Super Deals in Tysons Corner Area Real Estate

Just a stone's throw from Tysons Corner we have the Dunn Loring metro. Across the street, literally, is a community called the Halstead. Right now there is a bank owned, also known as foreclosure or REO, property for sale. It is a super deal.

This property is on the 3rd floor. It is 2 bedrooms and 2 bathrooms. It is very well appointed with a gas stove, built in microwave, an island in the kitchen, and granite counters.

The most recent sold 2 bedroom 2 bathroom properties in the community sold for $330k and $300k. They settled in April and June of this year respectively.

As our DC metro real estate market has shown strength, limited inventory, and good demand - especially in the price range <$400k - this property priced at $275,900 is a super deal.

For more information.

http://TysonsSuperDeals.blogspot.com

Time is running out on the Tax Credit

To take advantage of the $8,000 tax credit first time buyers must purchase and settle on their new home by 11/30/09. That means that would be buyers need to have a home "Under Contract," sometime in October at the latest. The typical time from contract to settlement could run 30-60 days or more, and a September (or earlier) contract may even be much safer.

October is still a few months away, so it may seem (and artificially so) like there is plenty of time. However, I know that many buyers can have trouble finding what they really want. And considering that there is a reduced inventory, and there are quite a few buyers waiting for the "right home," it could be much more challenging then people realize to meet the Tax Credit deadline.

So whether a buyer is focusing on getting a new home in Tysons Corner, or anywhere else in the country, they should keep an eye on their timelines.

Talk about Short Sales, Insurance, Tax Credits + More! = Today

Today, 6-2-09 at 7pm, there will be a Home Buyer Seminar. This is not going to be your father's home buyer seminar. This is going to be packed with good information and professionals: Realtor, Mortgage Broker, Insurance Professional, Settlement Company, Architect, Flooring Company, Builder, Handyman, CPA (Accountant) and more! Each will talk very briefly on specific topics of interest, and then there will be plenty of time for Q+A (Question + Answer).

Come and be ready to learn!

Some of the topics to be covered =
- Short Sales
- Foreclosures
- Interest Rates
- Importance of Insurance
- Settlement the Right Way
- doing cost efficient renovations that add resale value and functionality
- green flooring
- Tax Credits, timelines, and uses
- and much more!

Tuesday --> 6/2/09 --> 7pm --> 1510 Spring Gate Drive, McLean, VA 22102 (Tysons Corner - Gates of McLean - Clubhouse)

What about Taste of Tysons?

I've heard that Tysons Corner is either the 12th or 14th largest city in the country, by # people, Monday through Friday from 9am-5pm. That's pretty big. However, that's also a lot of depreciation or shrinkage, or any other fun term for smaller, during the off hours. I konw there are a lot of things planned to alter the landscape and make Tysons Corner more of a destination. Much more than people just going to the mall.

Events that involve a large part of the community can be a lot of fun. There should be a bunch of events like that in Tysons Corner. And they should occur every year. One event that I know people have a lot of fun at in Arlington, is the Taste of Arlington. There are lots of restaurants, big ones and small ones, and all types of ethnic food. There are also a multitude of entertainment acts from within the community. And last but not least there is even a program of events and activities for families and children. It is a really good community event for all ages and tastes.

I know that there are many terrific restaurants in Tysons Corner. Let's have the Taste of Tysons Corner. It would be a great way to create community here in one of the premier destinations in DC. Shoot, I'm hungry just thinking about it.

Metro Full Funding Approved!

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 Begins

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 Solutions

Capital One1680 Capital One DriveMcLean, VA 22102-3491(703) 720-1000

HOSTED 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

When is 39% not 39%?

Good news is that transactions were up for our region, as a whole, 39% for the closed month of January 2009 vs. January 2008. However, this is the Tysons Corner Real Estate Blog. So we should focus in a little more locally.

The two zip codes that combine, border each other, or whatever you want to call it to make up Tysons corner area are 22102 (McLean) and 22182 (Vienna). Neither of these was up 39% in January for transactions. In fact one was up, and the other was down.

The zip code area of 22102 was down 46.15% for the month of January compared to the previous year. The numbers themselves weren't huge, 7 (2009) vs. 13 (2008), for total properties sold.

The zip code area of 22182 was in line with the regional trend, although slightly below the regional rate, with a 20.22% increase in transactions. The numbers were again not overwhelming at 11 (2009) vs. 9 (2008).

So, although those two zipcodes cover more than just the Tysons Corner area, when you put them together they end up with a number of negative 18.28%. That's our 39%.....or not.

