Our All Reston 2018 Real Estate Update – the year in review
Happy New Year! Winter 2019 CELEBRATING 52+ YEARS SERVING THE REAL ESTATE NEEDS OF RESTON Greetings! I hope you had a good holiday season and look forward to 2019! Hard to believe we are celebrating our 52nd year selling real estate in the town we love and call home. 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 most thankful. SALES – 2018 was another good year for Reston home sales. The number of homes sold for the year was up from 2017. 1,312 homes sold in 2018 vs. 1265 in 2017. Breakdown is as follows –264 detached homes (251 last year), 593 townhouses (543 in 2017) and 455 condominiums (471 one year ago). The average ‘days to sell’ was 52 days, down from the average of 63 it took in 2017. The ‘average’ condo sold for $325,200; townhouse for $479,600 and the average for a detached home sold was $725,900. The seller received on average 98% of their asking price with townhouses selling at 99% of asking price. Currently on the market – Wow! In my 40 years of tracking the Reston real estate market I have never seen the inventory at an all time record low. Traditionally, January is a strong month for home sales; this year we will start with 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) 105 homes for sale in Reston vs. 125 last year at this time – 15 detached homes, 24 townhouses and 66 condos. The average list price is $554,475 up from $510,700 last year – (SFD ALP $771,223; townhouse = $620,846; condominium = $489,820. ALERT: WE NEED LISTINGS…THERE ARE CURRENTLY ONLY 15 DETACHED HOMES AND 24 TOWNHOUSES FOR SALE IN ALL OF RESTON/ACROSS ALL PRICE RANGES – LOW INVENTORY + AFFORDABLE INTEREST RATES + LOTS OF BUYERS LOOKING = A GREAT TIME TO SELL…CALL ME FOR MORE INFO/LET’S CHAT! Interest rates – Home mortgage rates are steady – currently a 30 year fixed is @ 4.375% up from 4% one year ago. With the FED planning to increase interest rates this year, we can expect to see mortgage interest rates trending up. Of note/what people are talking about: Here is the most popular item of interest people have called about or stopped in to ask about during the year…and it’s a repeat from last year unfortunately. Hands down the big topic is the paid parking at Reston Town Center. As I write this, by my unofficial count, over 20 businesses have closed and left since paid parking started. Latest to leave – Williams and Sonoma and the Pottery Barn; restaurants M&S Grill, Busara and Hen Penny. On a positive note Mason’s Famous Lobster Rolls opened in the space vacated by Red Velvet Cupcakery. #2 topic – Wegmans coming to town (Reston Parkway and Sunrise Valley and the Toll Road). #3 the possibility of redevelopment coming to Hidden Creek Country Club. Please Note Affiliation Change: after 25 years as a Broker, Vice President and last five as a working Realtor I have left Long and Foster. Long and Foster informed me in the Spring they were closing our long term offices on Lake Anne Plaza and that was unacceptable. Our...
Read MoreOne of our current projects – Just Listed and Coming Soon!
Wow, just wow…you will not find a nicer home for the money – over $50,000 in top line updates from polished concrete floors to imported fixtures thru-out…new kitchen, baths, flooring, HVAC a 10+++ Offered at $325,000. Clink link for pix and tour.
