Are Andresen

Gates of McLean

Gates of McLean was built in 1998 as a rental complex. It is located in the Tysons Corner area of McLean (Fairfax County) at the intersection of I-495 and Chain bridge Road (Rt 123). The complex was converted in 2003/2004 to condominiums by Crescent Heights and sold out in less than 9 months.

The community is gated and has well kept grounds. There is a clubhouse, exercise room, pool, walking paths, a sports court and picnic areas. The Gates of McLean consists of multiple buildings of two styles: mid-rise and garden. The mid-rise style has controlled building access, heated hallways and underground parking available (does not come with all units.) The garden-style has open hallways and there is surface parking only. There are numerous 1, 2 and 3 bedroom models available. All the units have an open floor plan with open kitchens and they typically come with a full-size washer and dryer.

Some of the units are located up against I-495 and the Dulles Toll-road. Therefore, traffic noise can be expected in some of the units. Of course, the proximity of major highways is one of the great features of this neighborhood. Nearby major roads like I495, Dulles Toll-road, Chain Bridge Road, I-66 and Rt. 7 provide easy access to almost anywhere.

The Gates of McLean is located about 2 miles from West Falls Church metro station. MetroBus is available from Chain Bridge Road and you can expect a 10-15 minute ride to the metro. Superb shopping is right up the road in Tysons Corner. The Tysons Corner Mall is right up the road and major employers like Capital One and MITRE is right across the street.

For Sale at the Gates of McLean

Showing properties 1 - 3 of 3. See more Gates Of Mclean tract real estate.
(all data current as of 5/19/2012)

1. $261,000 : 1600 Spring Gate Dr #2113, Mclean
   
   1 bed, 1 full bath

   Home size: 815 sq ft

   Year built: 1997

   Parking spots: 1

   Days on market: 9

   Walk Score®: 52
2. $210,000 : 1591 Spring Gate Dr #3102, Mclean
   
   1 bed, 1 full bath

   Home size: 642 sq ft

   Year built: 1997

   Parking spots: 1

   Days on market: 21

   Walk Score®: 52
3. $349,000 : 1570 Spring Gate Dr #7204, Mclean
   
   2 beds, 2 full baths

   Home size: 1,082 sq ft

   Year built: 1997

   Parking spots: 2

   Days on market: 23

   Walk Score®: 42

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Recent Posts About the Gates of McLean

Spring Fever At The Gates of McLean!

Spring is here and so are the buyers! With low interest rates and the metro right around the corner Gates of McLean is hotter than ever. We recently listed a 1 bedroom and had lots of offers within a few days.

The average days on market this year (2012) for sold homes at the Gates of McLean has been only 19. More than half the closed listings this year went under contract in 6 days or less. We know the Gates of McLean and will help you get the best price – please give us a call at 703 560-3424 anytime.

Sales in 2012 are listed below.

Serene 2 Bedroom For Rent in Tysons Corner

We now have a top level 2-bedroom condominium at the Gates of Mclean available for rent. It has two reserved parking spaces and is in one of the buildings away from the traffic noise. The large balcony overlooks the interior courtyard with walking paths, lawns and trees. The Chandler model is 1149 square feet and has a wonderful breakfast room with lots of light. The units have an open floor plan with open kitchen and comes with a full-size washer and dryer.

The Gates of McLean is gated and has well kept grounds. There is a clubhouse, exercise room, pool, walking paths, a sports court and picnic areas. The great location is one of the great features of this neighborhood. Nearby major roads like I495, Dulles Toll-road, Chain Bridge Road, I-66 and Rt. 7 provide easy access to almost anywhere.

Superb shopping is right up the road in Tysons Corner. The Tysons Corner Mall is right up the road and major employers like Capital One and MITRE is right across the street. One of the new metro stations on the silver line is right down the street.

We're sorry, but we couldn't find MLS # FX7817368 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

1br/1ba at Gates of McLean For Sale

We are just about to list a wonderful 1 bedroom second floor condominium in the Gates of McLean community in McLean, Virginia. The community is located in Fairfax County down the road from the Tysons Corner mall with world-class shopping.

The home has easy access to major roads like I-496, I-66, Rt 123, Dulles Tollroad and also easy walk to the new Silver Line metro (new station being built right down the road.)