[data from MRIS]

We are insulated, but not immune

No, we're not made of styrofoam. We don't keep things hot or cold. But the northern virginia, and in fact the entire DC metro area, is insulated from the economic woes of the rest of the country. Don't get me wrong, I didn't say we're immune. We've got issues just like everyone else. They're just not as bad as everyone else.

I was talking to someone the other day who said, "government will never get smaller." I don't know if that's true, but it doesn't seem incorrect. And we've got a boatload, well actually hundreds of boatloads of government contractors around supporting all this government. It's really ridiculous. Again, I'm not complaining. It's just why we're unique from the rest of the country.

So what are the numbers? Well across the country we're at an uneployment number upwards of 7.1%. Here in Virginia we're significantly less at 5.2%. And in Northern Virginia we fare even better. Our number is 3.9%. Believe it or not, we can go even lower! Fairfax county, where Tysons Corner resides, is at the low figure of 3.4%. So tell everyone to move here, because this is where it's at.

Data used is from Virginia Employment Commision

Do you know how good it is?

Mortgage rates were recently at, and are still very near right now, 40 year lows. Money is still available. And as the first statement alludes, it is very cheap money. There is also an incorrect believe that this cheap money requires you to put 20% down payment. As I just said in that sentence it's an incorrect belief. You can get this cheap money with as little as 3.5% down payment. Admittedly it's not a 100% financing. Which is good (more later on that). But last time I checked 96.5% isn't too far from 100%. In fact in the schools I went to both would be considered an "A."
It is good that the 100% stuff is gone. Home ownership is not an entitlement. Home ownership is a right. However it is a right that we have to earn. A goal and a privilege that must be striven to be attained, and maintained with focus and appreciation. Houses aren't like free balloons that politicians hand out at the neighborhood fourth of July celebration. Houses and homes are something that people should have to dream about. They should have to SAVE money to be able to buy their home. They should really really, and one more for good measure, really appreciate what it took to get into that home. And that appreciation should become an ownership of the responsibility to keep and improve that home.
If every homeowner was able to take that mentality to homeownership than we will go a long to way to putting our country and economy in a better place.

It will be completely gone soon

A few months ago we had two Circuit City stores in the Tysons Corner area. One by the Mall, Tysons Corner Center, near La Madeline. The other was farther down route 7 to the west. It sat next to Starbucks and Ethan Allen. Circuit City tried to get itself in a better place, and decided to close a bunch of stores across the country. We were to lose one store. So it began. There were men on street corners every day holding Signs. First it was 20% off, then 30, next 40. I think it finally got to somewhere around 60% off before everything was gone. They were even selling fixtures. That made me curious. I don't know why, but it did. Well I thought that was that.
I was wrong.
Circuit City wasn't able to right the sinking ship. They couldn't get in better shape, and they couldn't find a buyer to save them. Now there will be no more Circuit Citys anywhere. I saw in the news that it was over. And that day I saw the people with the signs near the store on route 7 that they'd left open. It's amazing how quick thos people appear with their signs. This will be one of the 567 (I believe that's the right number) of stores that will now shut their doors.
It just goes to show that although we are insulated, and certainly much better off that most of the country, we are not unaffected.
Goodbye Circuit City, and good luck to all who worked there.

Tysons Corner Grocery - Grand Opening is Today!

We have so many choices: Giant Food, Safeway, Wegmans, Shoppers, Magruders, Harris Teeter, Food Lion (excuse me - Bloom) and more. Why do we shop for groceries where we choose? I would wager that the majority choose simply because of geographic convenience. Not all people enjoy a trip to the grocery store as I do. Hey, I like to eat! But even I know it takes time, time to drive there, time to pick out your stuff, time to pay, time to drive home, and even more time to put it away. That's the one resource we can't get back. So I too understand the time benefits of going to the closest grocery store to where you live. Well now Tysons Corner has a Harris Teeter. It's definately going to be the go to grocery for a lot of the condo and apartment dwellers in the area. And I'm sure some of the townhome and single family owners will check it out too.

The new Harris Teeter is in the ground level of the Park Crest Building. Basically behind the Galleria and down the hill from the Ritz. It's a good location. They'll tap into people who live in those buildings. And they'll probably get a good lunch business from all the local employers. Not everyone wants to go to P.F. Changs or The Daily Grill every day for lunch. This will be a good budget friendly option with variety for lunch.

