Jeff Wu

Supply and Demand, an age old economic concept. It's in effect everywhere you look. Especially here at the Gates of McLean.

One property goes under contract tonight in just 8 days. This is while 6 others are still available after having been on the market for 7, 40, 60, 156, 273, 768 days.

I saw demand first hand this past Saturday. 30 people came through an open house for a 1 bedroom condo on a beautiful day from 1-4pm. Priced well, and in good condition, with good exposure, and the right access, and any property will sell. 4 key factors. I saw them in action. This property was priced well. It was staged, painted, and improved. It was made known on many different mediums, and access was there. And now it's under contract.

This great community has many wonderful features. There are lots of amenities, from a pumped up (pun intended) fitness center to an amazing location. The board really cares, and is committed. Do I need to mention the metro. Well I will. It will be a block away. That's the closest proximity of any residential location in Tysons Corner area. There's plenty of appeal. That translates to reasons for demand. All you need is the right supply.

It's the same in any market - Supply + Demand. Happening in a neighborhood near you!

If you're just looking same period, meaning first quarter, 2008 vs. 2009. Then it's definately slower at the Rotonda.

In the first quarter of 2009, that just ended, there were 4 properties sold. Those properties were actively on the market an average of 41 days, and they sold for an average of -6.27% (that minus in front means negative). There was also an average of $0 seller subsidy (also referred to as closing cost help from seller to buyer).

What types of sales were these 4 transactions?
Regular Sale = 2
Short Sale = 1
Bank Owned Property = 1

What style homes were these 4 properties?
1 Bedroom = 1
2 Bedroom = 2
3 Bedroom = 1

How does this compare to the same time last year (1st quarter - 2008)?
Last year there were 10 properties sold in the same time period. And they sold for an average of -5.48% (yes, also negative) of their list price, in an average of 108 days on the market. They also had an average of $2,000 in seller subsidy. So in 2009 it's been happening quicker, for what does sell. But it's not happening as much 4 sold 2009 vs. 10 in 2008.

Below is a graphic of the sold properties I've mentioned, plus those that did not sell, and those that are under contract, or for sale right now at the Rotonda.




(Data is from MRIS and represents multiple listings from multiple brokers)

What happened in the first quarter of 2009 in the Fountains at McLean? 5 SOLD properties, that's what happened. Those properties were actively on the market an average of 127 days, and they sold for an average of -5.94% (that minus in front means negative). There was also an average of $2,300 seller subsidy (also referred to as closing cost help from seller to buyer).

What types of sales were these 5 transactions?
Regular Sale = 4
Short Sale = 0
Bank Owned Property = 1

What style homes were these 5 properties?
1 Bedroom = 2 (Birch + Cedar)
2 Bedroom = 3 (Oak[2] + Linden)

How does this compare to the same time last year (1st quarter - 2008)?
Last year there were 7 properties sold in the same time period. And they sold for an average of -5.72% (yes, also negative) of their list price, in an average of 51 days on the market. They also had an average of $4,327.70 in seller subsidy.

Below is a graphic of the sold properties I've mentioned, plus those that did not sell, and those that are under contract, or for sale right now at the Fountains at McLean.



(Data is from MRIS and represents multiple listings from multiple brokers)

What happened in the first quarter of 2009 in the Gates of McLean? The good news is that there were 4 SOLD properties. Those properties were actively on the market an average of 53 days, and they sold for an average of -5.42% (that minus in front means negative). There was also an average of $500 seller subsidy (also referred to as closing cost help from seller to buyer).

What types of sales were these 4 transactions?
Regular Sale = 2
Short Sale = 0
Bank Owned Property = 2

What style homes were these 4 properties?
1 Bedroom = 1 (Danielle)
2 Bedroom = 2 (Logan + Dalton)
3 Bedroom = 1 (Christine Model)

How does this compare to the same time last year?
Last year there were only 3 properties sold in the same time period. And they sold for an average of -6.5% (yes, also negative) of their list price, in an average of 85 days on the market. They also had an average of $1333.33 in seller subsidy. So you could say that things are picking up considering the same time comparison to last year. Let's hope that trend continues!

Below is a graphic of the sold properties I've mentioned, plus those that did not sell, and those that are under contract, or for sale right now at the Gates of McLean.
(Data is from MRIS and represents multiple listings from multiple brokers)

Today I, along with many others probably, received the below letter =

"March 10, 2009

Today, the Chairman of the Airports Authority Board of Directors, H.R. Crawford, signed a Full Funding Grant Agreement for the Dulles Metrorail Extension. In a ceremony with the U.S. Secretary of Transportation Ray LaHood, Chairman Crawford noted that this grant in the amount of $900 million will enable the Airports Authority to begin the long-awaited construction of the Dulles Metrorail Extension.As you know, achieving this milestone is the culmination of years of planning and public process that has involved many individuals from our state and local governments, the business community, and our elected officials.Our local project partners, the Commonwealth of Virginia, Fairfax County, Loudoun County, the Town of Herndon and the Washington Metropolitan Area Transit Authority are committed to bringing major transportation and economic benefits to the Dulles Corridor and to our Washington Metropolitan Region.I want to thank you for your strong commitment to bringing rail to the Dulles Corridor and all your efforts in this cause. Without your support, particularly in recent years, this day would not have come.The Airports Authority looks forward to continuing our partnership and excellent working relationship with you as we move forward on the Project. We are ready to go to work and we will continue to look for your involvement.We hope you will be able to join us later this spring when we have a kick-off event to celebrate the long awaited start of construction.

Sincerely,

James E. BennettPresident and CEOMetropolitan Washington Airports Authority"