Are Andresen

Archive for May, 2012

Pimmit Hills Pushing Prices!

The market in Pimmit Hills has been going strong this spring and prices have worked their way upwards. For a standard 3/1 rambler the average price is now about $340,000. The last sale on Magarity Road of a basic rambler was $350,000 (and it sold in 2 days.) It was a corner lot on a busy street – Magarity is a popular street for teardowns though. It was also close to the new metro station.

On average ~4 homes are selling per month – many in a week or less. While there are some million dollar homes listed for sale, the homes that are really selling are ones listed at $500k and below. That end of the market is really driving the sales.  

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Woodburn Going Wild!

Lots of activity at Woodburn Village these days. As Woodburn Village has been discovered as a great investment, buyers have been flocking to the community driving prices up. One recent listing had more than 5 offers – most reasonable priced ones get at least multiple. The inventory is low though – only 2 homes selling on average per month.

The two bedroom (1.5ba) homes are now selling up towards $170,000 – they used to be in the $150′s earlier this year. Rents have also gone up with those units renting for about $1,450 now. Hence, while the investor ratio is not as good as last year, it is still one of the best in the area (about breaking even with 20% down.)

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Tysons West Brings New Development & Walmart To Tysons

Tysons West is a new development adjacent to the Tyson West metro stop on the new Silver Line through Tysons Corner. The property was formerly occupied by the Moore/Cadillac/Hummer dealership. The project will include urban Walmart, 24-hour fitness, a renovated Sheraton Premier Hotel and a variety of other restaurants, offices, retail and residential rental units.

The location is of course fantastic – right next to the metro stop and Dulles Toll road puts you within easy reach of Washington DC, Dulles Airport, I-66, I-495 and not to mention Tysons Corner Mall. The project started in 2011 and is scheduled for completion in 2013 – the same time the new Silver Line is scheduled to open.

Some details:

• 250,000 sq/ft Retail/office in phase 1
• 300-400 residential rental units
• 440+ hotel rooms (already existing)

Spring Fever At The Gates of McLean!

Spring is here and so are the buyers! With low interest rates and the metro right around the corner Gates of McLean is hotter than ever. We recently listed a 1 bedroom and had lots of offers within a few days.

The average days on market this year (2012) for sold homes at the Gates of McLean has been only 19. More than half the closed listings this year went under contract in 6 days or less. We know the Gates of McLean and will help you get the best price – please give us a call at 703 560-3424 anytime.

Sales in 2012 are listed below.