Reston Town Center Report – Market Street Condominiums
Summary – The Market Street Condominiums are located directly across the street from The Savoy, and is considered a “sister building” to The Savoy. The building design is almost identical to The Savoy, with 334 units on four floors, the top level having units with vaulted ceilings. Market Street Condominiums opened in 2003 and was originally to be the “ownership” condo building with The Savoy as a rental building. The original owner, Trammel Crowe, changed ownership in the Savoy to make it a condo as well, taking advantage of the unusually strong market at the time. Amenities in Market Street Condominiums include a party room, a business center, a swimming pool, and a work out facility. There is secured underground parking.
Summary of sales in 2013 – There were nine sales in Market Street Condominiums in 2013, which is in line with the general decreased listings in 2013. However, this is a stark difference to the 31 sold at The Savoy, a similar residence. Perhaps the dramatic change in The Savoy’s policy regarding an owner’s ability to rent his/her unit drove more sales. Market Street is attempting to institute a similar policy, but as of January, 2014, not enough residents have voted their approval.
Sales in 2103 were as follows:
Unit No. Sale Date No BR/bath Sale Price Sq. Ft. Price/Sq. Ft.
179 Feb 2013 1/1 $295,000 754 $391
T-59 Apr 2013 2/2 $370,000 1,047 $353
323 Apr 2013 1/1 $305,000 746 $409
175 June 2011 1/1 $304,688 746 $408
344 June 2013 2/2 $449,900 1,047 $430
160 July 2013 2/2 $460,000 1,208 $381
102 Sep 2013 3/2 $525,000 1,483 $354
425 Oct 2013 1/1 $360,000 883 $408
327 Oct 2013 1/1 $299,250 751 $398
Future of Pricing in Market Street Condominiums – Market Street Condominiums should continue to provide a quality alternative for people who are in the entry market for the Reston Town Center. Assuming the Condo Association proposal to dramatically decrease the number of allowed rental units in the building, there will be no further interest from the “investor/buyer” for the foreseeable future. The short-term impact will likely keep a lid on price increases; however, long-term benefits and costs cannot be determined at this time.
Ray Wedell, Realtor
Chartered Financial Analyst, CFA