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Sep 10 2010
8:24 am

Posted By Craig Richardson
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McLean's August 2010 Sales Hold Serve

McLean Real Estate Market

Townhouse sales in McLean for the month of August didn't show any major deviations from recent August sales.  With less than 10 sold in each of the previous five Augusts, it's difficult to draw any significant conclusions because of the small number of data points.

The median list ($755,000) and median sold ($735,000) for August 2010 was higher than August 2008 and August 2006, although this is skewed by the one town home that sold for nearly $1.4 million last month.  The median days on the market is probably the best indicator of market strength, particularly with fears of slowing sales, and the 42 for August 2010 is in line with previous Augusts. 

Please see the chart below for more d...

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Sep 9 2010
9:13 am

Posted By Craig Richardson
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McLean's August Single Family Home Sales Steady

McLean Real Estate Market

Single family home sales in McLean last month were generally on par with previous Augusts.  42 homes changed hands in August 2010, which, while the lowest of the past five Augusts, is still close to August 2009 (46), August 2008 (47), and August 2006 (45).  The median days on the market last month for single family homes was 40, which is significantly less than August 2009 (67) and August 2008 (73).  Only August 2007 had a shorter days on the market (30) for single family homes in McLean.

Prices for single family homes in McLean continued their slide.  The August 2010 median list price of $944,500 and median sold price of $899,500 for single family homes is the lowest in both categories ...

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Aug 25 2010
10:11 am

Posted By Craig Richardson
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July A Solid Month for McLean Condo Sales

McLean Real Estate Market

While the median list and the median sold prices continued to slide down when compared to the past five July's, overall last month's condos sales were consistent with previous years.  The 14 that sold were in line with previous July's and the days on the market, although not as few as July 2009, were better than July 2006, July 2007, and July 2008.

Please see the chart below for an analysis of condo sales for the previous five July's.  Data is gleaned from the MRIS.

July 2010 McLean Condo Sales Craig Richardson

 

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Market Report McLean VA Craig Richardson

 

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Aug 4 2010
10:30 pm

Posted By Craig Richardson
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McLean's July Townhouse Sales Slows

McLean Real Estate Market

Looking at the data from July 2010 and comparing it to the previous five July's shows that market for townhouses softened in McLean last month.  Only eight townhouses traded hands in July, compared to 15 in July 2009.  Also, the days on the market climbed to 57 last month, up from 36 in July 2009.  Finally, the median list ($624,500) and the media sold ($596,500)

As I've mentioned before, analyzing monthly townhouse sales for McLean can be difficult since there aren't that many of these types of properties compared to other areas.  More will be revealed with we can look back at the third quarter as a whole.

Please see the chart below for a comparison of townhouse sales for the pa...

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Aug 2 2010
9:24 am

Posted By Craig Richardson
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McLean's Single Family Homes Prices Rebound in July 2010

McLean Real Estate Market

McLean's median list ($1,099,000) and median sold ($1,020,000) prices in July 2010 were significantly higher than July 2009 and closer to prices prior to the market downturn.  The 45 single family homes sold in July 2010 was the 2nd lowest number of any of the previous five July's.  Only June 2006 had fewer, when 41 sold, although this year single family homes only stayed on the market for 15 days.

In another encouraging sign, the 40 days on the market for July 2010 was consistent with last year and significantly less than July 2008.  It does appear the McLean single family home market is settling in to the pace of sales prior to the boom years.

See the chart below for the single family...

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Jul 31 2010
10:47 am

Posted By Craig Richardson
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McLean's Jan.-June Condo Sales Strongest in Years

McLean Real Estate Market

McLean's condos only stayed on the market a blistering 17 days from January-June 2010, the fewest by far compared to the previous five first-half of the years.  The 95 sold in the first half of 2010 was the second highest with January-June 2006 leading the way at 105.  I see two factors contributing to the strength of the this year's market: 1) the first time home buyer tax credit, which pit these buyers against investors who saw real opportunities in these condos as rental units; and 2) the anticipation of the Metro's Silver Line, which in a few short years will put many of these condos within walking distance to a Metro stop.

The median list price ($315,000) and median sold price ($305...

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Jul 30 2010
8:54 am

Posted By Craig Richardson
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McLean's Townhouse Market Finds Its Equilibrium

McLean Real Estate Market

McLean's townhouse median list price ($659,500) and median sold price ($635,000) in the 1st half of 2010 continued a steady 1st half of the year decline since 2006.  Each 1st half of the year since 2006 the median list and median sales prices have dropped compared to the previous year. At the height of the market, which encompasses the 1st half of 2006, the median list price was $829,000 and the median sold price was $791,500.

It appears that the market may have found its equilibrium for townhouses in McLean.  The 29 median days on the market in the 1st half of 2010 was the shortest days on the market for the 1st half of the year going back to 2006.  The median days on the market in the ...

