Reserve Real Estate News

Price Reduction – 928 Dominion Reserve Drive, McLean, VA 22102

On May 9, 2011, the price was reduced from $2,895,637 to $2, 795,656 for the property located at 928 Dominion Reserve, McLean, VA 22102.  It has been on the market for 335 days. It was originally listed for $2,995,000 on 5/20/10, then reduced to $2,895,637 on 7/1/10. The number of days on the market is not accurately reflected in the multiple listing service because it was originally linked to an incorrect tax record. The original listing was withdrawn and a new listing linked to the correct tax record was created (which inadvertently reset the number of days on the market). For more information on this listing, here is a link to both the original listing and the new listing:

Link to Withdrawn Listing:

http://mrislistings.mris.com/Matrix/Public/Portal.aspx?ID=51343619427

Link to Current Listing:

http://mrislistings.mris.com/Matrix/Public/Portal.aspx?ID=51343626940

If you have any questions about this listing or any other listing in the Reserve, please feel free to contact me at taniahosmer@gmail.com or 703-403-8225.

Just Listed in the Reserve – 1043 Founders Ridge Drive, McLean, Virginia 22102

The property located at 1043 Founders Ridge Drive, McLean, Virginia  22102 was listed yesterday (May 5, 2011).  It is listed for $5,250,000.

Here is a link to the full listing which includes links to interior photos and a virtual tour:

http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1582934X2DOF&p=DE-139311665-348

If you have any question about this or any other listing in the Reserve, feel free to contact me at taniahosmer@gmail.com.

Just Listed in the Reserve – 880 Centrillion Drive, McLean, Virginia 22102

The property located at 880 Centrillion Drive, McLean, Virginia  22102 was recently put back on the market – Tuesday, April 19, 2011.  It is currently listed for $5,500,000.  The residence is to be built by the Gulick Group on a private 2 1/2 acre lot in the Reserve which is surrounded by a Conservation easement. The luxury residence to be built will include almost 14,000 sq.ft. of living space, a 4-car garage with a bonus room above, 5 bedrooms on the upper level, a finished lower level and much more.

This property was originally listed for $7,500,000 on February 25, 2008, then it was reduced to $5,500,000 on 10/1/09, and subsequently was withdrawn from the market on 12/10/09.  The acreage was also listed as a lot for sale at various price points from 6/4/08 until 9/14/10.

Here is a link to the full listing:

http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1582934X2DOF&p=DE-138398539-985

If you have any question about this or any other listing in the Reserve, feel free to contact me at taniahosmer@gmail.com.

Market Analysis Comparison for McLean, VA 22102

Quarter End 3/31/10 vs. Quarter End 3/31/11

I compared my market analyses for McLean, VA 22102 for the quarters ending 3/31/10 and 3/31/11 and compiled the data first into a table, then charted the data.  The table and chart are below.  

Summary of 22102 Comparison

All of the price ranges stayed virtually stable except the following two: 

• $2,000,000-$2,499,999 – between the first quarter of 2010 and the first quarter of 2011, this range became a weaker buyers’ market, or slightly better for sellers. 
• $3,000,000+ – between the first quarter of 2010 and the first quarter of 2011, this range also became a weaker buyers’ market.

From quarter end 3/31/10 to quarter end 3/31/11, the number of withdrawn and expired listings for the price range of $700,000-$899,000 increased from 4 to 10 (or more than double), and for the price range of $1,200,000-$1,499,999 increased from 2 to 12 (or six times).  This indicates that sellers are not getting the prices that they expect and are taking them off of the market.   For the price range of $2,000,000 – $2,499,999, the number of withdrawn and expired listings dropped from 7 to 1.  This indicates that sellers are getting the price that they expect for their houses.  The other price ranges stayed relatively unchanged. 

Please refer to my previous post for the quarter end 3/31/10:

http://mcleanrealestate.wordpress.com/2010/06/08/first-quarter-2010-market-analysis-for-mclean-great-falls/

If you have any questions about this post or about the McLean-Great Falls real estate market, please don’t hesitate to contact me at taniahosmer@gmail.com.