Rotonda Real Estate Re-cap for July 2009 (22102 Zip Code)

3 properties were SOLD in the Rotonda in Tysons Corner in the month of July 2009. The properties Sold were =

1) A J model, 3 bedroom 2 bathroom, home in building 8380. This property was asking $399,900 at time of contract, and sold for $390,000 with no subsidy. The home was on the market for 214 days, and originally listed at $444,900.

2) A 2 bedroom 1.5 bathroom, D model, in building 8370. This home sold for $334,000 when it was asking $339,000. The property sold in 13 days. There was no subsidy, or seller closing cost contribution on this transaction.

3) A model G, 2 bedroom 2 bathroom, style home in building 8350. This property sold for $321,000 and $5,000 subsidy. This is a net price of $316,000. The contract was accepted when the property was at an asking price of $325,000. This home was on the market for 21 days.

The general statistics for the month of July, in 2009, at the Rotonda, in Tysons Corner, are an average of [A] 83 days on the market [B] $1667 in seller closing cost contribution to the buyer, and [C] $254.34 price per square foot.

Same month last year, July 2008, featured general statistics of [D] 2 sold properties, [E] 160 days on market average, and [F] $321.26 price per square foot average.

In July in the Rotonda in Tysons Corner there were also 10 properties rented. They ranged in price from a one bedroom one bathroom property that rented for $1,450 all the way upto a 3 bedroom 2 bathroom property that rented for $2,450.

Right now there are currently 25 properties on the market in the Rotonda. 13 of those are for rent. The other 12 are for sale. Here is a graphic =

Data from MRIS

3 Sold in Rotonda in April 2009

There were 3 properties sold in the Rotonda in April 2009. They are shown above. They were models = C, E, + F. The average time on market was 61 days on market. The average price per square foot was $259.75.

In same month, April 2008, last year there were 5 sold properties. They were on the market an average of 99 days on market. And they had an average price per square foot of $303.8.

Right now at the Rotonda there are 15 properties on the market for sale. And at 3 a month that equals 5 month's supply if nothing new were to come on the market.

data from MRIS

Definately Fewer Sales at the Rotonda in 1st Quarter of 2009

If you're just looking same period, meaning first quarter, 2008 vs. 2009. Then it's definately slower at the Rotonda.

In the first quarter of 2009, that just ended, there were 4 properties sold. Those properties were actively on the market an average of 41 days, and they sold for an average of -6.27% (that minus in front means negative). There was also an average of $0 seller subsidy (also referred to as closing cost help from seller to buyer).

What types of sales were these 4 transactions?

Regular Sale = 2

Short Sale = 1

Bank Owned Property = 1

What style homes were these 4 properties?

1 Bedroom = 1

2 Bedroom = 2

3 Bedroom = 1

How does this compare to the same time last year (1st quarter - 2008)?

Last year there were 10 properties sold in the same time period. And they sold for an average of -5.48% (yes, also negative) of their list price, in an average of 108 days on the market. They also had an average of $2,000 in seller subsidy. So in 2009 it's been happening quicker, for what does sell. But it's not happening as much 4 sold 2009 vs. 10 in 2008.

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 Rotonda.

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

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"

If it's priced right it will sell

There was one home sold in February in the Rotonda. It was a large 3 bedroom 2 bathroom J model. It was also on the top floor. Besides the great views, this home had luxury baths, a gourmet kitchen, hardwood floors, one garage parking space, and a storage unit.
The title of this blog post refers to the days on market. This property was on the market for a grand total of 12 days. That's pretty quick in any market. So it does go to show if the home is nice, and priced right, it will sell.
I will clarify that priced right still doesn't mean you're going to get asking price. Buy buyers have to think you're in the "deal" range to even considering coming to look, or for that matter making an offer.
This home was asking $517,000 and sold for $495,000.
In terms of transactions month over month, the one settled property is staying pace with February of last year, which also had 1 sold transaction. In comparison to the month immediately prior, January 09, it is also the same story. So far in 2009 in the Rotonda - 2 closed months + 2 closed transactions.

Major Construction to Begin

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

2008 4th Quarter Review = Rotonda

In the 4th Quarter of 2008 there were 8 SOLD properties in the Rotonda. The majority of those, 5, were 2 bedroom 2 bathroom models. More data is below.

However as a whole the community averages for the 4th Quarter of 2008 are as follows =

- 94.8% Net Sold to List price ratio

- 132 Average Days on the Market

- $1,812.50 Average Seller Concessions

In the 4th Quarter of 2008 there was slightly more happening in the Rental market in the Rotonda. 9 properties were RENTED in that quarter. Unlike in the sales side, the majority of these, 6, were 1 bedroom 1 bathroom models.

The community averages for the Rotonda Rentals in the 4th Quarter of 2008 are =

- 93.5% Rented to List price ratio

- 51 Average Days on the Market