McLean, VA

In May of 2009 2 homes SOLD. There was a two bedroom that sold and also a one bedroom that sold.







The two bedroom was a Dalton Model. At time of contract it had been asking $319,000. They Sold for $279,000 with no seller subsidy. This is 87% of asking price. This property was credit union owned, or what could and is also referred to as a foreclosure or bank owned property. The property was on the market for 76 days. When it listed they were asking $339,000.







The one bedroom that sold was a "normal" or "traditional" sale. The asking price was $220,000 and it sold for $220,000 with $3,000 in seller subsidy. It was a top floor Danielle model that was very well taken care of.







Here is the virtual tour so you can take a look --> http://www.homevisit.com/mlsTour?ver=1&id=37394

Last year in the same month, May 2008, there were also 2 properties SOLD. They were both two bedrooms. They sold for $365,000 (Logan Model) and $320,000 (Dalton Model).

Right now there are 4 properties on the market. Three of them seem to be traditional sales. The fourth is a short sale. See below:

In the Gates of McLean in May of 2009 5 properties were rented. Three were one bedrooms, and the other two were two bedrooms. The average one bedroom rental was $1,180/month. The average two bedroom rental was $1,675/month. Here is a visual:

Last year in May, May 2008, there were only 3 properties rented. The two bedroom (1) price was $1,695/month. While the one bedroom (2) average was $1,300/month.

Right now there are 16 properties available for rent at the Gates of McLean. There are 7 one bedrooms available, 6 two bedrooms, and 3 three bedrooms. They range in asking price from $1,225/month to $2,400/month.

As of today, June 8th, there are 397 homes on the market for sale in McLean, Virginia. 80 of these were listed for sale within the last 30 days

This chart shows the current inventory, number of pending sales and average list price sorted by neighborhoods within McLean:

The average listing price for all homes currently on the market in McLean is $1,751,018. Of the 397 homes, 256, or 64% of all McLean Virginia homes listed for sale are priced above $1 million. Interestingly, there were 55 sales of homes in McLean in the last 30 days. 16 of these, or 29% sold for over $1 million. The discrepancy points to the fact that the higher priced homes are not selling as rapidly.

However, the average sales price of a home in McLean, Virginia in the last 30 days was $906,848. Certainly nothing to sneeze at!

Additionally, there are 152 pending sales in McLean.

There has been a reasonable market activity at the Gates of McLean this year. It seems investors and homeowners are realizing the value of the community - on the last few homes I inquired or put in offers on we have competed with multiple offers with the sales price ending up at or above asking price. There has been 7 homes sold in the first 5 months of the year. The lowest price was a 1br/1ba at $195,000. The max price was a 3br/2ba property with granite countertops at $354,750.

The average price YTD for a 1 bedroom unit is $207,500. The average price YTD for a 2 bedroom unit is $301,600. As mentioned earlier, one 3 bedroom unit sold for $354,750.

Homes on average sell for 91.1% of the original list price. They sell for 94.2% of the final list price. So, if you are looking to purchase in Gates of McLean, it seems that you will be able to get a slight break in price. However, the market has picked up lately and unless you are willing to purchase one of the units up against I-495, you may have to pay closer to the asking price than the statistics indicate.

Gates of McLean Sold YTD: http://matrix.mris.com/Matrix/Public/Email.aspx?ID=31159444269

If we look at the number of pending home sales at the Gates of Mclean as of 06/02/2009, we get a number of 3. Two of those are 1 bedroom units in the low $200's. One of those appears to be a short sale.

Four homes are currently available for sale at the Gates of McLean. They are two 1-bedrooms at $240,000 and two 2-bedrooms in the low $300's. 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'll need to do some comparison on a model basis. As there has been two sales of the Danielle model(1br) and two sales of the Dalton model (2br) I put together a graph showing those sales in the neighborhood over the last couple of years. It makes it much easier to see what the trend is as the mix of homes sold continuously changes skewing the minimum, maximum and average sales price. I left out the 3 bedroom model as the price has varied a lot on that model.

