The growth in the Reston Town Center continues to explode: new companies migrating into town; exceptional restaurants popping up; an expanded luxury theater; a life style befitting the new urban desires of many residents. Among the condos in town, the least mentioned and most little known has been MidTownNorth Reston. This is changing.
MidTownNorth Reston originated as an off-shoot from the well-known MidTown Reston towers, located immediately on Market Street. The original developer was Kettler Brothers, and as part of this project, a six story condominium development was built emulating the loft-style popularity of condos in New York or San Francisco. In fact, they originally called MidTownNorth the MidTownLofts; however, given that they technically were not a loft design, merely extraordinarily high ceilings and loft-appearing, the name was forced to be changed.
As with MidTown Reston towers, the MidTownNorth Reston project hit the market at a very bad time, near the peak of the housing bubble. At that time, people no longer wanted to hear about the extraordinarily unique features of each condo: twelve foot high ceilings; columns strategically placed; architecturally curved corners and open space; a very chic and modern look giving the feel of SoHo, New York or Wharf condos in San Francisco. Instead, there was a buyer’s strike and units throughout the Reston Town Center (RTC) went unsold. Eventually, the MidTownNorth Reston building was sold out by Kettler at substantial discounts to buyers who realized long term value and premier location.
Being a lower-rise building one block from “the main drag” of Market Street, MidTownNorth often goes unrecognized as part of the RTC landscape. But recent events have changed all of that. Sales in MidTownNorth have been brisk, and prices have surged for the past year.
A year ago, I sold a premier penthouse unit in this building, almost 2,300 square feet of luxury, to a buyer client who was reluctant to come up with the eventual sale price of $750,000. At the time I told them that they had no idea what a great investment they had made. Even I am shocked by how quickly that has become obvious. Their MidTownNorth penthouse home has a private elevator from the underground parking area(3 spaces assigned) directly into their home. The spacious design with many incredible upgrades appears even larger with the 12 foot ceiling height. I mentioned that they were investing wisely in a relatively unknown asset which would be known rather soon: a unique penthouse condo in the RTC at a price well below $1,000,000. At the time I mentioned that such a possibility would not exist for long in MidTownNorth.
Last week, the same unit style and design, 2 stories higher, went under contract with the list price at $1,349,000. The same exact design with the exact same square footage: the same MidTownNorth penthouse.
We can discuss how much prices have gone up and down, and what is reasonable. However, when one finds an undervalued asset like MidTown North in Reston, it does not take long for buyers and investors to seize upon it. This is happening now. MidTown North is the most unique, well-constructed, and unusual stories to be told in selling the Reston condominium market.
I welcome all calls and comments.
I also welcome inquiry into the penthouse homes in those other Northern Virginia locations which have a flair for a new urban life style: Arlington, Alexandria, Tysons Corner, and Reston.
Ray Wedell, CFA, Realtor