About McLean's Gates of McLean

The sales activity in 2010 at the Gates of McLean was great and prices were up on average for 1, 2 and 3 bedroom units. With the new metro getting closer to completion and the new noise barriers the community is getting more and more attractive. There were 18 homes sold in 2009 - in 2010 24 units sold (11 in the last half of the year.) The lowest price was a 1br/1ba foreclosure at $193,000. The highest price was a renovated 3br/2ba property with granite countertops at $368,000.

The sales mix changed from 2009 to the first half of 2010. In 2009 about 40% of the sales were foreclosures or short sales. In 2010 about 33% were - will 2011 continue the trend?

The 2009, the average sales prices were:
1 bedroom unit = $212,667
2 bedroom unit = $309,233
3 bedroom unit = $356,917

In 2010, the average sales prices were:
1 bedroom unit = $216,800
2 bedroom unit = $335.156
3 bedroom unit = $359,333

So, on average for the first half of this year prices are up quite a bit for 2 bedroom units and pretty much remained flat for 1 and 3 bedroom units.

Homes this year on average sell for 98.00% of the original and 99% of the list price. So, if you are looking to purchase in Gates of McLean, you can expect to pay asking price. In 2009 units sold at about 96% of the asking price so sellers have gotten better at pricing their units this year (or demand has increased.)

There are 2 pending home sales at the Gates of Mclean as of 2/14/2011. It is a 1 bedroom unit at $219,900 and a 2 bedroom foreclosure at $278,100,

Regarding foreclosures and short sales: I looked in the Realist system and found 1 pre-foreclosure, 1 auctions and 0 bank owned properties. Some of the bank owned properties may already be listed or may already be sold. Based on those numbers it seems there may be a couple more foreclosures coming on the market over the next few months.

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 give us a call. We have successfully closed short sales at the Gates of McLean and will be happy to talk to you.

Four homes are currently available for sale at the Gates of McLean. One is a 1-bedroom unit at $229900 and three are 2-bedroom units listed at $317,000-$349,000.

To get a better understanding of the overall price curve in the neighborhood we will first look at some specific models. The Danielle model (1br) and the Christine model (3br) are two popular models that usually have at least a few sales every year. I put together a graph showing sales of those two models below.

As can be seen from the above graph, the average sales price trended downwards until the 2008-2009 timeframe. Since then the prices have stabilized and started to increase slowly again.

The average price regardless of model also indicate the same thing:

Apart from a tightening of appraisals, the high investor ratio at the Gates of Mclean keeps making things difficult for purchasers. Due to the ratio being high, 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.) As a result, the investor ratio may remain high for some time.

Moving on to rentals, the rents seems to back to an upwards trend after a small slump in 2009. With 53 units rented on the MLS tin 2010 (versus 61 total in 2009) the competition for tenants may have been a bit less. There are currently 6 properties listed for rent ranging from $1,350 for a 1br/1ba to $1,925 for a 1br/2ba.

For investors the GRM is a bit up and down but is getting more attractive to investors due to rents going up more rapidly than the slight price increases for 2010 (except 2 bedrooms.)

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.

Are Andresen
Broker, Soldsense Realty LLC
"Your sixth sense in real estate"

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.

The sales activity in 2010 at the Gates of McLean is on track to be better than in 2009. With the metro and new noise barriers being constructed the community is just getting more and more attractive. There were 18 homes sold in 2009 - in the first half of this year 13 units sold - likely at least partially due to the homebuyer credit. The lowest price was a 1br/1ba foreclosure at $193,000. The highest price was a renovated 3br/2ba property with granite countertops at $368,000.

The sales mix changed from 2009 to the first half of 2010. In 2009 about 40% of the sales were foreclosures or short sales. This year about 30% are - we will have to wait until the end of the year to see what the final mix will be.

The 2009, the average sales prices were:
1 bedroom unit = $212,667
2 bedroom unit = $309,233
3 bedroom unit = $356,917

In 2010 YTD, the average sales prices were:
1 bedroom unit = $213,871
2 bedroom unit = $333.750
3 bedroom unit = $356,500

So, one average for the first half of this year, prices are up over last year by quite a bit for 2 bedroom units and pretty much remained flat for 1 and 3 bedroom units. As the homebuyer credit expired 4/30/2010, I broke up the first half into two quarters to see if anything happened to the market after the expiration on the credit.