The 1br home is updated with granite counters, hardwood floors, stainless steel appliances and new paint. Home is located in a controlled access building and faces the wooded area behind the community. One garage spot conveys.

Listing Information:

What Condos in Fairfax County Are FHA Approved?

FHA financing is a popular type of financing in Fairfax County these days. From being unable to compete with the 0% down loans back in 2005 and 2006, they are now a part of over 20% of the purchases in the area.

The 3.5% down payment required is very competitive with the 10% minimum required from most other lenders. Also an FHA loan will allow you to receive the down payment as a gift in many cases (from your children or parents etc) - a useful feature for cash strapped purchasers.

Unfortunately, some purchasers run into problems with their FHA financing. Finding out that the condominium you fell in love with is ineligible for FHA financing results in disappointment, lost time and money. How can a purchaser avoid this situation ahead of time?

FHA financing is not available for all communities. To be eligible a condominium community will have to meet minimum criteria for things like insurance, owner occupancy, ownership and commercial usage. An occuring issue in Tysons Corner is that some communities have too high of a ratio of non-owner occupants(renters) to owner-occupants. A community that has more than half the units occupied by renters will in most cases be ineligible for FHA financing. That has been the case at the Gates of McLean and the Fountains at McLean.

Your real estate agent should know the local market and should be able to help you find out which communities may be troublesome in regards to FHA financing. The agent may know the status of a specific condominium based on experience or through conversations with lenders.

Your agent (or you) can also use online tools like https://entp.hud.gov/idapp/html/condlook.cfm to try to ascertian the approval status.

Per the online tool, these communities may* be FHA approved: Falls Church Gardens, Renaissance 2230, Idylwood Towers,  The Gates of Westfalls, The Pavillion, The Regency, The Palladium, Lillian Court, One Park Crest, The Colonies, The Rotonda, The Westerlies, Park Terrace, Vienna Trail, Westbriar Plaza, Westwood Village, Woodburn Village

Some communities that may not* be FHA approved at this time: McLean House North, Gates of McLean, Fountains at McLean

*The list of communities are in no way guaranteed and may not be correct. Keep in mind that being an FHA approved community can change – and sometimes your transaction will be the one that alerts the FHA to changes in the ownership ratio or other issues. There is no way to know for sure until a lender has processed your loan and received the official FHA approval for your mortgage. Sometimes different phases within the same community(or what appears to be the same community) may have different approval results as well.

If you are looking to purchase a condominium in the Tysons Corner area, please give us a call at 703 560-3424 or contact us. We will be happy to discuss the various options with you and help you find a great home!

Values at the Gates of McLean in Tysons Corner Keeping Up!

The sales activity remained high at the Gates of McLean in 2011 with prices remaining stable. With the new metro and new noise barriers the community  just keeps getting better and better.

There were 24 homes sold in 2010 and 22 homes sold in 2011. The lowest price was a 1br/1ba at $200,000. The highest price was a 3br/2ba property at $360,000.

The number of distressed sales keep going down. In 2009 about 40% of the sales were foreclosures or short sales. In 2010 about 33% were and in 2011 we are down to just 18% distressed sales.

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.

On average prices held up well in 2011. The average sales price trended downwards until the 2008-2009 time frame. Since then the prices have stabilized and started to increase slowly again. The two bedroom prices seems to have dropped this year but the 2010 number may have been inflated somewhat due to the model mix and/or the home buyer credit. The overall trend seems to be flat or a slow increase.

Apart from a tightening of appraisals, the high investor ratio at the Gates of Mclean keeps making things difficult for purchasers. Due to the number of rentals 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(3.5% down payment.)

Homes in 2011 on average sold for 96.6% of the original and 98.2% of the list price. So, if you are looking to purchase at the Gates of McLean you can expect to pay close to the asking price.

There are 4 pending homes for sale at the Gates of McLean as of 2/1/2011 (three 1-bedroom units and one 2-bedroom home.) Two are foreclosures.

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.

Moving on to rentals, the rents seems to back to an upwards trend after a small slump in 2009. 56 units rented through the MRIS in 2011 versus 61 in 2009 and 53 in 2010. There are currently 10 properties listed for rent ranging from $1,350 for a 1br/1ba to $2,050 for a 3br/2ba. 

For investors the GRM has stabilized in 2011. While the rent won’t cover the mortgage most expect price and rent appreciation when the metro and surrounding development  completes.

