I have written recently about the unique value in never-to-be-duplicated luxury homes on the Potomac River at River Creek. Many of these homes were completed just as the market was “topping out” in 2004-2006, as were many communities in Northern Virginia. However, the Renaissance and Michael Harris – built masterpieces overlooking the 17th and 18th green at River Creek, with clear views of the Potomac River and Maryland on the other side, are among the most elite homes in Northern Virginia.
Yet, they do not price this way.
On average, these homes are selling at roughly 70 – 80% of peak prices, but to blame “the market” is a total fallacy. Homes prices in Northern Virginia have rebounded sharply, in many communities reaching new higher levels. In particular, upper end unique homes have rebounded the most, as people with the wherewithal to buy (often buyers from outside the area or outside the USA) have scarfed up the unique properties at record levels.
But not here at River Creek, high on the bluff overlooking the Potomac River. Frankly, I don’t get it.
It is only a matter of time before the gems become a much more well-known luxury situation. Nowhere else can you get these views. Nowhere else will you get the square footage and quality construction combined with this location. Simply stated, the neighborhood is in a rut: A house gets listed at a given price, the next one gets listed at a similar price, and then the next at a similar price. It is as if this community is underneath a sound-proof plexiglass bubble and unaware of the price gains being seen in virtually every other neighborhood, particularly neighborhoods of this kind. At some point the bubble will be shattered.
I bring your attention to 18344 Fairway Oaks Drive. This home is listed at $899,900. It has panoramic views of the 17th and 18th hole at River Creek Golf Course down below. Spectacular views of the Potomac River. Beautiful landscaping. 18344 Fairway Oaks Square is an end unit with 4 bay windows, hardwood floors, an amazing chef’s kitchen, finished lower level, There is simply too much to brag about here, yet this 3,790 square foot home outside the nation’s capital is selling for only $899,900? I think I need to walk down the street to the spectacular River Creek Club House and have a couple of drinks to figure this one out. Care to join me?
If you are in the market for luxury real estate in a prime location which will prove to be of great long term value and immediate value for your own pleasant life style, then this home should be high on your list. In the words of a former friend and fellow employee used to say about items which are of such value that you simply HAVE TO buy them, “this is a table-pounding buy.” He is correct on this one: 18344 Fairway Oaks Square is a table-pounding buy.
There is one other similar listing on this block: 18354 Fairway Oaks Square. This home has 4,850 square feet of living space and is also an end unit. It is a bit closer to the club house and a bit higher in elevation, overlooking the18th hole at River Creek Golf Course. This is an elegant, professionally decorated beauty with a fabulous loft and 2-story living room. In fact, this home is a better value than the featured home at 18344 Fairway Oaks Square.
My belief in these homes as great values is so extreme, that I insist you visit them, assuming you are in the market for a quality, luxury home in Northern Virginia. As a reward I offer the following: If you identify this blog and buy either of these two homes using the RayMax team as buyer agent, I will rebate back to you 1% of the purchase price to help defer the always-too-high closing costs! So not only does the seller cover all real estate commissions, you will receive 1% of that back as a credit. I am NOT the listing agent on these two fine homes. I am simply a buying agent trying to find you those rare, unique values which ARE out there, but generally do not last long.
I look forward to hearing from you.
Ray Wedell, Realtor
Voted by RE/MAX International as the best RE/MAX franchise in 2013