Reston Town Center Real Estate Sales 2013: Market Street Condominiums

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

RE/Max Gateway

Chartered Financial Analyst, CFA

703-855-7299

http://www.comcast.net

http://www.TownCenterRealtor.com

 

 

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About RayWedellRealEstate

Real estate professional with Samson Properties. Chartered Financial Analyst, CFA
This entry was posted in Market Street Condos Reston, Market Street Reston Town Center, Uncategorized and tagged , , , , , , , , . Bookmark the permalink.

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