Are Andresen

Idylwood Towers

Early 1970’s condominium centrally located in the Tyson’s Corner area of Falls Church (Fairfax County).  Idylwood Towers consists of two apartment buildings with about 14 floors each. The building has concrete between the floors, and units are large compared to current building standards. Units are allowed to have their own washer and dryer.

Amenities include things like landscaped grounds, tennis courts, exercise rooms, party rooms, extra storage units and a swimming pool. Parking is by permit and is located outside. Extra storage space is also available in the basement for the individual units. Both buildings have controlled access entry with a 24 hour receptionist and security guards.

Idylwood Towers is located about 1 mile from West Falls Church metro station. Metro Bus passes the buildings frequently and you can expect a 5 minute ride to the metro. There is also a shopping area within walking distance. There you will find things like a US Post Office, Trader Joes, Whole Foods, Starbucks and other stores and restaurants.

Nearby major roads like I-66, I495 and Rt. 7 provide easy access to almost anywhere.

For Sale at Idylwood Towers

Showing properties 1 - 3 of 3. See more Idylwood Towers tract real estate.
(all data current as of 5/19/2012)

1. $250,000 : 2311 Pimmit Dr #112, Falls Church
   
   2 beds, 2 full baths

   Home size: 1,182 sq ft

   Year built: 1974

   Days on market: 26

   Walk Score®: 57
2. $230,000 : 2300 Pimmit Dr #719, Falls Church
   
   2 beds, 2 full baths

   Home size: 1,182 sq ft

   Year built: 1974

   Days on market: 36

   Walk Score®: 74
3. $240,000 : 2311 Pimmit Dr #808, Falls Church
   
   2 beds, 2 full baths

   Home size: 1,184 sq ft

   Year built: 1974

   Days on market: 126

   Walk Score®: 58

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Recent Posts about Idylwood Towers

What Condos in Fairfax County Are FHA Approved?

FHA financing is a popular type of financing in Fairfax County these days. From being unable to compete with the 0% down loans back in 2005 and 2006, they are now a part of over 20% of the purchases in the area.

The 3.5% down payment required is very competitive with the 10% minimum required from most other lenders. Also an FHA loan will allow you to receive the down payment as a gift in many cases (from your children or parents etc) - a useful feature for cash strapped purchasers.

Unfortunately, some purchasers run into problems with their FHA financing. Finding out that the condominium you fell in love with is ineligible for FHA financing results in disappointment, lost time and money. How can a purchaser avoid this situation ahead of time?

FHA financing is not available for all communities. To be eligible a condominium community will have to meet minimum criteria for things like insurance, owner occupancy, ownership and commercial usage. An occuring issue in Tysons Corner is that some communities have too high of a ratio of non-owner occupants(renters) to owner-occupants. A community that has more than half the units occupied by renters will in most cases be ineligible for FHA financing. That has been the case at the Gates of McLean and the Fountains at McLean.

Your real estate agent should know the local market and should be able to help you find out which communities may be troublesome in regards to FHA financing. The agent may know the status of a specific condominium based on experience or through conversations with lenders.

Your agent (or you) can also use online tools like https://entp.hud.gov/idapp/html/condlook.cfm to try to ascertian the approval status.

Per the online tool, these communities may* be FHA approved: Falls Church Gardens, Renaissance 2230, Idylwood Towers,  The Gates of Westfalls, The Pavillion, The Regency, The Palladium, Lillian Court, One Park Crest, The Colonies, The Rotonda, The Westerlies, Park Terrace, Vienna Trail, Westbriar Plaza, Westwood Village, Woodburn Village

Some communities that may not* be FHA approved at this time: McLean House North, Gates of McLean, Fountains at McLean

*The list of communities are in no way guaranteed and may not be correct. Keep in mind that being an FHA approved community can change – and sometimes your transaction will be the one that alerts the FHA to changes in the ownership ratio or other issues. There is no way to know for sure until a lender has processed your loan and received the official FHA approval for your mortgage. Sometimes different phases within the same community(or what appears to be the same community) may have different approval results as well.

If you are looking to purchase a condominium in the Tysons Corner area, please give us a call at 703 560-3424 or contact us. We will be happy to discuss the various options with you and help you find a great home!

2011 Idylwood Towers Sales and Rentals – Where Are Prices Going?

While the market activity at Idylwood Towers is on par with the 2010 number of  homes sold, the prices this year seems to struggle to maintain the momentum from 2010. There were 19 homes sold last year – up to this point 16 homes have sold (10/7/2011.) The lowest price was a junior 1br/1ba at $138,600. The highest price was a  3br/3ba property at $265,000. The highest priced 2br was one that sold at $238,000.

As can be seen by the graphs above, the percentage of distressed sales seems to have peaked in 2009 and has been stable since.

