Jeff Wu

1 property SOLD in February 2009. It doesn't seem like a lot, but it's a lot more than the zero (0) for January 2009. It's also better than the zero (0) for the same month (February) in 2008.

The property that SOLD was a 1 bedroom 1 bathroom with 781 square feet. It was asking $359,900 and sold for $343,000. There was also a $5,000 seller subsidy, or closing cost credit to the buyer, effectively bringing the net purchase price to $338,000. The home was on the market for 122 days. As far as I'm aware it was not a distress sale. In fact I believe the owners were simply moving because they needed more space.

(data from MRIS)

Lillian Court had one property sold in February 2009. It was an Eden model with 848 square feet. The property was listed at $280,000. It was on the market for 68 days, and sold for $262,000. This was a bank owned property.

So far, for the closed months of January and February 2009, this is the only property SOLD in Lillian Court. In looking to past years the one property sold in February 2009 is exactly the amount of settled transactions that occured for the same month (February) in 2008.

For the same period of time, there have been 4 properties that have rented.

There are another 4 still available for rent on the active market, and there are 2 properties currently available for sale/purchase.

(data from MRIS)

There was one home sold in February in the Rotonda. It was a large 3 bedroom 2 bathroom J model. It was also on the top floor. Besides the great views, this home had luxury baths, a gourmet kitchen, hardwood floors, one garage parking space, and a storage unit.
The title of this blog post refers to the days on market. This property was on the market for a grand total of 12 days. That's pretty quick in any market. So it does go to show if the home is nice, and priced right, it will sell.
I will clarify that priced right still doesn't mean you're going to get asking price. Buy buyers have to think you're in the "deal" range to even considering coming to look, or for that matter making an offer.
This home was asking $517,000 and sold for $495,000.
In terms of transactions month over month, the one settled property is staying pace with February of last year, which also had 1 sold transaction. In comparison to the month immediately prior, January 09, it is also the same story. So far in 2009 in the Rotonda - 2 closed months + 2 closed transactions.

(data from MRIS)

The Gates of McLean had 2 properties that Sold in February of 2009. That's a 100% increase vs. the 1 of the same month last year (08). So, definately good news on increasing transactions.

The properties themselves were very different. One was a 3 bedroom, Christine model, in building 1530. It was located on the 2nd floor. That property was asking $374,900 and ending up settling for $354,750. It was a cash transaction.

The other property that sold was a one bedroom, Danielle model, which is the largest you'll find in a secure building(1581). This property was also on the 2nd floor. The property was a bank owned property, also referred to as an REO. It was asking $199,900 and settled for $195,000. It sold rather quickly, being on the market only 23 days.

(data from MRIS)