The new Grocery store features: Farmer's Market (a self proclaimed "high standars and world wide variety" produce section), Fishermans Market ("quality verified"), Pharmacy, and more.

So check it out. Let me know what you think. Is this where you'll be shopping? As the title says, the Grand Opening is today!

The Town of Vienna has decided

There were two interesting decisions/approvals by the Town of Vienna and it's governing council:

1) A new building was approved, on 12/15/08, at 137 Church St, NW. The new building will house the YAS bakery, to include: it's main area, work room, lunch room, and a small office. The building will also have room for a few other renters/tenants. The new structure will bring improvements to the stormwater management abilities of the current site.

2) The Town Council also took vote to approve more defined restrictions on portable storage containers. These containers will be allowed, only in residential single family home areas, for no more than 30 days in a year period. They will also be permitted for no longer than 6 months on active construction areas. Mentions to limitations on the size of such containers, and a fee to the town, were also inlcuded in the ordinance amendment.

(source = Sun Gazette, 1-1-2009)

Although not directly part of Tysons Corner, The Town of Vienna borders it. The Town of Vienna is also chock full of great history and culture.

Area Schools are some of the Nations BEST!

U.S. News and World Report has recently named 4 County High Schools to the Nations top 100. This is out of a review of over 1,900 schools in 48 states. The evaluation was based on college readiness, participation and performance in AP (advanced placement) tests, participation and performance on IB (international Baccalaureate) tests, and proficiency on standardized state tests. For the 2nd straight year Thomas Jefferson High School for Science and Technology (TJHSST), the county's magnet school, was ranked 1st in the nation.

Following TJ on the list of the Nation's Top Schools were McLean High School at 55th, Langley High School at 76th, and Woodson High School at 90th.

There were other schools that earned recognition referred to as Silver or Bronze recognition. This was earned by achieving certain criteria. In Fairfax County there were 7 schools that earned the Silver Designation (in alphabetical order) = Chantilly High School, Lake Braddock Secondary School, Madison High School, Marshall High School, Oakton High School, Robinson Secondary School, and Stuart High School.

Vienna-Tysons Chamber wants it's opinion known

Although not known for meddling in politics, the Vienna-Tysons Regional Chamber of Commerce is ready to get involved. The organization is creating a Public -Policy Committee to give voice to the sentiments of the groups members. The decision to create this committee comes out of awareness of the many projects planned or in the works in the Tysons Corner area. The initial focus of the group will be on two main projects: the Dulles Metro Projet and the High-Occupancy Toll (HOT) Lanes Project. Both are key parts to improving local transportation. And both will play a key role in the redevelopment of the Tysons Corner area.

source: Sun Gazette 12-18-08 (pg7+14)

A "Changing Tysons" Quick Facts

Tysons corner is changing everyday, as is every city in the nation. But we have much bigger plans in store for the future. Here's an update on some of the planned changes:

- county staff to draft a new comprehensive plan for Tysons by July 09
o “aggressive timeline” said James Zook (director of Fairfax County’s department of planning and zoning)
o hope to get a vote when board of supervisors returns from recess in August 09
- 95% of development will be within a half a mile of one of 4 metro stations, and within 600 feet of a planned Circulator route
- Hopes to increase housing from 14,000 to 100,000
- Federal Transit Administration approved $900 million in funding 12/4 for the Dulles Metro Rail

Sources = 1) DullesMetro.com + 2) Vienna Connection 12/17-23/2008 pages 3 + 7

Lillian Court in November 08

Lillian Court sits in a great location in Tysons Corner. It's right next to the Galleria Mall, and across the street from Greensboro Drive, which is home to many of the areas big employers: SAIC, BAE, Booz Allen Hamilton, and more.

In November 2008 there were 2 properties SOLD in Lillian Court.

The first was a 2 bedroom 2 bathroom home on 2 levels. It had approximately 1200 square feet in total. The home sold for $345,000 in approximately 162 days on the market.

The other home to sell in November was a one bedroom one and a half bath property. This property was only on one level. It had approximately 988 square feet. The home sold for $270,000 with a subsidy of $5,000. It sold in approximately 12 days.

No properties are showing as having RENTED in Lillian Court in November of 2008.

There are currently 3 properties For Sale in Lillian Court. There are also 5 homes available For Rent.

