Reston Town Center Report: The Stratford House
Summary – The Stratford House is located across Reston Parkway from the Reston Town Center, with a direct view down Market Street from the front of the building. A 13-story concrete-built condominium, the Stratford House was occupied in 2001, making it the first major high rise in the Reston Town Center for occupancy. Community by-laws limit the percentage of allowable rental units at 20 percent. The Stratford House has no one bed room units, and is a quiet, clean, well-constructed building with an overfunded condominium association. One will not have to fear immediate assessments to cover building maintenance, as more than ample funds exist for that purpose.
Amenities include a swimming pool, work out facility, business center, concierge service, social rooms, and secured underground parking. There is an active social group in the building, with regularly scheduled social events.
Summary of sales in 2013 – The overall pricing strength for condominiums in the Stratford House reflects the limited supply for sale in 2013. The market has rebounded smartly over the past few years, with “under water” units now a thing of the past. Given the financial strength, building quality, and exceptional location of the Stratford House, continued price gains should be expected.
Unit No. Sale Date No. BR/Bath Sale Price Sq. Ft. Price/Sq Ft
802 April 2013 2/2 $690,000 1,641 $420
401 July 2013 2/2 $632,500 1,358 $466
* 1307 June 2013 2/2 $769,000 1,641 $469
- Designated as penthouse unit.
Future of the Stratford House – The Stratford House is the oldest and most established condominium building in the Reston Town Center. It is also the least advertised; in fact, many people do not bring it up in the discussion of desirable RTC condominiums. Perhaps its location across the main road excludes it from discussions which include the newer “in town” buildings; however, a somewhat closed and limited marketing outreach plays a role in this as well.
As sales and listings pick up in 2014 and beyond ,with a broader reach of real estate professionals participating, the Stratford House should see more substantial price appreciation.
Ray Wedell, Realtor
Chartered Financial Analyst, CFA