About Falls Church's Idylwood Towers

The market activity at Idylwood Towers has been up this year. While there were 12 homes sold last year - 2010 saw 19 homes sold. The lowest price was a 1br/1ba at $175,000. The highest price was an updated 3br/3ba property at $310,000.

As can be seen by the graphs above, the percentage of distressed sales seems to have peaked in 2009 and was down in 2010.

In 2009 the average sales price for a 1 bedroom unit was $177,550. The average price for a 2 bedroom unit was $213,600. As mentioned earlier, a single 3 bedroom unit sold for $315,000.

For 2010 the average sales price for a 1 bedroom unit was $188,500. The average price for a 2 bedroom unit was $229,750. 3br/2ba' are $288,500 and 3br/3ba's sell on average for $301,000.

Homes on average sell for 95% of the original list price. They sell for 98% of the final list price. If you are looking to purchase in Idylwood Towers it is important that you work with a Realtor that is familiar with the buildings and can help you determine if the asking price is reasonable.

As of 2/20/2011 there are 4 pending sales at Idylwood Towers. Two of them are short sales.

Five homes are currently available for sale in Idylwood Towers. They range in price from a 1-bedroom home at $184,711 to a 3-bedroom home listed at 339,000. If you would like the current list of homes for sale, please email me.

To get a better understanding of the overall price curve in the neighborhood we can take a look at the sales history of the various models. As there has been few sales of the 3 bedroom units, the price trend is probably most accurate for the 1 and 2 bedroom units.

The average sales prices did go up some this year(one bedrooms went up about 5% and two bedrooms about 8%.) The homebuyer credit expired at the end of April and could have accounted for some of the increase - we should have a better feeling for that as we get into 2011.

The current market situation could change if there are a lot of foreclosures coming up, so looking at the upcoming foreclosures on Realist, I found 0 pre-foreclosure, 1 upcoming or recent auctions and 3 bank owned properties. Some of these bank sales may already have been listed and/or sold. But, not a large amount of foreclosures it seems.

Moving on to rentals, the prices have gone up a little bit from last year for the 1 and 2 bedroom units. 29 properties rented in 2010, compared to 27 properties rented in 2009. There are currently 2 properties listed for rent ranging from $1,475 for a 1br/1ba to $1,795 for a 2br/2ba. As can be seen on the below graph, the rents have been declining overall since 2006-2007 for most models but seems to be recovering.

For investors the GRM has flattened out due increasing prices and rents offsetting each other in 2010.

Idylwood Towers is a great place to call home and the prices are still low. Coupled with the low interest rates this is a great time to buy. If you would like to discuss selling or purchasing in Idylwood Towers, please give me a call.

Are Andresen
Broker, Soldsense Realty LLC
"Your sixth sense in real estate"

Disclaimer: The data above is not guaranteed in any way and may contain errors and omissions and is based on MRIS data only. The analysis is my opinion only - always do your own research.

The market activity at Idylwood Towers has been up this year. While there were 12 homes sold during 2009 - the first half of 2010 saw 12 homes sold. The lowest price was a 1br/1ba at $175,000. The highest price was an updated 3br/3ba property at $310,000.

As can be seen on the graph above, the percentage of foreclosures peaked in 2009 and is down this year.

In 2009 the average sales price for a 1 bedroom unit was $177,550. The average price for a 2 bedroom unit was $213,600. As mentioned earlier, a single 3 bedroom unit sold for $315,000.

The first half of 2010, the average sales price for a 1 bedroom unit was $188,500. The average price for a 2 bedroom unit was $238,143. A single 3br/3ba unit sold for $310,000.

Homes on average sell for 93.7% of the original list price. They sell for 97.4% of the final list price. If you are looking to purchase in Idylwood Towers it is important that you work with a Realtor that is familiar with the buildings and can help you determine if the asking price is reasonable.

As of 7/12/2010 the number of pending home sales at Idylwood Towers is 1. It is a 1 bedroom short sale unit listed at $199,555.

Five homes are currently available for sale in Idylwood Towers. They range in price from a junior 1-bedroom at $164,900 to a 3-bedroom listed at $339,000. If you would like the current list of homes for sale, please email me.

To get a better understanding of the overall price curve in the neighborhood we can take a look at the sales history of the various models. As there has been few sales of the 3 bedroom units, the price trend is probably most accurate for the 1 and 2 bedroom units.

The average sales price went up some in the first quarter of the year but seems so have given up most of that gain in Q2. We will need some more sales to see what the overall trend will be this year. The homebuyer credit expired at the end of April but it is too early to know if that is the main reason for the decline. Overall for the year, the prices appear to still be up though - especially for 2 bedroom units.