(data from MRIS)

Metro passes another hurdle for funding

Quick Facts related to the planned Metro line to the Dulles Airport and beyond:
- Project to cost $5.2 Billion
- 23.1 miles
- Phase 1 to go from East Falls Church (Falls Church) to Wiehle Avenue (Reston)
- Phase 1 = 11.6 miles
- Phase 2 will complete the project all the way to Route 772, just beyond the Dulles International Airport
- Phase 2 = 11.5 miles

December 3rd the Federal Transit Administration O.K.'d the planned metrorail extension project. The project must now get approval from Mary Peters (Transportation Secretary) and the Office of Management and Budget.

source = (Washington Business Journal; December 5-11)

November Sales in Tysons Corner area

In the Tysons corner area there were 14 SOLD properties last month. 3 of these were single family detached homes. 2 were Townhomes. And the rest, 9, were condos. Of the condos there were 3 Garden style, 4 mid-rise, and 2 High Rise sold.

The Properties SOLD for approximately 96.5% of list price. They were on the market an average of 110 days. And there was an average of $3,200 in closing cost credit given to the buyers.

Below is the data:

(data from MRIS)

A great Vienna Tradition

The Annual Vienna Church Street Stroll was held last night. It really reminded me what a great Town Vienna is. It is steeped with traditions. The Church Street Stroll is one that's meant to continue for years to come.

This is an event that's enjoyed by all. The street is closed. There is marshmallow roasting at multiple locations. There was a band singing festive music. Santa and Rudolph arrived in an old fashioned super red fire truck. Kids loved the truck as much as Santa. Santa proceeded to meet and greet the mayor and then they together lit the tree.

Plus the Freeman House and Caboose were both open. And there was a petting zoo by the Caboose. This town has so much culture.

The temperature may have been cold and the wind didn't help, but for the evening Church street was filled with people, smiles, joy, and warmth.

What a great tradition and opening celebration of this Holiday Season!

Tysons Tunnel Supporters not giving up!

There are those that still fight or push to get the metro line that will cut through Tysons Corner and head out to the Dulles airport and beyond below ground. The tunnel Supporters.

A recent article by Mirza Kurspahic in The Connection papers titled "Tunnel Hope Revived," indicated that Scott Monett and other supporters of changing the planned silver line metro to a tunnel have not given up hope. In fact it indicates that because of the election and the change in administration that the tunnel supporters have "revived hope."

In the article Scott Monett, the head of the Tysons Tunnel support efforts, is quoted as saying that the election "shuffled the deck." The belief is that the new president and his new staff may be more supportive of the tunnel than the previous administration.

A tunnel would definately be friendlier to the environment and the skyline. The opinion of those involved in the planning and approving of the metro thus far was that it would be too costly. Because of the lack of open bidding that is unknown. Hope definately springs eternal.

Results may be in, but Voting isn't over!

Gerald E. Connolly has now been elected to Congress. Prior to the election he promised to continue to champion the Metro Extension to Dulles airport. That is a good thing for the Tysons community. He has been a part of this process from very early on. Let us all make sure that he keeps his promise.
*****
And now a motivational note:

No matter what industry or profession you hold, times have been tough for many. Although the election is over you must still Vote.

Vote for yourself! Right now! Today! Tomorrow! and Everyday!

It doesn't matter if it's an election year or not. Heck, I'm not even talking politics. And yet again I say, Vote for yourself! Everyday!
If you don't vote for yourself who will? Be your own best supporter. Whatever happens, know you did your best with what you had at that moment.
When talking about voting, I'm talking about three key things. None of which require waiting in line on a Tuesday.

(1) Attitude

Your first vote should be a vote of Attitude. Vote for yourself by choosing a positive attitude. Positive outcomes are most likely with this vote. I you think you can you are right. The other part of that popular quote doesn't matter. Make sure you, "Think you can." VOTE

(2) Education

Your second vote should be the vote of Education. Do something everyday to better yourself and your abilities. You will be more effective at what you do. You will enjoy what you do better. You will be better able to help your clients, friends and family. Equip yourself with the tools to success. Knowledge is the hammer to shatter any obstacles in your path. Vote!

(3) Activity

Your third vote should be the vote of Activity. Votes one and two are integral to your success. Once you have them you must get the body moving. Hands, arms, torso, legs, and feet, get them all in motion! Hopefully with some level of coordination. No this is not jazzercise (although I'm told that's good exercise - and fun too). This is about taking action to achieve success. Working towards whatever you consider to be your desired results. Vote!
VOTE FOR YOURSELF! now and everyday in the future.

2 new lanes coming to the Beltway! (on each side)

I attended a presentation by both Dulles Metro + HOT lanes hosted by the McLean Citizens Association last night. It was informative on both the Metro, planned Silver line, and the HOT lanes planned for the beltway.



