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 4. See more Gates Of Mclean tract Real Estate.
(all data current as of 5/24/2013)

1. $308,500 : 1571 Spring Gate Dr #6312, Mclean
   
   1 bed, 1 full bath

   Home size: 736 sq ft

   Year built: 1997

   Days on market: 2
2. $289,000 : 1580 Spring Gate Dr #4415, Mclean
   
   1 bed, 1 full bath

   Home size: 690 sq ft

   Year built: 1997

   Parking spots: 1

   Days on market: 9
3. $365,000 : 1571 Spring Gate Dr #6104, Mclean
   
   2 beds, 2 full baths

   Home size: 1,082 sq ft

   Year built: 1997

   Parking spots: 2

   Days on market: 21

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

Recent Posts About the Gates of McLean

Gates of McLean 1br for sale ($289,000)

We recently listed a great top floor 1br/1ba at the Gates of McLean. The unit is in a controlled access building away from the road noise and has garage parking.

Tile floors, tall ceilings, lots of light. Corner unit in interior building away from traffic. Gated community and controlled access building. Community amenities include wonderful outdoor pool, exercise room, theater, clubhouse, grill area, walking paths, playground and more. WALK TO FUTURE MCLEAN SILVER LINE STOP!!!

More information here: 1580 Spring Gate Drive #4415, McLean VA 22102

Gates of McLean Recent Sales 2013

At the Gates of McLean there have been few  homes sold during the first 4 months of 2013. Only two units closed – a 1 bedroom at $270,000 and a 2 bedroom at $348,000. Both units had some updates but nothing extraordinary. That is an increase of about 10% from the average for those models from 2012. Inventory was very low at the beginning of the year so it will be interesting to see if that will be the trend. There are three pending 1 bedroom units currently so we should know in not too long if these were on-offs!

Apart from the sales, 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.  

Great Gates of McLean Condo For Sale (sold)

We just listed this wonderful 1st level Chelsea model at the Gates of McLean . The unit has  laminate floors and upgraded ceramic tile in the kitchen, foyer and bathroom. Community amenities include gated access, contol access building, wonderful outdoor swimming pool, gym, playground, theater etc. Walk to future McLean Silver Line Metro stop.

The community is gated and has well kept grounds.  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.

Please check out our video for the property:
[youtube]http://www.youtube.com/watch?v=V2EVrIC_060[/youtube]

This home has been sold.

Gates of McLean for Sale – prices are going up!

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.

Jones Branch Connector Planned for Scotts Crossing

If you live at the Gates of McLean you may or may not have heard of the new road ramp being planned right outside the community. The ramp will connect Scotts Crossing Road to Jones Branch on the other side of I-495. The connector will create an alternative route across the beltway and also connect to the new HOT lanes.

The new access point will help traffic flow in the area and also create alternate access to the three new developments planned in the immediate area (not including the one by Safeway at the Commons.)

The new ramp will also impact the main and side entry to the Gates of McLean. The ramp will be built in front of building 1521 approximately where Scotts Crossing currently is and will gradually increase in height to 21 feet at the west end of the building (about the third floor.) There is a setback from the building for landscaping and a fire lane – but the view and noise levels will be impacted (see below.)

Cross section of ramp at west side of building 1521 at the Gates of McLean. There will obviously be cars on the ramp to the left - they somehow forgot to put that on there... From handout at Jones Branch Connector Gates of McLean Residents Meeting 02/22/2012.

Fairfax County currently has out a “Fairfax County Dept. of Transportation Request for Qualifications for Final Design of The Jones Branch Connector” (wow, that is a mouthful…) Final Design Completion is planned for Fall 2015.  In exisitence already is a “30% plan” that was updated on 1/18/2013.

Capital One Development in Tysons Corner Approved

The Fairfax County Board of Supervisors has approved the Capital One plans for a mixed use development on their existing 26 acre campus next to I-495 and Rt 123 (Chain Bridge Road.) The planned development is next to the new McLean Metro station and the Gates of McLean condominium community.

The project will add another 12 high-rise buildings to the site with 3.1 million sq/ft of office space, two hotels and up to 1230 new residential units.  There would also be 4.8 acres of parks/greenspace (including a playing field.) A 9,000 sq/ft gym within a 30,000 sq/ft community center is also planned.

The planned project will work nicely together with the two other projects planned nearby at the Scotts Run  Stream Valley Park. Together those projects should make the overall area a place to hang out also after business hours and will benefit developements like the Gates of McLean, The Westerlies, Morgan at McLean, The Colonies and Encore. If you are interested in this “soon to be hotter” area, please contact us.

The overall development is part of the plans to transform Tysons Corner into a green, walkable urban center over the next 30 years.

New Tysons Corner Transportation Taxes

To pay for the extensive walkability upgrades planned in Tysons Corner the Fairfax County Board of Supervisors voted to create a special Transportation Service District last week. It is estimated the new tax will generate $250 million for area improvements over the next 40 years.

As of now, the tax rate is set to take effect in January 2014 and will apply to both residential and commercial property. It has been estimated that the rate may be 6 to 8 cents per $100 assessed value. The tax district will only be for owners of residential and commercial property in the Tysons Corner area (presume the 22102 and 22182 zipcodes.)