Gates of McLean is a great neighborhood and the prices are still often lower than what the developer sold them for back in 2003. 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 below.

Disclaimer: The data above is not guaranteed in any way and may contain errors and omissions and is based on MRIS data only. The analysis is my opinion only – always do your own research.

A New Commons At The Tysons-McLean Metro?

The “word on the street” has for a long time been that changes are coming to the area around Anderson Road. With the new Silver Line metro station coming down the street things have really started heating up.  The transformation started with the old “shady” Safeway property being replaced by a wonderful new Safeway and new  attached storefronts. Multiple other proposals are pending or approved (Scotts Run Station North, Scotts Run Stream Valley Parc/Mitre and at the Capital One property.)

Up next seems to be the 21 acre area currently occupied by the apartment complex The Commons. The Commons currently consists of 12 low-rise garden style apartment buildings with a total of 331 rental units.

Proposed Development - Rt 123 and the metro station is off to the right(image from the submitted Development Plan by MR Commons LLC)

The Development Plan includes 2 new parks(one with the potential for a U-11 soccer field) and 7 new high-rise residential buildings between 13 and 23 stories tall (135 to 235ft. ) The new buildings would house a total of ~2,500 dwelling units estimated to house 4,257 residents.  About 450 of the 2,500 units will be affordable Workforce Dwelling Units (WDUs.) No retail or commercial uses are planned.

There is no timeline yet – the development is planned out in phases and could take place over years and decades depending on market conditions. The existing buildings would be rented out as usual and remain in place until being replaced with a new building (hence the still brisk leasing activity at The Commons rental center.)

The overall land value and area density is going up due to the new Silver Line metro station and developments like The Commons. The obviously have surrounding communities excited yet cautious.

Nearby communities affected by this development are The Westerlies, Pimmit Hills, Morgan at McLeanand others.  Higher density means more people with traffic, cars and parking issues. Anderson Road has been a relatively quiet road and that will change for sure. Magarity Road and the back roads through Pimmit Hills will be a tempting shortcut for many to get to Rt 7 and I-66.

The feel of the area will certainly change – are speed-bumps and parking restrictions going to be necessary in the surrounding communities? No public hearing as yet been scheduled per the Fairfax County Website.

2011 Gates of McLean Sales and Rentals – Doing Well!

The sales activity in 2011 YTD at the Gates of McLean has been great with prices remaining stable. With the new metro getting closer to completion and the new noise barriers the community is getting more and more attractive. There were 24 homes sold in 2010 and 18 homes sold in 2011 YTD.  The lowest price was a 1br/1ba at $200,000. The highest price was a 3br/2ba property at $360,000.

The number of distressed sales keep going down. In 2009 about 40% of the sales were foreclosures or short sales. In 2010 about 33% were and in 2011 we are down to just 16% distressed sales.

Based on the MRIS, here is the sales price history for the Gates of McLean.

So, on average prices are pretty stabile on average in 2011. Pirces are down a bit for 2 bedroom units and up a little bit for 1 and 3 bedroom units.

Homes this year on average sell for 95.9% of the original and 97.8% of the list price. So, if you are looking to purchase in Gates of McLean you can expect to pay close to the asking price.

There are 3 pending homes at the Gates of McLean as of 10/6/2011 (two 1-bedroom units and one 2-bedroom home.)

Regarding foreclosures and short sales: I looked in the Realist system and found 0 pre-foreclosure, 5 auctions and 1 bank owned properties. Some of the bank owned properties may already be listed or may already be sold. Based on those numbers it seems there are more foreclosures coming on the market over the next few months.

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.

Two homes are currently available for sale at the Gates of McLean. One is a 1-bedroom unit at $215,000 and the other one is a 2-bedroom units listed at $342,500. Click here to see what is currently available at the Gates of McLean for sale.

To get a better understanding of the overall price curve in the neighborhood 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.

As can be seen from the above graph, the average sales price trended downwards until the 2008-2009 time frame. Since then the prices have stabilized and started to increase slowly again. The two bedroom prices seems to have dropped this year but the 2010 number may have been inflated somewhat. The overall trend seems to be a slow increase.

Apart from a tightening of appraisals, the high investor ratio at the Gates of Mclean keeps making things difficult for purchasers. Due to the ratio being high, 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(3.5% down payment.) As a result, the investor ratio may remain high for some time.

