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.