In 2009 the average sales price for a 1 bedroom unit was $177,550. The average price for a 2 bedroom unit was $213,600. A single 3 bedroom unit sold for $315,000.

For 2010 the average sales price for a 1 bedroom unit was $188,500. The average price for a 2 bedroom unit was $229,750. 3br/2ba’ are $288,500 and 3br/3ba’s sell on average for $301,000.

For 2011 year to date the the average sales price for a 1 bedroom unit was $173,475. The average price for a 2 bedroom unit was $216,975 and for a 3br/3ba it was $265,000.

Homes on average sell for 93% of the original list price. They sell for 96% of the final list price. If you are looking to purchase in Idylwood Towers it is important that you work with a Realtor that is familiar with the buildings and can help you determine if the asking price is reasonable.

As of 10/7/2011 there are 3 pending sales at Idylwood Towers. One is a foreclosure and one is a short sale.

Four homes are currently available for sale in Idylwood Towers. They range in price from a junior 1-bedroom home at $154,900 to a 2-bedroom home listed at 249,900. You can see the homes currently for sale here.

To get a better understanding of the overall price curve in the neighborhood we can take a look at the sales history of the various models. As there has been few sales of the 3 bedroom units, the price trend is probably most accurate for the 1 and 2 bedroom units.

The average sales prices did go up in 2010 (one bedrooms went up about 5% and two bedrooms about 8%.)  That could have been a temporary bump due to the home buyer credit though – it seems the prices for 2011 have retreated back to 2011 levels. We will have to wait until next year to see if it is a double dip in house prices or if prices have reached a new stable level.

The current market situation could change if there are a lot of foreclosures coming up. According to Realist there are 2 pre-foreclosures, 0 upcoming or recent auctions and 2 bank owned properties at Idylwood Towers. Some of these bank sales may already have been listed and/or sold. But, there does seem to be a few more foreclosures coming on the market soon.

Moving on to rentals, the rents have gone up again this year. 24 properties rented year to date in 2011, compared to 29 properties rented in 2010. There are currently 3 properties listed for rent ranging from $1,200 for a junior 1br/1ba to $2,500 for a 3br/3ba.  As can be seen on the below graph, the rents have been steadily increasing again after a dip in 2009. 

For investors the GRM has gone down as expected due to increasing rents and lower prices. This should make the community more attractive to investors. It may also make it more attractive for some owners to rent out the home as opposed to selling.

Idylwood Towers is a great place to call home and the prices are still low. Coupled with the low interest rates this is a great time to buy. If you would like to discuss selling or purchasing in Idylwood Towers, please give us a call at 703 560-3424 or contact us online. 

Are Andresen
Broker, Soldsense Realty LLC
“Your sixth sense in real estate”

Disclaimer: The data above is not guaranteed in any way and may contain errors and omissions and is based on MRIS data only. The analysis is my opinion only – always do your own research.

Idylwood Towers in Falls Church Condominium Fee Increase History

Condominium fees are one of the things that it seems always go up. As buildings get older more maintenance is required and even the best managed association will need to keep up with inflation and increased utility, labor and material costs.

Idylwood Towers in Falls Church is no exception – below is the condominium fee history from the last 5 years – 2012 fees are not available as of yet.

Idylwood Towers is a great community – if you are looking to purchase there please contact us.

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.

That “elderly lady” was Dr Lily Ruckstuhl who passed at the end of 2008. She was a huge supporter of the Northern Virginia Conservation Trust(NVCT) and wildlife preservation in general. Upon her passing, she bequested the property to NVCT, who very recently transferred it at a bargain price to the Fairfax County Park Authority. NVCT kept a conservation easement to ensure the property is kept relatively natural as per Dr Ruckstuhls’ wishes.

Preliminary plans for the 7 acre park include trails, community gardens and tot lots.

More information in the nvct newsletter and on their homepage.

Sold At Idylwood Towers In Falls Church 2011

There has been a good activity at Idylwood Towers so far this year. As of today, 10 homes have sold ranging in price from a studio at $138,600 to a 3br/3ba at $265,000.

With two foreclosures and one short sale up to this point, prices seem to be in the range of about $180,000 for 1 bedroom and $220,000 for 2 bedrooms. As there has only been one 3 bedroom sale it is hard to pinpoint the price range but probably in the low $280’s depending on the condition.  Keep in mind that prices vary greatly based on the building, floor location, model as well as the condition.

At Soldsense we know Idylwood Towers. If you are looking to buy or sell, please contact us.

A Secret Path To West Falls Church Metro Revisited

After the earlier post I did about a possible secret path to the West Falls Church Metro, I found some additional information that may explain things.

