—2014 YEAR IN REVIEW—
And projections for the immediate future…………
OAK PARK Reston
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 the Oak Park and Projections For 2015 – Prices remained quite stable throughout the year. Differences in prices from one unit to the next were more the result of quality differences in maintenance and upgrades, rather than any market movement. These three level walk-ups in the Reston Town Center are among the best entry-level values one can find.
Summary of 2014 Oak Park Sales (All on Taliesin):
Date Sold Address Price Sq. Ft. Price/Sq. Ft. R/Bath
January 12201 # 35 $353,000 1,076 $328 2/2/0
February 12004 # 31 $335,000 934 $362 1/1/0
April 12004 #24 $269,900 767 $351 1/1/0
April 12013 #36 $350,000 925 $378 2/1/1
April 12016 #13 $308,100 918 $336 2/1/1
June 12024 #22 $362,000 1,082 $335 1/1/0
June 12016 #33 $332,500 918 $362 2/1/1
July 12009 #32 $359,500 1,082 $332 2/2/0
September 12012 #16 $330,000 925 $357 2/1/1
October 12013 #26 $328,000 925 $355 2/1/1
October 12016 #24 $277,500 767 $362 1/1/0
December 12004 #25 $351,900 1,076 $327 2/2/0
December 12004 #14 $248,900 767 $325 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