Right now I want to focus on the HOT lanes. The beltway is going to be widened so there will be 2 new lanes on each side. They will run almost all of the Virginia portion of the beltway. The 2 leftmost/innermost lanes will be for these HOT lanes. They will be pay for use. Or free for HOV-3. So free if you have 3 or more people in your car. Some interesting features for HOT lanes are that they will add exit and on ramps in the Tysons area. 3 new access areas for the Beltway.



The pricing for use, for non HOV-3 drivers, will be "dynamic." The goal of the administrators/controllers of the HOT lanes is to guarantee a speed of 45 miles per hour or more. In order to do this they will constantly monitor the usage and traffic on the HOT lanes and raise prices to price people out and keep the speed up.



Some concerns raised by those in attendance were:

- Enforcement of access to HOT lanes - making sure all those using were HOV-3 or paying customers

+

- Congestion at the "terminus" of the HOT lanes - It is understood that VDOT and it's private partners have good plans for the 45 mile per hour guarantee and the dynamic pricing, but what about when traffic comes up to the bridge and the rest of the beltway is already backed up from the Maryland side.



The response to the congestion was that Maryland is undergoing studies as to how to react accordingly now that HOT lanes are moving forward.



Although no one has the answers, it is exciting to see that VDOT is working to find solutions for our currently overwhelmed roads. These HOT lanes are set to open in 2012.

For more information right from the source check out =

http://www.virginiahotlanes.com/

10-30-08 Tysons Transportation Seminar

Building a 21st Century MainstreetDulles Corridor & Transit-Oriented Development Seminar Series Seminar #2:

Thursday, October 30, 2008 8:00 AM Registration & Continental Breakfast; Program: 8:30 - 10 AM Capital One 1680 Capital One Drive, McLean, VA 22102

Presentations: "Transforming Tysons: Vision and Area Wide Recommendations" Clark Tyler Chairman Tysons Land Use Task Force"Thinking Outside the Transit Envelope"

Nat Bottigheimer Assistant General Manager Department of Planning and Joint Development Washington Metropolitan Area Transit Authority

Special Guest
Gerald Connolly Chairman Fairfax County Board of Supervisors

RSVP by email mailto:info@tytran.org?subject=RSVP%20for%20October%2030%20TOD%20Seminar or call TYTRAN at 703-799-5394.

The Tysons Plan Unveiled!

This Monday the Tysons Land Use Task Force will be meeting with the Fairfax County Board of Supervisors. There they will be revealing the results of lots of money (<$1,000,000) and lots of time (3+ years).
No one knows what the future holds for the area and it's growth, but this plan will most likely play a major role. Will they be able to create a blend of entertainment, shopping, work/office space, and other real estate that people enjoy frequenting? Will it be commuter friendly? Will it be walker friendly? What will the parking situation be? If you really want to know show up at the Board of Supervisors Meeting on Monday (9/22) at 10am or before.
My hope is that they don't try to make things too big too quick. We already have our traffic challenges now. Lets have everyone, land owners, developers, companies, residents, government, and the general public all work together to make this area something special!

For more on this coming meeting =
read this article
http://www.fairfaxtimes.com/news/2008/sep/19/tysons-take-two/
and check out the agenda for the meeting 9/22
http://www.fairfaxcounty.gov/government/board/bdagenda/9-22BoardPackage.pdf

I wish I had more cash..... Right Now!

I wish I had more cash. Right This Second.

I don't say that because I'm greedy. I don't say that because I'm focused on money. In fact I have a very different mindset. I believe in helping people. Whoever the famous person who said it is (many have said Zig Ziglar), but I relate very well to..."When you help enough other people get what they want, you will get what you want."

I see so many opportunities around me. Part of it probably has to do with all the change, and the fear that goes with it. Everyday brings change to our industry. Change to the market, or markets. Financial markets, real estate markets, commodities markets, etc. It's all inter-related. People are afraid. They're afraid of the unknown. This fear is a tremendous opportunity for those who are ready to act. To capitalize on what paralyzes many.

Buy Property! Buy it now! Buy it tomorrow! At the very least, have a plan to buy it.

The only reason I say I wish I had more cash, and "right this second," for that matter, is because I've got a lot of things on my list: Food, Mortgage(s), kids, charity, 401k, 529 - college savings plans, life insurance, reserves, budgeted expenses, IRAs, and more.

Well I guess it's just not my #1 priority right now,
but The Opportunities are out there.

