Gates of McLean - Tysons Corner

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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.

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)

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)

3rd Quarter Sales Summary

There were 9 of home sold in the Gates of McLean in the 3rd quarter of 2008.

3 One Bedrooms
- Average Sold Price = $226,000
- Models Sold = Danielle (2) + Shannon

6 Two Bedrooms
- Average Sold Price = $333,583
- Models Sold = Modified Christine, Preston, Dalton, Logan, + Chandler (2)

0 Three Bedrooms
- Note of interest = However, one of the two bedrooms was a modified three bedroom.

The 3rd Quarter had an increase in sales over the 5 total sold homes in the 2nd Quarter of 2008.

(data from MRIS)

September Sales/Rental Stats

The weather is getting colder, and so is the pace of real estate.

See the September statistics below:

1 home SOLD in September at The Gates of McLean

- One 1 Bedrooms
--> SOLD Price = $225,000
--> Model SOLD = Danielle

- Zero 2 Bedrooms

- ZERO 3 Bedrooms

RENTALS:

3 homes RENTED in the month of September

- One1 Bedroom
--> RENTED Price = $1300/month

- Two 2 Bedrooms
--> High RENTED Price = $1800/month
--> Low RENTED Price = $1700/month
--> Average RENTED Price = $1750/month

- Zero 3 Bedroom

CLICK HERE --> For more Stats and Downloadable Gates of McLean information

Information gathered from the MRIS. Information is deemed reliable, but not accurate.

2008 August Sales Stats

See the August statistics below:

1 home SOLD in August at The Gates of McLean

- ZERO 1 Bedrooms

- One 2 Bedroom
--> SOLD Price = $25,000
--> Subsidy = $0
--> Model SOLD = Dalton

- ZERO 3 Bedrooms

RENTALS: 7 homes RENTED in the month of August

- Two 1 Bedrooms
--> High RENTED Price = $1400/month
--> Low RENTED Price = $1300/month
--> Average RENTED Price = $1350/month

- Three 2 Bedrooms
--> High RENTED Price = $1800/month
--> Low RENTED Price = $1600/month
--> Average RENTED Price = $1725/month

- One 3 Bedroom
--> RENTED Price = $2000/month

CLICK HERE --> For more Stats and Downloadable Gates of McLean information

Information gathered from the MRIS. Information is deemed reliable, but not accurate.