Fall 2012 Reston Real Estate Update

Posted by admin on Sep 26, 2012 in Reston Real Estate Report

Fall 2012 – Reston real estate market update (Click here to download a PDF version)

I hope you had a great summer! Lots of exciting things are happening in our town. First, I am pleased to tell you I have merged my company into Long and Foster. We will continue to operate from our offices on Lake Anne at the boat rental docks. Was fun running it for several years but this move allows us to concentrate on what we enjoy and do best – working with our buying and selling clients while delegating the back office (bookkeeping, accounting, reporting and stuff to somebody else – glad to be rid of it!). It also gives our selling clients world class exposure thru the Long and Foster websites and their network of branch offices on the Mid Atlantic seaboard. In addition, we will have access to, and offer, ocean and mountain resort sales and rentals, and exclusive home marketing thru Long and Foster’s Extraordinary Properties and Christies Great Estates to our clients.

What’s new in Reston?

As I write this the Parc Reston condos (formerly rental apartments) are being demolished to allow for the construction of two new glass residential towers fronting on Reston Parkway. About half of the complex will remain as garden condos with access off North Shore Drive. The current plan is for them to be rentals but that could change as they are being built to condominium specs.
Construction is well underway on the site that was to be Midtown North and South condos at Reston Town Center. The ground was sold and the design converted from two buildings to one. Plans are for the units to be luxury rentals as there continues to be great demand at RTC.
Fairfax County just approved a new building of 21 stories to replace the original Town Center office building (built by Ed Nachazel) – the vote was near unanimous with one member abstaining at the recent hearing. With Metro coming many feel this is the true, best use of some of these older buildings close to RTC and having Metro access.
Now, one of the strangest things we have heard is the proposal to convert the Reston South Golf course from open space to residential development. That big scream you may have heard was from neighboring and affected homeowners all over South Reston when word got out several weeks ago. More to follow…

For sale in Reston

There are currently just 122 homes for sale in Reston (vs. 184 this time last year). Inventory down about 30%. Breaks down as: 41 detached homes ranging from $465,900 to $1,750,000 w/ an average list price of $758,241; 47 townhouses ranging from $259,900 to $649,900 w/ an ALP of $404,662; and 34 condominiums ranging from $99,500 to $1,750,000 w/ an ALP of $406,899. We have low inventory and buyers waiting in all price ranges!
Of note: Total summer sales (June/July/August) were 359 units vs. 254 last summer with an average sales price of $445,798. Sales up 40%! The average seller received 98.5%% of their asking price. Days to sell are running about 26 days vs. 40 this time last year.

Reston Interest rates

Unbelievable! Currently, thirty year mortgage rates are about 3.5% – well below last summer’s average rate of 4.25. Another popular option is a “15 year” (which eliminates a lot of interest payments over the life of the loan) and available with a ¼ to ½% lower rate than the 30 year – ideal for faster equity build up. We are seeing substantial renewed interest from investors attracted to Reston and looking to buy rental properties here. Rents have risen significantly (especially on nice properties in good locations). The right property with a 20 to 25% down payment (typical for most new investor loans) will break even and possibly make money in year one. We believe rental properties are a good addition to anyone’s investment/retirement portfolio…questions, please call!
If you would like any real estate information or know anyone who is seeking to buy or sell a home, please contact me. I will use my experience and knowledge to ensure a timely and financially satisfactory transaction.
As always, we appreciate your calls, emails, questions and referring your friends and family. Visit us on historic and wonderful Lake Anne Plaza at the boat dock. Please check us out and keep in touch on the new and revised www.restonproperties.com. You will find early Reston photo archives, local/area news updates and all area homes for sale and rent! You can also follow us on Facebook for constant updates about all things Reston.
And finally, we have an extensive list of preferred vendors and contractors we have refined and built over the past 45 years. If you need a simple handyman to fix a small repair or a laundry list of delayed items, a painter, hardwood floors redone or installed, new kitchen or bath, plumbing or heating maintenance and repairs call the office or email and we will get you taken care of.

