Tysons Corner had an eventful 2013 so far with the completed HOT lanes, Silver Line metro nearing completion and the Walmart opening. Many communities will now be within walking distance to the metro for the first time – Fountains at McLean is one of them.
After values struggled to recover the last few years, 2013 has been a great year for the community. The number of sales and rentals at the Fountains at McLean is outpacing 2012. The average price sales price for a 1 bedroom unit is now about $250,000 for a 1 bedroom and almost $360,000 for a 2 bedroom.
Homes generally sell quickly but there was a slowdown for 1 bedrooms in the fall – probably due to a lot of units being listed at the same time. There are currently two pending units and two listed for sale – see the currently Active and Pending listings at the Fountains at McLean here.
The average rent keeps going up at the Fountains at McLean.
The sales mix seems to have improved from last year with just one short sales and no foreclosures year to date.
Keep in mind that a continuing concern for purchasers at the Fountains is that the investor ratio has been high (number of non-owner occupants.) Lenders are hesitant to give loans in developments where this rate is too high (generally 50% and over.) It seems to still be at a level where purchasers may need a 20% down payment to qualify for a mortgage. FHA loans with 3.5% down-payment seems to be unavailable in the community at this time. In 2013 YTD, 19 homes sold. Of those, 8 were cash purchases, 10 were conventional financing with at least 20% down and one VA loan.
The Fountains at McLean is a great neighborhood with reasonable prices that would make a wonderful home. If you would like to discuss selling or to purchase (5 Reasons We Rock For Buyers!), please give us a call at 703 560-3424 or contact us.