Tysons Corner, VA

Welcome to Luxury For Less, a weekly column highlighting the best deals in luxury real estate. Written by Brandy Schantz of TTR Sotheby’s International Realty, Luxury For Less offers tips and tricks navigating the competitive real estate market and securing the home of your dreams. To learn more, visit ttrsir.com.

Urban Turf, a local D.C. real estate blog, wrote an article in December of 2015 declaring that $2 Million is the new $1 Million in D.C.

They wrote this article based on a blog post by District Measured that asserted $1 million should not be used as a threshold for the luxury market because it is now too commonplace. The Tysons Corner area is certainly not Washington, D.C. but the real estate market is quickly becoming just as expensive, maybe just with some extra space.

It’s difficult to define luxury because it is so subjective. When I moved out of my college dorm room into an apartment, that two-bedroom apartment with its own kitchen and my own bathroom was luxury as far as I was concerned. As I’ve aged, I now look at luxury with a different lens; high-end professional appliances, great location, my own gym in the house and separate closets and bathrooms for me and my husband.

I have worked with clients whose idea of luxury is no less than an unobstructed view of the Potomac and every luxury imaginable including a wine cellar, elevator in the home, a kitchen for the family and another one for the caterer, and private space for each member of the family and guests.

District Measured’s Steve Giachetti justified the new threshold with the fact that in 2015, over 18 percent of all single-family home sales in the District were over $1 million compared to 3 percent in 2001. In that same year, only four percent of homes in the District were over $2 million, making it a more “luxurious” price point.

In the Tysons Corner area, which I’m defining as Falls Church, McLean, Vienna and Great Falls, there are currently 557 detached homes on the market. Detached homes are most often considered the standard for suburban living so I’m using this type of home for the purposes of looking at luxury in our area. The lowest priced detached home currently on the market is priced at $437,000 in Falls Church. The highest priced detached home currently on the market is priced at $24 million in McLean. The chart below shows the breakdown of detached homes currently on the market in the area.

Over half of all detached homes currently on the market are listed for between $1 million and $2 million. Since only 30% of detached homes on the market are under $1 million while almost a quarter are over $2 million, it may even be said that luxury in the Tysons Corner, that $3 million is the new $1 million.

Don’t worry, there are still deals to be found and there are still some pretty great homes on the market well under $2 million. This week I’m featuring a home that I also featured last week with an amazing backyard. 8518 Wedderburn Station is now below $2 million and still just as breathtaking.

Check out all of this week’s Luxury for Less listings:

The properties listed are a small selection of properties available in the Tyson’s Corner area. For a full list of properties listed on MLS and private exclusives, please contact Brandy Schantz.

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Luxury for Less: March 13

Welcome to Luxury For Less, a weekly column highlighting the best deals in luxury real estate. Written by Brandy Schantz of TTR Sotheby’s International Realty, Luxury For Less offers tips and tricks navigating the competitive real estate market and securing the home of your dreams. To learn more, visit ttrsir.com.

If you are searching for a home right now or know someone who is, you know how difficult this market is.

Homes are going under contract quickly and often with multiple offers. I’ve heard of as many as 30 offers on a single home. Inventory is very low and demand does not seem to be waning. I am advising all my buyers to be ready to see a home the day it goes on market or, if possible, before it goes on market.

Unfortunately, if you wait to view homes on the weekend, the homes you are interested in will probably be under contract. A well-priced home will sell quickly in this market so this week’s reduced listings largely give us a peek into how the other half lives.

There are fewer buyers in the higher price ranges so these homes tend to take longer to sell. This week, there are a lot of motivated sellers for some very luxurious listings with some very drastic price cuts.

In Vienna, 8518 Wedderburn Station Drive features a breathtaking backyard that must be seen. Spend your summer lounging by the pool during the day and sitting in the hot tub at night. This 6 bedroom, 5.5 bath home is meant for relaxing. The basement even has a sauna and wine cellar!

