—2014 YEAR IN REVIEW—
And projections for the immediate future
EDGE WATER town homes
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 Edge Water town home Sales – There were four sales reported on the MLS in the neighborhood in 2014. They are isted 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. Edge Water is in a premier location which should take advantage of the future growth in Reston with strong price appreciation in future years.
Projection for the Immediate Future: Sales and Pricing – The Edge Water community will benefit in future years from the continued employment growth and perceived desirability of living near the Reston Town Center. There may be an overall market slowdown as we enter 2015; however, overall the longer haul, sales prices in this community should hold up very well.
2014 Edge Water town home sales:
Date Closed Address Price Sq. Ft. Price/S.F. BR/Bath
March 12035 Edgemere $570,000 1,472 $387 3/2/2
April 1702 Random Stone $547,000 1,471 $372 3/3/1
July 1700 Random Stone $580,000 1,852 $313 3/3/1
September 1704 Random Stone $541,000 1,464 $370 3/3/1
• 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 your home promoted as it should be promoted?
Ray Wedell, Realtor
Chartered Financial Analyst, CFA