Gates of McLean sales in July 2009

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

May 2009 Gates of McLean Sales Re-cap

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.

Data from MRIS

1Sale in Gates in April 2009

Just like the title of this post says, there was one SOLD property in the Gates of McLean in 2009. It was a 2 bedroom 2 bathroom property in building 1570. That is a Mid-Rise building with garage parking. This property had 1 garage parking and 1 assigned out door parking space. So a total of 2 parking spaces. This is definately a plus. The home was also very nicely appointed with upgraded flooring, cabinetry, and countertops. There was also the benefit of not facing the parking lot, as half the homes do. This home faced into the courtyard, and was even somewhat protected by some mature trees to give you a private feel.

Click here for your exclusive view of the virtual tour

So now to what you really care about, the money. The home sold for $335,900 and no subsidy. It was on the market for a total of 18 days. This is great considering that the Gates of McLean average days on market for the past year for the SOLD properties is 56 days.

There is still plenty more on the market right now at the Gates. In fact, there are 7 other properties available for sale. 4 of these are one bedrooms (asking $219,950 to $267,900), and the other 3 are two bedrooms (asking $309,000 to $329,000).

1 Sold property in April this year (2009) is keeping pace with April of last year (2008). As there was only one sold property in that same month last year. May may be a little better as there are 2 properties under contract right now.

1st Quarter 2009 Home Sales re-cap

What happened in the first quarter of 2009 in the Gates of McLean? The good news is that there were 4 SOLD properties. Those properties were actively on the market an average of 53 days, and they sold for an average of -5.42% (that minus in front means negative). There was also an average of $500 seller subsidy (also referred to as closing cost help from seller to buyer).

What types of sales were these 4 transactions?

Regular Sale = 2

Short Sale = 0

Bank Owned Property = 2

What style homes were these 4 properties?

1 Bedroom = 1 (Danielle)

2 Bedroom = 2 (Logan + Dalton)

3 Bedroom = 1 (Christine Model)

How does this compare to the same time last year?

Last year there were only 3 properties sold in the same time period. And they sold for an average of -6.5% (yes, also negative) of their list price, in an average of 85 days on the market. They also had an average of $1333.33 in seller subsidy. So you could say that things are picking up considering the same time comparison to last year. Let's hope that trend continues!

Below is a graphic of the sold properties I've mentioned, plus those that did not sell, and those that are under contract, or for sale right now at the Gates of McLean.

(Data is from MRIS and represents multiple listings from multiple brokers)

2 Sold and Settled in February (09)

The Gates of McLean had 2 properties that Sold in February of 2009. That's a 100% increase vs. the 1 of the same month last year (08). So, definately good news on increasing transactions.

The properties themselves were very different. One was a 3 bedroom, Christine model, in building 1530. It was located on the 2nd floor. That property was asking $374,900 and ending up settling for $354,750. It was a cash transaction.

The other property that sold was a one bedroom, Danielle model, which is the largest you'll find in a secure building(1581). This property was also on the 2nd floor. The property was a bank owned property, also referred to as an REO. It was asking $199,900 and settled for $195,000. It sold rather quickly, being on the market only 23 days.

(data from MRIS)

Available in February = 3 Bedroom for Rent

Great Gates of McLean property coming up for rent. It will be available before you know it. This property has granite counters, upgraded flooring, crown molding, and many other nice improvements.

3 Bedroom 2 Bathroom home available for rent, you can move-in during February 2009. Around 1275 square feet of living area. There is also a deck/patio. This home is easy access as the parking spaces are right in front, and it is a first floor property. No lugging groceries up stairs or in the elevator.

For more information, or to schedule an appointment to see the property contact:

Jeff Wu
Weichert, Realtors
240-994-7938
703-938-6070 x198
Jeff@AgentKnowsHomes.com

Not Enough People

The Gates of McLean annual meeting was held yesterday evening. There was a good agenda. It was filled with useful information and effective presenters. I was very happy to be able to help coordinate the attendance of the first presenters, the Dulles Metro and the HOT lanes. Both groups talked about their projects, the updates, the benefits, the construction, and the timing. There were good explanations of what they're trying to do to improve our area transportation options. The metro stop will be literally a block or less from the Gates of McLean. It could end up being a real benefit to the community. The HOT lanes will also have specific on and off ramps into the Tysons area. Both projects are slated to finish around 2013.

Next on the agenda was the Fairfax County Police. They gave a good presentation on safety in the community. It was stressed that everyone can be a part of this effort. All residents should make it a habit of noticing things in the community throughout the day, at all times. The residents are the eyes and ears of the police. And no one should be afraid to contact the non-emergency police phone number if they feel something is not right.

Then there was an update on the community budget. The general assessment will be going up 3% in 2009. It was stated that this is very low, compared to the norm, and compared to other communities. A CMC official that was present, said that one of his communities was raising their assessment by 14%. The board also mentioned that they worked hard to keep it as low as possible. They also mentioned that all residents are welcome, throughout the year, to be involved in the financial meetings and help plan the future budgets. This is not new.

The next item on the agenda was supposed to be an election to fill the 2 open board spots. This did not happen. A quorum wasn't reached so voting couldn't be held. There was a 5% shortage. Hopefully this can be overcome next time.

At the end of the meeting there were prizes drawn for residents who did attend. Although the overall attendance was much greater than the normal board meetings, it can still stand for improvement (as the lack of quorum evidences).

The speakers from Dulles Metro, HOT lanes, and the Fairfax County Police all had handouts. I have copies of them for anyone who missed the meeting.