Jeff Wu

December is always a fun month in general. Lots of Holidays, and the coming of the new year. This year was no different. However, all those things are independant of real estate.

In the Lillian Court neighborhood in December there was 1 property SOLD, and 4 properties RENTED.

The only SOLD property of the month was a 2 bedroom 2 bathroom 1002 square foot Jacob model. It SOLD for $370,000. The property was on the market for 30 days. When first going on the market it had been available simultaneously for RENT or for SALE. It SOLD for 92.5% of it's original list price.

Of the 4 properties RENTED in December 2008, 3 were 1 bedrooms, and the other was a 2 bedroom 2 bathroom.
The 1 bedrooms rented for an average of $1358/month. With the high rent being $1425/month for a larger model (988 sqft) and the low, $1300/month, going for a smaller model (753 sqft). The 1 bedrooms were on the market an average of 55 days.
The 2 bedroom 2 bathroom, on 2 levels, rented for $1790 in 70 days.

(data from MRIS)

The Lillian Court real estate market has 7 properties available right now. 4 of those are for rent, and the other 3 are for purchase.

Rent

There are 4 completely different homes for rent. And accordingly so, they all have a different rental asking price.
- One Bedroom One Bathroom asking $1,350/month
- Two Bedroom One Bathroom asking $1,496/month
- Three Bedroom Three Bathroom, on Two levels, asking $2,300/month
- Two Bedroom Two Bathroom asking $2,500/month

For Purchase

Just like the properties for rent there are 3 different models for sale, and each has a different asking price to buy.
- One Bedroom One Bathroom asking $249,900
- Two Bedroom One Bathroom asking $280,000
- Two Bedroom Two Bathroom, on Two Levels, asking $349,900

(data from MRIS)

U.S. News and World Report has recently named 4 County High Schools to the Nations top 100. This is out of a review of over 1,900 schools in 48 states. The evaluation was based on college readiness, participation and performance in AP (advanced placement) tests, participation and performance on IB (international Baccalaureate) tests, and proficiency on standardized state tests. For the 2nd straight year Thomas Jefferson High School for Science and Technology (TJHSST), the county's magnet school, was ranked 1st in the nation.

Following TJ on the list of the Nation's Top Schools were McLean High School at 55th, Langley High School at 76th, and Woodson High School at 90th.

There were other schools that earned recognition referred to as Silver or Bronze recognition. This was earned by achieving certain criteria. In Fairfax County there were 7 schools that earned the Silver Designation (in alphabetical order) = Chantilly High School, Lake Braddock Secondary School, Madison High School, Marshall High School, Oakton High School, Robinson Secondary School, and Stuart High School.

I showed a property for sale today. Regardless if my client liked it or not (Which they did). The listing agent said no FHA contracts. That sounds pretty silly. Especially considering that the FHA loan is the bulk of the loans going through these days. It was a bank owned property that was relatively well priced. The listing agent told me that the seller, the bank, didn't want to take the property off the market for an FHA loan/contract that wouldn't happen. He said the community wasn't FHA approved. He is right. It isn't. But there are always exceptions. I know good loan officers who have worked hard to get spot approvals on individual cases. In this community, The Gates of McLean, this seller believs that the high investor ratios of the community prohibit FHA loans from being approved.

This is a challenge I've alluded to briefly in a past blog on 9/23/08 "Guilty Party or Victim of the System" (http://gatesofmclean.blogspot.com/2008/09/guilty-party-or-victim-of-system.html).

Now it is a very real problem.

Although not known for meddling in politics, the Vienna-Tysons Regional Chamber of Commerce is ready to get involved. The organization is creating a Public -Policy Committee to give voice to the sentiments of the groups members. The decision to create this committee comes out of awareness of the many projects planned or in the works in the Tysons Corner area. The initial focus of the group will be on two main projects: the Dulles Metro Projet and the High-Occupancy Toll (HOT) Lanes Project. Both are key parts to improving local transportation. And both will play a key role in the redevelopment of the Tysons Corner area.

source: Sun Gazette 12-18-08 (pg7+14)