We have all heard of homes and condos with a “million dollar view”. These days, it often becomes a “multi-million dollar view.” We generally reserve those terms for high rise condos overlooking a body of water or major city; or maybe a beautiful home situated high on a hill, bluff, or mountain. It is rare to find homes which can be legitimately termed as having “million dollar views” at a more affordable price.
In Northern Virginia, there is one row of homes in one specific community which, to me, defies all pricing logic and continues to sell at huge discounts to true value. I am compelled to tell buyers who are seeking the ultimate in luxury housing; in a unique and gorgeous setting in a gated community outside of Washington, D.C.; on one of the Washington, D.C. area’s premier golf courses to call me immediately. Once we get through the ten minutes of my enthusiasm and table-pounding that this is a great place to buy and live, I hope you will want to verify what I am saying by visiting one of these listings with me.
The homes I refer to are located on a bluff overlooking the Potomac River and the seventeenth and eighteenth holes at the River Creek Golf Club. They are the even-numered addresses on Fairway Oaks Square, and I will refer to them as the Fairway Oaks homes going forward. They are close to the magnificent clubhouse at River Creek, as well as the community’s major amenities. But what sets them apart is their location high on the bluffs, overlooking the Potomac River, views which cannot be reproduced at even a fraction of the price at which these homes currently sell. River Creek is among the area’s most beautiful and exclusive gated communities. For the golfer, it may be the best available Loudoun County location. As a former company “value analyst”, let’s break it down this way: The view is worth a million dollars alone; the location and quality of the community and golf course is thrown in for nothing; also thrown in for nothing is the roughly 4,000 square foot home you will receive, with many top line amenities thrown in; the homes are exclusive dream homes, 4-levels, with open window space on all levels looking over the course and Potomac River, strategically anywhere from 50 to 150 feet below you.
Thrown in for nothing you say? How is this possible? I ask myself that very question all the time: How is it possible that these beautiful homes on Fairways Oaks Square are listed and sold frequently at under $1,000,000 in a market and city which should be starving for this unique product? All I ever come up with is this: Few people know about it. So I am now telling you. Be the first to jump in before the general population finally sees this hidden jewel, and the marketing of the area begins to reach beyond the gates of River Creek itself.
The homes are of two basic designs, and I will not clutter this message with a descriptive detail of each “model.” But the two developers were: Renaissance Homes, which was bought out by WCI. This is a brand known for high quality in any community they build. The other is Michael Harris, a local developer./builder who has a flair for the sensational, and he has not disappointed here. The Renaissance homes are closer to the clubhouse and on higher elevations, as the slope of the bluff runs from the clubhouse down Fairway Oaks Drive. However, even at the end of the block, the views and elevations are nothing to sneeze at. The Michael Harris homes sell at absurdly low prices, as it seems the local population has lost its imagination and common sense in not realizing what they have in their hands. Once one opens the front door of a Michael Harris home and sees the all-glass rear overlooking the Potomac River, one’s heart stops for a brief second.
For sellers, it is unfortunate that these homes were completed just as the general real estate market was about to fall some five to six years ago. Numerous short sales drove prices to ridiculous levels, and subsequent sales have risen only mildly from there. So while prices rebound throughout the Washington, D.C. and Northern Virginia markets, these homes remain priced as if we are in a depressed state. Given what I see in other luxury home markets, nothing could be further from the truth.
I understand golf course communities, luxury housing, and the value of unique locations with one-of-a-kind views. For any buyers looking for this type of situation, I encourage you to contact me. The town homes on Fairway Oaks Square, overlooking the Potomac River, are the best value in luxury living available in the Washington, D.C. market which I have found. Period.
I look forward to discussing further with you.
Ray Wedell, Realtor
Chartered Financial Analyst, CFA