The home was originally listed for $2,600,000. This week, the home was reduced to $2,100,000. The home was built in 2013 but new builds of this size and quality sell for significantly higher prices.

In McLean, 906 Turkey Run Road has the most dramatic price cut of all of our featured listings. This home was just reduced by $1,400,000. It was originally listed for $11,400,000 and now is being sold for $9,500,000. This custom built Mediterranean home has its own gym, theater and state-of-the-art wine cellar.

The backyard is as magnificent as the home featuring a pool with jets and a fire pit. Turkey Run Road is a prestigious neighborhood in McLean and features some of the community’s most lavish homes.

Check out all of this week’s Luxury for Less listings:

The properties listed are a small selection of properties available in the Tyson’s Corner area. For a full list of properties listed on MLS and private exclusives, please contact Brandy Schantz.

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Luxury for Less: March 6

Welcome to Luxury For Less, a weekly column highlighting the best deals in luxury real estate. Written by Brandy Schantz of TTR Sotheby’s International Realty, Luxury For Less offers tips and tricks navigating the competitive real estate market and securing the home of your dreams. To learn more, visit ttrsir.com.

There is no denying that Vienna has changed a lot in recent years.

Where small ramblers once stood, there are now large custom built homes throughout the town. The Maple Ave Commercial (MAC) planning is controversial and there are plenty of neighborhood debates on how Vienna should proceed with development.

Keep Vienna Small has become a rallying cry as popular as Keep Portland Weird and everyone is passionate about their personal view on how Vienna should or should not change. The Capital One Headquarters, The Boro, and other development is bringing jobs, shopping and more congestion to the area.

Vienna is popular because despite being just 16 miles from Washington, D.C. and just outside of Tysons Corner, the town feels small and friendly. Everyone seems to know your name in Vienna and neighbors often meet on the trails to chat, walk the dogs, or stroll to their favorite restaurant for a drink.

New development and passion for this great, small town have driven prices to a peak and homes are now selling for as much as $2.5M in the town limits. These high prices also come with large spaces.

If you are priced out of the custom build market or feel that 6,000 sq. ft. is just too large for you or too much upkeep, living in Vienna may seem impossible. Cadence on Center is a new townhome development in the center of the town. This development features luxury homes without the big detached home prices or the required upkeep. Center Street is in the heart of Vienna and walkable to Church Street, the community center and the popular trails.

Buying a luxury townhome is a great way to enjoy the amenities of Vienna and live in a new, customized home without breaking the bank. There are only 5 homes left in this community. If you are interested in viewing these beautiful, luxury townhomes, call or email me for an appointment.

Below are the current listings for Cadence on Center:

If you are looking for deals on other homes in the Tysons area, here are this week’s luxury for less properties:

The properties listed are a small selection of properties available in the Tyson’s Corner area. For a full list of properties listed on MLS and private exclusives, please contact Brandy Schantz.

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Luxury for Less: Feb. 27

Welcome to Luxury For Less, a weekly column highlighting the best deals in luxury real estate. Written by Brandy Schantz of TTR Sotheby’s International Realty, Luxury For Less offers tips and tricks navigating the competitive real estate market and securing the home of your dreams. To learn more, visit ttrsir.com.

As a realtor at TTR Sotheby’s International Realty, I see plenty of beautiful and luxurious homes.

The D.C. Metro area real estate market may not be New York City or Los Angeles but we certainly have our fair share of beautiful homes and swanky addresses. TTR Sotheby’s private exclusive listings currently include a breathtaking home with unparalleled views of the Potomac in McLean priced at $62,950,000 and a stunning estate in Georgetown for $18,750,000.

I am often at awe with the beautiful architecture, interior design and stately elegance of these homes. McLean is well known for its large homes, prestigious addresses and powerful, wealthy residents. One of the swankiest neighborhoods in McLean is Ballantrae Farms.

Ballantrae Farms features prominent homes with even more prominent owners. If you are seeking a home where you can rub elbows with the elite; CEOs, politicians, leaders of industry, Ballantrae Farms is the prestigious address you are looking for.