The second quarter prices and activity is likely still influenced by the homebuyer credit as closings typically take 30-60 days. Regardless, keep reading and look at the graphs further down and you'll see something interesting...

Homes this year on average sell for 100.00% of the original and list price. So, if you are looking to purchase in Gates of McLean, you will often pay asking price or above. In 2009 units sold at about 96% of the asking price so sellers have gotten better at pricing their units this year (or demand has increased.)

There are 3 pending home sales at the Gates of Mclean as of 7/10/2010. Two are 1 bedroom units in the $195,000-$229,900 range. Two of them appear to be short sales.

Regarding foreclosures and short sales: I looked in the Realist system and found 0 pre-foreclosure, 5 auctions and 3 bank owned properties. Some of the bank owned properties may already be listed or may already be sold. However, based on those numbers it seems to be more foreclosures coming on the market over the next few months.

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 give us a call. We are working on our second short sale at the Gates of McLean and will be happy to talk to you.

Two homes are currently available for sale at the Gates of McLean. One is a 1-bedroom unit at $259,900 and one is a 3-bedroom unit at $379,000.

To get a better understanding of the overall price curve in the neighborhood we will first look at some specific models. The Danielle model (1br) and the Christine model (3br) are two popular models that usually have at least a few sales every year. I put together a graph showing sales of those two models below.

As can be seen from the above graph, the average sales price trended downward until the 2008-2009 timeframe. Since then the prices have stabilized but the overall trend is inconclusive based on the above graph.

If we look at the average price regardless of model the current market seems to make a bit more sense:

After hitting a bottom in 2008/2009 prices went up until the end of the first quarter of 2010. In the second quarter they lost some of the gains they had made. Prices are still above the earlier lows though - and the market activity is great with units selling quickly (albeit at lower prices.)

Apart from a tightening of appraisals, the high investor ratio at the Gates of Mclean keeps making things difficult for purchasers. Due to the ratio being high, 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 (and repeat) purchasers that would normally use FHA loans(3.5% down payment.)

The dataset for the above graphs is still small - so the actual trend won't be clear for some time yet.

Moving on to rentals, the rents remained pretty stable and may be climbing slightly. With 20 units rented on the MLS the first six months this year (61 rented total in 2009) the competition for tenants may have been a bit less and could be contributing to the slight uptick in rents. There are currently 8 properties listed for rent ranging from $1,275 for a 1br/1ba to $2,000 for a 3br/2ba.

For investors the GRM is a bit up and down but is again getting more attractive to investors due to slightly higher rents and the price decrease in Q2.

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.

Are Andresen
Broker, Soldsense Realty LLC
"Your sixth sense in real estate"

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.

There has been a reasonable market activity at the Gates of McLean this year. Investors and homeowners are still realizing the value of the community. Lower priced units routinely have multiple offers on them. There were 18 homes sold in 2009 (in 2008 20 homes sold.) The lowest price was a 1br/1ba foreclosure at $193,000. The highest price was a renovated 3br/2ba property with granite countertops at $366,000.

The sales mix changed from 2008 to 2009. In 2009 about 40% of the sales were foreclosures or short sales. In 2008 only 25% were foreclosures (no short sales.)

The 2009 average price for a 1 bedroom unit was $212,667. The 2009 average price for a 2 bedroom unit was $309,233. The 2009 average price for a 3 bedroom unit was $356,917.

Homes on average sell for 95.2% of the original list price. They sell for 96.1% of the final list price. So, if you are looking to purchase in Gates of McLean, it seems that you will be able to get a slight break in price. However, the market was strong towards the end of the year so unless you are willing to purchase one of the less desirable units, you may have to pay closer to the asking price than the statistics indicate.

Gates of McLean Sold 2009: http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=587050XA2RI&p=DE-99766628-291

If we look at the number of pending home sales at the Gates of Mclean as of 06/02/2009, we get a number of 5. Four of those are 1 bedroom units in the $199,000-$229,900 range. Two of them appear to be short sales.

Five homes are currently available for sale at the Gates of McLean. They are four 1-bedrooms at $214,999-$255,000 and one 3-bedroom at $390,000. If you would like the current list of homes for sale, please email me at are@tysonsliving.com.

To get a better understanding of the overall price curve in the neighborhood we need to do some comparison on a model basis. The Danielle model (1br) and the Dalton model (2br) are two popular models that usually have at least a few sales every year. I put together a graph showing sales of those two models over the last couple of years. It makes it much easier to see what the trend is as the mix of homes sold continuously changes skewing the minimum, maximum and average sales price.

