The above link is a cleaner copy of this report.
—2014 YEAR IN REVIEW—
And projections for the immediate future…………
MID TOWN NORTH
Overall Market Review – The local real estate market may be undergoing a significant shift from recent years. The RayMaxTeam Year in Review reports for 2011, 2012, and 2013 all cited much stronger underlying fundamentals than was generally predicted at that time, citing many forces which would drive prices much higher than consensus forecasts. Naysayers could us polyannahs, but the RayMax forecasts proved more accurate. For the first time since 2009, this annual review is citing caution for those expecting big price appreciation for the market in the upcoming year, especially the first half of 2015. The yellow light is on, not red and not green: I welcome any discussion on this topic and feel free to contact me at any time.
A Review of Mid Town North and Projections For 2015 – There were only two sales reported on the MLS for Mid Town North in 2014. They are listed below. It is often difficult to draw broad-based conclusions, given the difference in individual circumstances surrounding each sale. However, “on the ground” professionalism combined with actual raw data yields better awareness than either of the two in isolation. In 2013, there were several strong price gains recorded in MT North, leading to hopes that 2014 would continue to show better-than-peer-group gains. The market for these unique, loft-inspired homes seemed to freeze beginning in the summer, and several listings have remained on the market, or withdrawn for a better day in 2015. As we close out 2014, 3 units remain active, and 3 have recently been withdrawn in Mid Town North.
Projection for the Immediate Future Paramount Sales and Pricing – Among all alternative housing in the Reston Town Center, the future direction of pricing and activity in MT North is the most difficult to assess. With only 64 units, voluminous ceilings and open-contemporary looks, these are unique and specific homes which appeal to a select group of buyers. This makes them very “in” when supply is low, yet subject to sitting on the market if many people decide to sell simultaneously. Historically, MT North has had more up and down price volatility, and this is likely to continue. It is crucial that these homes be marketed and promoted in a non-traditional manner.
2014 Mid Town North sales:
Date Sold Unit No. Sales Price Sq Feet $/Sq.Ft. BR/Bath
May G-118 $860,000 2,390 $360 3/3
August 510 $475,000 1,184 $401 1/ 1.5
• Seeking a more detailed discussion on this report?
• Looking for a true market analysis of your home?
• Thinking of listing in 2015, and seeking to have it promoted as a high- end home in a unique, high end neighborhood should be promoted?
Ray Wedell, Realtor
Chartered Financial Analyst, CFA