05-01-10 = Gates of McLean Real Estate on the Market

Right now at the Gates of McLean in Tysons Corner, there are 6 McLean Homes on the market. 5 of those are for rent, while the other 1 is for sale.

Gates of McLean Real Estate (Sales)
Actively on the market there is a One bedroom One bathroom "Shannon" Model in building 1581 on the first floor, asking $275,000. This home has been on the market for 102 days.

Also regarding Gates of McLean home sales, there are 6 properties currently under contract. They are evenly split between 1 bedroom homes and 2 bedroom homes. Asking prices were ranging from $195,000 (short sale) to $229,900 for the Gates of McLean 1 bedroom properties at time of contract. While the Gates of McLean 2 bedrooms ranged from $250,000 (short sale) to $339,888. The Gates of McLean models under contract are = Kendall, Danielle, Shannon, Logan, Preston, and Dalton.

There is definately some good demand right now in the Gates of Mclean, as those properties that are going under contract are doing so relatively quickly. The low interest rates, and tax credit could be factors in this. However, the dominant factor for the Tysons Corner Real Estate sales in the Gates of McLean is probably the proximity to the future metro stop for the Silver Line. There is growing excitement and anticipation now since construction is strongly udner way.

Gates of McLean Real Estate (Rentals)
The 5 properties for rent in this Tysons Corner community are composed of three 1 bedrooms and two 2 bedrooms. All three of the Gates of McLean 1 bedroom rentals are asking $1350 for a monthly rent. While the Gates of McLean 2 bedrooms range from $1,795 to $1,800 for a monthly rent.

There are currently 2 properties in the Gates of McLean that are Application Registered status. One is a 1 bedroom, Danielle model, and the other is a 2 bedroom, Dalton model. At time of application they were asking $1,400/month and $1,700/month respectively.

For more information on Tysons Corner Real Estate and other Tysons Corner Area (McLean + Vienna) goings on also check out = www.AgentKnowsTysonsCorner.com

data from MRIS

Gates of McLean - Tysons Corner

For all the latest information, monthly sales updates and more, check out www.AgentKnowsTysonsCorner.com

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.

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)

One Bedroom for Rent

Gates of McLean One Bedroom One Bathroom For RENT! It will be available to move-in 2/1/09. This great home has real wood floors, is at the end of the hall (so only neighbors on one side), and has a beautiful wooded view. There are real wood floors throughout the entire home. The bedroom has a walk-in closet. Plus there is upgraded lighting throughout, including dimmers. Relax on the balcony, or inside in style. Your car will be taken care of as well, as there is a garage parking.

For more information or to schedule a showing, Contact =

$1275/month
you pay your own gas and electric

Jeff Wu
Weichert, Realtors
703-938-6070 x198
240-994-7938
Jeff@AgentKnowsHomes.com
Licensed in Virginia and Maryland
Equal Housing Opportunity

Gates of McLean - December (2008) Recap

What happened in the Gates of McLean in December of 2008? Well in terms of Real Estate, here's a recap:

There was 1 SOLD property, and 0 (zero) properties that RENTED.

The property that SOLD was a 2 bedroom 2 bathroom Preston model. This is the biggest 2 bedroom in the mid-rise buildings (see earlier blog if not sure about mid-rise vs. garden style building). This home sold for $$317,000 with a subsidy of $8,000. So an effective net price to the seller of $309,000. Coincidentally this was a bank owned property.

The lack of rental activity is not suprising. December is one of the most unappealing months to move, as people don't often like to move: a) during the winter, or b) close to the holidays. One would think that in a community of so many homes, and 40+ being rented each year, that there would be at least one rented in December. However, in the same month last year, 2007, there were also 0 (zero) RENTED properties.

(data from MRIS)

No FHA

I showed a property for sale today. Regardless if my client liked it or not (Which they did). The listing agent said no FHA contracts. That sounds pretty silly. Especially considering that the FHA loan is the bulk of the loans going through these days. It was a bank owned property that was relatively well priced. The listing agent told me that the seller, the bank, didn't want to take the property off the market for an FHA loan/contract that wouldn't happen. He said the community wasn't FHA approved. He is right. It isn't. But there are always exceptions. I know good loan officers who have worked hard to get spot approvals on individual cases. In this community, The Gates of McLean, this seller believs that the high investor ratios of the community prohibit FHA loans from being approved. This is a challenge I've alluded to briefly in a past blog on 9/23/08 "Guilty Party or Victim of the System" (http://gatesofmclean.blogspot.com/2008/09/guilty-party-or-victim-of-system.html).
Now it is a very real problem.

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

What happened last month at the Gates

November, a month for Thanksgiving and real estate sales. Well one property at the Gates of McLean sold. It was a two bedroom two bathroom home in a mid-rise building. This property Sold for $350,000 and gave back a closing cost credit to the buyer of $5,000. The property was on the market a paltry 9 days.

The rental market fared slightly better than the Gates resale market in November. There were 3 properties that Rented in November. One was a 3 bedroom, renting for $1850 in 21 days on the market. Both of the other properties that rented were 2 bedroom 2 bathroom homes. They rented at an average of $1750 and in an average of 17 days on the market.

Overall not a ton of activity. But what activity that did occur happened at a very good pace.

(Data taken from MRIS)