The sales activity in 2011 YTD at the Gates of McLean has been great with prices remaining stable. With the new metro getting closer to completion and the new noise barriers the community is getting more and more attractive. There were 24 homes sold in 2010 and 18 homes sold in 2011 YTD. The lowest price was a 1br/1ba at $200,000. The highest price was a 3br/2ba property at $360,000.
The number of distressed sales keep going down. In 2009 about 40% of the sales were foreclosures or short sales. In 2010 about 33% were and in 2011 we are down to just 16% distressed sales.
Based on the MRIS, here is the sales price history for the Gates of McLean.
So, on average prices are pretty stabile on average in 2011. Pirces are down a bit for 2 bedroom units and up a little bit for 1 and 3 bedroom units.
Homes this year on average sell for 95.9% of the original and 97.8% of the list price. So, if you are looking to purchase in Gates of McLean you can expect to pay close to the asking price.
There are 3 pending homes at the Gates of McLean as of 10/6/2011 (two 1-bedroom units and one 2-bedroom home.)
Regarding foreclosures and short sales: I looked in the Realist system and found 0 pre-foreclosure, 5 auctions and 1 bank owned properties. Some of the bank owned properties may already be listed or may already be sold. Based on those numbers it seems there are more foreclosures coming on the market over the next few months.
If you have negative equity in your home and you are considering a short-sale or a foreclosure (or you just don’t know what to do), please contact us. We have successfully closed short sales at the Gates of McLean and will be happy to talk to you.
Two homes are currently available for sale at the Gates of McLean. One is a 1-bedroom unit at $215,000 and the other one is a 2-bedroom units listed at $342,500. Click here to see what is currently available at the Gates of McLean for sale.
To get a better understanding of the overall price curve in the neighborhood we will first look at some specific models. The Danielle model (1br), Dalton model (2br) and the Christine model (3br) are three popular models that usually have at least a few sales every year. I put together a graph showing sales of those models below.
As can be seen from the above graph, the average sales price trended downwards until the 2008-2009 time frame. Since then the prices have stabilized and started to increase slowly again. The two bedroom prices seems to have dropped this year but the 2010 number may have been inflated somewhat. The overall trend seems to be a slow increase.
Apart from a tightening of appraisals, the high investor ratio at the Gates of Mclean keeps making things difficult for purchasers. Due to the ratio being high, finding a lender to finance a purchase often proves challenging with many demanding a 20% or higher down payment. Requiring that amount of down payment eliminates a lot of first time purchasers that would normally use FHA loans(3.5% down payment.) As a result, the investor ratio may remain high for some time.
Moving on to rentals, the rents seems to back to an upwards trend after a small slump in 2009. 47 units rented through the MRIS so far in 2011 versus 61 in 2009 and 53 in 2010. There are currently 2 properties listed for rent ranging from $1,295 for a 1br/1ba to $1,350 (both 1br/1ba.)
For investors the GRM is a bit up and down but it seems the ration of prices to rental income is pretty constant the last years.
Gates of McLean is a great neighborhood and the prices are still often lower than what the developer sold them for back in 2003. With the metro coming soon, the Gates of McLean is just getting better and better! If you would like to discuss selling or purchasing at the Gates of McLean please give us a call at 703 560-3424 or contact us via email.
Broker, Soldsense Realty LLC
“Your sixth sense in real estate”
Disclaimer: The data above is not guaranteed in any way and may contain errors and omissions and is based on MRIS data only. The analysis is my opinion only – always do your own research.