Monthly fees are $1500 for the new luxury retirement enclave in McLean

[Anonymous]

I thought I might be interested, then I saw the $1500 monthly fees and it stopped me cold. The developers obviously feel there’s a market for this but who’re their clientele?

https://www.redfin.com/VA/McLean/7049-Chain-Bridge-Rd-22101/home/196476787

[Anonymous]

You're kidding, right? That's absurdly low, but then again the purchase price (i.e. the buy-in cost) of nearly $3MM is crazy high. My Dad's place in NoVA was $10k a month and it was super popular. But it had only a $1MM buy-in.

[Anonymous]

It says only $1400. That includes central security, fitness center with spa, pool, concierge, parking garage. Given the home price, that doesn’t seem crazy to me. Buyers are wealthy older people who want to live in McLean, still have a large place, want new construction, elevators, and want high end community amenities. I bet they sell quickly.

[Anonymous]

Anonymous wrote:You're kidding, right? That's absurdly low, but then again the purchase price (i.e. the buy-in cost) of nearly $3MM is crazy high. My Dad's place in NoVA was $10k a month and it was super popular. But it had only a $1MM buy-in.

A 1 million dollar buy in? Only? I can’t with the wealth around here and people thinking that’s normal

[Anonymous]

Anonymous wrote:

Anonymous wrote:You're kidding, right? That's absurdly low, but then again the purchase price (i.e. the buy-in cost) of nearly $3MM is crazy high. My Dad's place in NoVA was $10k a month and it was super popular. But it had only a $1MM buy-in.

A 1 million dollar buy in? Only? I can’t with the wealth around here and people thinking that’s normal

"Only" compared to the $3MM buy-in at the place linked in the OP. That's a big difference! And I never said it was normal. But FWIW, there are at least three places with the exact same prices in the DMV that we looked at, so it's certainly not rare either.

[Anonymous]

They already sold the first phase of these condos and are building the second phase now.

At one point a developer planned to build over a dozen single-family houses on the property but that stalled during Covid and they came back later with this plan for age-restricted condos.

The local supervisor (then John Foust) was enthusiastic about it because it wouldn’t add more kids to McLean HS, which the county ignores. Now they’ll get more tax revenues from seniors on McLean they can spend on schools and social services elsewhere.

[Anonymous]

Anonymous wrote:You're kidding, right? That's absurdly low, but then again the purchase price (i.e. the buy-in cost) of nearly $3MM is crazy high. My Dad's place in NoVA was $10k a month and it was super popular. But it had only a $1MM buy-in.

It's not really low given the initial cost is $3M.

[Anonymous]

Anonymous wrote:They already sold the first phase of these condos and are building the second phase now.

At one point a developer planned to build over a dozen single-family houses on the property but that stalled during Covid and they came back later with this plan for age-restricted condos.

The local supervisor (then John Foust) was enthusiastic about it because it wouldn’t add more kids to McLean HS, which the county ignores. Now they’ll get more tax revenues from seniors on McLean they can spend on schools and social services elsewhere.

The senior I take care of barely pays any taxes (legally) because their medical care fees are so high, so I would not count on lots of taxes from seniors...

[Anonymous]

Anonymous wrote:You're kidding, right? That's absurdly low, but then again the purchase price (i.e. the buy-in cost) of nearly $3MM is crazy high. My Dad's place in NoVA was $10k a month and it was super popular. But it had only a $1MM buy-in.

You are talking about assisted living. This is independent living for rich people. $1500 isn't that much. It probably covers outdoor maintenance, the pool, concierge, elevators, etc.

[Anonymous]

Anonymous wrote:

Anonymous wrote:They already sold the first phase of these condos and are building the second phase now.

At one point a developer planned to build over a dozen single-family houses on the property but that stalled during Covid and they came back later with this plan for age-restricted condos.

The local supervisor (then John Foust) was enthusiastic about it because it wouldn’t add more kids to McLean HS, which the county ignores. Now they’ll get more tax revenues from seniors on McLean they can spend on schools and social services elsewhere.

The senior I take care of barely pays any taxes (legally) because their medical care fees are so high, so I would not count on lots of taxes from seniors...

Those able to buy into these expensive condos may be differently situated, although no doubt they seek to minimize their income taxes. It seems unlikely they’d qualify for property tax relief.

[Anonymous]

Anonymous wrote:It says only $1400. That includes central security, fitness center with spa, pool, concierge, parking garage. Given the home price, that doesn’t seem crazy to me. Buyers are wealthy older people who want to live in McLean, still have a large place, want new construction, elevators, and want high end community amenities. I bet they sell quickly.

I can afford 3M cash but the expected monthly charges on top of property taxes are hard to swallow. I wo t have anything left to help my offspring in this hostile economic environment

[Anonymous]

PP here. I guess I cannot afford it after all

[Anonymous]

Anonymous wrote:

Anonymous wrote:It says only $1400. That includes central security, fitness center with spa, pool, concierge, parking garage. Given the home price, that doesn’t seem crazy to me. Buyers are wealthy older people who want to live in McLean, still have a large place, want new construction, elevators, and want high end community amenities. I bet they sell quickly.

I can afford 3M cash but the expected monthly charges on top of property taxes are hard to swallow. I wo t have anything left to help my offspring in this hostile economic environment

You are not their target market. They are marketing to people with NW of $10m +.

[Anonymous]

It's for wealthy people OP.

Even Leisure World in Maryland charges between 700-1200 a month.

I guess it's equivalent to condo fees, but there is no way we can afford that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It says only $1400. That includes central security, fitness center with spa, pool, concierge, parking garage. Given the home price, that doesn’t seem crazy to me. Buyers are wealthy older people who want to live in McLean, still have a large place, want new construction, elevators, and want high end community amenities. I bet they sell quickly.

I can afford 3M cash but the expected monthly charges on top of property taxes are hard to swallow. I wo t have anything left to help my offspring in this hostile economic environment

You are not their target market. They are marketing to people with NW of $10m +.

That’s interesting. I visited a friend in leesburg recently who lives in planned estate similar to this. With various prices from 1.5M townhouses to 5M single family homes overlooking the Potomac. Who do you think their target market is? Most of the community are retired government. The only surprising thing is that it’s in leesburg.