The above link provides a cleaner view of the post below…..
—2014 YEAR IN REVIEW—
And projections for the immediate future…………
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 The Paramount and Projections For 2015 – There were seven sales reported on the MLS for The Paramount 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 2014, three of the seven sales were among the most magnificent homes in The Paramount: Penthouse 1501; Terrace Penthouse 1302 (the most magnificent home in the building, in my estimation); and beautiful 3 bed room #808. These three sales help boost the average “per square foot” sales price.
Projection for the Immediate Future Paramount Sales and Pricing – The Paramount stands on firmer footing than many of its peers. With only 100 units, spacious, quality construction, premier location one block from the Reston Town Center’s main square, and many superb wrap-around models, The Paramount is unlikely to fall prey to the danger of “too many comparable listings”. The many buyers who seek the unique quality and location of The Paramount will likely continue to drive prices and create a solid floor for pricing in the immediate future. There should be less volatility in price movement and solid appreciation potential.
2014 Paramount Sales:
Date Sold Unit Number Price Sq. Ft. Price/SF
March 704 $799,999 1,764 $453
April 1207 771,000 1,744 442
April 1302 1,725,000 3,065 563
July 1501 1,265,000 2,540 498
July 903 545,000 1,214 449
Sept 203 505,000 1,214 416
Dec 808 900,000 1,891 476
• 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