Reston, VA

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.

Back in March when everything was shutting down I would never have predicted the speed at which the real estate market has continued to move.

Inventory is still very limited, interest rates are insanely low and I think the reality of working from home and home schooling kids may be driving people to reconsider their current living situations.

Currently there are 135 active and coming soon properties listed in Reston. That represents a one month supply of housing inventory. The average number of days it takes a house to sell is 20, with a median of just 6 days.

There’s a lesson in these numbers if you’ve got a house on the market that hasn’t sold. As strong as the market is the buyers are not buying everything and anything a seller puts on the market. Seller’s need to take whatever steps are needed to make sure that their home is the best priced “item” in its category FOR ITS PRICE PONIT. If your home is a fixer and you’ve got it priced like the one that’s “move in ready” down the block, you can expect to sit; these buyers are informed!

Here’s a few that sold in the last week.

11450 Waterview Cluster
4 BD/3.5 BA
List Price: $849,000
Sold Price: $850,000

 

 

11510 Sunder Court
3 BD/3.5 BA
List Price: $525,000
Sold Price: $551,000

 

 

11566 Rolling Green Court #100
2 BD/2 BA
List Price: $299,900
Sold Price: $299,900

 

 

2424 Silver Fox Lane
5 BD/4.5 BA
List Price: $880,000
Sold Price: $880,000

 

 

1559 Regatta Lane
4 BD/4.5 BA
List Price: $1,200,00
Sold Price: $1,200,000

 

 

We spent our shut down time reworking the All Reston Real Estate website. You can check it out here.

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Board OKs Split of Child Care Center Property — “The Fairfax County Board of Supervisors approved a special exception amendment Tuesday, allowing the owner of a piece of property along Centreville Road south of the Town of Herndon to adjust the lot lines of his property. The 2.61-acre property, which is situated east of Centreville Road and south of the West Ox Road intersection, consists of two lots.” [Reston Patch]

Hotel Rooms Help Homeless People in Fairfax County — “Fairfax County’s Office to Prevent and End Homelessness and local partners worked to establish a hotel room program to house homeless persons based on need during the coronavirus pandemic. People are referred to hotels by homeless service providers, medical providers such as Health Works of Northern Virginia and Neighborhood Health, and county staff.”[Reston Patch]

Coronavirus Leading to Fall of Urban Village“‘Relatively better performance of single-family homes in relation to multi-family condominium properties clearly suggest migration from the city centers to the suburbs,” said Lawrence Yun, chief economist of the National Association Realtors, in parsing sales data from May.'” [Inside NOVA]

Photo via vantagehill/Flickr

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Sharon Fitzgerald, a former Tishman Speyer executive, has joined Comstock Companies as a managing director of commercial property management.

Fitzgerald previously worked at Tishman Speyer for 14 years as director of property management. She will now oversee the Reston-based companies properties, including several mixed-use projects in Arlington, Fairfax and Loudoun counties.

“I am excited that Ms. Fitzgerald has joined the Comstock team and I am confident that our commercial customer base will benefit from Ms. Fitzgerald’s leadership position within our commercial management group” said Christopher Clemente, Chief Executive Officer of Comstock. “Sharon’s reputation as a skilled manager and her prior experience managing high-quality real estate directly supports Comstock’s best-in-class approach to managing a growing portfolio of stabilized assets and supports our growth plans for the Commercial Property Management Division.” 

Here’s more from Comstock on her appointment:  

Ms. Fitzgerald has extensive experience with management of large-scale portfolios of high-quality, mixed-use properties throughout the Washington, DC market. Prior to joining Comstock, she spent 14 years as Director of Property Management at Tishman Speyer where she was responsible for day-to-day property operations, financial reporting and customer service for properties on Pennsylvania Avenue in Washington, DC as well Rosslyn, Tysons and Reston. At Tishman Speyer, Ms. Fitzgerald was responsible for implementing a new tenant services platform that leveraged health and well-being principles to promote work-life balance, which included a collection of services, experiences, and rewards program discounts. Ms. Fitzgerald began her career at The Evans Company, a Washington, DC area development firm, where she was responsible for transitioning newly constructed commercial properties from development to full occupancy. Ms. Fitzgerald graduated with a BS from Virginia Tech and holds the designations of a Certified Property Manager (CPM) and Real Property Administrator (RPA). 

