After some challenging years since the market crash back in 2006, the prices at the Gates of McLean has increased steadily the last few years. 2019 turned out to be another great year for the community with a 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.
There are currently 3 units for sale at the complex (and 1 pending.) 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.
For Sale at the Gates of McLean:
Inventory is low and homes listed for sale sell quickly – in particular upper level updated units with a view. The Gates of McLean is a well run and attractive community. The location at the heart of Tysons Corner and proximity to the Silver Line Metro will always be attractive. With the construction outside the community entrance, and the opening of the Scotts Crossing Connector, buyers and owners are finally seeing that the years of community impact is coming to an end. With the closest buildings at the Capital One property across the street nearing completion, a Starbucks has already opened and the Wegmans opening day is coming closer. This is a very exciting time for the community – and buyers are showing their enthusiasm with multiple offers and higher prices offered.
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 have resulted in many owners having to spend $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 helps you differentiate yourself from competing units. Things like the view, noise and location within the community will as always matter a lot as well.
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!