Posts by Jon

Our Spring 2017 All Reston Real Estate Update

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

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). Sales – Reston 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 rates – Still 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!...

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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

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...

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Grateful to be recognized again by Washingtonian Magazine

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

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

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

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...

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