Reston Town Center Report: Mid Town North
Summary – Mid Town North was built by Kettler as a complement to the twin Mid Town Reston towers, with first delivery in 2007. Originally called The Lofts, Mid Town North changed its name, given that they are not truly “lofts”, but certainly loft-inspired. Ultra-contemporary, with the highest grade in appliances, hardwood floors, and other amenities, the homes in this 7-story building all have dramatically tall ceilings, lots of window space, and an urban flair to compete with the best SoHo has to offer. Several units come with private elevators, taking you from one of three designated underground parking places directly to your foyer. There is no better urban flair in any of the other buildings in the Reston Town Center.
Summary of sales in 2013 – Prices increased smartly in MidTown North in 2013, as buyers became more aware of this limited edition quality and exceptional location.
Unit No. Sale Date No BR/bath Sale Price Sq. Ft. Price/Sq.Ft.
102 Feb 2013 2/2 $725,800 1,696 $428
209 May 2013 1/1 $415,000 961 $432
502 May 2013 1/2 $499,000 1,310 $381
404 July 2013 1/2 $510,000 1,310 $389
401 Oct 2013 3/2 $1,315,000 2,236 $588
208 Nov 2013 1/1 $439,900 1,000 $440
Future of Mid Town North – Mid Town North began occupancy in 2007, attempting to extract the absolute peak of prices during the wild hey day of residential real estate. To say that Kettler “missed a window” when trying to sell out such a new concept as the market was beginning a precipitous down turn would be a monumental understatement.
Eventually, management had to offer unprecedented price discounts to sell out the building. Prices stabilized, and the Mid Town North condominiums were quietly occupied by a combination of early buyers who witnessed immediate price drops, and the newer occupants who bought premier urban homes at a fraction of their ultimate value.
Mid Town North currently qualifies as a hidden jewel in the Reston Town Center. The characteristics of these loft-inspired homes cannot, and likely will not, be duplicated in the area. The location in the heart of Reston Town Center is exceptional. As word spreads of their unique quality, I expect prices to continue to move higher. 2013 was a year of significant price increases in Mid Town North, and is likely to establish a new trend.
Ray Wedell, Realtor
Chartered Financial Analyst, CFA