Comstock also noted that Fitzgerald will help implement “stringent environmental security protocols in response to the COVID-19 pandemic.”

Photo via Comstock

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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.

Like all businesses, real estate has been knocked back on its heels by COVID-19.

While many might see real estate transactions as being non-essential there are life situations that force people to move. Death, divorce, employment changes — things that are beyond an individual’s control that require them to sell or buy property.

So far the impacts of COVID-19 have been on behaviors around real estate processes. Masks, gloves, booties and hand sanitizers at showings and agents wiping down door knobs, light switches and hand rails after showings. Sellers are only allowing their homes to be shown by appointment and only to potential buyers –adults only no kids — that have been well vetted by a reputable lender and are pre-qualified to buy. Open Houses are no longer allowed.

Conventional wisdom would say that sales should be down; but in the Reston market things so far are holding steading. Our current housing inventory is 148 properties which includes 14 coming soon. 51 houses went pending in the last 14 days and more than half of those went pending in the last 7 days.

These numbers are consistent with what our rates of sales have been over the past 12 month period. So for those with no choice about selling or buying, the picture isn’t too bad — for buyers there is inventory and for sellers there are buyers.

Here are few of the properties that sold this week.

1298 Stamford Way
6 BD/4.5 BA
List Price: $1,099,000
Sold Price: $1,080,000

 

 

1355 Garden Wall Circle #712
2 BD/1 BA
List Price: $277,500
Sold Price: $277,500

 

 

11475 Washington Plaza W
3 BD/3 BA
List Price: $700,000
Sold Price: $700,000

 

 

1520 Moorings Drive #1B
2 BD/1.5 BA
List Price: $259,000
Sold Price: $265,000

 

 

11305 Traffail Court
4 BD/3.5 BA
List Price: $750,000
Sold Price: $795,000

 

 

2122 Cartwright Place
4 BD/2.5 BA
List Price: $374,900
Sold Price: $385,000

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An empty spot Reston is looking for a new tenant.

Previously a sushi restaurant, the space at 1800 Michael Faraday Drive underwent work from the owner back in 2014, according to county documents, but no changes appear to have been made since then.

Reston Now was not able to find pending work permits in the Fairfax County system at the moment for the location. Employees from surrounding businesses are unsure what lies in store for the empty spot.

Reston Now wants to hear from readers what type of businesses they’d like to take over the spot.

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New stores and businesses are preparing to open at Herndon’s latest retail development.

The Elden Corner Center development (902 Alabama Drive) includes space for eight commercial relators, a spokesperson for Capital Realty Advisors said, adding that all of the storefronts — except for one — are already rented out.

According to the spokesperson, tenants will include:

  • Bodega El Paisa, a grocery and market
  • Paraiso Latino Restaurant and Bakery
  • an apparel store
  • Serenity Spa, a body massage business
  • Boost Mobile
  • Madina Pollo Rico

Boost Mobile will be the first business to open in the shopping center, the spokesperson said, adding that it is expected to open by the end of the month.

The last spot available for lease “has been built out for [a] hair salon use,” according to the representative, but can also be used for other retail use.

“Some of the stores are almost ready to open up, while others are just beginning to do their custom build-outs, but everything should be open by the end of this year,” landlord and owner Sanjay Bajaj said in a press release.

Photo courtesy Elden Corner Center

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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.

Thinking of selling in the spring? The time to start getting ready is now.

I don’t typically hold to the notion that one time of year is better for selling your home verses another. For as long as I’ve been selling real estate I have always had at least one transaction around the holidays, but conventional wisdom says that there is something magical about spring. That being said, as of today there are 55 days until spring, and unless you are a contender for the Martha Stewart award for home organization, the time to start working on your house for a spring listing is now.

When a seller takes seriously the job of preparing their home it takes much, much longer than they imagine. It’s not at all uncommon for the sorting, purging, cleaning and painting to take up to 2 months.