1285 Ballantrae Farm Drive McLean is currently on the market for $2,700,000. This custom built home features approximately 7,720 finished sq. ft. and over 10,000 total sq.ft. This home features elegant details and large spaces for entertaining. The home was built by international builder and developer John Georgelas as his own personal home. Relax at the outdoor courtyard pool or entertain at the large wet bar. The home needs some modern touches but in Ballantrae Farms, under $3M, the possibilities are endless.

Here is the listing for 1285 Ballantrae Farm Drive:

1285 Ballantrae Farm Drive McLean

The properties listed are a small selection of properties available in the Tyson’s Corner area. For a full list of properties listed on MLS and private exclusives, please contact Brandy Schantz.

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Luxury for Less: Feb. 20

Welcome to Luxury For Less, a weekly column highlighting the best deals in luxury real estate. Written by Brandy Schantz of TTR Sotheby’s International Realty, Luxury For Less offers tips and tricks navigating the competitive real estate market and securing the home of your dreams. To learn more, visit ttrsir.com.

Unless you have gone off the grid, you’ve probably heard a lot of talk about Amazon HQ2.

The D.C. Metro area has been bracing for the impact of HQ2 and investors have been buying real estate near the National Landing site for months. In case you aren’t already sick of hearing about HQ2, this week brought us more to talk about. Amazon nixed plans to open their HQ2 site in New York.

This presented an opportunity for Prince George’s County. Prince George’s County officials reached out to Amazon to pitch their location again. Amazon has officially said they do not plan to search for a new location but that won’t stop the speculation in the D.C. Metro area. Google also has the area talking with the announcement that the company plans to double the size of their workforce in Northern Virginia.

Scotts Run in Tysons Corner had courted Apple and is still looking for a tenant but what is clear is that tech giants are viewing the D.C. Metro area as an attractive location to find talent and make a home. This is great news for residents who like living in the area but want new and diverse job opportunities.

What does that mean for our real estate market though? Real estate in the D.C. Metro area is already among some of the most expensive in the country. Last year, Metropolitan Washington Council of Governments (COG) released a report detailing the D.C. Metro area housing shortage. According to COG, the area needs 115,000 additional homes above current projections by 2045, or about 25,600 total new units per year.

Affordability is a growing problem and it doesn’t look to be going away any time soon. It’s not all bad news though. This area already experiences many moves each year, both from people moving to the area and people moving out. We experience this every year without the fanfare that came with the Amazon announcement.

It’s also important to remember those 25,000 jobs will not necessarily bring that many people, some of those new hires already live here. They also won’t all be hired or transferred here at one time. The same can be said for Google and other companies relocating to the area or expanding their workforce.

It remains to be seen if our housing market will reach San Francisco crisis levels. For now, check out the properties on the market that you can get a deal on.

Here are this week’s luxury for less properties:

The properties listed are a small selection of properties available in the Tyson’s Corner area. For a full list of properties listed on MLS and private exclusives, please contact Brandy Schantz.

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Luxury for Less: Feb. 13

Welcome to Luxury For Less, a weekly column highlighting the best deals in luxury real estate. Written by Brandy Schantz of TTR Sotheby’s International Realty, Luxury For Less offers tips and tricks navigating the competitive real estate market and securing the home of your dreams. To learn more, visit ttrsir.com.

Vienna is a popular place to live in the D.C. Metro area.

People love the small-town charm, the proximity to Tysons Corner and the trails that wind through our enchanting town. When the weather is nice, we all meet outdoors to enjoy a run, take a leisurely stroll to the Whole Foods, or walk our dogs. It’s a pretty idyllic life in the D.C. Metro area and no one who lives here is surprised that we consistently top lists of best places to live in the U.S.

The only problem, this town is becoming more and more expensive. Real estate prices are quite diverse in Vienna. The town is divided into 4 quadrants with each quadrant selling homes at different prices. Currently, the hot market in Vienna seems to be in Southeast.

