—2014 YEAR IN REVIEW—
And projections for the immediate future ——WETHERSFIELD——
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 called 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 Wethersfield Sales – There was one sale reported on the MLS in the neighborhood in 2014. It is 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. The Wethersfield neighborhood is in a premier location which should take advantage of the future growth in Reston with significant price appreciation in future years.
Projection for the Immediate Future: Sales and Pricing – There is a major elephant in the room regarding the future of the neighborhood, making any immediate projections foolhardy at this time. That elephant is named Northwest Mutual Insurance (NWM), majority owner of the golf course. It is imperative that every resident in the neighborhood take the time to help the effort to kill any hope of re-zoning the Reston National Golf Course by NWM. For details, http://www.rescuereston.org. Although it is impossible to track the precise impact that this re-zoning threat is having on the recent sales slowdown in the neighboring areas, it is obvious that an unfavorable result will cripple your real estate values in the future.
2014 Wethersfield Sales:
Date Closed Address Price Sq. Ft. Price/S.F. BR/Bath
October 2 003 Wethersfield Ct $427,000 1,761 $243 3/2/1
($440,000 – $13,000 subsidy)
• 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