As can be seen from the above graph, the average sales price is trending downwards and are back to pre 2004 levels. One bedroom models could be purchased from the developer from the low $200's back in 2003, so many are upside down at this point. There is interest in the Gates of McLean homes for sale and reasonably priced units away from I-495 do sell quickly and with multiple offers.

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, 3 upcoming auctions and 4 bank owned properties. Some of the bank owned properties have already been listed or are already under contract/sold. So, there does not seem to be a flood of foreclosed on units coming up over the next few months.

Moving on to rentals, the prices have remained pretty steady, especially for 2 bedroom units. 20 properties rented so far this year. There are currently 16 properties listed for rent ranging from $1,200 for a 1br/1ba to $2,400 for a 3br/2ba. As can be seen on the below graph, the rents for one bedrooms has declined while it has increased slightly for 2 bedroom units. Rents are typically a bit higher in the summer so we may see a bump in the average by the time we get to the end of the year. Due to the large amount of non-owner occupied units (likely more than 50%) there will continue to be a competitive rental market at the Gates.

For investors the GRM is getting better and better for 2 bedroom units. Due to the 1 bedroom falling rents the GRM is about unchanged from last year despite falling prices.

Gates of McLean is a great neighborhood and the prices are now often lower than what the developer sold them for back in 2003. Coupled with the low interest rates and the potential to qualify for the $8,000 tax credit this is an excellent time to buy. If you would like to discuss selling or purchasing at the Gates of McLean please give me a call.

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

Are you wondering about Northern Virginia real estate and pondering what has sold recently?

Here's some information about the most expensive home sales in Northern Virginia (Arlington County, Alexandria City, Fairfax City, Fairfax County, and Falls Church City) for April 2009. All information was obtained through MRIS.

Overall, there were 61 sales topping $1 million during the month of May 2009, a 50% increase from the 40 that sold in April. The luxury market seems to be heating up a bit. Or maybe it's just those Maryland Millionaires moving down our way to Virginia.

MAY'S MOST EXPENSIVE SALES

Single Family Detached Homes:

• 7724 Georgetown Pike, McLean, VA 22102 -- Sold on May 8th for $7,850,000.
  Wow! What a sale. Though the economy has surely taken its toll since this one sold for $2.65 million below the asking price of $10.5 million. This stone mansion custom built in 2006 has over 22,000 square feet of living space! On 5 acres, this magnificent home features 9 bedrooms, a 6 car garage, 12 full baths and 5 half bathrooms. Space to entertain, for sure.
  
  
• 860 Nicholas Run Drive, Great Falls, VA 22066 -- Sold on May 5th for $2,600,000.
  With over 12,000 square feet of space, this home includes an elevator and a first floor "Grand Ballroom." This house was built in 2007 and sold after over a year on the market for about $400K under the $3 million asking price.
  
  
• 909 Whann Avenue, McLean, VA 22101 -- Sold on May 14th for $2,600,000.
  5 bedrooms, 4 full bathrooms in this large Colonial home in the Langley Forest area of McLean. The home features a gourmet kitchen, patio, and landscaped gardens. The finished 3rd level is perfect for an office or second master bedroom.
  
  
• 1324 Ballantrae Farm Drive, McLean, VA 22101 -- Sold on May 15th for $2,360,000.
  Even though this home is 25 years old, Ballantrae Farms in McLean is perenially popular. The interior features a marble foyer and gourmet kitchen. There's a billiards room, 6 bedrooms, 6 full bathrooms, and an outdoor pool.
  
  
• 9211 Black Riffles Court, Great Falls, VA 22066 -- Sold on May 6th for $2,250,000.
  On 5 acres in Great Falls, this home sits on a circular dirveway at the top of a scenic knoll in a cul-de-sac. There are 5 bedrooms and 10 full bathrooms! With 5 fireplaces and 8 garages, a pool, gym, and maid's quareters, this home will delight its new owner.
  

CLICK TO SEARCH FOR AVAILABLE SINGLE FAMILY HOMES IN NORTHERN VIRGINIA

Note: 26% of the million dollar plus single family homes that sold in May were sold in McLean. It's a Great Place to Have a Real Estate Office, I Can Tell You That.

