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Reston Real Estate Blog

What an Incredible honor to be mentioned along with the regions finest. Thank you!

Posted by on Jun 28, 2017 in Reston Real Estate Report

What an Incredible honor to be mentioned along with the regions finest. Thank you!

Thrilled to again be recognized by Washingtonian Magazine – celebrating 50 years of service to the Reston community.

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Our Spring 2017 All Reston Real Estate Update

Posted by on May 4, 2017 in Reston Real Estate Report

Our Spring 2017 All Reston Real Estate Update

Happy Spring!                                                                                                      Spring 2017

Greetings and happy spring to you and family!

This is a brief look at the Reston real estate market.  Sales are up in Reston; mortgage interest rates still down.   We continue to benefit from low interest rates and a thriving local economy.  Overall people love being in Reston, the quality of life, the amenities and proximity to Dulles Airport (while still being close enough to downtown Washington) make it a sought after corporate home and place to call home.  The Silver Line metro station at Wiehle has brought new buyers and renters to the area, especially those looking to reduce reliance on an automobile and looking to commute on the train(s).

SalesReston home sales are strong.  Sales for the first quarter of 2017 were up 5% over last year (from 238 to 250).  In the first quarter of the year we sold 44 detached homes (vs. 48 last year), 104 townhouses (88 the year before) and 102 condominiums (vs. same number a year ago – 102).  The average sales price was unchanged at approx. $441,100.  Buyers continue to be willing to pay top dollar for homes that are updated, upgraded and well maintained.  Good houses are again selling in the first couple of weeks; and the best are receiving multiple offers.  If I had to classify between a buyer’s market or seller’s market would have to lean toward it being a seller’s market…lot of demand and not enough inventory.  If you have thought about selling now is an ideal time, call me to discuss your plans, I can help with vendors, work to be done, staging, etc.

Interest ratesStill quite amazing and currently @ 4% for thirty year fixed; fifteen year fixed available in the low 3’s!   We are beginning to see renewed interest in 5/1, 7/1 and 10/1 loan programs.  These loans are based on the typical 30 year payment schedule but the interest rate is fixed for 5, 7 or 10 years.  The loans are due or renegotiated at the end of the term.  Because the lender can revise the rates based on market conditions in 5, 7 or 10 years they carry lower interest rates…ideal for a buyer who knows they will not be in the home for 30 years making their mortgage payments lower.   Call for more details or a reference on a good loan officer.

New construction –   Currently there is just one development offering homes for sale in Reston – the townhomes and condos going up on the former American Press Institute site on Sunrise Valley Drive.  Everything else is rentals.  Construction towers are always a sign of a thriving real estate market and we have a bunch of them.  Coming soon are several large developments at the town center, the Sheraton site, plus multiple (large) buildings around the Wiehle Metro station.

What’s new/what’s going on – The farmers market at Lake Anne starts Saturday April 29th from 8 to 12. You now will have a second option with the Smart Markets farmers market which will be opening on Wednesdays from 4 to 7 in the St. John Neumann Catholic Church parking lot – opens on May 3rd.

If you need help with real estate, have a question or problem or know of someone needing a Realtor please think of me and thanks for your referrals and support as always!

JON

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Our All Reston Real Estate 2016 Update – the Year in Review

Posted by on Jan 4, 2017 in Real Estate Articles, Reston Real Estate Report

Our All Reston Real Estate 2016 Update – the Year in Review

Happy New Year!                                                                                                               Winter 2017

CELEBRATING OUR 5Oth YEAR SERVING THE REAL ESTATE NEEDS OF RESTON

Greetings!  I hope you had a good holiday season and look forward to 2017!

Overall 2016 was a very good year for real estate, better than 2015!  We expect 2017 to be even better…

It is hard to believe that when my mother Norma started selling real estate for the original Wellborn Properties way back in 1967 that we would now be celebrating 50 years of service to the Reston community.  So much has changed since we pulled into Waterview Cluster in the summer of 1965 – about 20 families called the place home, the plaza was under construction with nary a store to visit but then, and even now, Reston was and is a special place to call home.

