Reston Real Estate Blog

Our All Reston Real Estate 2017 update – the year in review

Posted by on Jan 15, 2018 in Reston Real Estate Report

Our All Reston Real Estate 2017 update – the year in review

Greetings!  I hope you had a good holiday season and look forward to 2018! 2017 marked the 50th anniversary of us serving the real estate needs of the Reston community.  When my mother, Norma, joined Jeffrey O Wellborn at Wellborn Properties in the summer of 1967 we never anticipated becoming one of Reston’s oldest, and few still in existence, family businesses.  We could not do, what we do, without you.  And for that we are touched and thankful. As we start 2018 we want you to know we are always here to serve you.  We are proud to be now selling homes to a third generation, the grandchildren of some of our original clients. As we say day after day, year after year, for all of your real estate needs, call The Reston Experts!  Buying, selling, investing, questions, concerns or problems or simply a referral of a vendor or handyman we welcome your calls and emails. SALES – 2017 was another good year for home sales. The number of homes sold for the year was unchanged/same as 2016.  1,279 homes sold in 2017 vs 1278 in 2016.  Breakdown is as follows – 251 detached homes (272 last year), 543 townhouses (vs. 529 in 2016) and 485 condominiums (vs. 477 one year ago).  The average ‘days to sell’ was 34 days down from the average of 43 it took in 2016.  The ‘average’ condo sold for $311,200; townhouse for $454,600 and the average for a detached home sold was $704,900. Currently on the market – Wow!  While traditionally, January is a strong month for home sales; this year we will start with much lower inventory than last year.  If you are planning to sell this year, you may want to go on the market sooner (now) and not later to take advantage of the incredibly low inventory of homes for sale/competition!  Currently there are (just) 121 homes for sale in Reston vs. 163 last year at this time – 13 (29 a year ago) detached homes, 31 townhouses (44 one year ago) and 77 condos (vs. 93 last year this time).  The average list price is $510, 700 up from $492,060 last year (SFD average list price (ALP) $831,800; townhouse ALP $596,500; condominium ALP $419,900. ALERT: THERE ARE CURRENTLY ONLY 17 DETACHED HOMES AND 31 TOWNHOUSES FOR SALE IN ALL OF RESTON – NOW IS A GREAT TIME TO SELL – CALL ME FOR MORE INFO/LET’S CHAT! Interest rates – Home mortgage rates are steady – currently 30 year fixed is @ 4%.  With the FED planning three interest rates this year, we can expect to see mortgage interest rates trending up.  And, how about that stock market…closing over 25,000 for the first time ever! Meet the neighbors:  We love our location on Lake Anne Plaza and have some fabulous corporate neighbors.  One of the best is Just Cats Clinic.  Just Cats Clinic is a feline exclusive full service veterinary clinic offering top notch feline care including preventative exams and vaccines, a full range of diagnostics, dentistry, surgery, laser therapy, acupuncture, and even luxury boarding.  They are proud to be accredited by the American Animal Hospital Association and to be a Gold Standard Cat Friendly Practice from the American Association of Feline Practitioners! Of note/what people talking about:  Here is...

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From our home to yours…Happy Holidays and Merry Christmas!

Posted by on Dec 22, 2017 in Reston Real Estate Report

From our home to yours…Happy Holidays and Merry Christmas!

At this time of year we would be remiss if we did not say thank you for your business, your calls, your referral of friends and family and most of all your friendship.  I have never felt for one day I was going off to ‘work’.  It has been a privilege to work and live in a community I adore.   I am grateful every day for the support we have received from the community for now over 50 years.  Thank you for inviting us into your homes and entrusting us to work with you, your children and now grandchildren, neighbors and friends.    Merry Christmas and Happy New Year!  Jon Querolo and...

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Our Fall 2017 All Reston Real Estate update is out…

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

Our Fall 2017 All Reston Real Estate update is out…

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...

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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

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

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

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…

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

Our Summer 2017 All Reston Real Estate update

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

What an Incredible honor to be mentioned along with the regions finest. Thank you!

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

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Our Spring 2017 All Reston Real Estate Update

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

Our Spring 2017 All Reston Real Estate Update

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...

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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

Our All Reston Real Estate 2016 Update – the Year in Review

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...

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