Reston Real Estate Blog

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...

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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...

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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...

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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!...

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Spring 2015 All Reston Real Estate Update

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

Spring 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...

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Our 2014 All things Reston Real Estate Annual Update and Review Reston Real Estate Report

Posted by on Jan 5, 2015 in Reston Real Estate Report

Our 2014 All things Reston Real Estate Annual Update and Review Reston Real Estate Report

Happy New Year!                                                                                       Winter 2015 Greetings!   I hope you had a good holiday season and are looking forward to 2015. Real estate wise 2014 was the year that was, and wasn’t. The first six months of the year were on track to be similar to 2013. But in July the market took a turn and we never quite recovered. Even with a thriving stock market and low interest rates buyers had pretty much disappeared from the market. The forecasts from people much smarter than me – National Association of Realtors, economists at FNMA and Freddie Mac to name a few – are predicting 2015 will be the best year since 2007.  Some reasons given are millennials will come into the market after being absent for some time, interest rates will remain low, but threats of rising to 5% by year end will encourage (force) many to buy sooner vs. later and overall confidence in the job market and economy is fairly strong right now.  SALES – Sales for the year were down 12% from 1170 units in 2013 to 1024 in 2014. Breakdown is as follows – 201 detached homes vs 245 last year, 465 townhouses vs 516 in 2013 and 358 condominiums vs 409 in 2013.   The ‘average days to sell’ was 33 days across all categories up from the average of a mere 21 days it took to sell in 2013. By all measures that is still an amazing statistic – in years past the average home in Reston took 96 days to sell! Other positive news is the average sales prices for detached homes were up 5% and townhouses were up 6%, condominiums were unchanged for the year.  Currently on the market – January is traditionally a strong selling month. This year we will start with a much higher inventory than in years past. Currently there are 210 properties for sale in Reston – 34 detached homes, 78 townhouses and 98 condos – vs 94 one year ago.  Interest rates – 30 year fixed rates are again trending near record lows. We are placing loans under 4%.  Thoughts – NAR recently released a ten year study about selling seasons and confirmed what we have known for years. If you are thinking of selling be on the market sooner rather than later. You do not want to wait, along with many others, for ‘the spring market’ as there will be greater competition; sellers continue to get a better price in the earlier months of the year. Compounded with threats of rising interest rates makes January/February the better time to bring your home to the market.  As always, thank you for your calls, questions and most importantly your referrals! I am never too busy to answer a call or email if you have a question, problem or concern.  Jon Querolo, Assoc. Broker The Long and Foster Companies 703.585.4900 or 703.860.0144 (home) or jon@restonproperties.com  Celebrating our 48th year serving the Reston...

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