Brass" coming to work at the Pentagon, a new White House appointee, an undercover CIA agent, airline pilot, the top draft pick for the Washington Wizards, a college professor, or the 3rd baseman for the Washington Nationals, you should know that if you decide to make McLean, Virginia your home, you'll have an easy commute to your place of employment. In the map above, I've drawn a ten mile radius with McLean, Virginia in the center.  Some of the areas within this circle are within a 25 minute commute.  I can't promise that for all areas -- much depends upon traffic and which route and which direction you travel.  Additionally, there are areas outside this 10 mile radius that may take less time to get to than some that are within the circle due to highway travel vers...
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By Brian Block, Northern Virginia & D.C. Real Estate
(RE/MAX Allegiance, Managing Broker/Branch Vice President)
That's my RE/MAX Allegiance office in McLean, Virginia.  We're located at 6226 Old Dominion Drive, McLean, VA 22101 Stop on by and say hello.  I'm the Managing Broker of the office and either myself or one of our 40 terrific agents can help you with any of your McLean, Virginia real estate needs. SO... What's Happening in the McLean, Virginia Real Estate Market? Here's a snapshot of McLean Virginia home sales in the last 30 days: MCLEAN VIRGINIA HOME SALES: Active homes for sale:  416 (including 96 new listings in the last 30 days).  This is a 16% increase inventory from one month ago!  Lots of homes to choose from in McLean. Homes sold in the last 30 days:  50  That's over 2 times the amount sold in the previous 30 days. Average Sales Price:   $905,272 Median Sales Price:     $679,500...
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By Jeff Wu
(@Home Real Estate)
1641 International Dr #416 was the only property SOLD in April 2009. It is/was a Jaclyn model. Which is a 2 bedroom 2 bathroom with 1114 square feet. It was asking $387,500, and it ended up selling for a price of $350,000 with no seller subsidy. The property sold in 71 days on the market.Last year in the same month, April 2008, there were zero (0) properties sold.  So even though this year there was only 1 sold in April, 1 is better than 0!2 properties available for sale in Lillian Court right now. Both are 2 bedroom, and both are multi-level style properties. One is a townhouse style, and one is a top floor 2 level within the condo building.data from MRIS
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By Jeff Wu
(@Home Real Estate)
There were 3 properties sold in the Rotonda in April 2009. They are shown above. They were models = C, E, + F. The average time on market was 61 days on market. The average price per square foot was $259.75. In same month, April 2008, last year there were 5 sold properties. They were on the market an average of 99 days on market. And they had an average price per square foot of $303.8. Right now at the Rotonda there are 15 properties on the market for sale. And at 3 a month that equals 5 month's supply if nothing new were to come on the market. data from MRIS
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By Jeff Wu
(@Home Real Estate)
In April of 2009 there were 2 homes sold in the Fountains at McLean. Both were "1st floor" homes in mid-rise buildings. The reason I used quotes around the "1st floor" is because depending what side of the building you're on you may be on the ground (1st floor) or you may be up 3 levels above the ground. This is because of the grading of the land around the buildings.These properties also shared similarities in that they were both 1 bedrooms, and they both came with 1 garage parking. That's where the similarities end though. The property condition was very different.The two properties sold were- 1524 Lincoln Way #109 = $229,000 + $8,000 seller subsidy to buyer [VIRTUAL TOUR]--> on the market 24 Days- 1504 Lincoln Way #102 = $190,000 + $0 seller subdiy to buyer--> on the market 139 Days-...
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By Jeff Wu
(@Home Real Estate)
Just like the title of this post says, there was one SOLD property in the Gates of McLean in 2009. It was a 2 bedroom 2 bathroom property in building 1570. That is a Mid-Rise building with garage parking. This property had 1 garage parking and 1 assigned out door parking space. So a total of 2 parking spaces. This is definately a plus. The home was also very nicely appointed with upgraded flooring, cabinetry, and countertops. There was also the benefit of not facing the parking lot, as half the homes do. This home faced into the courtyard, and was even somewhat protected by some mature trees to give you a private feel.Click here for your exclusive view of the virtual tourSo now to what you really care about, the money. The home sold for $335,900 and no subsidy. It was on the market for ...
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By Jeff Wu
(@Home Real Estate)
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...
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By Brian Block, Northern Virginia & D.C. Real Estate
(RE/MAX Allegiance, Managing Broker/Branch Vice President)
What's Happening in the McLean, Virginia Real Estate Market? Here's a snapshot of McLean Virginia home sales in the last 30 days: MCLEAN VIRGINIA HOME SALES: Active homes for sale:  406 (including 94 new listings in the last 30 days) Homes sold in the last 30 days:  31   Average Sales Price:   $859,026    Median Sales Price:     $589,000   Average Days on Market:    95   Average Sales Price/Original Listing Price:  89.56% Interesting Note:  There are 253 homes (over 62%) on the market in McLean priced at $1 million or more. There's been a 13% rise in inventory since the end of January, but also an increase in sales rate.   The Spring market typically sees an inventory jump as evidenced by the fact that almost 1/4 of the McLean homes on the market were just listed in the last month. Fin...
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If you're just looking same period, meaning first quarter, 2008 vs. 2009. Then it's definately slower at the Rotonda.In the first quarter of 2009, that just ended, there were 4 properties sold. Those properties were actively on the market an average of 41 days, and they sold for an average of -6.27% (that minus in front means negative). There was also an average of $0 seller subsidy (also referred to as closing cost help from seller to buyer).What types of sales were these 4 transactions?Regular Sale = 2Short Sale = 1Bank Owned Property = 1What style homes were these 4 properties?1 Bedroom = 12 Bedroom = 23 Bedroom = 1How does this compare to the same time last year (1st quarter - 2008)?Last year there were 10 properties sold in the same time period. And they sold for an average of -5.4...
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What happened in the first quarter of 2009 in the Fountains at McLean? 5 SOLD properties, that's what happened. Those properties were actively on the market an average of 127 days, and they sold for an average of -5.94% (that minus in front means negative). There was also an average of $2,300 seller subsidy (also referred to as closing cost help from seller to buyer).What types of sales were these 5 transactions?Regular Sale = 4Short Sale = 0Bank Owned Property = 1What style homes were these 5 properties?1 Bedroom = 2 (Birch + Cedar)2 Bedroom = 3 (Oak[2] + Linden)How does this compare to the same time last year (1st quarter - 2008)?Last year there were 7 properties sold in the same time period. And they sold for an average of -5.72% (yes, also negative) of their list price, in an averag...
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By Jeff Wu
(@Home Real Estate)
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 = 2Short Sale = 0Bank Owned Property = 2What 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, ...
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