At the Gates of McLean there is a sigh of relief as the opening of the Silver Line finally is behind us. While Capital One and the Jones Branch Connector will add turmoil to the area for a while longer, at long last residents can leave their car at home and commute downtown easily.
How does the opening of the Silver Line affect prices at the Tysons Corner neighborhood? Well, for starters, over the years many owners held onto their units rather than selling. As a result a large number of the units in the community became rental units (with resulting high investor ratios and challenges for buyers to obtain low down-payment financing.)
Due to people waiting and the resulting limited supply the prices did indeed rise by about 15% from 2012 to 2013. How did things turn out this far in 2014?
The year started out strong with some early quick sales of 1 bedrooms at reasonable prices. However, the number of units listed for sale quickly grew through the summer and we now have 11 units listed as Active with an average of 57 days on the market. Don’t get me wrong, units are selling but at a slower pace. Two pending units (average of 49 days on the market) and a whole 21 units having sold this far in 2014 (19 units sold the whole of 2013.) Two bedroom units have kept appreciating this year – the relatively large supply of 1 bedroom units have made those prices stagnate for now as can be seen below.
While prices still have a bit to go before they reach 2005 levels, the desirability of the Gates of McLean is evident and we receive 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 a great place to live or invest.
To see what is currently for sale at the Gates of McLean, look here.
Updated 9/12/2014: The market has picked up over the last weeks. Over the last few months two 2 bedroom units sold at high prices ($420’s.) As a result we have encouraged owners listing their 2 bedroom units for sale (6 units Active.) Also, the large supply of 1 bedroom units has dwindled and there are now two Active and four Pending. Metro Mania indeed!
We know the Gates of McLean and have great experience and relationships with owners and the gates management – if you have any questions and need help please contact us!