BREAKING NEWS……August 20, 2013…. Boston Properties announced that they have applied for county approval of two new towers in the RTC. The location is currently a surface parking lot at Fountain Drive and New Dominion Parkway. The proposed towers will be 17 stories and 21 stories; one will be residential condominiums and the other will be an office tower.Separately, Leidos Corporation, a spin-off form SAIC, has announced it will be headquartered in the RTC at 11951 Freedom Drive, overlooking Freedom Park. Eventually, 450 employees will occupy the Leidos office.
DETAILED REPORTS FOR ALL RESTON TOWN CENTER COMMUNITIES NOW AVAILABLE!!!! Detailed Sales History for each community listed below for 2011 through 2013 are available. A written summary and projections for 2014 in the Reston Town Center, and in each of these individual communities, are also available. This is a report that you will not find from any other source.
West Market’s Park Place
West Market’s Logan park
West Market’s Lincoln Park
West Market’s Madison Park
Mid Town Reston
Market Street Condominiums
EdgeWater town homes
Stratford Park Place
To receive a copy of each report, or the report of your choice, contact me at:
firstname.lastname@example.org or call 703-855-7299
UPDATE ON THE ABOVE UPDATE, JUNE 2013 — Changes in rental policy appear to be having the effect predicted in December, 2012. Prices for residential homes and condos in the Reston Town Center have been very strong the past few months, as predicted. The exception has been in buildings with recently enacted severe rental limitations, particularly on one bed room units. New investor buyers have been eliminated as a source of demand (in one bed room units, this is a major source). Among those who seek to live in their units, they reject the idea that a few years down the road, should they need to move, they will not have the option to rent or sell, but will HAVE to sell into whatever market conditions exist at that time. These changes in rental policy have dictated more limited investment options for owners which were unanticipated earlier.
The Reston Town Center is the quintessential “new urban center” in the D.C. Metropolitan area. As the new downtown area for Reston, it has attracted businesses, quality restaurants, theater, retail shops, and people simply looking for the ambiance of well planned urban living.
The Reston Town Center is rich in housing which appeals to a wide variety of people. Whether you are looking to “downsize” from a larger home, experience urban condominium living close to everything, or simply be closer to work, the Reston Town Center may offer the best in quality and convenience.
Residents within the Reston Town Center zone live under the auspices of the Reston Town Center Association. Within this district are a myriad of housing alternatives, the Reston Hospital, a community library, and all of the features of urban living.
The communities within the Reston Town Center are as follows:
WEST MARKET UPDATE: The signature four-level London model CAN be retrofitted with a high-quality elevator. There are several options. Please call to discuss this in detail. I can help you through many of the options available, the county approval processes, etc. This would be a major upgrade and source of increased value for this Town center jewel.
West Market –
For a list of available homes in West Market, click here.
Probably the most prestigious town home community in the area, West Market is often called an “urban oasis.” If you are looking for community living as opposed to condominium living, within the Reston Town Center, this is it. The “signature” homes of West Market are the four-level, all brick homes built by Miller and Smith, in the section known as Park Place. However, many people prefer the more traditional, well built townhomes in West Market in the area known as Logan Park. West Market also has two condominium sections, many with townhome-like qualities. These sections, Madison Park and Lincoln Park, provide a wide variety of clean, stylish, affordable homes which many people prefer to the condominium living nearby. Buyers should note that there is a wide variety of value points within West Market itself. It is important to get the micro-analysis of the community rather than rely on “past comps”, which often neglect to take into significant value factors, including but not limited to: the specific positioning of a home within the West market community itself; the number and quality of upgrades installed by the homeowner; the condition of the property at sale. There are $900,000 sales which could have (and maybe should have) sold for more given the specific home location and significant upgrades, and yet that same model home may also have sold at $800,000 and been too rich, based on the same factors in reverse. I strongly encourage you to call me with specific inquiry in West Market.
Note on October 23, 2013, updated August 1, 2014: There has been a chronic shortage of listings for sale in West Market. The number of potential buyers seeking to live in this fabulous community, particularly in the limited number of exquisite fee simple homes, dwarfs the potential available listings. When a listing does crop up, it is usually under contract almost immediately. For West Market homeowners: Stop listing your home too low. For buyers: If you seek to live in this unique area and a listing surfaces at a price close to the most recent sale, just buy it!