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Fall 2012 – Reston real estate market

update (Click here to download a PDF version)
I hope you had a great summer! Lots of exciting things are happening in our town. First, I am pleased to tell you I have merged my company into Long and Foster. We will continue to operate from our offices on Lake Anne at the boat rental docks. Was fun running it for several years but this move allows us to concentrate on what we enjoy and do best – working with our buying and selling clients while delegating the back office (bookkeeping, accounting, reporting and stuff to somebody else – glad to be rid of it!). It also gives our selling clients world class exposure thru the Long and Foster websites and their network of branch offices on the Mid Atlantic seaboard. In addition, we will have access to, and offer, ocean and mountain resort sales and rentals, and exclusive home marketing thru Long and Foster’s Extraordinary Properties and Christies Great Estates to our clients.
What’s new in Reston?
As I write this the Parc Reston condos (formerly rental apartments) are being demolished to allow for the construction of two new glass residential towers fronting on Reston Parkway. About half of the complex will remain as garden condos with access off North Shore Drive. The current plan is for them to be rentals but that could change as they are being built to condominium specs.
Construction is well underway on the site that was to be Midtown North and South condos at Reston Town Center. The ground was sold and the design converted from two buildings to one. Plans are for the units to be luxury rentals as there continues to be great demand at RTC.
Fairfax County just approved a new building of 21 stories to replace the original Town Center office building (built by Ed Nachazel) – the vote was near unanimous with one member abstaining at the recent hearing. With Metro coming many feel this is the true, best use of some of these older buildings close to RTC and having Metro access.
Now, one of

the strangest things we have heard is the proposal to convert the Reston South Golf course from open space to residential development. That big scream you may have heard was from neighboring and affected homeowners all over South Reston when word got out several weeks ago. More to follow…
For sale in Reston
There are currently just 122 homes for sale in Reston (vs. 184 this time last year). Inventory down about 30%. Breaks down as: 41 detached homes ranging from $465,900 to $1,750,000 w/ an average list price of $758,241; 47 townhouses ranging from $259,900 to $649,900 w/ an ALP of $404,662; and 34 condominiums ranging from $99,500 to $1,750,000 w/ an ALP of $406,899. We have low inventory and buyers waiting in all price ranges!
Of note: Total summer sales (June/July/August) were 359 units vs. 254 last summer with an average sales price of $445,798. Sales up 40%! The average seller received 98.5%% of their asking price. Days to sell are running about 26 days vs. 40 this time last year.

Reston Interest rates
Unbelievable! Currently, thirty year mortgage rates are about 3.5% – well below last summer’s average rate of 4.25. Another popular option is a “15 year” (which eliminates a lot of interest payments over the life of the loan) and available with a ¼ to ½% lower rate than the 30 year – ideal for faster equity build up. We are seeing substantial renewed interest from investors attracted to Reston and looking to buy rental properties here. Rents have risen significantly (especially on nice properties in good locations). The right property with a 20 to 25% down payment (typical for most new investor loans) will break even and possibly make money in year one. We believe rental properties are a good addition to anyone’s investment/retirement portfolio…questions, please call!
If you would like any real estate information or know anyone who is seeking to buy or sell a home, please contact me. I will use my experience and knowledge to ensure a timely and financially satisfactory transaction.
As always, we appreciate your calls, emails, questions and referring your friends and family. Visit us on historic and wonderful Lake Anne Plaza at the boat dock. Please check us out and keep in touch on the new and revised www.restonproperties.com. You will find early Reston photo archives, local/area news updates and all area homes for sale and rent! You can also follow us on Facebook for constant updates about all things Reston.
And finally, we have an extensive list of preferred vendors and contractors we have refined and built over the past 45 years. If you need a simple handyman to fix a small repair or a laundry list of delayed items, a painter, hardwood floors redone or installed, new kitchen or bath, plumbing or heating maintenance and repairs call the office or email and we will get you taken care of.

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