So what kinds of things should you be doing to get your home ready?

  • I recommend that you start with the closets. I think my agent collogues would agree that a closet that is half full sends a much better message than one that if stuffed to the gills. Most of us hold on to all kinds of stuff for no better reason than we have the room for it, so be ruthless.
  • Pre-packing: For things that you really do want to keep but that you don’t need ready access to, go ahead and pack it up in anticipation of your move.
  • Deep cleaning. I cannot stress to a seller how critical this is, clean it from the baseboards to the light switches to the light fixtures.
  • Knock off the old “To-do” list. That old light fixture you’ve been meaning to replace since you bought the place — do it now!
  • A competitive market demands that you make your place stand out from the crowd, so get a jump on it now.

The housing inventory continues to be painfully low with just 78 active listing and 6 in a “Coming Soon” status. That is just under 1 months’ worth of housing inventory. The good news in those numbers is that pretty much everything that comes on the market is going to get a lot of attention — if you’ve taken the time to get it ready and you’ve priced your property competitively you could very well find yourself in a multiple contract situation.

If you have questions about buying or selling don’t hesitate to contact me.

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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 an interesting year in Reston real estate.

More than 1,320 properties traded hands accounting for a whopping $632M in volume. The average home prices remained flat this year coming in at $479K vs. $473 in 2018. While home prices were somewhat flat, demand was strong and housing inventory was low, an equation which would typically trend towards a Seller’s Market but intense price sensitivity kept the market fairly balanced with well-informed buyers not being willing to pay more just because there were so few.

What do buyers want?

Buyers are trending strongly towards “move in ready” with a preference for energy efficient and Green features. Commuting time and cost is also sighted as significant factor in determining properties desirability. Sellers have to create motivation in the buyers by presenting the very best option possible in the price category in which they’re competing

We currently have just 82 properties on the market; 93 homes sold in the past 30 days and 83 homes are pending.

With interest rates expected to average 3.6% through 2020 the Reston real estate market should continue to be strong. If you’re ready to sell in 2020 you shouldn’t have too much trouble, provided you work with your agent to get your house ready and dig into the numbers to really understand what the market is doing in your neighborhood.

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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 real estate market in Reston slowed just a bit over the past few weeks.

Buyers are not in a rush and days-on-market has stretched out a bit to an average of 36 days. Low interest rates and constrained inventory should have the impact of shorter days on market and can drive home prices up; but that’s not what we’re experiencing.

Buyers are taking things slowly and seem to know that if they miss out on one house there will be another around the corner and that is not untrue. What is harder to predict is interest rates; what we can say about them that even with a 1 point bump they’re still incredibly favorable.

Here are a few of the properties that have sold in the past several weeks.

2133 Cabots Point Lane
3 BR/2.5 BA
List Price: $974,900
Sold Price $974,900

 

 

1606 Chimney House Road
1 BR/1 BA
List Price: $249,000
Sold Price: $216,900

 

 

11719 Blue Smoke Trail
4 BD/2.5 BA
List Price: $849,900
Sold Price: $850,000

 

 

2224 Cartwright Place
3 BD/2.5 BA
List Price: $349,000
Sold Price: $349,000

 

 

1637 Stowe Road
4 BD/ 4 BA
List Price: $689,000
Sold Price: $675,000

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

There have been a lot of new properties added to the Reston real estate market in the past 10 days as people gear up for the fall market.

Reston has 177 fully active properties on the market and 8 in a coming soon status. At the rate properties are going under contract that leaves us with 1.4 months of housing inventory. Interest rates are still at historic lows and the unemployment rate in Reston is sitting at 2.5%. All of these factors add up to a solid market.

Here are a few of the new listings in Reston.

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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 don’t usually subscribe to the notion that there are good months and bad months to sell a home.

People have to move every day for a wide variety of reasons, but even I have to admit that the week running up to Labor Day is pretty darn sleepy.

That being said, 103 properties have changed hands in the past 30 days. We still have very limited inventory with just 170 houses on the market. The average days on market is 36. We should begin to see inventory climb as we move into the fall market.

