About McLean's Fountains at McLean

4 homes sold in the Fountains at McLean in Tysons Corner in July 2009. All four of those sold properties were 2 bedroom 2 bathroom homes. The models were: Oak, Willow, Oak, and Dogwood. One of the 4 was in a mid-rise, secure building. The other 3 were in Garden Style buildings. The high sold price was $315,000. The low sold price was $285,000. 2 of the properties were REO, bank-owned properties, more commonly referred to as foreclosures. One was a short sale. And one was a traditional sale. The July 2009 Fountains at McLean real estate statistics for sold properties are = [1] average of $293.23 per square foot + [2] average of 38.75 days on the market.

July 2009 kept a steady pace with July of 2008, as they both had 4 SOLD properties at this Tysons Corner Condo community. Last years statistics were = [3] $311.85 per square foot and [4] and an average of 79.5 days on the market. So this year the sold statistics for the month of July improved in market time, but had a decrease in the price per square foot.

In July 2009 there were also 4 properties rented. 2 were one bedrooms, and 2 were two bedroom properties.

Currently there are 13 properties on the market in the Fountains at Mclean. 6 are for RENT, and the other 7 are for Sale. Here is a graphic of those properties =




data from MRIS

In April of 2009 there were 2 homes sold in the Fountains at McLean. Both were "1st floor" homes in mid-rise buildings. The reason I used quotes around the "1st floor" is because depending what side of the building you're on you may be on the ground (1st floor) or you may be up 3 levels above the ground. This is because of the grading of the land around the buildings.
These properties also shared similarities in that they were both 1 bedrooms, and they both came with 1 garage parking. That's where the similarities end though. The property condition was very different.
The two properties sold were
- 1524 Lincoln Way #109 = $229,000 + $8,000 seller subsidy to buyer [VIRTUAL TOUR]
--> on the market 24 Days
- 1504 Lincoln Way #102 = $190,000 + $0 seller subdiy to buyer
--> on the market 139 Days
--> Bank Owned

In April 2008, the same month last year, there were also 2 properties SOLD.

Right now there are 2 properties available to buy in the Fountains at McLean. Both are 2 bedrooms, ranging from $306,800 to $314,900.

data from MRIS

What happened in the first quarter of 2009 in the Fountains at McLean? 5 SOLD properties, that's what happened. Those properties were actively on the market an average of 127 days, and they sold for an average of -5.94% (that minus in front means negative). There was also an average of $2,300 seller subsidy (also referred to as closing cost help from seller to buyer).

What types of sales were these 5 transactions?
Regular Sale = 4
Short Sale = 0
Bank Owned Property = 1

What style homes were these 5 properties?
1 Bedroom = 2 (Birch + Cedar)
2 Bedroom = 3 (Oak[2] + Linden)

How does this compare to the same time last year (1st quarter - 2008)?
Last year there were 7 properties sold in the same time period. And they sold for an average of -5.72% (yes, also negative) of their list price, in an average of 51 days on the market. They also had an average of $4,327.70 in seller subsidy.

Below is a graphic of the sold properties I've mentioned, plus those that did not sell, and those that are under contract, or for sale right now at the Fountains at McLean.



(Data is from MRIS and represents multiple listings from multiple brokers)

Fountains at McLean is located in McLean, Virginia. Located in Tysons Corner, it is ideally situated next to one of the major employment centers in the area.

The Fountains at McLean consists of multiple buildings of two styles: mid-rise and garden. The mid-rise style has controlled building access and underground parking available. The garden-style has open hallways and there is surface parking only. There are numerous 1 and 2 bedroom models available.

In 2008, a total of 22 units were sold in the MLS. 15 units sold were one bedroom units and 7 units sold were two bedrooms units. The price range of solds start at $215,000 for a 1 bedroom and ends at a 2 bedroom unit sold for $357,000.

Like most places in the area, the prices have kept dropping steadily over the last few years. The community still offers a great value in an excellent location.

At the Fountains at McLean, a typical rent for a 1 bedroom unit is in the $1,200-$1,400 range and 2 bedrooms at $1,600-$1,700.

For more detailed information on each sale, please click on Sales Details 2008 for Fountains at McLean or send me an email at are@tysonsliving.com .

As you can see from the GRM graph - now is a great time to purchase investment real estate. With falling prices, stable/increasing rents and low interest rates the time is better now than in many years.

Are Andresen, Broker
Soldsense - your sixth sense in real estate

Although the temperatures aren't very high in December there was still some life in the Fountains real estate market.

In December there were 1 SOLD property, and 3 RENTED properties at the Fountains at McLean.

The property that SOLD in December was a 1 bedroom 1 bathroom Pine model. It took 174 days to get a CONTRACT. The home sold for $215,000 and gave the buyer another $5,500 in subsidy. That equals out to a net to the seller of $209,500. This was also equivelant to 89% of the original asking price.

The 3 properties that RENTED in this month were all of the 1 bedroom 1 bathroom variety. They RENTED for an average of $1300/month, and in an average of 97 days on the market. There was a high rent of $1350/month, and a low rent of $1250/month. The properties that RENTED were all 3 different models: Spruce, Birch, and Elm.

(data from MRIS)