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 turned into rentals. As a result prices have been rising and rents have remained stable.
Overall, prices increased by about 15% from 2012 to 2013.In 2014 there has been 10 sales year-to-date versus 19 sales in 2013. The distressed-property-party seems to be over as well with no distressed properties having closed since 2012.
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. Prices have been rising steadily since 2009 and with the development in the area Gates of McLean should continue to be great place to live or invest.
Rentals are doing ok with 20 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 (hopefully) opening this summer.
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 onsite management – if you have any questions please contact us!