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.

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