The Gates of Mclean had another exciting year in 2020. There is a lot to be thankful for now that the Scotts Crossing connector is finally complete (and the Wegmans has opened across the street.) It has been some challenging years with non-stop construction dust, noise and roadwork closures.
The prices at the Gates of McLean has increased steadily the last few years and 2020 has turned out to continue that trend, in spite of the overall economic slowdown. The year over year average price increase of about 6%.
Updated units at the Gates of McLean are now routinely selling at or above their 2005 highs.
In 2019 there were 26 homes sold at the Gates of McLean. The average days on market was 14 and homes sold at 99.5% of their original listing price.
In 2020 year-to-date 22 home sold at the Gates of McLean (and 4 homes are pending.) The average days on market was 33 and homes sold at 98.3% of the original list price.
For Sale at the Gates of McLean:
Prices have retreated a little from a top at the beginning of the year – the average price is still up from last year.
The Gates of McLean is a well run and attractive community. For example, the latest hallway renovation design is well thought out.
The location at the heart of Tysons Corner and proximity to the Silver Line Metro will always be popular. With the refreshed community entrance and the opening of the Scotts Crossing Connector, buyers and owners are finally seeing that the years of waiting have coming to an end with the closest buildings at the Capital One property across the street nearing completion, a Starbucks and Wegmans opened. This is a very exciting time for the community.
The residential rent levels have been slowly increasing at the Gates of McLean over the last 10-15 years. With an annual rent appreciation of about 1% per year (not accounting for inflation) the community has not really been producing stellar cash-flows for investors. Investors are still about half of the current owners and buyers so they must believe in the future price appreciation in the area as well as hope for rents to go up.
With all the new rental complexes and buildings in the area (sometimes offering great move-in incentives like free first month, IPads etc) potential tenants have been expecting better quality units. This together with aging units in the community result in owners spending $15,000-$20,000+ in updates to bring kitchens, bathrooms and HVAC systems up to modern standards.
To sell quickly and to maximize the price a home needs to show great. Updates like granite counters, stainless steel appliances and laminate or hardwood flooring help you differentiate yourself from competing units. The view, noise and location within the community will matter a lot as well.
For 2021 I expect the Gates of Mclean to keep being a popular community for buyers and renters alike. While the beginning of 2021 may be a bit slower, I believe the market will pick up in the second half of 2021 as the end of pandemic (hopefully) is within reach.
If you are considering selling, buying or investing at the Gates of McLean give us a call. We are experienced in the community. Give Are or Liezel a call at 703 861-0845 or send us a message to pick our brains a little!
*3br prices include 3br units converted to 2 bedroom units.