Let's see what else happened in November besides Black Friday! In the Fountains at McLean there was 1 property SOLD. That property was a one bedroom in one of the mid-rise buildings. It Sold for $230,000. That property was on the market for 189 days. They originally started asking $264,500. One can only assume that was a tad on the high side, even for 6 months ago.
There were 4 transactions closed on the rental side in November. One was a 2 bedroom, all three of the others were 1 bedrooms. The 2 bedroom rented for $1580/month, and took 79 days on the market. While the 3 one bedrooms rented for an aveage of $1250/month and 39 days on the market.
That's it for November. The turkey has been eaten!
(data from MRIS)
Sunday, December 7, 2008
Sunday, October 12, 2008
3rd Quarter Home Sales Summary
There were 8 of home sold in the Fountains at McLean in the 3rd quarter of 2008.
5 One Bedrooms
- Average Sold Price = $237,600
- Models Sold = Spruce (2), Birch (2) + Cedar
3 Two Bedrooms
- Average Sold Price = $287,000
- Models Sold = Dogwood (2) + Oak
The 3rd Quarter had an increase in sales over the 4 total sold homes in the 2nd Quarter of 2008.
(data from MRIS)
5 One Bedrooms
- Average Sold Price = $237,600
- Models Sold = Spruce (2), Birch (2) + Cedar
3 Two Bedrooms
- Average Sold Price = $287,000
- Models Sold = Dogwood (2) + Oak
The 3rd Quarter had an increase in sales over the 4 total sold homes in the 2nd Quarter of 2008.
(data from MRIS)
Thursday, October 2, 2008
September Sales + Rental Data (Fountains)
Well kids are back in school, and now September is part of the past.
But what of the listings for sale? or for rent?
See the statistics below:
1 home SOLD in September in the Fountains at McLean
- It was a 2 Bedroom 2 Bathroom home
--> SOLD Price = $254,900
--> Model = Dogwood
RENTALS:
2 homes RENTED in the month of August
- Two2 Bedrooms
--> High RENTED Price = $1675/month
--> Low RENTED Price = $1600/month
--> Average RENTED Price = $1638/month
CLICK HERE --> for more Fountains Stats and Downloadable information
Information gathered from the MRIS. Information is deemed reliable, but not accurate.
But what of the listings for sale? or for rent?
See the statistics below:
1 home SOLD in September in the Fountains at McLean
- It was a 2 Bedroom 2 Bathroom home
--> SOLD Price = $254,900
--> Model = Dogwood
RENTALS:
2 homes RENTED in the month of August
- Two2 Bedrooms
--> High RENTED Price = $1675/month
--> Low RENTED Price = $1600/month
--> Average RENTED Price = $1638/month
CLICK HERE --> for more Fountains Stats and Downloadable information
Information gathered from the MRIS. Information is deemed reliable, but not accurate.
Tuesday, September 23, 2008
Guilty Party or Victim of the System?
The lending environment is tighter than ever right now. Well at least much, much, and super much tighter than recent years. In fact FHA loans have become back in style because they are pretty much the lowest down payment loans available now. Sure, don't get me wrong, there are always some unique programs out there that may or may not work for people. However I'm speaking in generalities right now. And right now loans are harder to get.
Well one of the market areas, or sub-markets, of the real estate market that is affected even more so by these changes is the condominium market (lovingly referred to as condos). FHA has an Approved condo list in every area. Many areas have few to even fewer approved communities on this list though. Why is that? I don't know. It may have something to do with the developer when the community was created/converted. Or it may have something to do with the FHA not being pro-active in getting communities involved. I have no idea, and don't claim to know why these lists are so bare. However, it doesn't change the fact that there are so few communities on these "approved" list.
The Fountains at McLean is one of these communities missing from the list. Not being on the "approved" list means that it is harder, if at all possible to get that increasingly popular and increasingly necessary FHA loan through. This is now the loan of choice and necessity for first time buyers. And in our area a first time buyer buys a condo. This is a Catch-22 that must be addressed. But by who, and how.....?
Well one of the market areas, or sub-markets, of the real estate market that is affected even more so by these changes is the condominium market (lovingly referred to as condos). FHA has an Approved condo list in every area. Many areas have few to even fewer approved communities on this list though. Why is that? I don't know. It may have something to do with the developer when the community was created/converted. Or it may have something to do with the FHA not being pro-active in getting communities involved. I have no idea, and don't claim to know why these lists are so bare. However, it doesn't change the fact that there are so few communities on these "approved" list.
The Fountains at McLean is one of these communities missing from the list. Not being on the "approved" list means that it is harder, if at all possible to get that increasingly popular and increasingly necessary FHA loan through. This is now the loan of choice and necessity for first time buyers. And in our area a first time buyer buys a condo. This is a Catch-22 that must be addressed. But by who, and how.....?
Wednesday, September 3, 2008
August Sales Statistics 2008
August has come and gone. But what of the listings for sale? or for rent? See the statistics below:
4 homes SOLD in August in the Fountains at McLean
- Three 1 Bedrooms
--> High SOLD Price = $250,000
--> Low SOLD Price = $215,000
--> Average SOLD Price = $230,000
--> Average Subsidy = $5,483
--> Models SOLD = Cedar, Spruce, + Birch
- One 2 Bedroom
--> SOLD Price = $316,100
--> Subsidy = $8,500
--> Model SOLD = Oak
RENTALS:
4 homes RENTED in the month of August
- One 1 Bedroom
--> RENTED Price = $1350/month
- Three 2 Bedrooms
--> High RENTED Price = $1800/month
--> Low RENTED Price = $1600/month
--> Average RENTED Price = $1667/month
CLICK HERE --> for more Fountains Stats and Downloadable information
Information gathered from the MRIS. Information is deemed reliable, but not accurate.
4 homes SOLD in August in the Fountains at McLean
- Three 1 Bedrooms
--> High SOLD Price = $250,000
--> Low SOLD Price = $215,000
--> Average SOLD Price = $230,000
--> Average Subsidy = $5,483
--> Models SOLD = Cedar, Spruce, + Birch
- One 2 Bedroom
--> SOLD Price = $316,100
--> Subsidy = $8,500
--> Model SOLD = Oak
RENTALS:
4 homes RENTED in the month of August
- One 1 Bedroom
--> RENTED Price = $1350/month
- Three 2 Bedrooms
--> High RENTED Price = $1800/month
--> Low RENTED Price = $1600/month
--> Average RENTED Price = $1667/month
CLICK HERE --> for more Fountains Stats and Downloadable information
Information gathered from the MRIS. Information is deemed reliable, but not accurate.
Friday, August 29, 2008
Kudos to Management
A quick kudos to Fountains manager and the team over there. I was helping one of my clients in arranging for a needed plumbing repair. During the repair the plumber notified the community management that he believed that some valves would soon need repair or become faulty. The manager quickly alerted me for my client. But most importantly, he informed me that these new items were actually common elements, and would be taken care of by the community. The Fountains Management was very helpful in identifying this issue, quickly taking responsibility, and being a major part of how it was remedied. Thanks again!
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