The Fountains at McLean

The Fountains at McLean is a 502 unit community located at International Drive and Jones Branch Drive in McLean, VA (map). The community consists of one- and two-bedroom units with 12 different floor plans. There are both garden-style and mid-rise buildings in the community.

Read more about the Fountain at McLean at AroundVienna.com

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Peggy Yee

Realtor, e-Pro, SRES

FranklyRealty.com

Phone: 703-349-0143

Email: peggy@PeggyYee.com

Connect with me:

The Fountains at McLean is a condominium community located in McLean, VA. The community contains 502 units comprised of one-bedroom and two-bedroom units. The smallest one-bedroom unit (The Pine) is 624sf, while the largest 2-bedroom unit (The Linden) is 1,034sf. The location of Fountains at McLean can't be beat. It's located in the heart of Tysons Corner with shopping just around the corner. It is also right across the street from a major transit station and has quick access to the Dulley Toll Road and I-495. There's also a Harris Teeter grocery store nearby. Walkscore rates this location "Very Walkable."

Market Update

1 Active McLean Condos For Sale at Fountains at McLean

4 Pending McLean Condos at Fountains at McLean

6 Sold McLean Condos at Fountains at McLean in the last 3 months

  Analysis Of the 6 condos sold in the last 3 months, 4 were one-bedroom condos with an average sold price of $204,215. The remaining 2 condos were two-bedroom condos with an average sold price of $308,500. Interestingly, the Days on Market were significantly different for one-versus-two bedroom condos in the same complex. The average DOM for the one-bedroom condos for sale at Fountains at McLean was only 8 days! This means that the properties are flying off the shelf! A look at the past year shows that 1-bedroom condos have had decreasing DOM for the past year, making these properties highly sought after in McLean. In comparison, the average DOM for the two-bedroom condos for sale at Fountains at McLean was 184 days - over 6 months!

This article was originally posted at: AroundVienna.com - McLean Condo Market Update - The Fountains of McLean

Search Northern Virginia Homes For Sale

Peggy Yee

Realtor, e-Pro, SRES

FranklyRealty.com

Phone: 703-349-0143

Email: peggy@PeggyYee.com

Connect with me:

The sales activity at the Fountains of Mclean was great in 2010. There were 24 homes sold in 2010 versus 23 homes sold in 2009. The lowest price was a 1br/1ba unit that sold for $200,000. The highest price was a 2br/2ba property at $337,000.

The sales mix has changed this year. In 2009 about 35% of the sales were foreclosures or short sales. In 2010, only 8% of the sales were foreclosures or short sales. That is a huge change and very encouraging for homeowners and home values.

The 2009 average price for a 1 bedroom unit was $208,042. The 2009 average price for a 2 bedroom unit was $309,150.

In 2010 the average price for a 1 bedroom unit had increased to $217,184 and 2 bedroom units remained pretty flat at $308,125. So, prices were pretty flat from 2009-2010.

Homes on average sell for 96.0% of the original list price. They sell on average for 96.7% of the final list price. So, if you are looking to purchase at the Fountains of Mclean you may be able to get a break in the price with the right agent.

There are 5 pending home sales at the Fountains at Mclean as of 02/21/2011. Most are 1 bedroom units with asking prices in the $199,000-$205,000 range. Two are short sales and one is a foreclosure.

No homes are currently available for sale at the Fountains at Mclean. If you would like the current list of homes for sale, please email me.

To get a better understanding of the overall price curve in the neighborhood, we need to do some comparison on a model basis. Below is a graph showing the price trends for all the models over the last few years. I also put in a graph for one and two bedroom units in general.

As can be seen from the above graph, the average sales price seems to be trending upwards slowly from a low in 2008-2009.

A growing concern at the Fountains is that the investor ratio has been increasing (number of non-owner occupants.) Lenders are hesitant  to give loans in developments where this rate is too high (generally 50%.)  It seems to now have reached a level where purchasers often need a 20% down payment to qualify for a mortgage. FHA loans seems to be unavailable in the community at this time as well.

The current stable prices would likely change if there were a lot of foreclosures coming up. So, looking at the upcoming foreclosures on Realist, I found 0 pre-foreclosure, 1 recent or upcoming auctions and 3 bank owned properties. Some of those may have been listed already.

Moving on to rentals, rents seem to have remained pretty steady with 2 bedrooms have gone up a little bit on average. With 37 units rented on the MLS in 2009 and 41 last year(2010) the competition for tenants should be pretty fierce. However, only two units are available currently for rent, so demand has kept up well with the supply.