There is opposition to the tax, especially from residential residents that believe that either a) all county residents should pay as the improvements will benefit more than just the residents, or b) Residential properties should be exempt.

Fairfax County seems sympathetic to excluding residential from the new tax as the share of revenue that would be generated from residential properties would be small. State law may prohibit such differential treatment of residential vs commercial so a special bill has been proposed that may make an exception in this case.

To me it seems fair to exclude residential homeowners in this case – the commercial landowners will benefit the greatest from the improvements in the heavily developed areas of Tysons Corner. The majority of residential areas in Tysons will see little direct benefit.

Looking to purchase in Tysons Corner? Contact us!

Don’t Wait For Spring To Sell Your Home!

The Tysons Corner(Vienna and McLean) real estate market ended 2012 strongly. While the number of homes being listed remained typical, the number of sales in October and November jumped significantly. The continued availability of low interest rate loans no doubt played a role as did the strong economy in the area.

Looking at the graphs it is obvious that sellers in Tysons Corner prefer to put their homes on the market in March and April. Purchasers seems to feast on those listings and do their closings during the summer.

In general we advice to buy and sell when you are ready. That being said, many will try to use the market trends to their benefit. So, here are some thoughts on using the trends to your advantage.

As a seller, to avoid the March-April rush you could try listing your home in January or February. That way you may take advantage of any pent-up demand from the winter months. Currently homes (and condominiums in particular) in Tysons Corner are selling very well – multiple offers are not uncommon. The main thing holding prices at the current levels would be the conservative  appraisals.

Alternatively you could try listing in May. Your new listing will look attractive with few days on the market as compared to homes having been listed in March and April. You may also take advantage of the high number of closing sales in the June-August time frame.

If you have a choice – when should you purchase a home? You could try to get an early start on the large inventory being listed in March and April instead of joining the crowd purchasing in May-July.

Every situation is different and the above may or may not apply to you. We know the Tysons Corner area and we would love to talk to you about how we can help you buy or sell a home.

Gates of McLean For Sale and Sales for Winter 2012

The sales activity at the Gates of McLean is continuing at a greater pace in 2012 than in 2011. With the new Silver Line McLean Metro stop “almost there” the community remains very popular with homeowners and investors alike. On one of our 1 bedroom listings at the Gates of McLean we had 6 offers – almost all above asking price and 5 out of 6 were by investors. It is clear that people believe there will be price and rent appreciation in the Tysons Corner area with the new development.

There were 24 homes sold in 2010 and 22 homes sold in 2011. In 2012 24 homes have sold so far this year. The average sales price has increased by about $5,000-$10,000 for each of the models this year – so we are looking at a slow and steady comeback!

 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.

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 time frame. Since then the prices have stabilized and started to increase slowly again. Based on our experience in the community, 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.)

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.

Three Great Rental Homes in Tysons and Herndon

We do a lot of rentals this time of year and currently we have three great rental homes available.

2013 Edgar Court, Falls Church VA 22043

This property is available immediately and is listed at $1800. It is a 3 bedroom and 1 bath home with a fenced rear yard. There is ample storage in the large stand alone shed, a small lean-to shed as well as an attic. The home is on a street with little traffic and has a long driveway.

Pimmit Hills is ideally located in Falls Church minutes from where you want to be. Minutes to the north is Tysons Corner with great shopping and entertainment. It is also one of the major employment centers in the area with major presence of financial and defence companies (Capital One, SAIC, MITRE, Fannie Mae etc.)

Built in the 1950’s, the 1,500+ single family homes typically have a quarter acre lot.

Pimmit Hills is further surrounded by popular destinations like McLean and Falls Church. Washington DC is less than 10 minutes away and Dulles airport is about 15 away via the Dulles Toll Road (Rt 267.)

If you don’t like driving, metro is available at West Falls Church and East Falls Church stations. A new metro line is also scheduled to go through Tysons Corner.

1550 Spring Gate Drive #8208, McLean VA 22102

This property is also available immediately and is located in the McLean part of Tysons Corner. It is a large and updated 2br/2ba in the gated community called Gates of McLean listed for $2,100.  The unit has been updated with granite counters, tile and hardwood/laminate floors. It faces a treed courtyard and comes with 2 reserved parking spaces. It actually is a 3 bedroom model where the walls have been removed from one of of the bedrooms making the living dining room a great size!

The community is gated and has well kept grounds. There is a clubhouse, exercise room, pool, walking paths, a sports court and picnic areas.

It is located in the Tysons Corner area of McLean (Fairfax County) at the intersection of I-495 and Chain bridge Road (Rt 123). It is 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.

There is a new metro stop under construction almost next door – it is scheduled to open fall of 2013. So, if you plan to stay put for a while this location will just keep getting better and better.

758 Jackson St #11, Herndon VA 20170

Wonderful, recently renovated 2br/1ba townhome style condo in great condition in Herndon listed at $1,300. This unit is available 10/15/2012. 

All newer appliances, like new kitchen with gas cooking. Main level is fully tiled, upper level has carpet.