Southeast is very desirable for its proximity to Tysons, great schools and walkability to Westwood Country Club. Living on Mashie or Niblick Drive has suddenly become very elite, in part thanks to the very large, high-end homes recently built on those two streets. In addition to paying top dollar to get in to Southeast Vienna, the town taxes can break the budget.

Recent sales in southeast include a $1,030,000 condo on Glyndon and $2,350,000 detached home on Niblick. Top that off with an additional real estate tax for living in the Town of Vienna of 22.5 cents per $100 of the property’s assessed value. It’s steep to live in this neighborhood.

What if you want to live in Vienna without the extra taxes or the price tag over $2M? Just east of the town and mere steps from this hot neighborhood are many great homes that sell for less and lack the extra taxes. This neighborhood is just west of Old Courthouse Road and east of Electric Avenue.

Most of the homes were built 10 years ago or more but have a lot of space and similar access to the trails, Tysons and the shops on Maple Avenue. In contrast to Southeast, the most expensive home sold in this neighborhood in the past six months was a detached home with over 7500 sq. ft. that sold for $1,695,000. Still too much? Most of the homes in this neighborhood sold for around $1M with many below that amount. Vienna addresses without the steep Vienna prices.

This week we have quite a few great homes featured and one just outside the town limits in Vienna to consider!

The properties listed are a small selection of properties available in the Tyson’s Corner area. For a full list of properties listed on MLS and private exclusives, please contact Brandy Schantz.

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Luxury for Less: Feb. 6

Welcome to Luxury For Less, a weekly column highlighting the best deals in luxury real estate. Written by Brandy Schantz of TTR Sotheby’s International Realty, Luxury For Less offers tips and tricks navigating the competitive real estate market and securing the home of your dreams. To learn more, visit ttrsir.com.

The big news last week was the Federal Reserve meeting. The Fed did not raise the benchmark federal funds rate and indicated that interest rates would remain steady.

The Fed had previously announced after the December meeting that interest rates would be raised twice in 2019. What does that mean for the mortgage markets? Mortgage interest rates are actually more related to the 10-year U.S.

Treasury note than to the federal funds rate so the overall health of the economy will be a better predictor where mortgage rates will go. Economists have predicted interest rates in the mortgage markets to be between 5-6% by the end of 2019. For now, we can expect mortgage rates to remain low.

In the Tysons area, snow and cold days kept many people indoors so this is a great week to go out and find some great homes. Here are this week’s luxury for less homes:

The properties listed are a small selection of properties available in the Tyson’s Corner area. For a full list of properties listed on MLS and private exclusives, please contact Brandy Schantz.

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Luxury for Less: Jan. 30

Welcome to Luxury For Less, a weekly column highlighting the best deals in luxury real estate. Written by Brandy Schantz of TTR Sotheby’s International Realty, Luxury For Less offers tips and tricks navigating the competitive real estate market and securing the home of your dreams. To learn more, visit ttrsir.com.

As we approach February, we find ourselves with a similar problem from this time last year — there is very little inventory.

My office is buzzing with multiple offers and buyers trying to get homes before they even hit the market. While Fairfax County’s inventory is slightly up compared to this time last year, it’s still not enough to keep up with demand and the average list price has increased to $985,978 from $820,268 this time last year.

Fortunately, there are still great homes to be found and great neighborhoods to explore. One of the more popular neighborhoods in the Tysons area is the neighborhood around Westwood Country Club.

Westwood Country Club is located just a few minutes from Tysons Corner in the sought-after Town of Vienna. Homes in this neighborhood range from 1950s ramblers to the large, newly built custom homes that are becoming the norm in Vienna.

This neighborhood is one of the more popular because the W&OD trail is just minutes away, you can walk to the country club and Tysons is a short and easy commute. Many people enjoy walking to the mall from this area and anyone who has tried to drive down Maple Avenue at rush hour knows that being close to the Tysons Corner side of the road is a big plus.