That was the October, 2013 report. On August 1, 2014, the situation has changed. Quality listings in premier locations within West Market still sell well and sell quickly. However, many homeowners have seen the higher prices and listed at levels I consider a “reach”, and these homes have been remaining on the market for a long time. At some point, there will be an equilibrium, but I strongly urge buyers not to be lured into some listings which appear “cheap based on comparables” but call me to get details on what those “comparables” actually featured.
New report on West Market and its status as the “Urban Oasis”is available. Contact me for details.
I have been buying and selling homes in West Market since its initial days in 1998. At that time, the dream of a residential community with the feel of residential intimacy and the proximity of being a very short stroll to the Reston Town Center was just that: a dream. The dream is now reality.
I am intimately familiar with both buying and selling homes in West Market. I have developed a detailed account of all sales for the past four years, model-by-model, home-by-home. Please call or email me for all of the required details, or if you seek further information on this prestigious community.
Market Street Condominiums and The Savoy –
For a list of available homes in The Savoy, CLICK HERE.
For a list of available homes in Market Street Condos, CLICK HERE.
These similar, four-level condominium buildings are both located on Market Street, east of West Market and closer to the heart of the Reston Town Center.
One overriding important issue for condominiums is to keep the percentage of renters in a building below 50%. This is the trigger point for financing from most major lending institutions; in other words, anything over this percentage would trigger a situation in which new buyers are unlikely to get financing.
In an ideal world, every condominium building would have 100% owner-occupied units, and the entire world would view your building as the pristine oasis in your community. We do not live in an ideal world.
However, like the person on meds who feels better after one pill, it seems The Savoy has decided that if one pill works well, why not take two? A new policy was announced that any new buyer in the Savoy could not rent his/her unit until the overall rental percentage went under 35%. Market. Furthermore, rentals after that would be determined by a “waiting list”. Evidently, there is the belief that driving the rental limit down to 35% will make The Savoy somehow a “classier” building. The net effect is that new buyers in The Savoy and Market Street need to be aware of the potential negative impact of not being able to rent their units in the future. Traditionally, people who move up to a different style of home, or maybe get transferred by job, will simply rent out their Reston Town Center condo. With this future alternative eliminated, new buyers may be more difficult to come by in these buildings. Stay tuned for changes in this regard.
Let’s be clear about the likely result of this change in owner-occupied percentages. This change has eliminated the best source of buying and price support for The Savoy, namely, the investor market. In the years when the market in decline and many owners were scrambling for buyers, it was the investor market which saved The Savoy from price collapse. The prime location and limited rental supply made investing in these units a sound play in a depressed real estate asset class. Investors have helped form a necessary price bottom, and have been instrumental in driving prices back up to the benefit of existing condo owners.
The condos in both The Savoy and Market Street Condominiums range from one bed room to three bed rooms, many with soaring ceilings. The Savoy generally carries a slight premium to Market Street, given a general perception of slightly superior amenities.
These condominiums appeal to a wide range of potential homeowners: from first time buyers who seek the convenience of urban living; empty-nesters seeking to remain in Northern Virginia and enjoy urban amenities; businessmen working in the Town Center looking to live close to where they work; to a host of other reasons.
I have worked with both buyers and sellers in The Savoy and Market Street Condominiums for the last seven years. I strongly urge you to call or email me for details about housing in these buildings. I have developed detailed pricing and analysis covering the last four years which is beyond what you will get from standard sources.
Mid Town Reston – Located in the heart of the Reston Town Center, Mid Town Reston is generally considered the defining high rise residential building in the area. Mid Town Reston overflows with amenities and convenience, from concierge and valet service to conference facilities and extensive work-out facilities. When one steps out the front door, you are greeted by an open air park and the array of buildings on Market Street which defines the RestonTown Center.
For a list of available homes in MidTown Reston, CLICK HERE.
Mid Town has a variety of styles, with one bed rooms starting from around $400,000 to penthouse units above $4,000,000. I have discussed this community in greater detail in the area description for D.C. Castles in the Sky.
