Reston Real Estate: Condominium Market

This is a sponsored post from Eve Thompson of Reston Real Estate. For a more complete picture of home sales in your neighborhood, contact her on Reston Real Estate.

I’ve been writing about the fast pace of Reston real estate and about the constrained inventory.

It’s true that things are moving fast — although not all segments of the market are moving with the same intensity. More than half of Reston’s current housing inventory is condominiums. Condos also account for slightly less than 50% of the year-to-date property sales.

This segment of the market has its own dynamics.

I’m always writing about the price sensitivity of our markets — this is especially true in the condo market. Because the condo market has a larger supply you must price to drive motivation from the buyers. Presentation is also especially important in the condo market — you have more competition so you need to make your property stand out to the buyers.

Reston has a huge variety of types and prices of condos, from very low density properties like Vantage Hill to much more urban settings like Reston Town Center.

Likewise, prices cover a huge range as well; current condo listing prices go from a low of $189,900 for a garden style in South Reston to $1,750,000 for a penthouse property in Reston Town Center; clearly something for every price point.

For many buyers condominium living has a lot to offer. If you’re a person who can deal with living in closer proximity to your neighbors, then condo living might be a good option.

Many people love being able to just shut the door and go without having to worry about yard work and everything else that comes with single family living.

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Reston Real Estate: Just Sold

This is a sponsored post from Eve Thompson of Reston Real Estate. For a more complete picture of home sales in your neighborhood, contact her on Reston Real Estate.

The past 10 days saw 23 Reston properties make it to a successful settlement and another 47 properties go under contract.

In that same period of time we added 57 new listings plus 6 are showing as “Coming Soon.” We’re adding a few more to the market than we’re selling but not by much; total inventory of houses for sell is still under 200.

Of those 200 houses currently on the market more than half are condominiums. The single family market in Reston is very constrained with just 29 properties currently on the market; 62 townhouses round out the balance of the housing inventory.

Prices of the properties that went under contract or sold in the past 10 days ranged from a $175,000 condo to a $1,195,000 single family home — Reston really does have something for every home buyer’s budget.

Here are some of the recent sales:

1386 Cameron Heath Drive
4 BR/3.5 BA
List Price: $1,250,000
Sold Price: $1,195,000

 

 

11315 Handlebar Road
4 BR/3.5 BA
List Price: $749,000
Sold Price: $740,000

 

 

2042 Royal Fern Court #1B
2 BR/1 BA
List Price: $230,000
Sold Price: $238,000

 

 

11233 Silentwood Lane
2 BR/1.5 BA
List Price: $374,900
Sold Price: $374,900

 

 

1629 Parkcrest Circle 
2 BR/2 BA
List Price: $278,500
Sold Price: $275,000

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Reston Real Estate: Just Listed

This is a sponsored post by Eve Thompson of Reston Real Estate.

The Reston market is moving at a really brisk pace.

It’s a great time to sell, if you’re buying it’s a little more challenging. In either case the key to success is being ready. If you’re selling do all that you can to get your house ready. If you’re buying get your paperwork in order with your lender so you can get qualified quickly.

Here are a few newcomers to the Reston real estate market:

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Reston Real Estate: Just Listed

This is a sponsored post by Eve Thompson of Reston Real Estate.

The spring market is upon us!

Inventory is low but new listings are generally keeping pace with property going under contract. The middle of the market from 475k-675k is super active and days on market is dropping.

I know I say this every, single week — but it bears repeating. If you are selling your property, the speed of this market is not driving crazy price escalations. If you want to see multiple contracts you should try to come on the market just a little bit on the lower side of your range. That is your very best chance of getting multiple offers with favorable terms.

Status: Pending Sales Past 10 Days

Here are some of the new houses to hit the market:

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Reston Real Estate: Just Sold

This is a sponsored post from Eve Thompson of Reston Real Estate. For a more complete picture of home sales in your neighborhood, contact her on Reston Real Estate.

Buyers are feeling the pinch of the limited housing inventory — especially in the middle price range of the market.

