Reston Town Center Housing 2013 Report: EdgeWater at Reston Town Center

RAY MAX REAL ESTATE REPORT

 

Reston Town Center Report – EdgeWater at Town Center condominiums

 

Summary – The 174 condominiums at Edge Water were constructed in 1994. They are approximately at the intersection of Baron Cameron and Town Center Parkway, roughly ½ mile to the Reston Town Center, and represent exceptional value for those looking for affordable, clean housing in the Reston Town Center area. The majority of homes are either 2 bed room/1 ½ bath units with 966 square feet, or a 2/2 at 1,108 square feet. The complex is divided into clusters, and some units have particularly good locations in relation to the large pond highlighting the development. The condominiums are all located on Lake Shore Crest Drive.

 

There are distinct advantages/disadvantages in unit location at EdgeWater, and I personally believe that the premier homes with decks overlooking the pond sell too cheaply. There should be a greater premium attached to these, and the fact that these generally sell immediately when listed attests to that fact.

 

Summary of 2013 – There were 11 sales of Edge Water at Reston Town Centercondos on Lake Shore Crest Drive in 2013. They are as follows:

 

Bldg/Unit No.     Sale Date      No. BR/bath      Sale Price     Sq. Ft.    Price/Sq. Ft.

1716/ 3                  Jan 2013                  2/1               $290,000           966          $300

1704/ 12                May 2013                2/1               $290,000           966          $300

1712/ 26                June 2013                2/2               $320,000         1,108        $288

1704/ 22                June 2013                2/1               $294,000           966          $304

1700/33                 June 2013                2/1               $295,000           966          $305

1701/21                 July 2013                 2/2               $326,000         1,224         $266

1712/23                  Oct 2013                 2/1               $295,500           966          $305

1724/3                     Oct 2013                 2/1               $275,000           966          $285

1708/13                  Dec 2013                 2/1               $298,000           966          $308

1704/31                  Dec 2013                 1/1               $285,000           966          $295

1705/23                  Dec 2013                 2/1               $280,000           966          $290

 

Future of Edge Water pricing – Last year was a strong year for price appreciation in the Reston Town Center, but prices were basically flat at Edge Water. Given that most floor plans are generic from one unit to the next, there is not enough premium being placed on those in premier locations. There is a self-imposed price ceiling on the most popular 2/1 model at $300,000. If current market conditions remain in 2014, these should break through the $300,000 level and move higher, pulling other prices with it.

 

Ray Wedell, Realtor

RE?Max Gateway

Chartered Financail Analyst, CFA

703-855-7299

http://www.RayMaxInternational.com

raywedell@comcast.net

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About RayWedellRealEstate

Real estate professional with Samson Properties. Chartered Financial Analyst, CFA
This entry was posted in EdgeWater at Reston Town Center, EdgeWater Reston good value and tagged , , , , , . Bookmark the permalink.

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