Times are exciting in Tysons Corner with lots of new construction and “town centers” popping up throughout the area. With the Silver Line metro completed many communities are finally within walking distance to the metro. Fountains at McLean is one of them.
At the Fountains at McLean the home values struggled to recover after the 2006 “market correction.” After a few ups and downs, the prices are again working their way up. The true 2019 prices are a bit hard to nail down due to the special assessments that were in place part of the year. Some sellers paid the full assessment amount as part of the sale while others took a lower price and paid none. The special assessment has since been “cancelled” and in its place, as of early 2020, are higher condo fees.
Currently for Sale at the Fountains at McLean
In April 2018 a $7,000,000 special assessment was approved and assessed to each unit starting May 1, 2018. It can be paid in a lump sum or spread over 44 monthly installments. The total assessment was to be $13,024 for 1 bedroom units and $16,280 for 2 bedroom units. The assessment was supposed to pay for things like stair/landing replacements, window/sliding glass door replacements and miscellaneous other exterior maintenance items.
However, in 2019 a homeowner successfully sued the condo association and managed to get the special assessment deemed improper. Future payments of the assessment were cancelled, and owners that had prepaid received that amount returned.
Higher condominium fees are now used to fund necessary common area repairs.
Recently sold at the Fountains at McLean
As of early 2020 you can still get a 1 bedroom home in the mid $240’s and a 2 bedroom home in the $350’s at the Fountains at McLean – a great value! It will be interesting to see what, if any, effect the higher condo fees will have on the real estate values in 2020.
The Fountains at McLean is in a great community 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 me a call at 703 560-3424 or contact us.