Moving on to rentals, the rents seems to back to an upwards trend after a small slump in 2009. 47 units rented through the MRIS so far in 2011 versus 61 in 2009 and 53 in 2010. There are currently 2 properties listed for rent ranging from $1,295 for a 1br/1ba to $1,350 (both 1br/1ba.)

For investors the GRM is a bit up and down but it seems the ration of prices to rental income is pretty constant the last years.

Gates of McLean is a great neighborhood and the prices are still often lower than what the developer sold them for back in 2003. 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 via email.

Are Andresen
Broker, Soldsense Realty LLC
“Your sixth sense in real estate”

Disclaimer: The data above is not guaranteed in any way and may contain errors and omissions and is based on MRIS data only. The analysis is my opinion only – always do your own research.

Gates Of McLean Selling Off Land To Cityline Partners?

As some of you may know, Cityline Partners are scheduled to develop the area next to the Gates of McLean that is called Scotts Run Station North. Currently there is a large flat office building at the location (intersection of Scotts Run and Rt 123/Chain Bridge Road) next to the new Tysons-McLean metro station.

Between the new development and the Gates of McLean is a 4 acre area that is owned by the Gates of McLean. Currently the Scotts Run stream runs through it and it is used as a “park”/undeveloped area. Due to the stream and other restrictions the type of development allowed is very limited.

As part of their development, Cityline Partners have shown interest in purchasing all or parts of the 4 acre area and use it for sports fields, a stream valley park (complimenting the planned devlopment on the other side of Chain Bridge Road) and other non-commercial development.

So what would be the end result if this goes through?

1. The Gates of McLean could use the proceeds from the sale to construct a badly needed parking house in the community. This will help alleviate the limited parking in the community. The community would get a fully developed park next door as well with little/no maintenace responsibility.

2. Cityline Partners would likely get bonus densities for their own development and other credits/goodwill from the County. A park next door will be attractive to their commercial tenants and possibly residents (if they go the apartment route.) 

3.  Fairfax County and its citizens will get access to a wonderful park with a rejuvenated Scotts Run stream. The plan is for Cityline Partners to hand the park over to the Fairfax County Park Authority after it has been developed.

So, it seem like a win-win for everyone as the plot of land is underdeveloped currently and has limited monetary value. It will increase the density in the area further but that is unavoidable with the metro coming next door.

UPDATE: Seems Cityline has pulled the plug on this – didn’t seem to be enough interest from the Gates of McLean residents.

Scotts Run Station North Plans Released

After being reviewed by the county for quite a while, the draft of the rezoning application for the 9.4 acre  property at the corner of Scotts Crossing and Rt 123 (Dolley Madison Blvd) has finally been released. The development is adjacent to the new metro station and to the Gates of McLean.

As was hinted in the earlier rezoning plans across the street, the developer (Cityline Partners) has applied for a change in density from the current low office building (vacant for years – used for various fire and tactical police training at times) to a high density commerical development.

Two options have been proposed:

1) Two office buildings at 15-16 stories each intended for a government agency. Some possibility for a little bit of incidental retail. 

2) Five office buildings at 15-19 stories tall (tallest at 273 ft.) Three of them would be office buildings and two residential. Some retail also for this option.

This development will impact the adjacent Gates of McLean as it will block light for the units with a southern exposure. Those units have been premium units up to this point as they mostly face away from the traffic at I495 and the toll road connector. However, with the new raised metro, the new buildings may act as a buffer for some of the expected raised metro rail noise. 

There are no scheduled hearing dates.

Gates of McLean In Tysons Corner Sold 2011

Sales at the Gates of McLean have been slow this year with less than two sales per month on average. Apart from the 6 sold units, there are 5 for sale and three pending so the market seems to be picking up.

With the Tysons-McLean metro station coming, many owners choose to keep their units and put them up for rent.

As a result, the investor ratio has typically hovered in the 50-55% range and financning is still a bit of a challenge (i.e. for owner-occupants a 20% down payment is typically required from the lenders that do lend in the community.)

Most of the recent sales have been regular sales. As was mentioned in the foreclosure post a while back, the Gates of McLean has had its share of distressed property sales. Whomever purchased the 2 bedroom for $275,000 at the end of February this year really got a great price…

If you are looking to buy and sell at the Gates of McLean, please contact us. We know the Gates of McLean and will help you buy or sell at a great price.