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)

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.