2010 Spring Real Estate Update

Posted by on Jun 5, 2010 in Reston Real Estate Report

2010 Spring Real Estate Update

The real estate market in Reston, and in many cases nationwide, seems to be on an improving track. Sales nationwide in March were up over 6%. In Reston we have seen great activity in the under $400,000 range. It is interesting that we are seeing mult

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iple offers and in some cases escalation agreements on well priced properties in good locations. An escalation agreement is used when there are competing offers on a property. You submit your offer with an addendum stating you will beat any competing offer by ‘X’ dollars (is negotiable/up to the buyer) up to a maximum sales price of ‘Y’. As this is written it does not appear there will be an extension of either tax credit. It remains to be seen what effect the buyer tax credits or the lack thereof will have on the market.

OPINION: The extended credits did not have the anticipated boost in sales that many had expected. Most people took the credit the first time around not knowing, and perhaps fearful, if they did not buy last year there would not be a credit later. April sales did not show a tremendous uptick even with the deadline to purchase (be under contract) well publicized at April 30.

WHAT’S HOT: All condos, everything around Reston Town Center (with some re-sales in the $1,000,000+ range). Properties walking distance to the future Wiehle Metro station (would be primarily townhouses and condos) and anything in North Reston under $600,000.

And what’s not – older properties in all categories that have not been improved/upgraded. This is not a market where we can put a home up for sale in any condition and assume it will sell. Reston properties from the 70s and 80s are ‘dated’ by today’s standards – eight foot ceilings, small bedrooms and bathrooms. To get top dollar you want to invest in upgrades that buyers are looking for – they will pay top dollar while the unimproved properties linger on the market

FOR SALE: Currently 67 detached homes ranging from $205,000 to $1,495,000 with an average list price of $726,767. The average days on market (DOM) is 64. There are 110 townhouses for sale priced from $188,000 to $915,000 with the average being $414,350 and DOM of 35. There are 111 condominiums for sale ranging from $84,900 to $1,100,000 with an average asking price of $324,411 and DOM of 57.VISIT US NOW ON HISTORIC LAKE ANNE PLAZA AT THE BOAT DOCKS

INTEREST RATES: Still outstanding – thirty year fixed mortgages are found below 5%. Jumbo mortgage money (above $729,000) which has been hard to come by and expensive is more readily available for about ½% additional. The upper brackets – above $1,000,000 – have been sluggish due to the premium on the rates and buyers resistance to pay but seem to be picking up.

WHAT’S NEW: Great new grocery store – Compare Foods in the old Tall Oaks Giant. Has a large fresh produce section, nice fresh fish operation. Coming soon to Lake Anne – the old Il Cigno which attempted several times to find a niche (with new owners) was foreclosed upon and sold the end of April and is due to reopen in May as a Greek/Italian restaurant…still one of the most spectacular places to sit and have a meal. Best pizza – Flippin Pizza at South Lakes Center – excellent! The Reston farmers market returns – opening on May 8 – Saturdays thru November.

WE’RE MOVING! Effective May 1 we will be relocating the office to 11438 Washington Plaza – on the lake at the boat dock. Come see us even if just to say hello! We are excited about being back on the plaza where our real estate business started 43 years ago. We look forward to helping you with all your real estate needs and welcome your calls. Thanks for thinking of us with your friends needing real estate assistance!

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