EdgeWater at Reston Town Center is a little-publicized, relatively unknown community which represents unique value in a region which is in generally hot demand. Located 1/2 mile from the heart of the Reston Town Center, Edgewater is governed by the Reston Town Center, not the overall Reston Association. Price increases have been relatively tame in EdgeWater the past two years, compared to those in the immediate Reston Town Center area. That is very likely to change.
The most distinguishing feature at EdgeWater is the large pond in the front of the complex, bordering Town Center Parkway and Elden Street/Baron Cameron. As you enter the development, the community splits: to the left are fee simple town homes; to the right are three story condominiums on Lake Shore Crest Drive. The focus of this report will be on the Lake Shore Drive condos.
The primary unit in the three-story walk-up condominiums is a 2 bed room, 1 1/2 bath style home with just under 1,000 square feet. There is a sprinkling of 2 bed room, 2 full bath homes; one bed room units; and one bed room units with lofts. Much of the value in these homes depends on the physical location of the unit, although I do not personally believe that there is enough premium currently being paid for the extraordinary lake locations. These I consider among the best values, not only in Edgewater at Reston Town Center, but in the entire Reston Town Center area.
There recently seems to be a force field holding Lake Shore Crest, EdgeWater condos at a price of $300,000 or less. This equates to approximately $300/square foot in a market which should command more. The EdgeWater at Reston Home Owners Association is well-run, doing an excellent job of maintaining the homes, replacing decks, keeping roofs in great shape, and the grounds immaculate. There is plenty of parking, but visitors beware: without a visitors pass, you will be quickly towed if parked in the wrong location.
There is much to discuss behind the general numbers in EdgeWater at Reston Town Center. Building location, design, unit location within the building all play major roles in value, yet are often not reflected in actual sales prices. This is one place in which you are unquestionably best served by someone with “local knowledge” of the community and not rely on the Zillows of the world to estimate value.
Ray Wedell, CFA, Realtor