The sales prices at the Gates of McLean continued their upward trend in 2012. With the new Silver Line McLean Metro stop scheduled for completion in December 2013 the community desirability is great and the community remains very popular with homeowners and investors. One of our 1 bedroom listings at the Gates of McLean had 6 offers – almost all above asking price and 5 out of 6 were by investors. It ended up selling for above the asking price. It is clear that people believe there will be price and rent appreciation in the Tysons Corner area with all the new development (apart from the metro station.)
There were 24 homes sold in 2010 and 22 homes sold in 2011. In 2012 24 homes sold. The average sales price increased by $5,000-$10,000 for most of the models.
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 (4 out of the 24 sales were a short sale or a foreclosure.)
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 – then the prices stabilized and started to increase slowly again. Based on our experience at the Gates of McLean, 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.)
The number of units renting each year is on the rise still. in 2012 there were 67 homes rented out trhough the MRIS. That is 20% more units than in 2011. Despite the increased supply the rents keep increasing. As mentioned earlier, the high proportion of rentals makes it difficult to obtain financing for owner occupants with anything less than a 20% downpayment.
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.
Gates of McLean is a great neighborhood and the prices are on the rise. 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.