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

[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...

Schools are funded with property taxes not income taxes.

[Anonymous]

Sure beats the Florida condo model where (up until recent regulations) they underfund the HOA for a few decades then drop a $200k special assessment per unit because nothing was maintained.

[Anonymous]

Can’t wait to extract all that 401k wealth from boomers as they age.

[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 +.

Do these people want to live in McLean for their retirement? Genuinely asking.

[Anonymous]

If you ever looked at condos in DC, you'd know that $1500 is typical, even over $2000, for a 2-bed in nicer buildings.

A PP commented about wealthy boomers. But people are overlooking that gen X and millennials, at least the top 20%, are going to be even richer due to fat 401ks and inheritances and I expect costs for premium independent living communities to only soar. I'm still 20 years from retirement but market gains and investments and likely share of parents' estate has me realizing I'm going to have a lot more in retirement than I ever expected.

[Anonymous]

Anonymous wrote:If you ever looked at condos in DC, you'd know that $1500 is typical, even over $2000, for a 2-bed in nicer buildings.

A PP commented about wealthy boomers. But people are overlooking that gen X and millennials, at least the top 20%, are going to be even richer due to fat 401ks and inheritances and I expect costs for premium independent living communities to only soar. I'm still 20 years from retirement but market gains and investments and likely share of parents' estate has me realizing I'm going to have a lot more in retirement than I ever expected.

You are being optimistic. One big market crash can wipe out a lot of this. Not like this never happened. Also COL is rising, it only takes COL rising higher than appreciation of your assets to make you feel poor when you aren't earning any income or generating wealth.

Plus, there are many opportunities for "independent" living that's not a master planned anything where you have to pay more fees. You can just buy a condo literally anywhere in any walkable city, including DC and live well in the middle of the city without the need for special services that are only important maybe in car dependent places.

It's funny how they show the photos of Tysons when this community is not anywhere near Tysons and isn't accessible by metro. Whole foods, really? You have to drive there, this community is walkable only to the Mclean downtown area, and requires a bus to get to Tysons if using public transit.

[Anonymous]

Anonymous wrote:

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 +.

Do these people want to live in McLean for their retirement? Genuinely asking.

This is probably one of many homes for their ICP.

[Anonymous]

What I don't get is the huge storefront windows and being directly on a main "downtown" road without benefit of any true walkability.

[Anonymous]

Anonymous wrote:

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 +.

Do these people want to live in McLean for their retirement? Genuinely asking.

A lot of the buyers likely have kids and grandkids in the McLean area, so that’s why they would choose it.

At these price points most also have another residence in Florida or similar.

[Anonymous]

Anonymous wrote:

Anonymous wrote:If you ever looked at condos in DC, you'd know that $1500 is typical, even over $2000, for a 2-bed in nicer buildings.

A PP commented about wealthy boomers. But people are overlooking that gen X and millennials, at least the top 20%, are going to be even richer due to fat 401ks and inheritances and I expect costs for premium independent living communities to only soar. I'm still 20 years from retirement but market gains and investments and likely share of parents' estate has me realizing I'm going to have a lot more in retirement than I ever expected.

You are being optimistic. One big market crash can wipe out a lot of this. Not like this never happened. Also COL is rising, it only takes COL rising higher than appreciation of your assets to make you feel poor when you aren't earning any income or generating wealth.

Plus, there are many opportunities for "independent" living that's not a master planned anything where you have to pay more fees. You can just buy a condo literally anywhere in any walkable city, including DC and live well in the middle of the city without the need for special services that are only important maybe in car dependent places.

It's funny how they show the photos of Tysons when this community is not anywhere near Tysons and isn't accessible by metro. Whole foods, really? You have to drive there, this community is walkable only to the Mclean downtown area, and requires a bus to get to Tysons if using public transit.

You are being pessimistic. Boomers endured plenty of recessions, wild swings in housing markets and stock markets, inflation, mortgages with double digit interest rates, corporate layoffs. I am sure markets will go up and down in the next 20 years but the long term trajectory is always upwards. People in their 30s and 40s with good investments and 401ks today will be in a very good place 20 years from now. Unless, of course, an asteroid hits the planet.

[Anonymous]

Anonymous wrote:What I don't get is the huge storefront windows and being directly on a main "downtown" road without benefit of any true walkability.

my question

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you ever looked at condos in DC, you'd know that $1500 is typical, even over $2000, for a 2-bed in nicer buildings.

A PP commented about wealthy boomers. But people are overlooking that gen X and millennials, at least the top 20%, are going to be even richer due to fat 401ks and inheritances and I expect costs for premium independent living communities to only soar. I'm still 20 years from retirement but market gains and investments and likely share of parents' estate has me realizing I'm going to have a lot more in retirement than I ever expected.

You are being optimistic. One big market crash can wipe out a lot of this. Not like this never happened. Also COL is rising, it only takes COL rising higher than appreciation of your assets to make you feel poor when you aren't earning any income or generating wealth.

Plus, there are many opportunities for "independent" living that's not a master planned anything where you have to pay more fees. You can just buy a condo literally anywhere in any walkable city, including DC and live well in the middle of the city without the need for special services that are only important maybe in car dependent places.

It's funny how they show the photos of Tysons when this community is not anywhere near Tysons and isn't accessible by metro. Whole foods, really? You have to drive there, this community is walkable only to the Mclean downtown area, and requires a bus to get to Tysons if using public transit.

You are being pessimistic. Boomers endured plenty of recessions, wild swings in housing markets and stock markets, inflation, mortgages with double digit interest rates, corporate layoffs. I am sure markets will go up and down in the next 20 years but the long term trajectory is always upwards. People in their 30s and 40s with good investments and 401ks today will be in a very good place 20 years from now. Unless, of course, an asteroid hits the planet.

Yes, and a lot of boomers are broke and don't have anything to their name

[Anonymous]

That land should have been single family homes connected via a road extension to the existing neighborhood. Sigh.

[Anonymous]

Anonymous wrote:That land should have been single family homes connected via a road extension to the existing neighborhood. Sigh.

At least they didn’t throw up five black and white McFarmhouses or some angular modern nightmares, so there’s a small mercy.

[Anonymous]

My mom pays 6k a month for independent living. It includes some dining and cleaning once a week though.