Here are a few of the recent sales in Reston real estate.

12079 Kinsley Place
3 BR/3.5 BA
List Price: $995,000
Sold Price: $977,500

 

 

1277 Lamplighter Way
4 BR/3.5 BA
List Price: $789,000
Sold Price: $789,000

 

 

2143 Cabots Point Lane
3 BR/2.5 BA
List Price: $950,000
Sold Price: $925,000

 

 

11400 Washington Plaza #804
1 BR/1 BA
List Price: $210,000
Sold Price: $200,000

 

 

1563 Church Hill Place
2 BR/1.5 BA
List Price: $324,900
Sold Price: $325,000

 

 

2318 Glade Bank Way
3 BR/2.5 BA
List Price: $389,900
Sold Price: $384,000

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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.

Reston real estate continues to be strong in spite of August being a little sleepy.

Inventory is painfully low with just 188 active listings on the market. Hopefully we’ll see more houses enter the market after the Labor Day holiday as people get ready for the fall market.

Year-To-Date sales in Reston are strong. 856 properties have changed hands with a total value $416 million. Typical of Reston, the house prices range from a low of $124,000 to a high of $1,400,000.

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

2318 Glade Bank Way
3 BR/2.5 BA
List Price: $399,900
Sold Price: $384,000

 

 

11539 Pine Cone Court
3 BR/2 BA, 2 half bath
List Price: $484,500
Sold Price: $450,000

 

 

11404 Gate Hill Place #B
2 BR/2 BA
List Price: $359,900
Sold Price: $366,000

 

 

11990 Market Street #2002
3 BR/3 BA
List Price: $1,400,000
Sold Price: $1,400,000

 

 

11701 Newbridge Court
4 BR/3.5 BA
List Price: $565,000
Sold Price: $571,000

 

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

There are just 184 properties on the market in Reston today.

The market is generally very active with 142 properties in a pending status that are making their way through the settlement process. Days on market for pending property is short, averaging just 12 days. For property in an active status the picture is much different. 25% of the housing inventory has more than 100 days on the market.

If you have a property that’s been hanging around it’s time to ask your agent for a new set of comparables, chances are you’ve come on to the market too high to drive buyer interest.

Here are a few of the new houses to hit the market this week.

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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.

We’ve been acting like it’s summer and been a little slack in getting the weekly numbers out — we’re going to put on our serious face and do better.

So, here’s how the sales in Reston have been this past month. We continue to have low inventory with just 201 active listings. Settled transactions in the same time period were 135, so that means we have about 1.4 months’ worth of housing inventory; meaning that in theory, if no more houses came on the market we’d sell all of the available stock of houses in 1.4 months.

Here are some of the recent sales in Reston.

10753 Blaze Drive
4 BR/4.5 BA
List Price: $1,075,000
Sold Price: $1,050,000

 

 

1550 Northgate Square #12B
2 BR/1 BA
List Price: $249,000
Sold Price: $255,000

 

 

2020 Mock Orange Court
4 BR/2.5 BA
List Price: $799,000
Sold Price: $799,000

 

 

2359 Paddock Lane
4 BR/3 BA
List Price: $649,900
Sold Price: $681,000

 

 

11539 Maple Ridge Road
3 BR/2.5 BA
List Price: $499,900
Sold Price: $510,000

 

 

1509 Chatham Colony Court
4 BR/3.5 BA
List Price: $454,700
Sold Price: $440,000

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

The real estate market in Reston is holding steady with low inventory and strong demand.

Our numbers at this mid-year mark are looking good. We’ve sold slightly fewer homes than this same time last year with 677 this year vs. 721 in 2018; but things are generally very strong.

There are 201 active listings on the market and another 8 in a “Coming Soon” status. The average-days-on-market for active listings is 56 days, which is way above the average for property in a “Pending” status which is just 24.

The driver for a quick sale is always the price. Price is every seller’s best tool for generating action from buyers. Be the best priced, best presented item in your category and you will shorten your days on market, reduce your carrying costs and maximize your bottom line.

Here are a few of the new homes for sale in Reston this week:

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