Halstead at the Dunn Loring Metro Market and Listings Mid-Year Report
The owners of Halstead at the Metro should be happier this year and were busy! So far the Halstead at the Metro had 28 transactions for week ending June 4th of this year. These transactions broke down in the following order: 19 (1 still remains active) RENTAL LISTINGS AND 9 RESALE LISTINGS. Further review of the 9 listings sold or currently under contract showed there were 2 foreclosed REO listings; 4 short sale listings; and 3 regular non-distressed listings.
The 18 rental listings moved very quickly with the longest listing period lasting 45 days on the market , (listed in January of this year) to 0 days on the market with both the mean and median DOM being 15 DOM! Rental Prices ranging from $1,400 per month for a 1 BdRm/1FBa to $2,000 for 2 BdRm/2Fba.
The Resale activity has also shown to move quickly. As mentioned above, there were 2 REO ( Real Estate Owned)listings by the banks . The DOM for these units were 6 and 13 days; 4 units for short sale or financially distressed listings. The DOM on these were 0, 3,8, and 13 days. There were 2 regular sales 4 and 14 DOM. One of these regular listings is still under contract. Buyer seems to be late on settlement due to lender withholding loan approval. The other non-distressed listing sold on time and for $10,000 above asking price with no seller subsidy.
All in all, I see continued upward re-adjustment for the Halstead at the Metro. There has been continued re-vitalization in the area from Merryfield Town center developments, the surrounding areas and the Tyson's Corner metro developments which will bring more residential demands from buyers of all price ranges, including retirees looking to downsize and have a more urban life style. The poster of this blog has worked and sold to these buyers as well as many others. Finally, the management of the Halstead property just installed another fountain in front of building II! The condo association must be feeling good about the state of it's budget.
Currently, there is only, one rental listing of 1 bdrm/1bath for $1550, available, in the Halstead at the metro community.
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Theresa Kim,
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