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2009 Summer Real Estate Report

Posted by on Jun 5, 2009 in Reston Real Estate Report

I hope your summer is off to a great start! This is an abbreviated look at the Reston real estate market in hopes of giving you a positive jolt as you leap into your summer. For twelve years I worked for William (Bill) Wacker. He was my friend and great inspiration to all who knew or had the privilege to work for him. Every summer we would say, “Bill, take a vacation” and his normal response was, “Why, I live in a resort and have everything I need right here at home” – golf, tennis, swimming, fishing and boating and his beloved squash (at Hidden Creek Country Club). How right he was! We are truly lucky to live here and call Reston home. If your vacation plans, like mine this year, mean staying at home and enjoying your community you will find lots to do.  Sales – May Reston numbers looked great. 2009 sales were down by 6 units from May of 2008 (negligible). Average sales price jumped from $382,834 to $446,622 on 100 homes sold in May 2009. Wow, that is an „average‟ including detached, townhouses and condominiums. All categories showed strong sales but especially strong were detached homes in all locations and townhouses in North Point. Overall, any and everything is selling if priced correctly – even condos in the upper brackets which had been very difficult to move. If you have ever wanted to live in a luxury condo at the town center this is probably your year to get a good buy and a long-term investment. Interest rates – spiked up a bit to the mid-5s. This pushes people off the fence as they sense maybe the lowest point has been reached and now is the time to buy. Housing starts – jumped 17% in May. Permit requests were up 4%. (Nationwide) Reston Times SOLD – The Reston Times as we knew it stopped existing awhile ago. It was merged into something called the Fairfax County Times. The paper was sold last week to an affiliate of the Washington Post. It will be interesting to see what happens to the paper. I have been busy (yippee!) listing and selling homes. I am trying to sell a restaurant on Lake Anne, have some homes for sale, office space for rent and some land for sale. Also, looking for the „right house‟ for many buyers and lots of investors and still have the guy from 25 years ago who wants a McDonalds or car wash in Reston – don‟t we...

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