As can be seen from the above graph, the average sales price is trending downwards and is back to pre 2004 levels. One bedroom models could be purchased from the developer from the low $200's back in 2003, so many are upside down at this point. There is interest in the Gates of McLean homes for sale and reasonably priced units away from I-495 do sell quickly and with multiple offers.

The current market situation could change if there are a lot of foreclosures coming up, so looking at the upcoming foreclosures on Realist, I found 0 pre-foreclosure, 0 upcoming auctions and 4 bank owned properties. Most of the bank owned properties have already been listed or are already under contract/sold. So, there does not seem to be a flood of foreclosed on units coming on the market at the Gates over the next few months.

Moving on to rentals, the rents have come down a bit, especially for 1 bedroom units. With 61 units rented on the MLS last year (up from 53 in 2008) the competition for tenants have been fierce at times. There are currently 5 properties listed for rent ranging from $1,350 for a 1br/1ba to $2,000 for a 3br/2ba. As can be seen on the below graph, the average rents for one, two and three bedroom units all decreased. Due to the large amount of non-owner occupied units (likely more than 50%) there will continue to be a competitive rental market at the Gates.

For investors the GRM is still getting better for 2 bedroom units. Due to the 1 bedroom falling rents the GRM is about unchanged from last year despite falling prices. For 3 bedroom units the GRM worsened - there were few sales in 2008 so we are probably back to a more true value in 2009 when we had three sales of the model.

Gates of McLean is a great neighborhood and the prices are now often lower than what the developer sold them for back in 2003. Coupled with the low interest rates and the potential to qualify for the $8,000 tax credit this is an excellent time to buy. If you would like to discuss selling or purchasing at the Gates of McLean please give us a call at 703 560-3424.

Are Andresen
Broker, Soldsense Realty LLC
"Your sixth sense in real estate"

1 property sold in the Gates of McLean in Tysosn corner in July 2009. It was a bank owned property on the top floor of building 1580. This property was on the market for 16 days, and it had multiple offers. It was originally asking $190,971, and sold for $193,000 in CASH. The one bedroom one bathroom home was a 642 square foot Chelsea model. There was no seller subsidy to the buyer in this transaction. The price per square foot was $300.62.

July of 2009 compared very poorly in terms of number of transactions to the same month last year (July 2008). In July 2008 there were 7 home sold. Although it was only one property this past month (July 2009) we did have improvements in both areas of price per square foot and days on market average where last year they had $293.27 and 67.5 respectively.

In July 2009 there were also 7 homes that rented. They ranged from a low of a $1,200 a month for a one bedroom one bathroom to a high of $1,550 for a 2 bedroom 2 bathroom.

Right now there are 10 properties available at the Gates of McLean. 2 of those are for sale, both are one bedrooms in Garden style buildings. The other 8 properties are rentals. Here is a graphic of all of them =



data from MRIS

In May of 2009 2 homes SOLD. There was a two bedroom that sold and also a one bedroom that sold.







The two bedroom was a Dalton Model. At time of contract it had been asking $319,000. They Sold for $279,000 with no seller subsidy. This is 87% of asking price. This property was credit union owned, or what could and is also referred to as a foreclosure or bank owned property. The property was on the market for 76 days. When it listed they were asking $339,000.







The one bedroom that sold was a "normal" or "traditional" sale. The asking price was $220,000 and it sold for $220,000 with $3,000 in seller subsidy. It was a top floor Danielle model that was very well taken care of.







Here is the virtual tour so you can take a look --> http://www.homevisit.com/mlsTour?ver=1&id=37394

Last year in the same month, May 2008, there were also 2 properties SOLD. They were both two bedrooms. They sold for $365,000 (Logan Model) and $320,000 (Dalton Model).

Right now there are 4 properties on the market. Three of them seem to be traditional sales. The fourth is a short sale. See below:

In the Gates of McLean in May of 2009 5 properties were rented. Three were one bedrooms, and the other two were two bedrooms. The average one bedroom rental was $1,180/month. The average two bedroom rental was $1,675/month. Here is a visual:

Last year in May, May 2008, there were only 3 properties rented. The two bedroom (1) price was $1,695/month. While the one bedroom (2) average was $1,300/month.

Right now there are 16 properties available for rent at the Gates of McLean. There are 7 one bedrooms available, 6 two bedrooms, and 3 three bedrooms. They range in asking price from $1,225/month to $2,400/month.