Jeff Wu

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)

Tysons corner is changing everyday, as is every city in the nation. But we have much bigger plans in store for the future. Here's an update on some of the planned changes:

- county staff to draft a new comprehensive plan for Tysons by July 09
o "aggressive timeline" said James Zook (director of Fairfax County's department of planning and zoning)
o hope to get a vote when board of supervisors returns from recess in August 09
- 95% of development will be within a half a mile of one of 4 metro stations, and within 600 feet of a planned Circulator route
- Hopes to increase housing from 14,000 to 100,000
- Federal Transit Administration approved $900 million in funding 12/4 for the Dulles Metro Rail

The good news is that things are changing. More good news is that the ones doing the planning are concerned with how people, of all interests and walks of life, will benefit from new Tysons. The question mark is how will things really shake out.

Sources = 1) DullesMetro.com + 2) Vienna Connection 12/17-23/2008 pages 3 + 7

Lillian Court sits in a great location in Tysons Corner. It's right next to the Galleria Mall, and across the street from Greensboro Drive, which is home to many of the areas big employers: SAIC, BAE, Booz Allen Hamilton, and more.

In November 2008 there were 2 properties SOLD in Lillian Court.

The first was a 2 bedroom 2 bathroom home on 2 levels. It had approximately 1200 square feet in total. The home sold for $345,000 in approximately 162 days on the market.

The other home to sell in November was a one bedroom one and a half bath property. This property was only on one level. It had approximately 988 square feet. The home sold for $270,000 with a subsidy of $5,000. It sold in approximately 12 days.

No properties are showing as having RENTED in Lillian Court in November of 2008.

There are currently 3 properties For Sale in Lillian Court. There are also 5 homes available For Rent.

(data from MRIS)

Harris Teeter is still staying strong. They're opening up a bunch of other locations across the region very soon. Why do I mention it. Well, there's not much to talk about in real estate transactions in 2720 Arlington Mill Drive, south for November.

There were 0, yes zero, sales for November 08. So I can't reference particular models selling better, or being more appealing. I can't talk about average days on market. I can't even talk about sold price to list price ratios. Because there were not SOLD properties for November.

There was one property that rented in November. It was a 2 bedroom model. It rented for $2,299/month. The property was on the market for 54 days. That is the high, low, and average days on market for rentals this month.

Let's hope that a holiday present this year is a little more real estate action!

(data from MRIS)