I always thought we gave up a lot as a young kid leaving a house my family built on Great South Bay, Long Island with boating, fishing, crabbing and days spent on neighboring Fire Island for Reston.  What we got was lakes, pools and tennis and even air conditioning as the old house lacked AC.

I didn’t comprehend the vision Bob Simon had in the early 60s or what it all meant until many years later.  Reston welcomed any and all – divorced people, single parents, unmarried, racially mixed couples and gay with open arms.  We did not have any long standing ‘accepted’ practices, standards, groups or organizations so we got to experiment and create what we wanted… it was a marvelous place to grow up.  All that existed here prior to Bob Simon coming along was the two Bowman families – A. Smith and Delong – a (legal) distillery and a whole lot of cows.

And, to think of the money that was spent to build the lakes, roads, a golf course, pools, tennis and our first elementary school is mind boggling when Bob Simon could have just as easily elected to stay and live a grand life on Park Ave. in New York.   God Bless You Bob…it took guts to sell Carnegie Hall and who knows what else to fund this venture.

SALES – Sales for the year were up 10% over last year (1265 units sold vs. 1174 in 2015).  Breakdown is as follows – 270 detached homes (245 last year), 523 townhouses (vs. 532 in 2015) and 472 condominiums (vs. 397 one year ago).  The average ‘days to sell’ was 46 days up from the average of 43 it took in 2015.

Currently on the market – Traditionally January is a strong month for home sales.  This year we will start with a lower inventory than last year.  Currently there are (just) 166 homes for sale in Reston vs. 193 last year at this time – 29 detached homes, 44 townhouses and 93 condos.  The average list price is $492,060…a 4% increase over this time one year ago!

Interest rates – Home mortgage rates are trending up – currently 30 year fixed is @ 4.375%. If you know someone thinking of buying tell them to act soon as rates will continue to climb!

Of note:  Here are the three most popular items of interest people have called and asked me about in 2016…

Town Center Parking:  I hate to be the bearer of bad news, but it appears paid parking IS coming to Reston Town Center.  Latest reports show about ½ of the restaurants will validate free parking, many will not and some are undecided.  I think it is pathetic.  You can decide for yourself and vote with your wallet.

Reston National Golf Course – here’s the latest from Rescue Reston – ‘As previously reported, RN Golf attorneys had filed their notice of appeal on December 22, 2015. While RN Golf has stated they do not intend to take the case to the Virginia Supreme Court, they are keeping their options open to “pursue available development options in the future.” Rescue Reston views today’s action as a very positive moment in the fight to save the 166 acres of open, recreational space that is integral to Reston’s vision as a Planned Residential Community.’   So, it would appear is not necessary dead, but dormant for now.

Reston Lake House (Tetra Building/old visitors center) – This fiasco rates right up there with Fairfax County’s purchase of the decaying Cameron Crescent apartments for a whopping $48.5 million of our cash.   This small, isolated building was shopped by my friend Bill Lauer/Tetra for ten years.   Bill was one of the smartest, well connected developers in NOVA.   If he could have developed it he would – that’s what developers do.  For some reason Reston Assoc. decided we just needed to have it to save and protect it…protect and save from what/who?  Nobody wanted it.   Now we know RA way overpaid for the building, repairs and cost overruns are thru the roof and the sad thing is RA still is not sure what they plan to do with it or how they will ever recoup any money out of it.

Thoughts – If you are thinking of selling, now is the time to be getting ready.  Call me and I will come meet with you…we can chat about the market, any necessary repairs you may need, timing, etc.

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Grateful to be recognized again by Washingtonian Magazine

Posted by on Jul 16, 2016 in Reston Real Estate Report

Grateful to be recognized again by Washingtonian Magazine

As we start our 50th year serving the real estate needs of the Reston community a big Thank YOU – we could not do what we do without you!

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Just Listed and Coming Soon

Posted by on May 10, 2016 in Reston Real Estate Report

Just Listed and Coming Soon

Original owners/first time for sale in 46 years.   We are thrilled to offer for the first time this lovely, charming residence in the sought after Uplands neighborhood of Lake Anne.   Three finished levels, four bedrooms – two with charming ‘Juliet’ balconies overlooking the front garden, hardwood floors, GAS heat, family room with fireplace, all in a stunning landscaped and hardscaped setting minutes to everything!

