News and notes from Reston (tm).

Friday, January 8, 2010

High-Low: The Reston Real Estate Game, 2010 Edition

With the white-hot 2010 Reston real estate market bouncing back like a feral cat on steroids, it's time to dust off our HUD paperwork, adjust our ARMs and get ready to play everyone's favorite game of wheeling and dealing, the High-Low Game!

Property_Photo-3.aspx.jpegWhy hello, it's a fancy-pants "pent-house" in the Paramount building across from Reston Town Center! For a mere $1.1 million, you could live in the "creme de la creme," as the breathless marketing prose promises. (We're assuming this also says something about the skin tone of your would-be neighbors, but not in a way that violates fair housing laws.)

Anyhoo! We could go and on about the bamboo floors and quality countertops and whatnot, but let's just look at this front door:

Property_Photo-2.aspx.jpeg

Wow. That's quite a door. It says, "I have arrived. I am the creme de la creme. Tradesmen, please remove your shoes before entering to service my plasma TV."

Property_Photo.aspx.jpegOn the other end of the price spectrum is this $150,000 home on White Cornus Lane, a perennial High-Low Game favorite. What does the Realtor (tm)(R) have to say about this gem?
SHORT SALE. SUBJECT TO THIRD PARTY APPROVAL. SHOW IT ANYTIME
When your Realtor (tm)(R) cares enough to type in ALL CAPS, a sale is right around the corner!


Property_Photo-1.aspx.jpegLet's say you don't want the hassle of townhouse living, what with having to speak with your neighbors and the draconian rules about party walls and whatnot. Just a cool $65k more will get you this single-family home on Coquina Drive. What does the Realtor (tm)(R) have to say about this diamond in the rough?
***SHORT SALE*** SUBJECT TO THIRD PARTY APPROVAL, shows well
Hmm. We're noticing a trend here. And that's all the time we have for this thrilling edition of the High-Low Game, so until next time, keep your feet on the ground and keep reaching for that subprime, no-cash-down mortgage!

6 comments:

  1. OMG people welcome to the continuing game of should I purchase a condo/townhome w/ $0 down making $50K a year.

    I imagine the condo/tomehome market in Reston will again slowly decrease throughout 2010 with maybe a brief spike in prices in the March/April period.

    If you want to purchase and have at least some cash for a down payment Winter 2010/2011 is going to be a great time to buy.

    ReplyDelete
  2. The only loan available w/ nothing down and near to no closing costs is a VA loan. Va is for veteran not Virginia. For non veterans you'll have to go w/ a FHA and put 3.5% down. Many condos in the 'fake downtown' / town center are not FHA approved through. So you are looking at a 10% down premium.
    The article overlooked condo living in Reston priced lower than most rentals priced around $125K for a 2 bedroom, 2 bath are Shadow Wood condos.
    See everything listed for sale & rent in Reston on my site: https://www.MapReston.com

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  3. That Penthouse used to go for $1.5M 4 y years sgo ...times have changed

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  4. Shadowood is not on the approved list.

    https://entp.hud.gov/idapp/html/condlook.cfm

    ReplyDelete
  5. The Convict in the GulagJanuary 11, 2010 at 6:02 PM

    What I don't get is why all of these people selling their shorts. Is this National Commando Month???

    ReplyDelete
  6. It is called my ARM just increased w/ current rate plus 2 pts. The owners probably couldn't afford the place to begin with...that is what is going on....

    ReplyDelete

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