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Jul 29 2010
9:20 am

Posted By Craig Richardson
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McLean's Single Family Home Market Rebounds in First Half of 2010

McLean Real Estate Market

Single family home sales in McLean for the first half of 2010 were very strong.  In fact, the 25 median days on the market in January-June 2010 were the shortest compared to the first half of 2006, 2007, 2008, and 2009. 

The median list price ($949,950) and median sold price ($901,500) also rebounded over the first half of 2009, where both the median list and median sold prices dropped into the mid $800,000s.  The 218 homes sold from January through June 2010 was also on the rise after dropping in the first half of 2008 to 182 and the first half of last year to 191.

All and all the data suggests that in McLean at least, we've seemed to hit bottom and are now leveling off when it comes t...

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Jul 28 2010
2:44 pm

Posted By Craig Richardson
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McLean's June Condo Sales: Real Value!

McLean Real Estate Market

In June 2010, 14 condos changed hands, the second fewest in the past five Junes and nearly half the number that sold in June 2009.  The condos sold quickly, staying on the market only 20 days, which is tied for the least number of days on the market over the past five Junes.

Buyers received a real value if they bought a condo in June 2010.  The median list ($243,950) and the median sold ($236,645) were significantly lower than any other June going back to 2006.  Most of the condos in McLean are near Tysons Corner, which is where all the construction is happening.  This may be a factor as to why the prices dropped this year. 

For the brave buyer, however, they now own a condo unit that i...

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Jul 27 2010
9:35 am

Posted By Craig Richardson
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McLean's June Townhouse Report: Some Positive Signs

McLean Real Estate Market

In June, townhouses in McLean only stayed on the market for twenty days, the fewest days of four of the previous five Junes.  Only June 2007 had fewer days on the market when townhouses remained on the market for 18 days.  The median list price ($685,000) and median sold price ($630,000) rebounded significantly in June 2010 over the previous June.  

On the flip side, only 7 townhouses changed hands in June 2010.  This is almost half the number that sold in June 2009, and is tied for the fewest of any of the five Junes.  With the short days on the market in June 2010, one might think it had to do with a low inventory but I don't believe this is the case.  July 2010's townhouse figures wil...

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Jul 26 2010
10:16 am

Posted By Craig Richardson
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McLean's June 2010 Single Family Home Sales Rock

McLean Real Estate Market

Single family home sales in McLean strongly rebounded in June 2010 compared to June 2009, posting a higher median sold price, and a significantly lower days on the market.  Single family home sales returned to their previous levels,which even includes the height of the market in 2006.

Sixty single family homes traded hands last month, which is in line with the previous Junes and significantly more than the low point of the market in June 2008, when only 47 sold.  June 2010's 30 days on the market is the lowest than any June going back to 2006.  Last month's median list price ($1,044,00) and median sold price ($1,010,750) are down slightly from the height of the June markets in 2006 and 2...

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Jun 15 2010
7:57 pm

Posted By Craig Richardson
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McLean Citizens Association Weighs In on Tysons Plan

Tysons Corner

Tysons Corner Plan Craig RichardsonThe McLean Citizens Association (MCA), in preparation for testimony to the Board of Supervisors on the Tysons Corner plan, has put forth several changes it would like to see.  According to the Vienna Connection, MCA has a number of concerns with the Tysons proposal, "including a lack of planning for parks and athletic fields and who will assume costs for the new infrastructure...Another major concern from the MCA was the proposed financing for the Tysons Corner development, with taxpayers footing 57 percent of the bill and the land developers paying for 43 percent."

As the Commissioner of McLean's youth football program, I too am concerned about the impact that additional residents wi...

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Jun 13 2010
5:40 pm

Posted By Craig Richardson
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McLean's May Condo Sales Brisk

McLean Real Estate Market

Condos in McLean continued to sell quickly in May with a median days on the market of only 6 days.  Last month's days on the market was far quicker than any other May in the last five years.  Condos have done well this spring in McLean, largely due to their location near Tysons Corner, which is soon to have 4 brand new Metro stops.  In addition, buyers continue to focus on lower end priced properties these days.

The median list price of $263,450 and the median sold price of $262,000 was the lowest in any of the past five Mays.  In May 2006, at the height of the market, the median list and median sold was roughly $100,000 more than May 2006.  Even May 2009 saw median sales and list prices...

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Jun 12 2010
5:29 pm

Posted By Craig Richardson
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McLean's May Townhome Sales Remain Steady

McLean Real Estate Market

Townhouse sales in McLean last month were on par with other Mays over the past five years.  The four that sold were similar to last year and 2006 but down from the seven that were sold in 2007 and 2008.  The median sold price of $795,000 was the second highest and only May 2006 saw a higher median sold price ($817,500).

