Traffic is often at a standstill driving around I-495 at Tysons Corner these days. Between the 495 Hot Lanes project and the construction for the extension of the metro lane closings are a daily occurrence.
For owners of residential properties close to the proposed metro stops the current traffic delays woes are just a means to an end. Sales of properties within walking distance of the new metro stops are on the rise.
Last year from January to May there were 45 sales of condos in the Tysons Corner area (22102). This year the number of sales for the same time frame is on the rise to 62 units already closed and settled. There are also another 31 properties Under Contract . Unless the market comes to a complete standstill in the next few months sales in 2010 will far surpass 2009.
Recently I’ve been out with investors who are beginning to realize that the Tysons Corner area could be a hot ticket in the next few year. If you are thinking of investing in the Tysons Corner I suggest you start with talking to an attorney to create an LLC to hold title to your property. Then talk to an accountant to understand the tax implications of owning a investment property. Finally determine if being a landlord is for you or whether you need to hire a professional management company to deal with the headaches that can come from owning investment property.
Then call me to talk about the different condo neighborhoods in Tysons Corner that might be right for your investment dollars.
View Current Condo Listings in Tysons Corner (22102)