Days on market is averaging 19 with lots and lots of properties going in just 2 or 3 days. Escalation clauses are making a comeback as buyers struggle to position their offers as “the best” among many.

So, what can a buyer do to stand out in a crowd?

Here are a few things that can help:

  • Have your financing in order. Get prequalified by a well-known (I prefer “brick & mortar”), lender. Have your letter in-hand ready to go.
  • Focus on property that has been on the market for a while. In this market if a property has been on the market for 10+ days, it’s likely overpriced. Time usually softens a seller’s view on the value of their property.
  • Make your home inspection for informational purposes only. This may sound scary but you’ll retain your right to void your contract if you find something wrong. Many sellers will become negotiable once they see the results of an inspection.
  • Be ready to move fast — have your agent set up “auto-searches” for your target neighborhoods and be ready to go see houses as soon as they hit the market.
  • Don’t abandon common sense. Be reasonable, be patient, it will happen eventually.

Here are a few of the houses that sold in the past week in Reston.

Sold & Pending Sale — Past 10 Days

11326 Bright Pond Lane
5 BR/ 3.5 BA
List price: $999,000
Sold Price: $999,000

 

 

2229 Cedar Cove Court
3 BR/3.5 BA
List Price: $590,000
Sold Price: $592,000

 

 

2270 Wheelwright Court
3 BR/2 BA, 2 half bath
List Price: $473,000
Sold Price: $469,900

 

 

1553 Brookshire Court
3 BR/2 BA
List Price: $400,000
Sold Price: $412,000

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Reston Real Estate: Reston’s Changing Landscape

This is a sponsored post from Eve Thompson of Reston Real Estate. For a more complete picture of home sales in your neighborhood, contact her on Reston Real Estate.

The impact of Metro on Reston is hard to miss.

Anyone who’s tried to cross the Dulles Toll Road at rush hour can attest to changes we’ve gone through over the past 5 years. In addition to the impact on traffic and travel, Metro has also had an impact on neighborhoods.

Over the next several weeks I’m going to write about neighborhoods that fall within a 1 mile radius of the three Reston/Herndon Metro stops. This week we’re looking at Polo Fields.

Polo Fields consists of approximately 400 single family homes that were built between 1981 and 1996. They range in size from over 3000 sq. ft. with 6 bedrooms and 4 bath units, to more modest 1800 sq. ft. 3 bedroom 2 bath homes. They generally have nice flat yards that are great for kids and dogs. Many of the houses boast beautiful and welcoming front porches.

Home prices over the past year have ranged from a low 508,000 for a smaller (1875 sq. ft.), property that needed a good bit infrastructure work like windows, roof, HVAC, etc., to a high of $735,000 for a larger 300 sq. ft. plus a finished basement, property that was in tip-top, move-in ready condition.

This has always been a neighborhood that sells well — days on market last year averaged just 14 days, which is about 1/3 of what the overall Reston market averaged.

These homes, which are already really, really desirable have gotten a HUGE location upgrade. Every single one of them is less than one mile to the new metro stop — all of them are a 20 minute or less walk from front door to station — many of them are fewer than 10 minutes from door to station.

It was a really good neighborhood before — being walkable to the Metro bumps this neighborhood up to super desirable.

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Reston Real Estate: Just Sold

This is a sponsored post from Eve Thompson of Reston Real Estate. For a more complete picture of home sales in your neighborhood, contact her on Reston Real Estate.

It was a busy weekend in Reston Real Estate.

Lots of buyers are in the hunt for new homes. Limited inventory has created some interesting dynamics. Open house traffic has been enormous and many agents are reporting multiple contracts on their listings.

This has not created crazy price increases; as you can see in the chart below, property is generally selling very close to its list or “last” list price. The exception to this price/inventory dynamic is at the mid-range of the market. Townhouses that are price under 500 and especially in the mid-400 range are very competitive.

My advice to sellers no matter what price their property; come on the market right at the market price, based on recent sales and you’ll have greater control of the selling process. Going on the market high thinking you need “room to negotiate” will only result in extra days on market and ultimately less cash in your pocket.