You don’t have to have the big, new home budget to get into this great neighborhood. One recently reduced property in this neighborhood is move in ready and just $774,900. Check out 1007 NE Westbriar Drive Vienna (Reduced $25,000) and other great luxury properties for less:

The properties listed are a small selection of properties available in the Tyson’s Corner area. For a full list of properties listed on MLS and private exclusives, please contact Brandy Schantz.

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Luxury for Less: Jan. 23

Welcome to Luxury For Less, a weekly column highlighting the best deals in luxury real estate. Written by Brandy Schantz of TTR Sotheby’s International Realty, Luxury For Less offers tips and tricks navigating the competitive real estate market and securing the home of your dreams. To learn more, visit ttrsir.com.

Monday was a holiday in celebration of Martin Luther King Jr. In 1994, Congress designated this day as a national day of service and the Corporation for National and Community Service (CNCS).

This federal agency that leads service and volunteering, launched an effort to make the third Monday in January a “day on, not a day off.” In honor of Monday’s day of service, I would like to highlight volunteer opportunities in the Tyson’s Corner area that you can dedicate some time to throughout the year.

Volunteer service has always been an essential principal in my life and I am proud to be a member of an organization such as TTR Sotheby’s International Realty, a brokerage firm that truly supports local communities.

Nationalservice.gov highlights volunteer opportunities in your area. These opportunities are typically available all year round and always in need of help. Volunteer Fairfax declares volunteering a new year’s resolution worth keeping.

Their website has a database of local opportunities so you can find the right one for you. If you can’t find something there, Volunteer Match offers another database of opportunities and don’t forget to get your kids involved! There are many benefits to volunteering and I hope that 2019 can be a year of service for you.

Now back to house hunting! It’s brutally cold outside so head inside to a great open house this weekend or look at some of these warm interiors:

The properties listed are a small selection of properties available in the Tyson’s Corner area. For a full list of properties listed on MLS and private exclusives, please contact Brandy Schantz.

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Luxury for Less: Jan. 16

Welcome to Luxury For Less, a weekly column highlighting the best deals in luxury real estate. Written by Brandy Schantz of TTR Sotheby’s International Realty, Luxury For Less offers tips and tricks navigating the competitive real estate market and securing the home of your dreams. To learn more, visit ttrsir.com.

The big question on everyone’s mind right now is, “How will the government shutdown affect the housing market?”

The honest answer right now is, not that much. While there are many people who are opting to wait until this is over to buy, it hasn’t affected the overall market just yet. Time will tell how much it will affect the market but according to the National Association of Realtors, 75% of realtors have experienced no impact at all.

This prompted me to think of the VA loan, a loan I am very familiar with as an Army veteran myself and one that is not affected by the current shutdown. I thought this would be a great time to discuss how you can use your VA loan to get into an expensive real estate market such as this one.

When many people think of VA loans, they think of low limits and young soldiers trying to buy a home with little or no money down. In the D.C. metro area, we are surrounded more by senior officers and retired military who are embarking on their second career than young soldiers. The VA loan can be a great loan for those active military and veterans to get into what seems like an impossible market.

First, the VA loan “limit” is not a limit at all. It’s just the amount you can borrow with no money down. Any amount above that limit, $726,525 for the D.C. metro area, requires a down payment of 25%. For example; if you are purchasing a home for $1.3M, you are responsible for a 25% down payment of $573,475 or $143,368.

The VA loan has many benefits including possible lower interest rates so I encourage those who are eligible to consider using their VA loan rather than a conventional loan.

To better understand what loan programs work best for you, be sure to contact an experienced loan professional. To learn more about how the VA loan can work for you, contact my go to VA loan professional, Heather Devoto at [email protected].

Now check out some of this week’s luxury properties for less:

The properties listed are a small selection of properties available in the Tyson’s Corner area. For a full list of properties listed on MLS and private exclusives, please contact Brandy Schantz.

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