There is excitement in Tysons Corner with the new Silver Line metro nearing completion this year. Many new communities will now be within walking distance to the metro for the first time – Fountains at McLean being one of them.
The number of sales are down at the Fountains at McLean. There were only 15 homes sold in 2011 (versus 24 homes sold in 2010.)
The 1-bedroom prices were likely affected by three short-sales and two foreclosures. The average price for a 1-bedroom at the Fountains at McLean is now at $195,618 (down from $217,184 in 2010.) The average 2-bedroom price kept pretty stable at $304,500 in 2011 (down a little from $308,125 in 2010.)
The average rent keeps going up with the number of rentals being at about the same level of 37-42 per year for the last 4 years.
The sales mix has reverted back to 2009 levels again this year. In 2009 about 35% of the sales were foreclosures or short sales. In 2010, only 8% of the sales were foreclosures or short sales. This year the percentage is up to 33% again.
Homes on average sell for 94.9% of the original list price. They sell on average for 97.6% of the final list price. On average, a home takes 52 days to sell.
There are 3 pending home sales at the Fountains at McLean as of 1/29/2012. One is a 1-bedroom unit with an asking prices of $210,000. Two are 2-bedroom units listed at $250,000-$309,900. Both the 2-bedroom units are short-sales.
To get a better understanding of the overall price curve in the neighborhood, we need to do some comparison on a model basis. Below is a graph showing the price trends for all the models over the last few years.
As can be seen from the above graph, the average prices seem to be back to 2009 prices after trending upwards a little bit in 2010. This could be caused somewhat by the buyer credit program in 2010.
A continuing concern at the Fountains is that the investor ratio has been high (number of non-owner occupants.) Lenders are hesitant to give loans in developments where this rate is too high (generally 50% and over.) It seems to now have reached a level where purchasers typically need a 20% down payment to qualify for a mortgage. FHA loans with 3.5% down-payment seems to be unavailable in the community at this time.
Moving on to rentals, rents seem to have remained pretty steady with both 1 and 2 bedroom units going up a bit. With 41 units rented in the MLS in 2010 and 38 last year(2011) the competition for tenants should remain competitive.
The Fountains at McLean is a great neighborhood with reasonable prices that would make a wonderful home. If you would like to discuss selling or purchasing (5 Reasons We Rock For Buyers!), please give us a call at 703 560-3424 or contact us.