2014 Year in Review Reston Town Center: Market Street Condominiums

—2014 YEAR IN REVIEW—

And projections for the immediate future…………

MARKET STREET CONDOMINIUMS

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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 Market Street Condominiums and Projections For 2015 – Prices remained quite stable throughout the year. The lofted 4th floor units continue to be in greater demand than the first 3 floors, as one would expect. It should be noted that of the 11 sales in 2014, all but one went under contract in the first half of the year. There was a five month period late in 2014 in which no units were sold.

Summary of 2014 Market Street Condominium Sales:

Date Sold       Unit No.                Price                   Sq. Ft.            Price/Sq. Ft          BR/Bath
February             T29              $295,000                    751                   $393                   1/1/0
February             310               $549,900                 1,493                  $368                  3/2/0
March                  311                $302,000                   751                   $402                   1/1/0
April                    477                $480,000                1,196                   $401                   2/2/0
April                   204                 $455,000                1,047                  $435                   2/2/0
May                     448                $345,500                  751                   $460                    1/1/0                   June                    206               $297,000                   691                   $430                   1/1/0

June                    360                $465,000               1,208                  $385                   2/2/0

July                      460                $505,000                1,401                 $360                    2/2/0
July                      422                $370,000                  888                  $417                    2/1/0
December           237                $307,000                  821                   $346                    1/1/0

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 2014 Market pricing and sales in Market Street Condominiums, Market Street Condominiums, Market Street sales 2014, RayMaxTeam Sells Market Street Condominiums, Reston real estate, Reston Town Center condominium pricing, Reston's Market Street Condominiums, Sales Projections for Reston Market Street 2014. and tagged , , , , , , , , . Bookmark the permalink.

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