The sales activity at the Gates of McLean is continuing at a greater pace in 2012 than in 2011. With the new Silver Line McLean Metro stop “almost there” the community remains very popular with homeowners and investors alike. On one of our 1 bedroom listings at the Gates of McLean we had 6 offers – almost all above asking price and 5 out of 6 were by investors. It is clear that people believe there will be price and rent appreciation in the Tysons Corner area with the new development.
There were 24 homes sold in 2010 and 22 homes sold in 2011. In 2012 24 homes have sold so far this year. The average sales price has increased by about $5,000-$10,000 for each of the models this year – so we are looking at a slow and steady comeback!
The number of distressed sales has kept pretty stable. 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 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 things holding back the prices are 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.