2014 Year in Review, Reston Town Center: West Market’s Madison Park neighborhood

—2014 YEAR IN REVIEW—

And projections for the immediate future…………

WestMktEntrySign

WEST MARKET: Madison Park

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 polyannas, 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 West Market’s Madison Park and Projections For 2015 – Madison Park is a walk-up condo community within the upscale West Market community. It is difficult to draw broad-based comparisons on a small sample size of sales, particularly given the relative value differences in unit location. I do not believe enough premium is afforded to those homes with exceptional location (pond views; higher ceilings; away from the main road, etc.). When seeking advise or consulting a real estate practitioner, Madison Park residents should talk with those who understand the nuances of the neighborhood, not someone who churns out a vanilla “market analysis.” The homes at Madison Park are currently in the “sweet spot” of sales in an otherwise slower market. A more homeowner-friendly mortgage market in 2015 for first time home buyers should benefit sales in Madison Park.

2014 Madison Park sales (Address is all “Abington Hall”):

Date Sold      Address            Sales Price         Sq. Feet         $/ S.F.         BR/Bath
January         12160 #301       $469,500          1,344              $346                  3/2
April               12195 #204       $390,000          1,172              $333                  2/2
June               12160 #201        $425,000          1,172              $363                  2/2
June               12165 #104        $368,000          1,172              $314                   2/2
October         12190 #104         $425,000         1,154              $368                  2/2

• 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
RE/MAX Gateway
http://www.RayMaxInternational.com
703-855-7299
raymaxteam@gmail.com

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About RayWedellRealEstate

Real estate professional with Samson Properties. Chartered Financial Analyst, CFA
This entry was posted in Abington Hall, Ray Wedell realtor, Ray Wedell Reston Realtor, RayMaxSellsWestMarket, RayMaxTeam, Re/Max GAteway Ray Wedell, Reston real estate, West Market Reston Town Center Sales 2014 and tagged , , , , , , , , , . Bookmark the permalink.

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