Fall 2015 All Reston Real Estate update
Reston Real Estate Market Update Fall 2015 Greetings! Fall and football are in the air and the holidays are rapidly approaching. Here is a brief look at the Reston real estate market. Unlike the constant gyrations in the stock market, due to both national and international concerns, we continue to see increasing, strong sales AND low mortgage interest rates – the ‘perfect storm’ for real estate sales. Rates are expected to remain low for the short term future, then gradually increasing based on the Fed’s timing to increase their rates. What’s new/what’s going on – Brace yourself for lots of construction around town… here’s a brief primer on some of the pending redevelopments: Sheraton parcel/Reston Heights – adding a new six story residential building, a 15 story residential building, five story parking garage with residential on top and retail space, a ten story office building. 24 Hour Fitness will build a new facility where Chili’s used to be. Commerce Park (Wiehle and Sunrise Valley) – 500 new residential units, a hotel with 175 rooms, a new office building of 400,000 square feet – existing buildings remain. 1831 Wiehle Ave (Virginia Spine building) – demolished and 504 new residential units built. American Press Building (Sunrise Valley by the Sheraton) – to be replaced with 44 luxury, garage townhouses. I applaud the decision to take the dated building and replace with new low density housing walking distance to the future Metro station on Reston Parkway. Comstock Partners’ BLVD Apartments – the massive building at the Wiehle Metro station – should be moving new tenants in early next year (528 units). Long term local developer Charles Veatch and Bozzuto Group are under way on Reston Station Boulevard, next door to the station, that will bring an additional 421 units into the rental pool For sale – There are currently 349 homes for sale in Reston up from 302 one year ago. The current average list price is $481,818. Breaks down as: 71 detached homes with an average list price (ALP) of $763,470; 115 townhouses with an ALP of $471,466 and 115 condominiums with an ALP of $366,093 Of note – Reston home sales are very strong. For the first three quarters of the year we sold 903 homes vs 732 last year – an increase of almost 25%. Average sales price (ASP) for a detached home was $711,000; townhomes was $443,416 and $345,747 for condos. The average days on market/time to sell is (just) 39 days. Interest rates – Continue to be very attractive and in the low 4%’s for thirty year fixed; fifteen year fixed available in the low 3’s! Call for more details or a reference on a good loan officer. If you need help with real estate, call...
Read MoreOne of our current projects/just listed!
Charming four bedroom (all upstairs) end unit townhouse in a superb location walking distance to Reston Town Center! Wood floors thru out, comfortable GAS heat, CAC and large wood burning fireplace in the living room. Enclosed rear garden with deck. A great buy for this size home and in this location – just minutes to Metro, Lake Anne and the golf course. Commuter bus stops at the corner!
Read MoreOne of our current projects…just listed!
Spectacular Lake Anne waterfront in Reston’s first and most asked for cluster – Waterview Cluster. First open Sunday August 23 1 to 4! More info!
Read MoreSummer 2015 All Reston Real Estate update
Happy Summer! Greetings and happy summer to you and family! Here is a brief look at the Reston real estate market. We continue to benefit from low interest rates but with a rising inventory of homes for sale. The Silver Line metro center is up and running and reports are great…high ridership, very dependable and few of the traffic snafus some had predicted. Sales – Reston home sales are strong and running at a slightly higher pace than last year. For the first six months of the year we sold 552 homes vs 497 last year. The average days on market/time to sell is (just) 34 days. Exceptionally strong were sales of single family homes, especially under $700,000 and townhouses under $400,000. Also, incredibly active has been homes walking distance to metro. Condos sales have been slower. Best sellers (and for record prices!) are homes that have been updated with nice/top line appliances and finishes. 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 rates – Continue to be very attractive and in the low 4%’s for thirty year fixed; fifteen year fixed available in the low 3’s! Lenders are again rolling out and promoting 1, 3 and 5 year ARMS by offering lower initial interest rates. As Reston’s housing stock ages we are seeing renewed interest in home renovation loans. These are ideal for the buyer buying an older property needing updates. The appraisal is based on the home having updates done, the buyer is given funds to do the updates without paying from cash savings and putting the cost of repairs and updates into the new mortgage. Call for more details or a reference on a good loan officer. New construction – Currently no new construction is available for sale. The new ‘Harrison’ is open and welcoming tenants at Reston Parkway and Temporary Road. The old 7/11 on Sunrise Valley Drive along with Wells Fargo Bank have closed pending the massive redevelopment of what is commonly known as the Sheraton/Reston International Center property. The International Center building was recently sold and will be updated. The Sheraton hotel remains but major buildings – residential and commercial – and retail is planned for the site. What’s new/what’s going on – The farmers market and bazaar at Lake Anne Saturday mornings until Fall. Expanded boat rentals are back at Lake Anne, Thursday to Sunday. Best picks – our new favorites Barcelona Wine Bar and BarTaco at Reston Town Center – great concepts and staff (owned by same people). You can never go wrong at Clyde’s and my go to meal in summer is the traditional lobster roll at Jackson’s. 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 help and support as always!...
Read MoreSpring 2015 All Reston Real Estate Update
Happy Spring! Greetings and happy spring to you and family! First, a big shout out to Robert (Bob) E Simon turning 101! An amazing human being! This is a brief look at the Reston real estate market. Sales are up in Reston; mortgage interest rates still way down. We continue to benefit from low interest rates and a decent employment market driving the local economy. Corporate tenants love being in Reston, the overall 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. The Silver Line Metro at Wiehle Ave. is open and the latest numbers show ridership is better than expected at the Wiehle Ave location. Sales – Reston home sales are strong. Sales for the first quarter of 2015 were up 15% over last year (from 190 to 218). In the first quarter of the year we sold 41 detached homes (vs. 35 last year), 104 townhouses (93 the year before) and 73 condominiums (vs. 62 a year ago). The average sales price was up 5% to $461,066. Buyers continue to be willing to pay top dollar for homes that are updated, upgraded and well maintained. Good houses are again selling in days, not weeks or months and the best with multiple offers. 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 rates – Simply amazing and under 4% for thirty year fixed; fifteen year fixed available in the low 3’s! We are beginning to see renewed interest in 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 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 7 or 10 years they carry lower interest rates…ideal for a buyer who knows they will not be in the home for more than 7 or 10 years making their mortgage payments lower. Call for more details or a reference on a good loan officer. New construction – Currently there is nothing available in new construction for sale in Reston – everything currently on the boards is rentals – and nothing on the horizon. For those wanting ‘new’ it’s Loudoun County or further out. We find most people prefer Reston and have no interest in a long commute, few amenities and mind numbing traffic. The new ‘Harrison’ is open (rentals) and welcoming tenants at Reston Parkway and Temporary Road. What’s new/what’s going on – The farmers market at Lake Anne starts Saturday May 2nd. Expanded boat rentals are back at Lake Anne, Thursday to Sunday. Changes – Singh Thai has opened their new restaurant in the old Jasmine Café – check it out, totally redone and food is always good. Paolo’s, an original town center restaurant is closing end of April, will reopen as Neyla Mediterranean Bistro (owners are same people) after extensive renovations. Highly anticipated Barcelona Wine Bar and Bartaco opening soon serving upscale Spanish cuisine at the town center – can’t wait to try this! 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!...
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Jon Querolo (pronounced: core-elle-o) provides clients with unparalleled real estate knowledge and experience. 