Jeff Wu

Transportation is a big issue in every area, but especially here in the DC area. Maryland, DC + northern Virginia are all so intertwined in business and more that we need to make sure it's easy to get place to place. Unfortunately easy isn't usually a word associated with our regions transportation.

There are some things being done to address area transportation =

Maryland

- Montgomery county council recently passed a vote to promote denser development in already urban areas, with requirements that there be green and transportation friendly amenities (paths, bike trails, etc.)

- ICC = Inter County Connector is being built

- PG county is working on development of New Carrolton area

Virginia

- All along the beltway the HOT lanes program is adding 2 extra lanes on each side of the beltway (inner loop and outer loop) - from Alexandria through Tysons Corner

- Metro is being built through Tysons Corner to Reston, and eventually out to the Dulles Airport; this will be known as the Silver line

- free bus service mid-day in Tysons corner

DC

- promoting green practicies

- greener buses

Is this enough. Well no, it's never enough, but it's something. Let's keep working towards solutions to better communities. Transportation is a key issue in getting to our real estate, be it commercial or residential.

1 property sold in the Gates of McLean in Tysosn corner in July 2009. It was a bank owned property on the top floor of building 1580. This property was on the market for 16 days, and it had multiple offers. It was originally asking $190,971, and sold for $193,000 in CASH. The one bedroom one bathroom home was a 642 square foot Chelsea model. There was no seller subsidy to the buyer in this transaction. The price per square foot was $300.62.

July of 2009 compared very poorly in terms of number of transactions to the same month last year (July 2008). In July 2008 there were 7 home sold. Although it was only one property this past month (July 2009) we did have improvements in both areas of price per square foot and days on market average where last year they had $293.27 and 67.5 respectively.

In July 2009 there were also 7 homes that rented. They ranged from a low of a $1,200 a month for a one bedroom one bathroom to a high of $1,550 for a 2 bedroom 2 bathroom.

Right now there are 10 properties available at the Gates of McLean. 2 of those are for sale, both are one bedrooms in Garden style buildings. The other 8 properties are rentals. Here is a graphic of all of them =



data from MRIS

4 homes sold in the Fountains at McLean in Tysons Corner in July 2009. All four of those sold properties were 2 bedroom 2 bathroom homes. The models were: Oak, Willow, Oak, and Dogwood. One of the 4 was in a mid-rise, secure building. The other 3 were in Garden Style buildings. The high sold price was $315,000. The low sold price was $285,000. 2 of the properties were REO, bank-owned properties, more commonly referred to as foreclosures. One was a short sale. And one was a traditional sale. The July 2009 Fountains at McLean real estate statistics for sold properties are = [1] average of $293.23 per square foot + [2] average of 38.75 days on the market.

July 2009 kept a steady pace with July of 2008, as they both had 4 SOLD properties at this Tysons Corner Condo community. Last years statistics were = [3] $311.85 per square foot and [4] and an average of 79.5 days on the market. So this year the sold statistics for the month of July improved in market time, but had a decrease in the price per square foot.

In July 2009 there were also 4 properties rented. 2 were one bedrooms, and 2 were two bedroom properties.

Currently there are 13 properties on the market in the Fountains at Mclean. 6 are for RENT, and the other 7 are for Sale. Here is a graphic of those properties =




data from MRIS

In The Colonies there was one property sold in July 2009. This home was an 1150 square foot 2 bedroom 2 bathroom property. It was on the third floor. It sold for $256,500 when asking $260,000. There was also a $2,500 seller conribution to the buyer. This comes out to a net price of $254,000. The home was on the market for 250 days. The average price per square foot was $220.87.

The 1 sold property in July of 2009 in this Tysons Corner community compared well to the same month in the previous year when there were no (zero = 0) sold properties.

During July 2009 there were also some rental transactions. A grand total of 2. The first was a 2 bedroom 2 bathroom property that rented for $1,500/month. And the 2nd was a 1 bedroom 1 bathroom property that rented for $1,195/month. They rented in an average of 33 days.

There are currently 13 properties available in The Colonies. 9 of them are for Rent. The other 4 are for sale. Here is a graphic =



data from MRIS

In Lillian Court, the tysons corner condominium community directly next to the Tysons Galleria mall, there was one property sold in July 2009. This property sold for $330,000 when asking $349,000. There was no seller contribution to the buyer's closing costs. The property was on the market 15 days. It was not a short sale, foreclosure, or bank owned property. The property sold with an average of $346.27 per square foot. It was a 2 bedroom 2 bathroom "Michael" model in building 1625.

This compared favorably to the same month last year, July 2008, when there were no (zero = 0) properties sold.

In July there were 3 properties rented in Lillian Court in Tysons Corner. They ranged from a 1 bedroom 1 bathroom home for $1,400/month in rent to a 2 bedroom 2 bathroom home for $1,800 in rent. These same properties were on the market from 8 days to 79 days.

Right now there are 5 properties "on the market," in Lillian Court. 3 of these are for rent, and the other 2 are for sale. Here's a visual =





Data from MRIS