Are Andresen

Park Crest

Park Crest is the Tysons Corner version of Turnberry Towers in Arlington. Well, not exactly, but it is the closest you will get for now.

The building features underground parking, staffed front desk, fitness center, 18th floor swimming pool, Sky Bar, library, club room as well as guest suites.

The location is great – right in the middle of Tysons Corner between Freddie Mac and Tysons Galleria (walking distance.) It is also next to the Fountains at McLean, The Lofts at Park Crest (rental apartments) and a 24hrs Harris Teeter. It is the third high-rise condominium building in Tysons west of I-495 (the two others being The Rotonda and Lillian Court.)  

As of spring of 2011, the developer is still selling units in this complex  ranging from 1br’s in the $300,000′s to two bedroom w/dens and penthouses at over $2 million.The developer has apparently sold a good amount of units and is getting ready to hand the homeowner association over to the new homeowners.

For Sale At Park Crest

Showing properties 1 - 3 of 7. See more One Park Crest tract Real Estate.
(all data current as of 6/19/2013)

1. $1,099,000 : 8220 Crestwood Heights Dr #1204, Mclean
   
   2 beds, 2 full, 1 part baths

   Home size: 1,940 sq ft

   Year built: 2008

   Parking spots: 2

   Days on market: 6
2. $1,850,000 : 8220 Crestwood Heights Dr #1818, Mclean
   
   3 beds, 3 full, 1 part baths

   Home size: 2,079 sq ft

   Year built: 2008

   Parking spots: 2

   Days on market: 8
3. $745,000 : 8220 Crestwood Heights Dr #1209, Mclean
   
   2 beds, 2 full baths

   Home size: 1,248 sq ft

   Year built: 2008

   Parking spots: 2

   Days on market: 20

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

Posts About Park Crest and Tysons Corner

New Tysons Corner Transportation Taxes

To pay for the extensive walkability upgrades planned in Tysons Corner the Fairfax County Board of Supervisors voted to create a special Transportation Service District last week. It is estimated the new tax will generate $250 million for area improvements over the next 40 years.

As of now, the tax rate is set to take effect in January 2014 and will apply to both residential and commercial property. It has been estimated that the rate may be 6 to 8 cents per $100 assessed value. The tax district will only be for owners of residential and commercial property in the Tysons Corner area (presume the 22102 and 22182 zipcodes.)

There is opposition to the tax, especially from residential residents that believe that either a) all county residents should pay as the improvements will benefit more than just the residents, or b) Residential properties should be exempt.

Fairfax County seems sympathetic to excluding residential from the new tax as the share of revenue that would be generated from residential properties would be small. State law may prohibit such differential treatment of residential vs commercial so a special bill has been proposed that may make an exception in this case.

To me it seems fair to exclude residential homeowners in this case – the commercial landowners will benefit the greatest from the improvements in the heavily developed areas of Tysons Corner. The majority of residential areas in Tysons will see little direct benefit.

Looking to purchase in Tysons Corner? Contact us!

Don’t Wait For Spring To Sell Your Home!

The Tysons Corner(Vienna and McLean) real estate market ended 2012 strongly. While the number of homes being listed remained typical, the number of sales in October and November jumped significantly. The continued availability of low interest rate loans no doubt played a role as did the strong economy in the area.

Looking at the graphs it is obvious that sellers in Tysons Corner prefer to put their homes on the market in March and April. Purchasers seems to feast on those listings and do their closings during the summer.

In general we advice to buy and sell when you are ready. That being said, many will try to use the market trends to their benefit. So, here are some thoughts on using the trends to your advantage.

As a seller, to avoid the March-April rush you could try listing your home in January or February. That way you may take advantage of any pent-up demand from the winter months. Currently homes (and condominiums in particular) in Tysons Corner are selling very well – multiple offers are not uncommon. The main thing holding prices at the current levels would be the conservative  appraisals.

Alternatively you could try listing in May. Your new listing will look attractive with few days on the market as compared to homes having been listed in March and April. You may also take advantage of the high number of closing sales in the June-August time frame.

If you have a choice – when should you purchase a home? You could try to get an early start on the large inventory being listed in March and April instead of joining the crowd purchasing in May-July.

Every situation is different and the above may or may not apply to you. We know the Tysons Corner area and we would love to talk to you about how we can help you buy or sell a home.

Homes for sale near the new Silver Line metro

With the development of the new Silver Line metro the communities near the new metro stations are getting more popular.  As Tysons Corner is a commerical area more than a residential one, the number of residential communities is limited.

In addition to the great feature of having a metro within walking distance, there are also lots of related development taking place – see our various articles on the area developments for more information.

Here is a list of some of the Tysons Corner communities that will benefit:

Mclean station
Gates of McLean, The Westerlies, The Colonies, Encore, Hallcrest Heights, Hunting Ridge, Morgan at McLean

Tysons Corner station
Parc Crest, Lillian Court, Rotonda

Greensboro station
Rotonda, Lillian Court

 Spring Hill station
Rotonda, Fountains at McLean

If you are looking for a great property in Tysons Corner, see the 5 Reasons We Rock for Buyers and contact us today.

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!

Park Crest in Tysons Corner Sold Fall 2011

Since our last post in early June Park Crest has seen some activity. Like back in June, the number of sales in the MRIS is low - only 5 new sales show up since 6/1/2011. Either agents are involved on the purchaser side and do not put in sold information into the MRIS – OR most of the homes are sold directly to unrepresented purchasers by the developer.

Per the tax records the number of sales are still keeping up though. Since early June, 18 homes have changed hands. Not too bad of a pace considering that 28 homes sold the first 5 months.

Park Crest are still promoting the community quite a bit through their email marketing campaign. I received 2 or three emails lately touting their move-in ready homes and “1 bedrooms to penthouses from the upper $300′s to over $1.2 million”.

If you want the most luxurious condominium building in McLean, Park Crest is likely your best bet.

 From the MRIS: 

 From the Tax Records:

The first 5 months of the year saw 28 closings for an average of 5.6 sold per month. Since June 1 (4.5 months) 18 homes have sold. We are in a slower part of the year so that may count for some of the slowdown. Or, there may just be fewer homes left to select from.

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. 

So, first the MRIS closings where we have a bit more information:

So, per the tax records 54 homes closed in 2009, 122 in 2010 and 28 this far in 2011. 25 additional homes seems to have closed total but with no transfer date.

So, from the tax records the following units sold in 2011:

If you want any additional information on the recorded tax sales (size, number of bedrooms etc), please contact us.

If you are looking to buy (or sell) at Park Crest, please contact us. They often have specials and we will be happy to represent you in a purchase and help you find the perfect unit at the best price.