Reston Town Center Report: The Paramount
Summary – The Paramount is located at 1830 Fountain Drive, a one block stroll to the heart of the Reston Town Center. Built in 2005, The Paramount features exactly 100 units, with the top three floors designated as “penthouse” homes. The homes are either two- or three- bedroom, and all are equipped with granite countertops, stainless steel appliances, washer/dryer, hardwood floors, secure underground parking, and storage space. Amenities include concierge services, a fitness center, swimming pool, and billiard room. The construction is exceptional, and ceiling heights are nine feet, or above.
Summary of sales in 2013 – The overall market strength for condos in the Paramount reflects the limited market supply in 2013. The market has evolved from the doldrums of short sales and the like, and continued price gains are anticipated.
Unit No. Model Sale Date No. BR/bath Sale Price Price/Sq.Foot
606 Phoenix Jan 2013 2/2 $555,000 $405
1106 Phoenix April 2013 2/2 $575,000 $420
* 1401 San Fran Aug 2013 3/2 $1,100,000 $433
* 1403 Miami Aug 2013 2/2 $723,000 $463
- designated as penthouse unit.
Future of The Paramount – The Paramount is among the least publicized buildings in the Reston Town Center, yet is among the most private, well-constructed, and well-situated of any alternative. With only 100 units and no one bed room units, The Paramount is likely to remain almost entirely owner-occupied.
I expect The Paramount to be among the best price performing condominium buildings in the RTC for the foreseeable future.
Ray Wedell, Realtor