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:


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?
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?
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!


  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.

  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:

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

  4. Shadowood is not on the approved list.

  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???

  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....


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