Sold Past 30 Days — Reston

Here are few of the homes that settled recently in Reston:

11041 Saffold Way
4 BR/2.5 BA
List Price: $ 440,000
Sold Price: $450,000

 

 

2604 Mountain Laurel Place
4 BR/2 BA, 2 half bath
List Price: $699,900
Sold Price: $595,000

 

 

12369 Lima Lane
4 BR/3.5 BA
List Price: $659,000
Sold Price: $662,000

 

 

1601 Purple Sage Drive
2 BR/1.5 BA
List Price: $370,000
Sold Price: $375,000

 

 

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Reston Real Estate: Just Listed

This is a sponsored post by Eve Thompson of Reston Real Estate.

Inventory is finally creeping up – slowly, but new listings are finally starting to hit the market.

Reston has 171 properties on the market, not robust but on the rise. The market remains stubbornly price sensitive; listings perceived by buyers to be over-priced will sit, while those coming in right at the market price will get multiple offers, often going above list price but not by huge amounts.

The cautionary tale to sellers, you need to be the best priced, best presented item in your category. You can be a “fixer” but try to be as well presented as you possibly can be, and get to the right price!

Here are some new listings in Reston this week.

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Tuesday Morning Notes

Statewide tornado drill today — Don’t be surprised if your neighbors act there’s a tornado, because there’s a statewide drill starting at 9:45 a.m. [Reston Now]

Reston makes the list — Find out which Reston developments made the Washington Business Journal’s “Best Real Estate Deals” roundup. [Washington Business Journal]

Hudgins interview — Hunter Mill District Supervisor Cathy Hudgins might be stepping down from her Fairfax County Board of Supervisor’s role, but locals can still expect to see her around Reston. Hudgins answered some questions about development, One Fairfax and more. [Inside NoVa]

Photo courtesy @thoroughly.adorable.millie/Instagram

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Reston Real Estate: Just Listed

This is a sponsored post by Eve Thompson of Reston Real Estate.

Reston’s housing inventory is finally starting to pick up.

We’ve got 165 properties listed, 10 of those have a status of Coming Soon — but much better than it has been! The market is moving at a brisk pace with days on market dropping to an average of 25 days. Expect more houses to come on the market as we move into Spring.

Here are some of the new properties hitting the market.

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Reston Real Estate: Just Listed

This is a sponsored post by Eve Thompson of Reston Real Estate.

We’re finally starting to see a little more inventory coming on the market in.

There are 124 fully active properties on the market in Reston and, as of today 11 properties in a Coming Soon status. That’s up, not by much, but at least increasing as we move into the spring.

The past 30 days saw good activity even with the very limited inventory. 96 properties went under contract and 36 properties sold; predictably the number of days that a property is staying on the market is getting shorter as activity goes up.

Here are some of the new properties hitting the market:

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Reston Real Estate: Bentana Woods

This is a sponsored post from Eve Thompson of Reston Real Estate. For a more complete picture of home sales in your neighborhood, contact her on Reston Real Estate.

Bentana Woods is one of those Reston neighborhoods that makes you forget you live in a bustling urban area.

Built in1972 by Bennett of Virginia, this community is located in the Tall Oaks section of Reston, Virginia — about 1 mile from the Wiehle Metro Station, a quick walk into Lake Fairfax Park and short drive to Reston Town Center or Lake Anne Plaza. The location is fantastic, which makes the fact that these townhouses are charming and well-designed even better.

Bentana Woods is actually two separate clusters — Bentana Woods Cluster has 48 homes while Bentana Woods West has 108 homes. More than 50% of the neighborhood lands are common areas with open grass, tot lots and stands of trees — trees that the National Wildlife Federation has certified as a Backyard Wildlife Habitat.

The townhomes feature 3 to 4 bedrooms with about 1,700 square feet of living space.

It will be interesting to see the new construction come up in the location of the old Tall Oaks Shopping Center. I think it will bring some positive exposure to this wonderful neighborhood.

