Tysons Corner is bustling these days with the completed HOT Lane, Silver Line metro nearing completion and the Tysons West and Walmart. Many new communities will now be within walking distance to the metro for the first time – Fountains at McLean is one of them.
The number of sales in 2012 were slightly up from 2011 at the Fountains at McLean.
The prices are still struggling to recover from the high in 2005. While prices have been pretty stable from 2008/2009 they have not been able to appreciate yet. The average price for a 1-bedroom at the Fountains at McLean remains in the low $200’s (up from 2011 but within the typical range from the last few years.) The average 2-bedroom price went up a little bit but the average 2 bedroom price has been remarkably stable the last few years.
The average rent keeps going up at the Fountains at McLean.
The sales mix seems to have improved from last year with just two short sales and no foreclosures.
A continuing concern at the Fountains is that the investor ratio has been high (number of non-owner occupants.) Lenders are hesitant to give loans in developments where this rate is too high (generally 50% and over.) It seems to now have reached a level where purchasers typically need a 20% down payment to qualify for a mortgage. FHA loans with 3.5% down-payment seems to be unavailable in the community at this time.
UPDATE 3/1/2013: as the commenter below mentions, the demand for condominiums in Tysons Corner outweights the supply by far these days. This includes units at the Fountains at McLean. Units listed usually sell in a few days and with multiple offers. Hopefully this will result in a steady price appreciation of units for 2013. In 2013 a couple of 1br units have sold – one at $238k and one at $265k (that had something like 8 offers on it.) In 2012 the minimum price was $210,000 and the maximum sold price was $240,000, with an average of $218,889. While that is up from 2011 it is pretty much in line with 2010 prices.
The Fountains at McLean is a great neighborhood 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 us a call at 703 560-3424 or contact us.