The sales activity at the Gates of McLean is continuing at about the same pace in 2012 as last year. With the new Silver Line McLean Metro stop “almost there” the community remains very popular with homeowners and investors alike.
There were 24 homes sold in 2010 and 22 homes sold in 2011. In 2012 18 homes have sold so far this year. The average sales price has increased by about $10,000 for each of the models this year – so we are looking at a slow and steady comeback!
The number of distressed sales keep going down. In 2009 about 40% of the sales were foreclosures or short sales. In 2012 we are down to less than half of that.
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.
To get a better understanding of the overall price trend at the Gates of McLean 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.
Prices has held up well in 2012. The average sales price trended downwards until the 2008-2009 time frame. Since then the prices have stabilized and started to increase slowly again. Based on our experience in the community, multiple offers is commonplace and getting a high offer price is not usually a problem. The thing holding back the prices is conservative appraisals and the limited financing options available.
The limited financing is caused by the high investor ratio at the Gates of McLean. Due to the number of rental units, 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(that requires only a 3.5% down payment.)
No homes are currently available for sale at the Gates of McLean. This changes daily, so click here to see what is currently available at the Gates of McLean for sale.
Moving on to rentals, the rents seems to be back to an upwards trend after a small slump in 2009. 56 units rented through the MRIS in 2011 versus 61 in 2009 and 53 in 2010. This far in 2012 there has been 49 units rented – so it looks like we are getting a record number of units rented this year. There are currently 5 properties listed for rent ranging from $1,425 for a 1br/1ba to $2,000 for a 2br/2ba.
For investors the GRM has stabilized in 2012. While the rent won’t cover the mortgage most expect price and rent appreciation when the metro and surrounding development completes.
Gates of McLean is a great neighborhood and the prices are now about 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 below.
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.