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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I'm sure it frustrates some local builders that people will buy older homes and maintain them, rather than seek out the cheapest houses and tear them down.   [/quote]

In my opinion it's a certain fading demographic that buys these homes in McLean, and it's not for the schools. It's the empty nesters who have have lived in the area a long time and still think a home in McLean is the pinnacle of success, like in the 1980s. Just like the middle aged man who buys the used car he always wanted in high school. They trade up a few times and finally buy that dream home from the 1980s. Then reality sets in and they realize that they're too old to maintain a massive house and yard, and they sell it five to ten years later, either breaking even (if they're lucky) or at a loss. Millennials don't want these houses. [/quote]

You're entitled to your opinion, but not to your own facts.

School enrollments have been increasing in that area, and there are many buyers who want to be in a close-in location zoned for a top school pyramid.

The ideal neighborhood for some Millenials might be Lyon Village, but they can't afford it, or for that matter new construction anywhere close in.  So they turn to older homes elsewhere in Arlington, McLean, and Falls Church. 
[/quote]

That may be true for the cheapest homes in McLean, but not helping the $1 million+ old homes, which is primarily what you find in CW. [/quote]

Over the past two years, there have been about 50 sales of houses built before 1980 in that neighborhood and the median sales price was around $1.05M.  We could parse all the property records and try and assess how many sellers made money, and how many lost money, but the market is reasonably active, and there are also trade-offs with other houses in that price range (i.e., there are similarly priced older houses in North Arlington, but they are smaller and zoned for lower-ranked schools; there are newer (but not new) houses in Vienna, but they are further away from DC, etc.).  Or you could claim every buyer in that range wants to live in DC now, but that's contradicted by the volume of transactions. [/quote]

You must be a realtor.  That's only two sales per month, on average. Definitely a cold market. Would be interesting to see the full stats, but I think it's safe to assume that sellers who bought in that neighborhood pre-2005 made money, and those who bought after lost money, unless major improvements were made. [/quote]

http://yournewhometeam.com/mclean/market-trends/single-family/chesterbrook-woods-market-trends/

Try looking at some facts.  It's not a cold market--you shouldn't make up your own definitions for "cold market" any more than for other facts, either.[/quote]

Sorry, but a realtor's website is not very convincing. It's a cold market. Look at the examples already provided. Do you need more?[/quote]

DP, but there's also this:   https://www.zillow.com/mc-lean-va-22101/home-values/

When it comes to newer homes, here's the number and median sales price of sales of SFH built since 2015 over the past 12 months in some close-in zip codes:

22101/McLean 86 sales; median price of $1.83M
22207/Arlington 72 sales; median price of $1.65M
22180/Vienna 72 sales; median price of $1.43M
22043/Falls Church 44 sales; median price of $1.26M
22205/Arlington 17 sales; median price of $1.46M

When new homes are so expensive in 22101 and elsewhere, it stands to reason that there will be a market for more affordable, older homes in the more expensive areas as well.      [/quote]

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