For investors the GRM is pretty stable this year as well.

The Fountains at Mclean is a great neighborhood with reasonable prices that would make a wonderful home. If you would like to discuss selling or purchasing, please give us a call at 703 560-3424.

Are Andresen, Licensed Virginia
Broker, Soldsense Realty LLC
"Your sixth sense in real estate"

Disclaimer: The data above is not guaranteed in any way and may contain errors and omissions and is based on MRIS data only. The analysis is my opinion only - always do your own research.

The sales activity at the Fountains of Mclean has great in the first half of 2010. There were 18 homes sold the first half this year versus 23 homes sold in all of in 2009. The lowest price were two 1br/1ba units that sold for $202,000. The highest price was a 2br/2ba property at $337,000.

The sales mix has changed this year. In 2009 about 35% of the sales were foreclosures or short sales. Up to this point in 2010, only 6% of the sales were foreclosures or short sales. More specifically, no foreclosures and one short sale the first half of this year.

The 2009 average price for a 1 bedroom unit was $210,042. The 2009 average price for a 2 bedroom unit was $309,150.

In the first half of 2010 the average price for a 1 bedroom unit was $216,979 and for a 2 bedroom unit it was $309,000. So, prices were up a little bit on average but would be safer to say they have stabilized as we will need more data to see the trend clearer.

Homes on average sell for 96.0% of the original list price. They sell on average for 97.0% of the final list price. So, if you are looking to purchase at the Fountains of Mclean, you may be able to get a slight break in price.

There are 4 pending home sales at the Fountains at Mclean as of 07/11/2010. All are 1 bedroom units with asking prices in the $210,000-$245,000 range. One of them appears to be a short sale.

Seven homes are currently available for sale at the Fountains at Mclean (three 1-bedrooms at $220,500-228,888 and four 2-bedrooms at $329,900-$349,000.) If you would like the current list of homes for sale, please email me.

To get a better understanding of the overall price curve in the neighborhood, we need to do some comparison on a model basis. Below is a graph showing the price trends for all the models over the last few years. I also put in a graph for one and two bedroom units in general. I broke up the first half into quarters to try to see if there is a trend emerging for the year.

As can be seen from the above graph, the average sales price seems to be trending upwards slowly from a low in 2008-2009. Some would say the reason for this is the homebuyer credit. As it expired April 30th, we should start to see whether that is the case towards the end of the year.

A growing concern at the Fountains is that the investor ratio has been increasing (number of non-owner occupants.) Lenders are hesitant  to give loans in developments where this rate is too high (generally 50%.)  It seems to now have reached a level where purchasers often need a 20% down payment to qualify for a mortgage. FHA loans seems to be unavailable in the community at this time as well.

The current stable prices would likely change if there were a lot of foreclosures coming up. So, looking at the upcoming foreclosures on Realist, I found 0 pre-foreclosure, 6 recent or upcoming auctions and 1 bank owned property. Few, if any, of those will have been listed yet - so over the next months I would expect there to be multiple foreclosures coming on the market. We may still end up with a lower number of foreclosures than in 2009 though.

Moving on to rentals, rents seem to have remained pretty steady. With 37 units rented on the MLS last year and 18 the first half this year, the competition for tenants should be the same as last year. There are currently 10 properties listed for lease, ranging from $1,200 for a 1br/1ba to $1,995 for a 2br/2ba.

For investors the GRM is getting slightly worse for 1 bedroom units and inconclusive for 2 bedroom units(seems to be pretty steady from last year though.) With some slow appreciation in price and slow depreciation in rents the rent to price ratio should be getting worse as well.

The Fountains at Mclean is a great neighborhood with reasonable prices that would make a wonderful home. If you would like to discuss selling or purchasing, please give us a call at 703 560-3424.

Are Andresen
Broker, Soldsense Realty LLC
"Your sixth sense in real estate"

Disclaimer: The data above is not guaranteed in any way and may contain errors and omissions and is based on MRIS data only. The analysis is my opinion only - always do your own research.

The sales and rental activity at the Fountains of Mclean was steady in 2009. There were 23 homes sold in 2009 (in 2008 22 homes sold.) The lowest price was a 1br/1ba at $182,000. The highest price was a 2br/2ba property at $335,000.

The sales mix remained relatively unchanged from 2008 to 2009. In 2009 about 35% of the sales were foreclosures or short sales. In 2008 only 27% were a foreclosures or short sale.

