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 last year. Currently there are 193 homes for sale in Reston vs. 210 last year at this time – 33 detached homes, 48 townhouses and 112 condos. They range in price from a low of $155,000 to the current high $1,549,000 (huge penthouse condo at RTC, almost 3,000 square feet). The average list price is $473,000.

Interest rates – 30 year fixed rates are trending up slightly due to the increase recently in the FED rate but honestly the rates are still incredible folks. With some checking you can find a thirty year mortgage under 4%. That is amazing and continues to make owning a home a terrific long term investment!

Thoughts – If you are thinking of selling now is the time to be getting ready. The early part of the year is always a great time to sell and in many cases sellers get a better price earlier in the year vs waiting for the traditional spring market. The spring market is fine but you will tend to see more competition with more people waiting for spring. My advice has always been go sooner rather than later to avoid finding you are competing with neighbors with similar properties. I expect it to be another great year. The threat of increasing mortgage interest rates will encourage many to get off the fence and tie down a great rate on a mortgage. We also expect to see renewed interested from the small residential investor. As the stock market gyrates we find the owning of rental properties is an attractive addition to an overall portfolio. The nice thing about real estate is you can easily increase the value, both rental and sale, by doing simple, minor improvements over time to the property. Call for more info!

For current Reston real estate market conditions click here – Reston market update.

As always, thank you for your calls, questions and referring your family and friends to us. I am never too busy to answer a call or email.

All the Best,

JON

 


Related Reston Real Estate Articles

Hot off the presses...Reston Real Estate update!
Our 2014 All things Reston Real Estate Annual Update and Review Reston Real Estate Report
Why I call Reston home...