Jeff Wu

SAVE THE DATE!MAJOR CONSTRUCTION BEGINS IN TYSONS THIS SPRINGOn Route 123, Route 7, Dulles Toll Road, and the Capital Beltway


You're Invited to
"Keep Tysons Moving"
An Executive Business Briefing on the Capital Beltway HOT Lanes and Dulles Corridor Metrorail Projects
Thursday, March 26, 20097:30AM - Registration8:00AM - Presentation9:00AM - Workshop: Employer/Commuting Solutions
Capital One1680 Capital One DriveMcLean, VA 22102-3491(703) 720-1000

HOSTED BY:Virginia Department of Transportation (VDOT)Metropolitan Washington Airports AuthorityVirginia Department of Rail and Public Transportation (DRPT)Fairfax County Department of TransportationTysons Transportation Association (TYTRAN)Fairfax County Chamber of CommerceFairfax County Economic Development AuthorityVisit Fairfax (FXVA)Fluor-TransurbanDulles Transit PartnersBriefing will include:Construction Schedules and Potential Traffic Impacts Resources for Employers & CommutersAnd much more!!

RSVP at outreach@virginiahotlanes.com
or (877) 495-VDOT

Good news is that transactions were up for our region, as a whole, 39% for the closed month of January 2009 vs. January 2008. However, this is the Tysons Corner Real Estate Blog. So we should focus in a little more locally.

The two zip codes that combine, border each other, or whatever you want to call it to make up Tysons corner area are 22102 (McLean) and 22182 (Vienna). Neither of these was up 39% in January for transactions. In fact one was up, and the other was down.

The zip code area of 22102 was down 46.15% for the month of January compared to the previous year. The numbers themselves weren't huge, 7 (2009) vs. 13 (2008), for total properties sold.

The zip code area of 22182 was in line with the regional trend, although slightly below the regional rate, with a 20.22% increase in transactions. The numbers were again not overwhelming at 11 (2009) vs. 9 (2008).

So, although those two zipcodes cover more than just the Tysons Corner area, when you put them together they end up with a number of negative 18.28%. That's our 39%.....or not.

[data from MRIS]

No, we're not made of styrofoam. We don't keep things hot or cold. But the northern virginia, and in fact the entire DC metro area, is insulated from the economic woes of the rest of the country. Don't get me wrong, I didn't say we're immune. We've got issues just like everyone else. They're just not as bad as everyone else.

I was talking to someone the other day who said, "government will never get smaller." I don't know if that's true, but it doesn't seem incorrect. And we've got a boatload, well actually hundreds of boatloads of government contractors around supporting all this government. It's really ridiculous. Again, I'm not complaining. It's just why we're unique from the rest of the country.

So what are the numbers? Well across the country we're at an uneployment number upwards of 7.1%. Here in Virginia we're significantly less at 5.2%. And in Northern Virginia we fare even better. Our number is 3.9%. Believe it or not, we can go even lower! Fairfax county, where Tysons Corner resides, is at the low figure of 3.4%. So tell everyone to move here, because this is where it's at.

Data used is from Virginia Employment Commision

There have been no SOLD properties of record this year for Shirlington Village, so let's talk about what's available. I have data on 2 units that are available for purchase. There is a one bedroom 2 bathroom with over 1000 square feet that his been on the market for over 150 days. Then there is a one bedroom one bathroom model that has been on the market for just about as long, save a few days. Both are located on the seventh floor.

While there has been 1 property rented this month. It was a 2 bedroom 2 bathroom model that rented for $2,200/month, when asking $2,300. There are two times as many AVAILABLE RENTALS compared to the available sales. So a total of 4 that are available to rent. See the data below, it's a smattering of unit styles. You will notice some similar addresses because the two above that are available for PURCHASE are also available for RENT. In addition to those there are 2 other homes for rent, one on the tenth floor, and one on the eighth floor.

(Data from MRIS)

Mortgage rates were recently at, and are still very near right now, 40 year lows. Money is still available. And as the first statement alludes, it is very cheap money. There is also an incorrect believe that this cheap money requires you to put 20% down payment. As I just said in that sentence it's an incorrect belief. You can get this cheap money with as little as 3.5% down payment. Admittedly it's not a 100% financing. Which is good (more later on that). But last time I checked 96.5% isn't too far from 100%. In fact in the schools I went to both would be considered an "A."
It is good that the 100% stuff is gone. Home ownership is not an entitlement. Home ownership is a right. However it is a right that we have to earn. A goal and a privilege that must be striven to be attained, and maintained with focus and appreciation. Houses aren't like free balloons that politicians hand out at the neighborhood fourth of July celebration. Houses and homes are something that people should have to dream about. They should have to SAVE money to be able to buy their home. They should really really, and one more for good measure, really appreciate what it took to get into that home. And that appreciation should become an ownership of the responsibility to keep and improve that home.
If every homeowner was able to take that mentality to homeownership than we will go a long to way to putting our country and economy in a better place.