Are Andresen - Northern Virginia Real Estate

The sales activity at the Fountains of Mclean was great in 2010. There were 24 homes sold in 2010 versus 23 homes sold in 2009. The lowest price was a 1br/1ba unit that sold for $200,000. The highest price was a 2br/2ba property at $337,000.

The sales mix has changed 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. That is a huge change and very encouraging for homeowners and home values.

The 2009 average price for a 1 bedroom unit was $208,042. The 2009 average price for a 2 bedroom unit was $309,150.

In 2010 the average price for a 1 bedroom unit had increased to $217,184 and 2 bedroom units remained pretty flat at $308,125. So, prices were pretty flat from 2009-2010.

Homes on average sell for 96.0% of the original list price. They sell on average for 96.7% of the final list price. So, if you are looking to purchase at the Fountains of Mclean you may be able to get a break in the price with the right agent.

There are 5 pending home sales at the Fountains at Mclean as of 02/21/2011. Most are 1 bedroom units with asking prices in the $199,000-$205,000 range. Two are short sales and one is a foreclosure.

No homes are currently available for sale at the Fountains at Mclean. If you would like the current list of homes for sale, please email me.

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. I also put in a graph for one and two bedroom units in general.

As can be seen from the above graph, the average sales price seems to be trending upwards slowly from a low in 2008-2009.

A growing concern at the Fountains is that the investor ratio has been increasing (number of non-owner occupants.) Lenders are hesitant to give loans in developments where this rate is too high (generally 50%.) It seems to now have reached a level where purchasers often need a 20% down payment to qualify for a mortgage. FHA loans seems to be unavailable in the community at this time as well.

The current stable prices would likely change if there were a lot of foreclosures coming up. So, looking at the upcoming foreclosures on Realist, I found 0 pre-foreclosure, 1 recent or upcoming auctions and 3 bank owned properties. Some of those may have been listed already.

Moving on to rentals, rents seem to have remained pretty steady with 2 bedrooms have gone up a little bit on average. With 37 units rented on the MLS in 2009 and 41 last year(2010) the competition for tenants should be pretty fierce. However, only two units are available currently for rent, so demand has kept up well with the supply.

For investors the GRM is pretty stable this year as well.

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, please give us a call at 703 560-3424.

Are Andresen, Licensed Virginia
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.

There has been a good level of activity in Woodburn Village this year. Unfortunately, 2/3rds of the sales are still foreclosures or short sales. For the regular sales that took place, the prices and appraisals were heavily influenced by the distressed sales. 30 homes sold in 2010 compared to 39 for 2009. Ten were regular sales, 8 were bank sales and 12 were short sales. As can be seen in the sales mix charts below the number of foreclosures are down and short sales are up again. Overall, there are more conventional sales in 2010 so hopefully this is the sign of a positive trend for homeowners and property values.

Homes on average sell for 96% of the original list price. They sell for 100% of the final list price. So, if you are looking to purchase in Woodburn odds are that you will be paying close to the asking price.

If we look at the number of pending home sales in Woodburn Village as of 02/21/2011 we get a number of 7. They range in asking price from $145,000 to $199,500. Five of these are short sales, two are regular sales.

Only one home is currently available for sale in Woodburn Village. It is a 3br/2ba shortsale listed at $170,000. If you would like the current list of homes for sale, please email me.

To get a better understanding of the overall price development in the neighborhood, please see below graph.

As can be seen from the above graph, the average sales prices seem to have bottomed out in 2009 and have started trending upwards (there are few 1br and 3 br units selling in a year, the two bedroom units may be a better indication of the price level.) It does seem that there still is quite a bit of distressed inventory that has to be sold so I don't expect prices to rise significantly in the near future.

Looking at the upcoming foreclosures on Realist I found 2 pre-foreclosure, 4 recent or upcoming auctions and 6 bank owned properties. Some of the bank owned ones or auctions may already have been listed and/or already be under contract or sold.

Moving on to rentals the rental prices seem to have recovered after a drop in 2009. There is currently 1 property listed for rent at $1,350 for a 2br/1ba.

For investors the GRM has stayed pretty much the same since 2008.

Woodburn Village is a great neighborhood and the prices have not been this low in many years. Coupled with the low interest rates and increasing rents this is an excellent time to buy. If you would like to discuss selling or purchasing in Woodburn Village please give me a call.

Are Andresen
Broker, Soldsense Realty LLC
Licensed Virginia
"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.

Pulte Homes plans to start sales of new townhomes this spring (2011) of townhomes and condominiums at their MetroWest location adjacent to the Vienna Metro. The 56 acre parcel will be a maste rplanned community with a total of 2,248 residnetial units (an uknown portion will be rental apartments.)

The community will have restaurants, parks/green spaces, office space and retail making this its own urban community. A new community and recreation center is also planned and it will be open to county residents as well.

Completion of the project will take several years, but the first deliveries are planned for end of 2011.

If you are interested in this community, please contact us. We will be happy to help you become one of the first residents in the community!

The market activity at Idylwood Towers has been up this year. While there were 12 homes sold last year - 2010 saw 19 homes sold. The lowest price was a 1br/1ba at $175,000. The highest price was an updated 3br/3ba property at $310,000.

As can be seen by the graphs above, the percentage of distressed sales seems to have peaked in 2009 and was down in 2010.

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. As mentioned earlier, 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.

Homes on average sell for 95% of the original list price. They sell for 98% 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 2/20/2011 there are 4 pending sales at Idylwood Towers. Two of them are short sales.

Five homes are currently available for sale in Idylwood Towers. They range in price from a 1-bedroom home at $184,711 to a 3-bedroom home listed at 339,000. If you would like the current list of homes for sale, please email me.

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 some this year(one bedrooms went up about 5% and two bedrooms about 8%.) The homebuyer credit expired at the end of April and could have accounted for some of the increase - we should have a better feeling for that as we get into 2011.

The current market situation could change if there are a lot of foreclosures coming up, so looking at the upcoming foreclosures on Realist, I found 0 pre-foreclosure, 1 upcoming or recent auctions and 3 bank owned properties. Some of these bank sales may already have been listed and/or sold. But, not a large amount of foreclosures it seems.

Moving on to rentals, the prices have gone up a little bit from last year for the 1 and 2 bedroom units. 29 properties rented in 2010, compared to 27 properties rented in 2009. There are currently 2 properties listed for rent ranging from $1,475 for a 1br/1ba to $1,795 for a 2br/2ba. As can be seen on the below graph, the rents have been declining overall since 2006-2007 for most models but seems to be recovering.

For investors the GRM has flattened out due increasing prices and rents offsetting each other in 2010.

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 me a call.

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.

Fairfax County provides real estate and car tax relief to citizens who are either 65 years or older or are permanently and totally disabled and meet income and asset eligibility requirements.

For requirements, go to http://www.fairfaxcounty.gov/dta/taxrelief_faq.htm .