Are Andresen

Archive for June, 2011

Escalation Clause In This Market?

According to the Washington Post this weekend, bidding wars are back in the Washington D.C. metropolitan area. Well priced homes in a good condition, or homes with a good rehab potential, are flying of the shelves!

I do agree with the article. We often have multiple offers and sometimes escalation clauses on homes we have been selling. This is not the case in every neighborhood – the market is very local these days. In general, foreclosures have multiple offers on them -  especially ones that can be renovated and ones without any major defects (leaks in basement, next to major highways etc.)

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Rotonda Sold Information 2011

There are currently 6 homes listed for sale at the Rotonda in McLean, Tysons Corner. The units for sale range in price from a 1 bedroom at $245,000 to a 3 bedroom at $439,000.  As 8 homes are pending sale there is a limited supply of homes – with the metro construction the area is very popular.

11 homes sold per the MRIS is 2011 at the Rotonda. Of those, 4 were foreclosures and none were short sales. 5 of the homes sold sold in 15 days or less – so if the unit is priced right it will sell very quickly.

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Increase in Market Sales Activity in Tysons Corner

“How is the market in Tysons Corner” is a question I hear all the time. After looking at the types of sales in Fairfax County overall, I decided to go a bit more into detail and look at the number of sales in Tysons Corner.

My perception has been that well priced home are in short supply – especially in the lower price ranges. In fact, I have multiple motivated clients that I have not been able to find suitable homes for yet. They are not necessarily looking for the deal of a century – just a well kept home in a specific area.

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A Room With A View!

If you commute regularly on I-495 in the Tysons Corner area, you may have noticed the odd home sticking out through the noise barrier at the I-495 and Gallows Road intersection. I get a chuckle out of it almost every time I pass by imagining an irate homeowner fighting the road widening (akin to the guy in “Up”.) While I am sure the view from the room is very exciting and cosmopolitan there seems to be a very small backyard and the noise must be quite overwhelming!

After doing some research the home does seem to be owned by the Commonwealth of Virginia as do other homes on the street. They must have been taken by eminent domain at some point to accommodate the road widening. Is probably awaiting demolition at some point.

Update: found this thread and it seems it is used as a temporary construction office for now.

Enshin Karate – More Than Martial Arts

Enshin Karate is more than just a matial arts center. If you have children they have a multitude of after school programs, kids classes and summer camps. Their after school classes is a structured program focusing on personal growth and development. Their after school program will typically pick up your children from school

They also have more typical Karate, Jiu Jitsu and Thai Boxing available.

Enshin Karate is hidden away off Pimmit Drive in a small strip mall behind the well known one containing Whole Foods, Jerry Subs and Pizza and Willy Wagg. Enshin also have locations in Vienna, Fairfax, Ashburn and Springfield.)

For more information, visit their website at http://www.virginiakarate.com/.

The Ruckstuhl Park Is Coming To Idyl Lane/Idylwood Road!

If you live in the Idylwood Road area you may be familiar with the large treed property located at the intersection with Idyl Lane – across the street from Idylwood Towers East and the Brittany Parc Neighborhood. If you paid special attention you may remember seeing an elderly lady getting out of her car to pull her trashcans up the long driveway.

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One Parc Crest Sold Information 2011

Per the MRIS, 6 homes sold at One Parc Crest YTD in 2011. 

Five of the homes were listed by the developer, one was a never lived in resale unit (#1617.)

Six homes sold seems to be fewer than what I would expect for a project of this size. However, it is common for homes in new developments to be sold directly from the developer (without any other MRIS member agent involvement.)  The developer may or may not choose to input the sold information.

Furthermore, even if an MRIS agent was involved on the buyer side, many don’t input these kind of transactions until the end of the year when year end totals are computed by the Realtor Association. 

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How Is The Market In Fairfax County?

With fears of a double-dip in the housing and stock market (and pretty much an end to civilization as we know it), I get a lot of questions about the number of distressed sales.

While I don’t have any inside knowledge about shadow inventories, I do know that we now have had several years of sales with foreclosures and short sales. While distressed sales keep driving down prices in some areas and neighborhoods, prices have stabilized and even climbed a bit in others.

To make sure I wasn’t totally out of touch with things, I compiled the statistics in the above graph from MRIS.

As can be seen, since 2009 the number of distressed sales (foreclosures & short sales) have been pretty consistent and were 29% in 2009, 23% in 2010 and 26% in 2011(YTD) of the total number of sales. So, the trend seems to be less distressed sales, not more.

So, what happens with prices? I don’t know – my best guess would be more of the same.

MetroWest By Vienna Metro Now Selling

Finally! Metro West by Pulte Homes next to the Vienna Metro (Fairfax County) has finally come out with models and pricing.  At this point they have three models available from $500,000-$767,000. With options and site premiums, most will probably end up paying a bit more than that.

The models and pricing are as follows:

Standard features include checf’s kitchen with granite, birch cabinets, Moen faucets, Whirlpool appliances and bathrooms with 12×12 ceramic tiles.

The community will be located closest to Rt-29 off the new Vaden Drive. The sales are not public yet, but VIPs can now contact them to set up appointments. For more information about purchasing at MetroWest, please contact us.

Want to Buy An Investment Property In Tysons Corner?

One of the most common inquiries we receive is in regards to purchasing an investment property in the greater Tysons Corner area. In addition to doing a lot of business in the Tysons Corner area and managing investments for others (through our property management company), we also own investment properties ourselves.

Common questions are in regards to communities around the new metro stations in Tysons and whether prices and rents will go up. Also, there are questions in regards to what communities will give the best return on investment etc. So, here are some observations, comments, tips and information on the cash flow in specific Tysons Corner communities.

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