Read MoreFall 2014 Reston Real Estate Market Update
Reston Real Estate market update Fall 2014 I hope you had a great summer! Lots of exciting things are happening in our town. First, the Silver Line Metro opened for business. This will be a great amenity to already thriving Reston, the town center, local business districts and residents of the surrounding area(s). I have checked out the traffic situation for the past month at many different times of day and so far the concerns of massive traffic backups and delays don’t appear to be the case. The Avant at Reston Town Center, the first new construction in Reston in years, opened to tenants – the building and amenities are stunning! Ted’s Bulletin and World of Beer both opened at the town center to great reviews – World of Beer offers live entertainment too! Meanwhile Lake Anne Center continues to struggle and saw the closing of two long time businesses – Jasmine Café shut its doors unexpectedly and the Lakeside Pharmacy, owned by Larry Cohn, sold its building and the business has been liquidated. Larry was an all-around great human being, friend to all and fixture on the plaza for 40 years. What’s new? As I write this, the Harrison @ Reston Town Center – twin towers going up on Reston Parkway on the old Parc Reston condo site – is coming along quickly. They are rental buildings and are currently pre-leasing from a showroom across the street. There are two pending re-zonings underway – first on the surface parking lot at the town center fronting Reston Parkway (the only surface parking left at the town center) and also a rezoning to demolish what you would know as the FedEx building and replace it with a tower of some sort – most likely business and not residential. The Planning Commission hearing for the redevelopment of Crescent Apartments (Lake Anne) scheduled for November 5th has been indefinitely deferred (not sure what that means). No word/all is quiet on the future of the Reston National Golf Course and also the plans to redevelop the Spectrum strip shopping centers (Lerner Corporation) at the town center…both generate lots of calls to my office. For sale There are currently 302 homes for sale in Reston (up significantly from recent years). Breaks down as: 70 detached homes with an average list price of $758,241; 106 townhouses w/ an ALP of $480,000; and 126 condominiums w/ an ALP of $390,000. While 302 homes for sale is up from the last few years this is still a manageable number when compared with an inventory from 600 to 800 units in the early 2000 years. Of note: Total sales for January thru end of September 2014 were 732 units vs. 852 last year down about 16% (120 units). Days to sell are running about 30 days and the average seller continues to receive almost 98.5% of their asking price. While the number of sales was down, the average sales prices were up in all categories over the previous year – ASP for a detached home was $717,000 ($680,000 last year), townhomes was $449,000 ($427,000 in 2013) and $348,000 for condos ($340,000 in 2013). As Reston’s housing stock continues to age it is important as a homeowner that you invest in and continue to improve your property. Reston has become an expensive place to live and just this month was again voted one of the top 10 places to live in the US by Money Magazine. But, with that said, most of our housing is the late 60s to mid-90s vintage. Buyers going to eastern Loudoun County have...
Read MoreReston, Virginia – A Great Suburban Location
Reston, Virginia is a planned community that was designed with its residents in mind. This makes it a great suburban location with a strong real estate market. How does it feel to live in Reston? Many residents, especially tho buy cialis se who come from neighboring Richmond, feel that Reston is a true suburban location. And they like it. They especially appreciate that viagra price in Reston you can walk or bike to basically any important location in the area. That’s a feat that few other American communities with 50,000+ residents can boast. Where is the heart of Reston? Reston Town Center is generally regarded as the heart of the town. The center doesn’t feel that much like a downtown because of its open spaces. It’s more like a plaza. It’s around this center that you’ll find Reston townhouses, which are an important aspect of the local real estate market. Many of the notable houses for sale in Reston are in fact the splendid townhouses in the proximity of the town center. Is Reston safe? While no town with 50,000+ citizens can ever be considered perfectly safe, Reston is generally cheap viagra regarded as a safe location, with crime and theft rates lower than in neighboring areas. One of the great things about Reston is that there are no dangerous places that you must definitely avoid. The town is safe all-round. Is it hard to buy or rent Renton properties? Not at all. The Renton properties are appealing and come in a variety of forms, from splendid townhouses to accessible condos. There is always a fair selection of properties for sale, and Renton realtors can help you find the best deal for your money. And if you need some more help, there are also Renton property management services. What about selling Renton properties? Renton sees each year a fair share of relocations, usually people coming from neighboring areas, attracted by the local convenience of the town and its surrounding areas. And there’s always a lot of movement among existing residents who trade or exchange properties, both condos and houses. As a resident, you can expect to list your Renton property with a realtor and have it rented or sold in a matter of weeks or months, depending on the state of the local real estate market. Whether you want to buy, rent, or sell property in Reston, a local realtor can help...
Read More2233 Lovedale Lane #412A Reston, VA
Top floor PH in sought-after Bristol House! Almost 1500 square feet in move-in condition in the BEST LOCATION in the community – backing to online pharmacy trees. Two bedrooms with loft – new/replaced heat pump, new roof/skylights, newer disposal, water heater, wash generic cialis er and dryer PLUS new windows and SGD in 2003. Long term owner has maintained, upgraded and loved this home. Great community/close to everything! Virtual...
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Jon Querolo (pronounced: core-elle-o) provides clients with unparalleled real estate knowledge and experience. 