—2014 YEAR IN REVIEW—
And projections for the immediate future…………
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 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 Stratford House and Projections For 2015 – There were seven sales reported on the MLS for Stratford House 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, there was one top level penthouse sold among the seven.
Projection for the Immediate Future Stratford House Sales and Pricing – The Stratford House stands on firmer footing than many of its peers. With spacious, quality construction, premier location one block from the Reston Town Center’s main square, and sound footing financially with a well-funded reserve pool, Stratford House is unlikely to fall prey to the danger of “too many comparable listings”. The many buyers who seek the unique quality and location of Stratford House will likely continue to create a solid floor for pricing in the immediate future. Stratford House has been selling at a somewhat lower price per square foot than peers, and appears to be less promoted than other hi rise buildings in the Reston Town Center. Rather than being a lesser-known community, unique benefits of Stratford House should be better advertised, which would drive prices higher in the future.
Stratford House Sales:
Date Sold Unit No. Price Sq. Ft $/S.F. BR/Bath
January 202 $660,000 1,641 $402 2/2
January 502 $735,000 1,641 $448 2/2
February 506 $795,000 1,775 $448 2/2
May 705 $599,500 1,419 $422 2/2
June 1408 ph $770,000 1,497 $514 2/2
April 204 $539,000 1,419 $309 2/2
October 404 $658,000 1,419 $464 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