Given the decline in overall real estate prices for a few years, Mid Town Reston has became an affordable location for a broader range of people seeking the highest quality and premier location. In 2012 and 2013, prices rebounded sharply higher in MidTown. I have detailed knowledge and familiarity with Mid Town and the other communities in the RestonTown Center. I strongly recommend that you call or email me for detailed information on price history and trends. I can also discuss the pluses and minuses of MidTown versus similar forms of housing in the area in a way which you will not get from conversations with Mid Town’s excellent in-house staff.
Mid Town North –
For a list of available homes in MidTown North, CLICK HERE.
Mid Town North was formerly known as The Lofts at Mid Town. Adjacent to the Mid Town Towers, the North has a unique urban flair highlighted by high ceilings, rooftop amenities,floor-to-ceiling sound-proof windows, top-of-the-line appliances and finishings, and the convenience of being directly in the Reston Town Center. Many of the homes have private elevators. The homes in MidTown North are reminiscent of what one would find in SOHO or South Beach, a unique style for the Reston Town Center and certainly urban chic.
Mid Town North is a six story building and the views to the outside are not the selling feature here. Rather, the appeal is in the quality of the homes themselves and the boutique features which appeal to a variety of urban dwellers. The high ceilings and urban chic designs are reminiscent of loft living, hence the initial terminology for this development. Call or email me for a further discussion on this unique housing alternative, and a comparison of Mid Town North to other housing in the Reston Town Center.
Prices surged in MidTown North in 2013, much moreso than the good gains seen in neighboring buildings. The unique features, very high ceilings, exceptional location, and limited supply of similarly-designed homes have combined to make this an extremely desirable building.
The Paramount –
For a list of available homes in The Paramount,CLICK HERE.
The Paramount is conveniently located at the corner of New Dominion Parkway and Fountain Drive, a two block walk to the center of the Reston Town Center. Besides convenience, The Paramount is known for its extraordinary quality of construction, high ceilings, and a variety of homes which appeal to a broad range of urban dwellers.
There are only 100 homes in The Paramount. The top three floors(13-15) are considered penthouse level homes and have only 5 homes per floor. Floors 2 through 12 have 8 units per floor, many with wrap-around views and floor-to-ceiling windows. Many have commented that some of these homes have “penthouse-like features” at a fraction of the cost.
I am extremely familiar with The Paramount and its price history. I have developed price history which goes into much greater detail than what you can derive from traditional sources. Please feel free to Call or email me for more information, or to discuss The Paramount and how it compares to its neighbors.
The Paramount is discussed further in my section devoted to D.C. Castles in the Sky.
The Stratford House –
For a list of available homes in Stratford House, CLICK HERE
For a list of available homes in Stratford Park, CLICK HERE
The Stratford House was the first high rise condominium to be built in the Reston Town Center. It is located across the street from the Reston Town Center entrance at the eastern end of Market Street.
The Stratford House has a stable homeowner base, outstanding location, and variety of models ranging in price from the low $400,000s to over $1,000,000 for a penthouse home. Prices in the Stratford House have not rebounded as sharply as in some of the other buildings, which is more a function of the building not being as broadly marketed and promoted as some of the others in the Reston Town Center, as opposed to any reason for its value to increase. On a relative value basis in summer of 2014, I rank the Stratford House as excellent value in the Reston Town Center.
The Stratford House has the most stable financial base of any condominium association in the Reston Town Center, which is an important long-term factor. Reserves are deep to make any projected maintenance/expenses, and the stability of condo fees from year-to-year is admirable.
The Stratford House community is stable and proud. Rentals are currently limited to 20 percent of the units, meaning most residents are home owners with a sound stake in keeping the building clean, strong, and well-maintained.
The Stratford House is also featured in the section on penthouse living: D.C. Castles in the Sky. I have developed a detailed price history, dating back four years, for this building which goes into much greater detail than what you can derive from other sources. If you are thinking of listing your Stratford House home, or simply want an accurate and independent read on your home’s value, I strongly recommend that you Call or email me.
In addition to the high rise tower, Stratford House has a community of low-rise (4 levels) condominiums known as Stratford Park Place. Unlike other low rise condominiums in the Reston Town Center, these homes do have elevators, and the community itself is more modern with greater amenties. This is an excellent choice for those seeking an affordable alternative to the Stratford House Tower.