If you want to be close to the action, but feel like you’re living in a National park, Bentana Woods is the Reston neighborhood for you!

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Reston Real Estate: Pharmacy Icons


This is a sponsored post from Eve Thompson of Reston Real Estate. For a more complete picture of home sales in your neighborhood, contact her on Reston Real Estate.

In May of 1966 when the Lake Anne Village Center was dedicated it was like a scene out of “Mad Men” with its modern architecture and edgy hip vibe.

The Plaza architects, Whittlesey & Conklin hired a graphics design firm out of New York, Chermayeff and Geismer, (now Chermayeff, Geismar & Haviv) to create an advertising package for the Plaza storefronts. While the goal was advertising, the results spoke of the pop art aesthetic of the time and reflected Bob Simons wish for whimsical artwork on the Plaza.

Sadly, most of the icons have been lost to time, or have been modified to reflect the current business. The Reston’s Used Book Shop pillar sign was originally a giant barber pole! The last of the icons resided on Lakeside Pharmacy, in business for 44 years before owner Larry Cohen retired.

When two new businesses moved into the old Pharmacy space a new store front was created to provide more glass storefront. The icons were donated to the Reston Historic Trust & Museum in order to preserve them. The icons have been cleaned up, preserved and are ready to be installed on the Plaza as part of a permanent exhibit that highlights the history of the Plaza.

The museum is doing a fund raiser to pay for the permanent installation of the icon exhibit. The exhibit will be installed in the wide pass-through that leads up to Chimney House, next to Singh Thai.

The goal is to raise $15,000; they’ve got a ways to go but are hopeful that with help from the community they can get there soon. I hope you’ll consider a contribution to preserve a piece of our history.

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Reston Real Estate: Just Listed

This is a sponsored post by Eve Thompson of Reston Real Estate.

Inventory is holding steady with new homes coming on the market at about the same rate that they’re going under contract.

There are currently 117 houses on the market in Reston which is about 2 months’ worth of inventory. Spring is just around the corner and should bring with it a lot of new housing inventory, but will also bring out more buyers.

In my last Just Listed Sold blog post a reader commented that they thought the prices indicated a “Bubble” in the housing market — the unspoken threat being that surely a “burst” would soon to follow.

The market is moving at a pretty brisk pace but prices are not escalating at a rapid rate. Home value appreciation in Reston last year was at right around 5% which is slightly ahead of the historical norm of 4% for housing as an asset.

This better than average gain is offset by the fact that the Reston market has been a little flat for the past several years and has only recently begun to perk up, in part fueled by new construction around the metro. I don’t think there’s any indication of a housing market “Bubble.”

Here are a few of the new houses to hit the market in the past week:

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Reston Real Estate: Finding the Diamond in the Rough

This is a sponsored post from Eve Thompson of Reston Real Estate. For a more complete picture of home sales in your neighborhood, contact her on Reston Real Estate.

You don’t have to be a real estate investor or a house flipper to share in the benefits of buying a fixer-upper.

I encourage all of my buyers to consider houses that will require some work to get them back into pristine shape because I know it represents the very best opportunity for gaining equity quickly.

What qualifies a house as a good fixer-upper target?

Location — you want the worst house in the best neighborhood. The old real estate adage is true, location, location, location. It’s the only thing about your house that you can never change is where it sits.

If you’re going to buy a fixer-upper look for one in a great neighborhood; you’ll benefit from the higher values of your neighbor’s homes and protect your ongoing investment as you bring your property up to snuff.

Develop an eye for cosmetic problems and be suspicious of potential structural problems. Old wall-paper, peeling paint, tons of stuff piled in the yard? These are relatively easy fixes, even having to replace old windows or an HVAC aren’t difficult things to do with the right expertise but, a structural problem can be serious and it can be seriously expensive to correct.

Arm yourself with knowledge by assembling a good team of subject area experts, inspectors and contractors and in Reston be sure you understand the design covenants of the property you’re considering — knowing what you’re getting into will protect you from costly errors down the road.

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