2014 Year in Review: Reston Town Center—The Savoy

—2014 YEAR IN REVIEW—

And projections for the immediate future…………

THE SAVOY

savoy1

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 Savoy 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 the 24 sales in 2014, were relatively spread out over the year, unlike most buildings in which second half sales were dramatically lower than those in the first half of 2014. For example, in neighboring Market Street Condominiums, there was a five month period late in 2014 in which no units were sold.

Summary of 2014 Savoy Sales:

Date Sold         Unit No.       Price                  Sq. Ft.        Price/Sq. Ft.         BR/Bath
February                     481        $472,696                 1.258                  $376                       2/2/0
February                     311         $309,000                  754                    $410                       1/1/0
February                     243         $325,000                  754                    $431                       1/1/0
March                         420          $320,000                 839                    $381                       1/1/0
March                         289          $575,000                1,483                  $388                       3/2/0
March                         365          $301,200                  817                    $369                       1/1/0
March                          153          $420,000              1,060                   $396                       2/2/0
March                          449          $365,000                 891                    $410                       1/1/0
April                              113          $450,000               1,213                   $371                        2/2/0
April                             179           $307,500                 817                    $376                        1/1/0
April                             157           $483,900              1,215                   $398                       2/2/0
May                              314           $400,000                945                   $423                       2/2/0
June                             351            $481,000               1,215                  $395                       2/2/0
July                              267           $325,000                 817                   $398                        1/1/0
July                              425            $531,000               1,408                 $377                        2/2/0
July                               312           $317,500                  754                  $421                         1/1/0
July                              282           $406,000               1,047                 $388                        2/2/0
August                         376           $460,000                1,215                 $379                        2/2/0
August                         432            $357,000                 891                  $401                         1/1/0
October                        275            $297,500                 746                  $398                        1/1/0
October                       206            $325,000                 817                  $398                         1/1/0
October                       301             $580,000              1,483                 $391                         3/2/0
November                  328             $330,000                 891                  $370                         2/1/0
December                  487              $379,000              1,028                 $369                         2/1/0

• 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 Sales at the Savoy, Condo for Sale The Savoy, Ray Wedell realtor, RayMaxSells Reston, RayMaxTeam, RayMaxTeam Sells Reston, Reston real estate, Reston Town Center Realtor, The savoy, The Savoy Reston and tagged , , , , , , , , , , . Bookmark the permalink.

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