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Reston Real Estate Blog

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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Happy New Year!

Posted by on Jan 8, 2016 in Reston Real Estate Report

Happy New Year!

2016 marks our 49th year serving the real estate needs of the Reston community. 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.

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Fall 2015 All Reston Real Estate update

Posted by on Nov 18, 2015 in Reston Real Estate Report

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
JON

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One of our current projects/just listed!

Posted by on Oct 20, 2015 in Reston Real Estate Report

One 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!

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One of our current projects…just listed!

Posted by on Aug 20, 2015 in Reston Real Estate Report

One 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!

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Summer 2015 All Reston Real Estate update

Posted by on Jul 17, 2015 in Reston Real Estate Report

Summer 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!
JON

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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.

Read More