The 47 days on the market last month was up significantly from last year's 10 days on the market, and was the second highest over the past 5 Mays.  Only in May 2007 (70) did townhouses stay on the market longer.

Please see the table below for additional information.  Data is gleaned from the MRIS.

May 2010 McLean  Townhouse Sales Report Craig Richardson

 

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Jun 10 2010
5:16 pm

Posted By Craig Richardson
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McLean's May Single Family Home Report: Total Sales Down Signficantly But Prices Up

McLean Real Estate Market

What jumps out the most when examining single family home sales in McLean for May 2010 is that only 13 sold.  This is about 1/3 the total that sold in the past four Mays, by far the fewest in the period examined.  The number of single family homes sold in April 2010 was 19, again lower than previous Aprils.

The homes that did sell in May 2010 were the high end ones.  The median list price of $1.625 million and median sold price of nearly $1.6 million were almost double last May's median list and sold, and far outpaced May 2006, the second highest median list and sold in the past five Mays. 

The median days on the market of 63 for last month is fairly typical for these priced homes.  Obv...

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May 21 2010
3:50 pm

Posted By Craig Richardson
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Tysons Corner Planning Hits Final Stretch

Tysons Corner

Tysons Corner Street Network Craig Richardson McLeanNext week, on May 27th, the Fairfax County Planning Commission will conduct its final markup on the proposed Tysons Corner redevelopment plan, a long and tedious process that's included numerous meetings and public hearings.  In its recent meetings, planners grappled with density issues, affordable housing, storm water retention, and other issues.

According to the Great Falls Connection, the group also "reached a tentative conclusion that the grid of streets would, at least initially, have to be planned on a piecemeal basis, as redevelopment proposals came in. Ideally, county staff would work with landowners to come up with an official street grid, district by district, said Planning...

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May 20 2010
6:33 pm

Posted By Craig Richardson
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Hilton's CEO Reveals Why Its HQ Moved to Tysons Corners

Tysons Corner

On Tuesday, the Washington Post sponsored a business forum at the Tower Club in Tysons Corner that featured Virginia Governor Bob McDonnell, according to the Washington Examiner.  The roundtable looked at the economy in general, President Obama's handling of it, and the impact of the Administration's health care changes.

One of the attendees was Hilton Hotels CEO Christopher Nassetta, who provided an interesting insight as to why the hotel giant decided to move its headquarters from California to Tysons Corner.  According to a bloger who attended the event and wrote about it in his blog, In Tysons Space, when asked why Hilton moved to Tysons Corner, Nassetta cited "4 reasons: 1) cost str...

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May 19 2010
5:21 pm

Posted By Craig Richardson
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I Was Elected to the MCC Governing Board

McLean Community

After campaigning for nearly 8 hours during McLean Day last Saturday, I am pleased to report that I received enough votes to become one of the four newly elected members of the McLean Community Center Governing Board.  This year's election broke records in terms of the turnout, which had largely to do the number of candidates running, a recently implemented absentee ballot option, and the beautiful weather for election day.

There are eleven Governing Board members all together, which includes nine adults and two youth members.  Our first Governing Board meeting will be next week, at which time I'll learn my committee assignments (typically you are on 2). 

I'm excited about being involve...

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May 13 2010
4:01 pm

Posted By Craig Richardson
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Will You Vote For Me?!

McLean Community

McLean Community Center Governing Board Vote Craig RichardsonI can remember a story Tip O'Neill, the former Speaker of the U.S. House and Massachusetts native, used to tell about a lesson he learned from his first campaign.  A neighbor came up to him after an election and said, "Congratulations on your win, Tip...but I just wanted you to know I didn't vote for you."  Tip responded, "Why not?"  And the neighbor responded, "Because you didn't ask me for my vote."

This story underlined Tip's now famous mantra, "All politics is local."  His point being that people want to be asked for their vote, and it shouldn't just be assumed that since you know someone, they'll automatically support you.

Anyway, the purpose of this blog is to ask for your vote.  ...

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May 12 2010
2:35 pm

Posted By Craig Richardson
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Fairfax County Wrestles with how to Pay for Tysons Area Roads

Tysons Corner

Tysons Corner Road Construction Costs Craig RichardsonThe expansion plans for Tysons Corner, which include the addition of 4 Metro stops along the future Silver Line, is quite an undertaking.  Roads are critical element in the success or failure of this huge endeavor.  Fairfax County officials have started to examine possible funding mechanisms for road and transit projectts necessary to address the expected growth of Tysons Corner. 

According to the Fairfax Times, the total cost needed for roads and transit is $1.5 billion and will be funded through a variety of public and private sources.  "The initial staff proposal includes a 55 percent public funding share through bonds, taxes and state or federal transportation dollars, and a 45 per...

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