I was looking into the details on Phase Two of the Bicycle Master Plan for the greater Tysons Corner area when I recalled the question about an upgrade to a supposed shortcut to the metro. The plan includes a multitude of information and maps an on one of those there appeared to be marked plans for a new bike path going through or adjacent to the rail yard!

The “rail yard path” is designated as as a Secondary Shared Use Path and there are access improvements planned at the end of Redd Rd as well as various streets throughout Pimmit Hills. Unfortunately, I could not find any more specifics on the planned path as it mainly focused on the areas adjacent to the new metro stations.

(During the digging I did find some plans from 2003 for two different suggested paths, one ow which appears similar to the one above.)

When will we get to use this new shortcut?  Phase one is scheduled for 2011-2013 and Phase 2 (which the rail yard path is part of) is scheduled for 2012-2016.  It is likely subject to finding the funding - I wouldn’t go out getting that new bicycle just yet!

Foreclosures – A Tale of 5 Communities

The Washington D.C. metro area has done extremely well compared to the rest of the country. Still, foreclosures and short sales have had a dramatic effect on the real estate values also here. The effect is often hyper-local with the number of foreclosures varying greatly from one county, city and community to another.

In Tysons Corner the effect has not been as dramatic as in for example Herndon, Chantilly or Manassas. To give you a general idea of the foreclosure activity in the Tysons Corner area I put together a quick comparison of the number of distressed sales in 5 communities.

Pimmit Hills Built in the 1950’s, the 1,500+ single family homes typically have a quarter acre lot. The community is located off Rt 7 in Falls Church close to Tysons Corner. Home prices range from the low $300’s for a rambler with 3 bedrooms and 1 bathroom and upwards to $1M homes.   The number of distressed sales seem to have peaked in 2009. Very few shortsales – still some foreclosures.

Gates of McLean Gates of McLean was built in 1998 as a rental complex. It is located in the Tysons Corner area of McLean (Fairfax County) at the intersection of I-495 and Chain bridge Road (Rt 123). The complex was converted in 2003/2004 to condominiums by Crescent Heights and sold out in less than 9 months. Gates of McLean is located next to the new Tysons-McLean metro. The number of distressed sales seems to have peaked in 2009 also in this property. Still quite a bit of distressed sales there though.
Fountains at McLean The Fountains at Mclean was built in 1998 as a rental complex. It is located in the Tysons Corner area of McLean (Fairfax County) at the intersection of I-495 and Chain bridge Road (Rt 123). The complex was converted in 2003/2004 to condominiums by Crescent Heights. The Fountains at McLean had a lot of foreclosures but also here they peaked in 2009 and really slowed down from 2009 to 2010.
Idylwood Towers Early 1970’s condominium located in the Tyson’s Corner area of Falls Church (Fairfax County).  Idylwood Towers consists of two apartment buildings with about 14 floors each. Idylwood Towers is located about 1 mile from West Falls Church metro station. The number of foreclosures went from close to zero in 2008 followed by a spike in 2009. The number of foreclosures were down in 2010 again.
Woodburn Village Woodburn Village is a 1960’s garden community with about 600 condominium units. Woodburn Village is located about where Gallows Road intersects with I-495, behind Fairfax Hospital in Annandale. The community has 1, 2, 3 and 4 bedroom units. This community really got hit hard with prices falling to less than half the price of where in 2005/2006. For example, 2br units went from high $200’s to low$100’s. While the number of foreclosures is down, short sales are taking over. Prices have stabilized over the last year and may even have shown a small increase in 2010.

Based on these 5 communities, it seems that the number of distressed sales peaked in 2009 at a typical 30% of the total number of units. Most communities seem to be on the way to recovery though a few still have a way to go.

Based on this limited amount of data it would seem like we may have the worst behind us. That would be great news indeed!

Idylwood Road Bridge is Open – (count on it!)

If you live on Idylwood Road on the west side of Leesburg Pike you likely have noticed an increase in traffic the last few weeks. For about seven months the traffic was noticeably less due to the closure of the Idylwood Bridge. The whole bridge was demolished to build a new one that would allow for the I-495 with the new added HOT-Lanes.

The 15,000 vehicles that use the bridge on a daily basis now have a wider bridge with wider sidewalks. The parts of Idylwood Road is still missing sidewalks and bike lines so the pedestrian traffic is unlikely to increase for now.

Those that use the bridge will likely remember the continuous delays before the work started. The electronic display boards would continuously flash the closure date(”Bridge to close on xx/xx/2010″) for so to be updated over and over with new dates. After about 4-5 closure dates coming and going, some wonderful soul put up a large piece of paper beneath the sign (saying something like “Road to Close on 5/15/2010″) with the text “Don’t Count On It”.

I almost drove off the road laughing when I saw the sign. If anyone know what I am talking about and took a picture- I would love to post a picture on this blog…

Anyways, the bridge was completed in just 7 months – very impressive!