January, 2013 RENTAL RESTRICTIONS AT STRATFORD PARK – Stratford Park has a rental limit of 20% of units allowed to be rented. They have exceeded this limit, and currently allow only owner-occupied buyers. We will closely monitor the impact this will have on sales and the community.
If you are a potential buyer in the Reston Town Center area, I can provide you detailed life style comparisons among the different communities and buildings. The Stratford House should be among the places which you review. PleaseCall or email me to arrange such a tour.
Carlton House –
For a list of available homes in Carlton House, CLICK HERE.
The Carlton House began occupancy in 2005. The units are well-built with quality upgrades. The building has an impressive array of amenities, with a roof top pool, top floor wrap-around lounge, exercise rooms, private theater, library and more. The location is not as ideal as the other Reston Town Center high rises, being three blocks further from town than at Stratford House.
The Carlton House has undergone a transformation in recent years from the go-go pricing days. Price declines in 2008-2010 made some available units very well priced compared to similar-quality Reston Town Center condominiums. Investor ratio limits have recently been exceeded, which can be a plus for new buyers who intend to be primary residents at Carlton House.
For a brief period of time, the Carlton House price rebound lagged those in other Reston Town Center buildings, leading me to point out the excellent value in past years. Things have changed. In 2013, the Carlton House was the best price-performing building in the Reston Town Center, measured by price percentage appreciation. The Carlton House is the closest RTC building to the new Silver Line Metro subway line which opened in July, 2014.
The Carlton House is also mentioned in the section on D.C. Castles in the Sky. I have developed a four year price history and analysis of pricing in this building. I strongly urge you to Call or email me if you have interest in viewing homes in the Carlton House, or if you have a potential listing to discuss.
Oak Park –
For a list of available homes in Oak Park, CLICK HERE.
For those seeking affordability and location, Oak Park offers an excellent entry point to Reston Town Center living.
Oak Park is a cluster of three story walk-up condominiums built approximately 20 years ago. Unlike most of the other communities and condos in the Reston Town Center, Oak Park was built before the Town Center was developed. It is conveniently located off New Dominion Parkway, a very short stroll into the heart of town.
In general, the residents of Oak Park maintain clean homes, and many have added modern updates. The grounds are well maintained, and most of the homes are of the two bed room variety.
If you are looking to buy a clean, affordable, entry level condo with easy Reston Town Center access, Call or email me per Oak Park. It is important to view the differences among available listings beyond merely seeing the pictures online, given the difference in individual upgrades on a unit-to-unit comparison.
If you are looking to sell your Oak Park condo, please call me for a detailed price history and analysis of your community, spanning the last four years. I look forward to discussing the results in great detail.
Edge Water at Reston Town Center –
For a list of available homes in EdgeWater, CLICK HERE.
For quality and affordability near the Reston Town Center, you should consider Edge Water.
Like Oak Park, Edge Water was built approximately 20 years ago, before the major development of the Reston Town Center. It is located on the other side from Reston Hospital, a 1/2 mile walk to the center of town.
Edge Water is often identified by a large pond to the front of the development, giving it a serene feeling despite its more urban location. The grounds and homes are generally very well maintained, the sense of community pride is exceptionally high.
There are two basic styles of homes in Edge Water. The first are 3 story walk-ups which are among the best values for affordable housing in this area, many of them with water view. The recent decline in overall home prices have made many of these homes available in the $280,000 to $320,000 range. Given today’s low interest rates, first time home buyer incentives, and search for real value, these are excellent choices.Call or email me for any details.
EdgeWater also has 3-level town homes which provide a less-expensive alternative to the town homes at West Market. These two areas provide your only alternative for fee-simple, townhouse living (as opposed to condos) in the Reston Town Center. If you seek town house living close to the Reston Town Center, Edge Water may be a more affordable alternative.
I have developed deep and detailed price history for EdgeWater and other communities within the Reston Town Center, covering the last four years. Please call or email me for the details. If you are looking to sell your Edge Water home, I can provide an independent and intelligent analysis of your home. If you are seeking quality housing in the Reston Town Center at an affordable price, I welcome your calls. Please Call or email me for any details.