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Hello. I'm considering purchasing a condo in the Tysons Corner area. Recently I've been looking at the Fountains of McLean condo community, which is located at 1503 Lincoln Way, McLean VA. When the 4 Tysons Corner stops open in mid to late 2013... this particular property will be approximately 0.7 miles from the Tysons - Spring Hill metro stop. 1 bedroom condos there are currently selling from 200 - 240k (depending on size and quality). I'm curious as to how much of an effect the metro opening will have on these properties. Personally, I think it's likely to create at least a 10% increase in value. One factor which makes me believe this, is that condos of comparable age and distance from the metro (like the Hyde Park condos) in Ballston are selling in the high 200s. What do you think?
Nobody knows or can really predict it because the silver line is still not set in stone and they keep delaying the start date.
Hyde Park is worth that it is because it's 5 miles outside DC, and is next to the desirable orange line corridor. The place you are looking at is three times as far - almost 15 miles outside DC - and is not really a mecca of weekend activity. Will people that commute to DC still be looking for condos that are 15 miles out? Who knows.
I thought adding public transportation to your area increased crime.
You thought wrong! It does increase the value, but much of it is pre-increased due to speculation (much like the stock market). I think that now is a peak and it will dip as the announcement of more shiny-new buildings come. Once more buildings are completed everything will go up again. I'm no expert, but yes, the price should go up if you plan on holding on to it for at least 5 years, most likely really high in 7+years.
You thought wrong! It does increase the value, but much of it is pre-increased due to speculation (much like the stock market). I think that now is a peak and it will dip as the announcement of more shiny-new buildings come. Once more buildings are completed everything will go up again. I'm no expert, but yes, the price should go up if you plan on holding on to it for at least 5 years, most likely really high in 7+years.
Cool. I would not live there after 7 years then, becuase of the cycle of things, it would be a bad area by 2020.
Cool. I would not live there after 7 years then, becuase of the cycle of things, it would be a bad area by 2020.
You know...that is kind of true.
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