Times are exciting in Tysons Corner with new developments popping up throughout the area. With the Silver Line metro completed many communities are finally within walking distance to the metro. Fountains at McLean is one of them.
After values struggled to recover after the 2006 “market correction” prices jumped from 2012 to 2013. However, instead of continuing the appreciation prices have been struggling the last couple of years.
2016 was unfortunately no exception. While the number of sales (32 units) and number of rentals(47) were at record highs, the average prices fell in 2016. See the homes for sale here.
As a result, you can purchase a fully updated 1 bedroom unit at the Fountains at McLean in the $210’s – a great value!
So, why have the prices gone down the last few years at the Fountains at McLean while prices have increased or at least been flat elsewhere? (for example, look at the price curve at the Gates of McLean for a comparison.)
It is likely a combination of factors. The metro stations, while close to the community, aren’t really an easy walk in the heat of summer or cold of winter. Another factor could be the appearance of the community. On a visit to the community last year I was met by chipping stairs, rusted railings, duck-taped access gate, unfinished hallway ceiling patches, dirty stucco and a hodgepodge of door hardware on unit doors.
That being said, most of the repairs seem to be superficial. I am sure the community is working on remedying the situation. In the meanwhile, the Fountains at McLean could be a great buying opportunity.
The average rent has been steadily increasing which has brought the Gross Rent Multiplier (GRM) in the community to the best level since 2011-2012.
The Fountains at McLean is in a great community with reasonable prices that would make a wonderful home. If you would like to discuss selling or purchasing (5 Reasons We Rock For Buyers!), please give me a call at 703 560-3424 or contact us.