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Why I call Reston home…

Posted by on Mar 9, 2016 in Reston Real Estate Report

Why I call Reston home…

While driving around Reston at lunch time today I marveled again at the physical beauty of Reston, the place my family has called home now for 51 years.  I tell people constantly I could live anywhere, but I choose to live here.   When we moved here in the summer of 1965 there were maybe 200 people living in Lake Anne.   Amongst the early pioneers were gay couples (my mother explained to me years later, that no, Jon, Pete and Bill were not ‘cousins’, divorced people and interracial couples.

It never struck me that there was anything odd about this.   I learned later that divorced women with or without kids were not welcome in many areas of the DC, MD and VA burbs.   Nor were the interracial married or the gays.   I am in awe to this day the vision that Bob Simon had to welcome people with out regard to race, religion (or lack thereof), orientation and also financial success (or lack thereof)…and have them living next door to each other.

Everyone deserves to live in a nice home.  Whether it be a one bedroom rental, townhouse, house or a spectacular waterfront residence we all want the same thing…a nice, safe place to call home.  As a Realtor, I can sell you a home anywhere – Herndon, Vienna, Oakton, Great Falls, Springfield, etc but I know this – it won’t ever be Reston.   You can buy a nice home in a nice neighborhood; when you buy a home in Reston you get so much more – you get a nice home in an entire ‘town’ of nice with every amenity you could ask for.

Whether rich or poor, or in between, renter or owner, regardless you get access to community swimming pools, tennis courts, golf courses, lakes and miles of pathways and acres of parkland in one of the most beautiful regions of the world.

I am thankful my father packed us up and brought us here.  It was a gamble in 1965 but I have never had one regret or moment I wished I lived somewhere else.

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Just listed and Coming Soon

Posted by on Mar 3, 2016 in Reston Real Estate Report

Just listed and Coming Soon

First time offered for sale in 50 years!  The long term owners hired us to sell this classic Chloetiel Woodard Smith, AIA design in Reston’s first and most asked for cluster – Waterview Cluster – in historic Lake Anne Village.  Three finished levels, four large bedrooms, updated kitchen and baths + refinished hardwood floors thru out.  Super lot in the community backs to parkland with short walk to the lake, cluster dock and beach.  Full lake access + privileges.  Private, reserved carport.  A superb offering at $489,900 for this community!

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Just Listed and Coming Soon

Posted by on Jan 20, 2016 in Reston Real Estate Report

Just Listed and Coming Soon

First time offered for sale in 50 years!  The original owners hired us to sell this iconic Charles M Goodman, AIA design in Reston’s historic Lake Anne Village.  This is a superb opportunity to create your dream home.  Best lot in the community overlooking pond, stream and acres of woods and parkland.  Three levels, four bedrooms, amazing master suite with huge rooftop terrace.  A terrific buy/investment for the buyer looking to do their own thing and build instant equity.  Original thru out, offered for sale at $350,000.

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Just listed!

Posted by on Jan 19, 2016 in Reston Real Estate Report

Just listed!

First time for sale in over 40 years!  Stunning views from this waterfront, iconic Whittlesey + Conklin, AIA design – the creators of Reston’s original master plan and historic Lake Anne Plaza.  Three finished levels, three large bedrooms, updated kitchen and baths, refinished gleaming wood floors.   Fabulous views from most rooms, two large balconies plus waterfront patio.  Walk to Lake Anne shops, restaurants and the farmer’s markets.

1696 Chimney House Road, Reston, VA 20190

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Winter 2016 All Reston Real Estate Update

Posted by on Jan 12, 2016 in Reston Real Estate Report

Winter 2016 All Reston Real Estate Update

Happy New Year!
Greetings! I hope you had a good holiday season and are looking forward to 2016!
2016 marks our 49th year serving the real estate needs of the Reston community. My mother, Norma, started with Jeffrey O Wellborn on Lake Anne Plaza back in 1967. It is a job we have always undertaken with passion, enthusiasm and the highest professional standards and ethics. To all my family, friends and clients who let me assist them in their real estate transactions – thank you. I had a great 2015 and am looking forward to a greater 2016.
Of note: How about those Redskins? NFC East Champions! And the gas prices… falling like the stock market – under $2.00 a gallon all over town as I write this.

