At the Gates of McLean there has been growing excitement over the last years as the new McLean metro station has been taking shape down the road. Owners have held onto their units rather than selling resulting in a limited inventory and a high number of owner occupant properties turning into rentals. As a result prices have been rising and rents have remained stable.
Overall, prices have increased by about 15% from 2012 to 2013 YTD. After a little pause in sales activity for 1 bedrooms mid-year, the units are again selling well. 2 bedroom units have been selling well throughout the year.
The one 3-bedroom unit that sold this year went for above $400,000 – it was fully updated and was actually a 3 bedroom converted to a 2 bedroom unit.
No homes closed YTD has been distressed – a great improvement from 2009 when almost 40% of the sales were either a foreclosure or short sale. While prices still have a bit to go before they reach 2005 levels, the desirability of the Gates of McLean is evident and we get lots of calls from prospective purchasers and investors interested in the community.
Rentals are doing ok with 62 units rented so far this year. Rental prices seem to be pretty stable still – will be interesting to see what happens when the metro is finally complete in a month or two.
Apart from the sales and rentals lots of things are happening in the area with the Silver Line metro nearing completion and Capital One gaining approval for their plans at the neighboring site. To see what is currently for sale at the Gates of McLean, look here.
We know the Gates of McLean and have great experience and relationships with owners and management – if you have any questions please contact us!