During the past 30 days in the 22102 zip code, the primary Tysons Corner zip code, every single one of the SOLD properties (there were 26 [necessary disclaimer = all data is taken from MRIS, and deemed reliable, but not guaranteed]) settled for a net price below asking price. This is not a shock. However the average negative differential was just about -6% list price to sold price. And some of these had been on the market a while and dropped their price a few times already. So even that figure is misleading. The highest reported differential was -13.86%. The average days on market was 86 days for these 26 properties that did sell. There were another 24 properties that were either EXPIRED or WITHDRAWN from the market in those same 30 days.

Good news is I know there will always be opportunities. Now, tomorrow, and the next day. So when I'm ready to act, I will. But the rest of you, make sure you get ready to act sometime soon too!

Tysons Townhomes - August 2008

August saw 8 townhomes sell in the Tysons Corner area. The August Tysons Corner Townhome data is above. This number of 8 SOLD properties was an improvement over the 5 that SOLD in July. The July Tysons Corner Townhome data is below. Another improvement was the average days on market for the SOLD properties in August was 122.5 days. That's slightly better than the 140 day average the 5 properties had in July.

One marked area that trended up, or negatively, was the margin from list price to closed price. Many of the properties in July closed at list price, or very close(99.07%). While many that sold in August had a much greater differential (95.55%).

Information gathered from the MRIS. Information is deemed reliable, but not accurate.

On Again, Off Again, On Again for good..... I think

The title is a quick summary of the process to date of approving/starting the Metro extension to Dulles Airport and beyond. Right now it seems to be a go. I believe it's good news

-Historical View-

There was a fight at first over whether the new metro extension would be built above ground or built below ground (tunnel). The contstruction contract was awarded to some companies to be built above ground. This despite the fact that many, including yours truly, would strongly prefer a tunnel. The main argument of the project opposition, who were very much pro tunnel, is/was that the current plan was not bid competitively in an open process. They rationalize that an open bid process would have given a variety of companies the opportunity to compete with different plans for above ground or below ground. And in an open format, because of competition, costs would be brought down. The organizers of this main opposition to the current project can be found at TysonsTunnel.org

Other problems arose in the form of funds, or possible lack thereof. Some state initiatives to impose taxes on real estate transactions, such as the grantor's tax (also known as seller's tax), in limited jurisdictions in northern virginia was shot down. Also, in light of some of the public opposition to the metro's current construction plan the federal government showed some reluctance to give the go ahead on the funding that is needed from them to complete the project (a combination of loans and federal funding coming to over 1.5 billion).

-Most Recently-

An article in Saturday's (8/23/08) Washington Post's Real Estate section revealed that the Federal body (Federal Tranist Administration) overseeing the fund required for the metro project issued a letter giving the go ahead to begin construction.

Many commuters know however that construction had already begun, sort of.....
Workers had already closed many sections of the Route 7 service/access roads to begin digging into the ground and move utilities. There are many utilities that need to be moved, water, cable, and more, before Route 7 can be widened enough to fit the above ground construction in the new wider median.

-Related-

John Foust, the Dranesville district supervisor, is quoted in the Vienna Connection paper (8/27-9/2/2008) indicating his concern in the growth of Tysons Corner and how it and other local areas are changed/developed. He also mentions that he doesn't believe an above ground metro will necessarily be less costly than a tunnel.

Where does the inventory go?

For a while after the market turned the rental market was somewhat HOT. Many chose not to buy, or their financial situation made it so that they weren't able to buy. Well this turned buyers into renters. And with supply and demand factors that greatly increased the demand for rental property. That was good for landlords. Many properties rented quickly, and for sizeable rents. Landlords increased rents they were asking, and often got it.

Well that same market continued, and since buyers weren't buying sellers started to have problems. If they couldn't sell what would they do? They decided to try to rent. Well some did, and many will. However, as the masses turned from selling to renting the teeter totter that is supply and demand started to change it's balance to a different direction. Now much of the inventory that wanted to sell, is renting or wanting to rent. The rental market is somewhat slower moving than the sales market as a tenant's rent is often locked in for a whole year. So it takes some time for change to occur. Well rents began to balance out, and landlords couldn't be as aggressive. Now all over we find more balanced asking rents.

Right now in the Tysons Corner area there are 58 properties for Sale
and
58 properties for Rent.

Talk about Balance. That's interesting, because in 2007 there were 207 Rented + 179 Sold in the same area.

To see what's going on in Real Estate in Tysons Corner area communities check out http://www.TysonsCorner.AgentKnowsHomes.com