The 2009 average price for a 1 bedroom unit was $2108,042. The 2009 average price for a 2 bedroom unit was $309,150.

Homes on average sell for 95.0% of the original list price. They sell for 97.0% of the final list price. So, if you are looking to purchase at the Fountains of Mclean, it may be able to get a slight break in price.

Fountains at Mclean Sold 2009: http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=587050XA2RI&p=DE-102955750-179

There are 2 pending home sales at the Fountains at Mclean as of 02/27/2010. Both are lower priced 1 bedroom units with asking prices in the $199,700-$209,990 range. One of them appears to be a short sale.

Four homes are currently available for sale at the Fountains at Mclean. They are two 1-bedrooms at $220,000 and two 2-bedrooms at $339,000-$345,000. If you would like the current list of homes for sale, please email me at are@tysonsliving.com.

To get a better understanding of the overall price curve in the neighborhood we need to do some comparison on a model basis. Below is a graph showing the price trends for all the models over the last few years. I also put in a graph for one and two bedroom units in general.

As can be seen from the above graph, the average sales price is trending downwards and is back to mid 2003 levels. There is interest in the Fountains at Mclean units and reasonably priced units do sell quickly.

The current market situation could change if there are a lot of foreclosures coming up, so looking at the upcoming foreclosures on Realist, I found 1 pre-foreclosure, 3 upcoming auctions and 1 bank owned properties. Many of those properties may already have been listed and may already be under contract/sold. There does not seem to be a flood of foreclosures coming on the market at the Fountains over the next few months.

Moving on to rentals, the rents seem to have remained pretty steady. With 37 units rented on the MLS last year (down from 42 in 2008) the competition for tenants have been pretty balanced. There are currently 5 properties listed for rent ranging from $1,200 for a 1br/1ba to $1,650 for a 2br/2ba.

For investors the GRM is still getting better for 1 bedroom units. For 2 bedroom units the GRM is about the same as last year. The 2br sales in 2008 were a bit off the typical long term trend so we are probably back to a more true GRM in 2009.

The Fountains at Mclean is a great neighborhood and the prices are now sometimes lower than what the developer sold them for. Coupled with the low interest rates and the potential to qualify for the $8,000 tax credit this may be an excellent time to buy. If you would like to discuss selling or purchasing please give us a call at 703 560-3424.

Are Andresen
Broker, Soldsense Realty LLC
"Your sixth sense in real estate"

4 homes sold in the Fountains at McLean in Tysons Corner in July 2009. All four of those sold properties were 2 bedroom 2 bathroom homes. The models were: Oak, Willow, Oak, and Dogwood. One of the 4 was in a mid-rise, secure building. The other 3 were in Garden Style buildings. The high sold price was $315,000. The low sold price was $285,000. 2 of the properties were REO, bank-owned properties, more commonly referred to as foreclosures. One was a short sale. And one was a traditional sale. The July 2009 Fountains at McLean real estate statistics for sold properties are = [1] average of $293.23 per square foot + [2] average of 38.75 days on the market.

July 2009 kept a steady pace with July of 2008, as they both had 4 SOLD properties at this Tysons Corner Condo community. Last years statistics were = [3] $311.85 per square foot and [4] and an average of 79.5 days on the market. So this year the sold statistics for the month of July improved in market time, but had a decrease in the price per square foot.

In July 2009 there were also 4 properties rented. 2 were one bedrooms, and 2 were two bedroom properties.

Currently there are 13 properties on the market in the Fountains at Mclean. 6 are for RENT, and the other 7 are for Sale. Here is a graphic of those properties =




data from MRIS

In April of 2009 there were 2 homes sold in the Fountains at McLean. Both were "1st floor" homes in mid-rise buildings. The reason I used quotes around the "1st floor" is because depending what side of the building you're on you may be on the ground (1st floor) or you may be up 3 levels above the ground. This is because of the grading of the land around the buildings.
These properties also shared similarities in that they were both 1 bedrooms, and they both came with 1 garage parking. That's where the similarities end though. The property condition was very different.
The two properties sold were
- 1524 Lincoln Way #109 = $229,000 + $8,000 seller subsidy to buyer [VIRTUAL TOUR]
--> on the market 24 Days
- 1504 Lincoln Way #102 = $190,000 + $0 seller subdiy to buyer
--> on the market 139 Days
--> Bank Owned

In April 2008, the same month last year, there were also 2 properties SOLD.

Right now there are 2 properties available to buy in the Fountains at McLean. Both are 2 bedrooms, ranging from $306,800 to $314,900.

data from MRIS