—2014 YEAR IN REVIEW—
And projections for the immediate future…………
GOLF COURSE DRIVE/SARAZEN…Reston, Va.
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 2014 Sales and Projections For 2015 – There were eleven sales reported on the MLS for the neighborhood 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, given the completion of the new local Metro stop and a general increase in pricing at the end of 2013 and into early-2014, it was expected that prices would rise smartly and begin to break through the $500,000 level by year end. Unfortunately, several listings came to market at prices below previous sales, and positive price momentum was broken.
Projection for the Immediate Future Sales and Pricing – There are external events which could dramatically impact sales in 2015, the most significant being the Northwest Mutual attempt to re-zone the golf course. It is imperative for residents to have their voices heard, and bodies seen, at the Rescue Reston events in January fighting this re-zoning attempt. If this threat is lifted, there is no reason why prices should remain at depressed levels. This neighborhood is a hidden gem at current price levels. Subsequent to creating this report, an end unit extended home with 4 bed rooms and 2,250 square feet sold for $500,000 ($222/square foot). A 3 bed room, 1,491 square foot home at 2015 Golf Course Drive went under contract with a list price at $378,000.
|Date Sold||Address||Price||Sq. Ft.||$ / Sq. Ft||BR/bath|
|January||2204 GCD (End)||$499,000||1,949||$256||3/3.5|
|April||2115 GCD (End)||$485,500||1,926||$252||3/3.5|
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