Fountains at McLean

Fountains at McLean July 2009 Sales Recap

2009-08-09T19:29:00.000-07:00

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

Fountains in McLean in May 2009

2009-06-14T09:18:00.000-07:00

2 Homes were Sold in the Fountains at McLean in May 2009. A one bedroom, bank owned elm model, for $200,000 and $4,602 in seller concessions. This property was asking $184,900 at time of contract - but as you can see it was bid up in price.

The other property sold in May 2009 was a 2 bedroom 2 bathroom, Oak model, that settled for $315,000 with no seller subsidy. This was a regular sale. They were asking $324,900 at time of contract. So these two properties sold in an average of 28 days on market for an average of $295.52/per square foot.

The 2 homes sold in May 2009 is double the activity of last year, May 2008, where only 1 home sold in that period. It was a bank owned 2 bedroom 2 bathroom, Magnolia Model, that sold for $320,000 and $7,500 in seller concenssions. So a net price of $312,500, and a price per square foot of $322.50.

Right now in the Fountains at McLean, in Tysons Corner, there are 2 properties available to purchase. The first is a bank owned 2 bedroom 2 bathroom, Willow Model, that is asking $306,800. The second is a 1 bedroom 1 bathroom, Pine Model, asking $224,900.

In terms of rentals, there are now 7 available properties for rent in the Fountains at McLean. 5 of those available are 2 bedroom 2 bathroom models, ranging from $1,599/month to $1,900/month in asking price. The other two properties available for rent are 1 bedroom 1 bathroom models asking $1,250/month and $1,300/month in rent.

2 Home SOLD in Aprili 2009 in Fountains at McLean

2009-05-15T07:19:00.000-07:00

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

Fountains at McLean action in the 1st Quarter of 2009

2009-04-05T11:25:00.000-07:00

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)

Metro Full Funding Approved!

2009-03-10T13:48:00.000-07:00

Today I, along with many others probably, received the below letter =

"March 10, 2009

Today, the Chairman of the Airports Authority Board of Directors, H.R. Crawford, signed a Full Funding Grant Agreement for the Dulles Metrorail Extension. In a ceremony with the U.S. Secretary of Transportation Ray LaHood, Chairman Crawford noted that this grant in the amount of $900 million will enable the Airports Authority to begin the long-awaited construction of the Dulles Metrorail Extension.As you know, achieving this milestone is the culmination of years of planning and public process that has involved many individuals from our state and local governments, the business community, and our elected officials.Our local project partners, the Commonwealth of Virginia, Fairfax County, Loudoun County, the Town of Herndon and the Washington Metropolitan Area Transit Authority are committed to bringing major transportation and economic benefits to the Dulles Corridor and to our Washington Metropolitan Region.I want to thank you for your strong commitment to bringing rail to the Dulles Corridor and all your efforts in this cause. Without your support, particularly in recent years, this day would not have come.The Airports Authority looks forward to continuing our partnership and excellent working relationship with you as we move forward on the Project. We are ready to go to work and we will continue to look for your involvement.We hope you will be able to join us later this spring when we have a kick-off event to celebrate the long awaited start of construction.

Sincerely,

James E. BennettPresident and CEOMetropolitan Washington Airports Authority"

Major Construction to Begin

2009-02-27T08:02:00.000-08:00

SAVE THE DATE!MAJOR CONSTRUCTION BEGINS IN TYSONS THIS SPRINGOn Route 123, Route 7, Dulles Toll Road, and the Capital Beltway

You're Invited to"Keep Tysons Moving"An Executive Business Briefing on the Capital Beltway HOT Lanes and Dulles Corridor Metrorail Projects

Thursday, March 26, 20097:30AM - Registration8:00AM - Presentation9:00AM - Workshop: Employer/Commuting SolutionsCapital One1680 Capital One DriveMcLean, VA 22102-3491(703) 720-1000HOSTED BY:Virginia Department of Transportation (VDOT)Metropolitan Washington Airports AuthorityVirginia Department of Rail and Public Transportation (DRPT)Fairfax County Department of TransportationTysons Transportation Association (TYTRAN)Fairfax County Chamber of CommerceFairfax County Economic Development AuthorityVisit Fairfax (FXVA)Fluor-TransurbanDulles Transit PartnersBriefing will include:Construction Schedules and Potential Traffic Impacts Resources for Employers & CommutersAnd much more!!

RSVP at outreach@virginiahotlanes.com or (877) 495-VDOT

New Listing = 1524 Lincoln Way #109

2009-02-22T07:29:00.000-08:00

Tysons Corner is a big job center. It's also a lot of fun with the Tysons Corner Center Mall, Tysons Galleria, plus lots of other great shopping. Construction is underway for 4 metro stations in the Tysons Corner area. Along with those metro stations, many developers have ideas to make the idea even more fun and trendy. This is the place to be now and in the future. So come and live here!

This home has been amazingly made over from top to bottom, or floor to ceiling. There are upgrades almost every where you look. From the expansive granite countertops that flow from the kitchen into the living area to the bamboo flooring to the upgraded lighting. There is a vessel sink in the fun modern bathroom. Come take a look. You'll like the deck, the extra storage, the walk-in closet in the bedroom, and of course garage parking.

Plus this home is located in a community full of amenities: clubhouse, table tennis, pool table, outdoor pool, fitness center, meeting room, party room, walking path, gated building, pet friendly, and more. This home is also convenient to Harris Teeter (a great brand new grocery - WALK!) and major roads: 495, 7, 123, 66, 267, and more!

Virtual Tour = http://www.homevisit.com/tour/vtour.asp?id=36638

Tons of photos = http://picasaweb.google.com/AgentKnows/1524LincolnWay109McLeanVA22102?feat=directlink

For more information or to see this property, contact:

Jeff Wu
Tysons Corner Specialist
Weichert, Realtors
AgentKnowsHomes.com
703-938-6070x198
240-994-7938
Jeff@AgentKnowsHomes.com
Licensed VA + MD
Equal Housing Opportunity

Fountains not on in December (2008) - recap of month

2009-01-02T19:33:00.001-08:00

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)

Fountains at McLean = November 08 in Review

2008-12-07T18:11:00.000-08:00

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)

3rd Quarter Home Sales Summary

2008-10-12T16:47:00.000-07:00

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)

September Sales + Rental Data (Fountains)

2008-10-02T16:43:00.000-07:00

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.

Guilty Party or Victim of the System?

2008-09-23T13:41:00.000-07:00

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.....?

August Sales Statistics 2008

2008-09-03T05:17:00.001-07:00

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.

Kudos to Management

2008-08-29T17:47:00.000-07:00

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!