The redevelopment of the Sheraton International Center property is coming along quickly; all low rise buildings – except for Popeye’s Chicken which remains – are gone. The possible redevelopment of the Reston National Golf Course took another turn when developer RN Golf (partially owned by Northwest Mutual) filed suit to the Virginia Supreme Court to overturn the recent Circuit Court ruling which would have kept the golf course as open space…I am sure more is to follow.

The big gasp and sigh heard around town late last year was the collapse of the Lake Anne redevelopment plan after three plus years of work and millions of dollars spent. Cathy Hudgins (and Fairfax County Board of Supervisors) bought the aged apartment complex for an eye numbing $48,500,000 in cash. As many knew, and predicted back then, the deal would never see the light of day. Impossible, farfetched goals and numbers and uncooperative players is the word. The best we can hope for is for Cathy and the county to cut its losses, sell the property and get out of the real estate development business and leave it to those who know how to do it.

We are excited to tell you that on February 1st the Bob Simon Lake Anne Post office will open for business in the space formerly occupied by Lake Anne Florist in shared space with Chesapeake Chocolates (and next door to our offices on Lake Anne Plaza) – please stop in if over this way and say hello!

With sadness we tell you that early Reston pioneer and community leader Priscilla Ames passed in early January. Priscilla and daughter Gwen were the first to meet us in the summer of 1965 – RIP Priscilla.

Real estate wise 2015 was a pretty good year, better than 2014. Forecasts we read are for 2016 to be similar or possibly even better…

SALES – Sales for the year were up 15% over last year (1174 units sold vs. 1024 in 2014). Breakdown is as follows – 245 detached homes (201 last year), 532 townhouses (vs. 465 in 2014) and 397 condominiums (vs. 358 one year ago). The average ‘days to sell’ was 43 days up from the average of 33 it took in 2014. Still a very decent stat as in many years the average home in Reston (and interestingly nationwide) took about three months to sell.

Currently on the market – Traditionally January is a strong month for home sales. This year we will start with a lower inventory than last year. Currently there are 193 homes for sale in Reston vs. 210 last year at this time – 33 detached homes, 48 townhouses and 112 condos. They range in price from a low of $155,000 to the current high $1,549,000 (huge penthouse condo at RTC, almost 3,000 square feet). The average list price is $473,000.

Interest rates – 30 year fixed rates are trending up slightly due to the increase recently in the FED rate but honestly the rates are still incredible folks. With some checking you can find a thirty year mortgage under 4%. That is amazing and continues to make owning a home a terrific long term investment!

Thoughts – If you are thinking of selling now is the time to be getting ready. The early part of the year is always a great time to sell and in many cases sellers get a better price earlier in the year vs waiting for the traditional spring market. The spring market is fine but you will tend to see more competition with more people waiting for spring. My advice has always been go sooner rather than later to avoid finding you are competing with neighbors with similar properties. I expect it to be another great year. The threat of increasing mortgage interest rates will encourage many to get off the fence and tie down a great rate on a mortgage. We also expect to see renewed interested from the small residential investor. As the stock market gyrates we find the owning of rental properties is an attractive addition to an overall portfolio. The nice thing about real estate is you can easily increase the value, both rental and sale, by doing simple, minor improvements over time to the property. Call for more info!

For current Reston real estate market conditions click here – Reston market update.

As always, thank you for your calls, questions and referring your family and friends to us. I am never too busy to answer a call or email.

All the Best,

JON

 

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What an Incredible honor to be mentioned along with the regions finest. Thank you!

Posted by on Jun 28, 2017 in Reston Real Estate Report

What an Incredible honor to be mentioned along with the regions finest. Thank you!

Thrilled to again be recognized by Washingtonian Magazine – celebrating 50 years of service to the Reston community.

Read More