2014 Year in Review Reston Town Center: Mid Town Towers

—2014 YEAR IN REVIEW—


And projections for the immediate future…………

MID TOWN RESTON

MidTownRestonFront2

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 Mid Town Projections For 2015 – Prices were strong and demand high for most of 2014 in Mid Town Towers, Reston. The premier location in the heart of the Reston Town Center, combined with the quality amenities and the cache of being the area’s most exclusive high rise condo, fed an early-year buying frenzy, which moderated at year end.

Summary of 2014 MidTown Tower Sales (all at 11990 Market Street) Sales:

Date Sold      Unit No.        Price                       Sq.Ft.        Price/Sq. Ft.        BR/Bath
March                 1215              $940,000                     1,619                  $581                       3/2/0
March                   516              $460,000                       939                  $490                       1/2/0
March                   1404           $585,000                     1,169                 $500                       2/2/0
April                     1503            $715,000                     1,426                  $501                       2/2/0
May                       912            $1,575,000                    2.111                  $746                        3/3/0
May                       812            $1,385,000                    2,111                 $656                        3/3/0
May                       213             $740,000                      1,426                $519                         2/2/0
July                       613               $759,900                    1,426                 $533                        2/2/0
August                  303              $702,000                    1,426                 $492                        2/2/0
August                   814             $615,000                     1,169                  $526                        2/2/0
September            301              $755,000                    1,523                  $496                       2/2/0
October              1,404              $578,000                    1,169                  $494                       2/2/0
December             102              $460,000                      910                  $505                        2/2/0
December           1002            $1,220,000                   2,111                  $578                        2/2/0

• 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 11990 Market Street Reston, 2014 Reston town center sales in Mid Town, Luxury Condos at MidTown Reston, MidTown Reston Forecasts for 2015, MidTownRealEstate Sales, MidTownReston, Ray Wedell realtor, RayMaxInternational, reston fine homes, Reston home sales, Reston real estate, Virginia real estate sales and tagged , , , , , , , , , , , , , , . Bookmark the permalink.

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