Townhouses:

• 114 Madison Place, Alexandria, VA 22314 -- Sold on May 8th for $1,175,000.
  Overlooking the Potomac River, this townhouse features an open floor plan with a gourmet kitchen. It has 3 bedrooms, 4.5 bathrooms, and is steps away from the bike path, health club, and shops and restaurants in Old Town Alexandria. It has a 2 car garage and 4 levels of luxury living.
  
  
• 1510 Colonial Terrace, Arlington, VA 22209 -- Sold on May 15th for $1,100,000.
  2.5 blocks from the Rosslyn Metro and 3/4 mile from Georgetown, this townhouse features of 3,200 square feet of living space with an enormous master suite with luxurious new bath. The townhouse was built in 1991.
  

• 421 S. Lee Street, Alexandria, VA 22314 -- Sold on May 1st for $1,075,000.
  Right in the heart of Old Town Alexandria, this 3 bedroom townhouse was originally built in 1810. There's a 2 story addition of a kitchen and master suite.
  
  
• 325 N. Pitt Street, Alexandria, VA 22314 -- Sold on May 29th for $945,000.
  Also in Old Town Alexandria, this brick townhouse built in 1971 was renovated with wood floors, and a sleek kitchen. 4 bedrooms 3.5 bathrooms on 3 levels.
  

SEE AVAILABLE TOWNHOUSES IN NORTHERN VIRGINIA

Condominiums:

• 11776 Stratford House Place #1404, Reston, VA 20190 -- Sold on May 15th for $745,000.
  This Penthous condo in Reston offers great views of Tysons Corner. With 3 bedrooms and 3 bathrooms, it is walking distance to the Reston Town Center and the first Penthouse to sell at the Stratford in 5 years.
  
  
• 888 N. Quincy Street #1512, Arlington, VA 22203 -- Sold on May 15th for $696,000.
  A 2 bedroom 2 bathroom condo at the Residences at Liberty Center. From the 15th floor there's a panoramic view of the entire DC area -- not to mention the 24 foot balcony!
  
  
• 1600 N. Oak Street #527, Arlington, VA 22209 -- Sold on May 20th for $657,500.
  1420 square feet of space in this 2 bedroom 2 bathroom condo at the popular Belvedere in Rosslyn. The large gourmet kitchen with new cabinets and granite counters complete the package.
  
  
• 2101 N. 15th Street #1201, Arlington, VA 22201 -- Sold on May 20th for $610,000.
  Often on the list of highest price condos sold, here's another sale of a 2 bedroom 2 bath condo at the Odyssey condos in Arlington. When you get bored of your 1,135 square foot unit, head up to the rooftop pool!
  

SEE AVAILABLE CONDOMINIUMS IN NORTHERN VIRGINIA

Contact Brian Block, Managing Broker, REALTOR/Attorney, RE/MAX Allegiance: Licensed in Virginia & Washington D.C. 703-626-0715. If you are interested in purchasing or selling a property in Northern Virginia including Arlington County, Alexandria City, Annandale, Burke, D.C., Fairfax County, Falls Church City, Great Falls, Lorton, McLean, Springfield, Washington D.C., contact Brian today.

In real estate, as you know, there are three important words. Location. Location. Location.

Whether it's a potential homebuyer deciding upon where to live, or a seller trying to value their home, location plays the primary role. I always tell people that you can change the home both interior and exterior on your own. However you cannot change the location.

The same rule applies when deciding where to establish a business. In this case, a real estate office.

My RE/MAX office is located in McLean, Virginia.

Take a look at this short video which covers a recent study that named McLean, Virginia as the wealthiest community in America.

Emulating what the banker said in the video clip:

I can attest that McLean, Virginia is a Great Place to have a Real Estate Office.

And you can quote me on that.

Do you want to buy a house in McLean? Click here to start your McLean home search.

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Are you a Northern Virginia real estate agent that wants to join a dynamic brokerage in an office in the most affluent community in the country? Give me a call at 703-626-0715 or contact me by e-mail. We're always looking for enthusiastic and experience agents.

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