After a challenging 2016 (and better 2017) at the Gates of McLean, 2018 has turned out to be a great year for the community. While basic units still sell well below their 2005 highs, updated units (and in particular 3 bedroom units) have finally seen prices approaching the 2005 levels.
There are currently 3 units for sale at the complex (and 2 pending.) Since the beginning of the year 29 homes sold. That is about 3 homes selling per month. The average days on market (DOMP) is 27.
After a dip in prices, large invenotry and slow sales in 2016, buyers are again valuing the community and location. The Gates of McLean is a well run and attractive community. The location at the heart of Tysons Corner and proximity to the Silver Line Metro will always be attractive. But at the height of the construction on Scotts Run with dumptrucks, noise and dust, it took a bit of foresight to see 2-3 years ahead in time when things calm down a bit at the Capital One property across the street.
The residential rent levels have been stagnant at the Gates of Mclean over the last 10-15 years. With an annual rent appreciation of about 1% per year (not accounting for inflation) the community has not really been producing stellar cash-flows for investors.
Furthermore, with all the new rental complexes and buildings in the area (sometimes offering great move-in incentives like free first month, IPads etc) potential tenants have been expecting better standards. This together with aging units have resulted in many owners having to spend $20,000+ in updates to bring kitchens, bathrooms and HVAC systems up to modern standards.
To sell quickly and maximize the price a home needs to show great. Updates like granite counters, stainless steel appliances and laminate or hardwood flooring helps you differentiate yourself from competing units. Things like the view, noise and location within the community will as always matter a lot as well.
If you are considering selling, buying or investing at the Gates of Mclean give us a call. We are experienced in the community. Give Are or Liezel a call at 703 560-3424 or send us a message to pick our brains a little!