Posts by Jon

Our Fall 2017 All Reston Real Estate update is out…

Posted by on Oct 23, 2017 in Reston Real Estate Report

Reston Real Estate Market Update                                                                 Fall 2017 I hope you had a great summer!   Here is a brief look at the Reston real estate market.  We continue to benefit from low interest rates and low inventory of homes for sale.  The inventory in all categories – detached homes, townhomes and condominiums – has been unchanged from the past year. For sale – There are currently 279 homes for sale in Reston. Breakdown is as follows:  63 detached homes with an average list price of $777,312; 80 townhouses with an ALP of $516,241; and 136 condominiums with an ALP of $443,918. Sales – Reston home sales are strong and running at a slightly higher pace than last year.  For the third quarter we sold 342 homes vs 332 last year.  The average sales price was unchanged compared to one year ago – $453,281 vs $453,921 (2016).  The average seller got 99% of their asking price.  I have remarked before that Reston is not an inexpensive place to live, never was, never will be.  We have yet to see a noticeable jump/increase in sales prices due to metro coming to town.  I do think most of it was already factored in to the prices BEFORE metro arrived.  The inventory of detached homes and townhomes continues to remain low with properties in nice shape and updated selling in the first few weeks, some with multiple offers.  Condos are in plentiful supply with lots for sale…and, little selling at Reston Town Center.  We are not sure if the paid parking fiasco has affected sales but from a visitor (and PR) perspective activity and retail/restaurant sales would appear to be negatively affected. For most current Reston real estate market conditions click here – Reston Market update Interest rates – Continue to be very attractive and currently below 4% for thirty year fixed; fifteen year fixed available in the low 3’s.  Interest rates have been at near record lows for so long we take for granted how good they are.  We have been told for several years, they have to go up; we are still waiting to see if they do. The stock market continues to defy the odds and is at record highs. If you have children of home buying age talk to them about buying ‘something’ to get a foot in the market.  Young and/or first time home buyers should buy something/anything they can afford; it may not be their dream or ‘forever’ home but they can purchase with a minimal down payment, enjoy it for several years and if the stars align sell it and move to something else in several years or better yet keep it and start building equity with a real estate rental portfolio. Refinancing?  Curious if it works for you…call for a reference on a good loan officer. What’s new/what’s going on – Our first new construction in years of homes for sale is here!  Sunrise Square is a cluster of 34 luxury townhouses – four levels, two car garages, rooftop decks + elevator options.  Location is quite good, short walk to Reston Town Center and will be accessible to metro when the town center station opens in a few years. From $860,000 to $950,000. This is the site of the old American Press Institute building on Sunrise Valley Drive.  The API building by acclaimed 20th Century architect Marcel Breuer was demolished to make way for the redevelopment (much to the dismay of many). Coopers Hawk Winery and Restaurant has opened over by Target and the YMCA on Sunset Hills.   Great food and spirits and staff is...

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Just listed in Bentana Park – 2 BRS/2Baths at $235,000!

Posted by on Oct 2, 2017 in Reston Real Estate Report

This is the most sought after floor plan in sought after Bentana Park – two BRs + two full baths! Top floor location backing to woods. Huge rooms thru-out + 10 foot ceilings in living room. Superb brick construction and concrete floors between units. Condo fee covers all utilities. Short walk to Wiehle Ave metro, minutes to Reston TC and Lake Anne for shops, farmers market and more. click here for tour and info

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Reston (again) named one of the best places to live in US…call us for all your real estate needs…happily serving the Reston community for over 50 years…

Posted by on Sep 19, 2017 in Reston Real Estate Report

Another great reason we call Reston home…” Of the three Virginia communities on this year’s list, Reston ranked the highest. It is just above nearby Ashburn, which placed at No. 30; and Midlothian, located near Richmond in Chesterfield County, at No. 49. Reston is also the highest-ranked community in the DC Metro, with the area’s only other nod coming for Rockville at No. 39…” MONEY Magazine Reston Once Again Recognized by Money Magazine as a Top Place To Live in...

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Our Summer 2017 All Reston Real Estate update

Posted by on Aug 24, 2017 in Reston Real Estate Report

Happy Summer!                                                                                             Summer 2017 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 healthy inventory of homes for sale – enough to give buyers a nice selection, but not an oversupply.  If I had to choose buyer vs seller market would say it is a tossup but leaning towards a seller’s market. Sales – Reston home sales are strong and running at the same pace as last year.  For the second quarter of the year 419 homes sold vs 418 last year.  The average days on market/time to sell is (just) 26 days.  Exceptionally strong were sales of single family homes and townhouses, especially those walking distance to the Wiehle Metro station – the Sunrise Valley, Soapstone and Upper Lakes corridor.  Condo sales have been brisk in the under $350,000 range all over town…ideal for first time buyers and investors.   “Best sellers” are homes that have been updated with nice/top line appliances and finishes.  Buyers here tend to be working and working long hours and will pay top dollar for updated homes as most do not have the time (or interest) in doing renovations. If you have work to be done, call me, I can help with vendors, contractors, etc. for any type of work. 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…ideal for the buyer knowing they will only be in the home for a few years. Call for more details or a reference on a good loan officer. New construction –   We have our first new construction for sale in years!  Sunrise Square is 35 luxury townhouses with garages, nine foot ceilings, roof terraces and options for elevators.  Superb location, next to the Sheraton, will be walking distance to the Reston Pkwy metro, not too much further to walk to Reston Town Center.  Starting at $849,900 and pre-selling now – call for more info. 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.  Thrilled that Balducci’s (formerly Sutton Place Gourmet) returning to Reston and opening in the new buildings at the entrance to Reston Town Center.  Paid parking at the town center still a major irritant and PR disaster – parking in the garages is now free after 5 and you get one hour free during the day. Sad to see them go but il Fornaio has left the town center, word is space has already been leased to another restaurant. For most current Reston real estate market conditions click here – Reston Market update. Thinking of selling or just want to know what your home is worth?  Call me and we can meet and go over the comps and competition…you may be surprised at the value in today’s market. Best,...

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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

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

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