The current market situation could change if there are a lot of foreclosures coming up, so looking at the upcoming foreclosures on Realist, I found 0 pre-foreclosure, 7 upcoming or recent auctions and 0 bank owned properties. Some of these bank sales may have been listed as short-sales currently but the majority of them may come on the market over the next months.

Moving on to rentals, the prices have come down a little bit from last year. 13 properties rented so far this year, compared to 27 properties rented in 2009. There are currently 6 properties listed for rent ranging from $1,300 for a junior 1br/1ba to $1,500 for a regular 1br/1ba. As can be seen on the below graph, the rents have been declining since 2006-2007 for most models (2br units seem to have gone up.)

For investors the GRM has flattened out due to pretty flat prices and falling rents. The 1 and 2 bedroom has an Identical GRM for Q2 in 2010 (the blue dot is hidden between the red 2 bedroom one.)

Idylwood Towers is a great place to call home and the prices are still low. Coupled with the low interest rates this is a great time to buy. If you would like to discuss selling or purchasing in Idylwood Towers, please give me a call.

Are Andresen
Broker, Soldsense Realty LLC
"Your sixth sense in real estate"

Disclaimer: The data above is not guaranteed in any way and may contain errors and omissions and is based on MRIS data only. The analysis is my opinion only - always do your own research.

Investors and homeowners are still realizing the value at Idylwood Towers. There were 12 homes sold during 2009. The lowest price was a 1br/1ba at $159,900. The maximum price was an updated 3br/2ba property at $315,000.

As can be seen on the graph above, the number of foreclosures were up in 2009 versus 2008.

The average sales price for a 1 bedroom unit was $177,550. The average price for a 2 bedroom unit was $213,600. As mentioned earlier, a single 3 bedroom unit sold for $315,000.

Homes on average sell for 92.4% of the original list price. They sell for 96.6% of the final list price. If you are looking to purchase in Idylwood Towers it is important that you work with a Realtor that knows the buildings and can help you determine if the asking price is reasonable.

Idylwood Towers Sold 1/1/2009-2/24/2010: http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=587050XA2RI&p=DE-102620777-956

As of 2/24/2010 the number of pending home sales at Idylwood Towers is 7. Four are 1 bedroom units and three are 2 bedroom units. Four appears to be short sales, one a foreclosure and two are regular resales.

Six homes are currently available for sale in Idylwood Towers. They range in price from a 1-bedroom at $190,000 to a 2-bedroom listed at $320,000. Two 3-bedroom units are also for sale in the $299,500-$315,000 range. If you would like the current list of homes for sale, please email me at are@tysonsliving.com.

To get a better understanding of the overall price curve in the neighborhood we can take a look at the sales history of the various models. As there has been few sales of the 3 bedroom units, the price trend is probably most accurate for the 1 and 2 bedroom units.

The average sales price is still trending downwards and are approaching 2003 levels. The three bedroom model seems to keep its value well but will need more sales to see what the long-term difference is in price between that and e.g. the 2 bedrooms. There is great interest in units for sale in Idylwood Towers and reasonably priced units do sell quickly.

The current market situation could change if there are a lot of foreclosures coming up, so looking at the upcoming foreclosures on Realist, I found 0 pre-foreclosure, 2 upcoming auctions and 1 bank owned properties. Some bank owned properties have already been listed and sold over the last few years. There does not seem to be a flood of foreclosed on units coming up over the next few months. However, there is a sharp increase in short-sales as sellers, Realtors and banks get more experience with them (4 units currently pending sale are short-sales.)

Moving on to rentals, the prices have come down a little bit from last year. 27 properties rented in 2009, up from 21 in 2008. There are currently 14 properties listed for rent ranging from $1,075 for a junior 1br/1ba to $1,800 for a 2br/2ba. As can be seen on the below graph, the rents have declined for all the models (3br seems to have gone up, but one rented last year for a very low price so we are probably back to an expected average for that model.) The large numbers of units currently for rent may drive the rents down further in 2010 but we won't know until the summer by how much, if any.

For investors the GRM is still getting better but looks to be flattening out. Even though prices have kept falling the rents have also fallen.

Idylwood Towers is a great place to call home and the prices are now lower than what they have been for a long time. Coupled with the low interest rates and the potential to qualify for a tax credit this is an excellent time to buy. If you would like to discuss selling or purchasing in Idylwood Towers please give me a call.

Are Andresen
Broker, Soldsense Realty LLC
"Your sixth sense in real estate"