There is great excitement in Tysons Corner these days with the HOT Lanes and new Silver Line metro nearing completion. Many new communities will now be within walking distance to the metro for the first time – Fountains at McLean being one of them.
The number of sales in 2012 seems to be on track for the Fountains at McLean. This year there has been 11 sales so far (versus 15 in 2011 and 24 in 2010.)
The prices in 2012 are still struggling to recover from 2005. While prices have been pretty stable from 2008/2009, the prices do seem to have trouble getting any upwards traction. The average price for a 1-bedroom at the Fountains at McLean is so far at $216,143 (up from $195,618 in 2011.) The average 2-bedroom price went down a bit so far to $295,500 (down from $304,500 in 2011.)
The average rent keeps going up with the number of rentals being at about the same level of 37-42 per year for the last 4 years. This year there has only been 19 rentals this far. The overall trend is positive though.
The sales mix seems to have improved a little bit from last year with some short sales but fewer foreclosures. As the number of sales are few, the difference is really not that significant.
A continuing concern 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 now have reached a level where purchasers typically 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.
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 purchasing (5 Reasons We Rock For Buyers!), please give us a call at 703 560-3424 or contact us.