About Reston's Lake Anne Village Center

How Reston got its name

Marnie: How did Reston get its name…from being a restful place to live?

Steve: No Marnie, Reston is a peaceful place to live…but the name Reston was derived from the initials of Robert E. Simon, the man behind the outstanding design, vision, and creation of Reston. That is a sculpture of him above sitting on a bench a Lake Anne Center. I will write about the history of Reston from time to time, since it is an intriguing topic for anyone interested in real estate development and the thought process that goes into designing a livable community…rather then just slapping up some buildings, selling them and running off to do it again somewhere else.

The following quote is from the Washington Post 2004:

“Robert E. Simon Jr. is the pioneer behind the groundbreaking planned community of Reston, which celebrates its fortieth anniversary this year. Reston’s European-style plaza, clustered townhomes, centerpiece lake, and contemporary architecture are studied by planning and architecture students across the country. Named by the American Institute of Certified Planners as a national planning landmark, Reston is a classic study in community planning. Simon, who turns 90 next month, moved back to enjoy his creation 11 years ago.”

Source: Washington Post, Mar 25, 2004

What was he thinking?

Marnie: Do you have some quotes from any speeches made by Mr. Simon which give some background into his thought process?

Steve: Yes …..the following quote is from his Genisis speech in 1961:

“This brings me to 1961. A representative of the Washington real-estate firm of Shannon & Luchs was given the assignment to sell a 6,750-acre parcel of Virginia countryside. He spoke to Jim Lannegan in New York, hoping to interest Roger Stevens, but instead Jim called a friend of his, Henry Wrightson. “Henry, do you know anybody that is interested in 6,000-odd acres in Virginia?” Henry replied, “Maybe, if you come on up and see me.” The person he had in mind, of course, was me. The project was really out of my area, but it seemed such a marvelous opportunity. The location was perfect. The foundations were just being laid for the magnificent Dulles Airport terminal building and construction crews were scratching away at the runways. An airport like that in what seems like a desert will cause the desert to flower. And Dulles Airport was being put into Fairfax County, then the single, fastest-growing county in the United States.

The property was about 18 miles from Washington, the nation’s capital and fastest-growing metropolitan area in the country. On top of this, the terrain was beautiful. It was an irresistible challenge, so I didn’t resist. What should be done with the land? With a parcel this size, the only conceivable single use was a bedroom community; and that, to me, was a repulsive idea. We began to think about a “New Town.” Of the many definitions of a New Town, I prefer the one given by Ada Louise Huxtable in the New York Times: a New Town is a large-scale development with residential, commercial, industrial, cultural and civic functions. In other words, a well-rounded community.

Marnie: Is Mr. Simon still alive…I hope so...... he sounds like such a good guy?

Steve: Yes Marnie Mr. Simon is alive and living in Reston at Lake Anne, where it all started. You can kind of visit him at the Lake Anne Plaza….his life size bronze sculpture sits on a park bench there. You can sit beside him after learning more about the very cool history of Reston at the Reston Museum.

ales in the Lake Anne section of Reston, Virginia continued briskly in July, with more homes closing this year than last in all categories except detached homes. Below are the statistics comparing sales from last July to this July for both number of units sold and the average net price (price less seller incentives).

Number of Detached Homes Sold From 7/1/08-7/31/08: 3
Average Net Price in 2008: $ 486,000
Number of Detached Homes Sold From 7/1/09-7/31/09: 1
Average Net Price in 2009: $ 560,000
Percentage Price Change: *because of the small sample size, this will not be an accurate reflection of the change in value

Number of Townhouses Sold From 7/1/08-7/31/08: 6
Average Net Price in 2008: $ 523,500
Number of Townhouses Sold From 7/1/09-7/31/09: 13
Average Net Price in 2009: $ 439,615
Percentage Price Change: -16%

Number of Condominiums Sold From 7/1/08-7/31/08: 14
Average Net Price in 2008: $ 328,318
Number of Condominiums Sold From 7/1/09-7/31/09: 18
Average Net Price in 2009: $ 279,808
Percentage Price Change: -14%

Total properties (all 3 types) sold in July of 2008: 23
Total properties (all 3 types) sold in July of 2009: 32
Percentage change in numbers sold: +28%

The sales of condominiums and townhouses in the Lake Anne area of Reston, Virginia reflect real estate trends that are being reported in other areas: while sales are going up, prices are going down. This was not true of detached homes, as reflected in the data above. Of course, the nature of Lake Anne is that there are fewer detached homes than townhouses and condominiums. The decrease in price may be attributed to a national increase in the number of short sale and foreclosure properties being sold, but this information is not readily available.

As you can see from the decrease in price and increase in sales of condos and townhouses, many entry level and mid-level buyers are taking advantage of the current buyers markets and advantageous interest rates to purchase homes. The government First Time Buyer incentives are also likely to be contributing to the increased number of units sold for these low to mid-priced homes.

Across all areas in Reston, an increase has been seen in the number of townhouses sold. In Hunters Woods and North Point, there as been an increase in the average net sales price while Lake Anne has seen a decrease. Keep in mind that since in many cases the numbers of units sold is relatively small, a very high or very low price can have a big impact on the average price.

For more information about sales in the Hunters Woods section of Reston: Market Report Hunters Woods July 2009

For more information about sales in the North Point section of Reston: Market Report North Point July 2009

Despite what you hear in the press, I found this to be a very busy Spring. As you can see from the numbers below, homes continue to sell in Lake Anne but fewer sold this Spring than sold at the same time last year, particularly in the condominium segment.

Number of Detached Homes Sold From 4/1/08-6/30/08: 4
Average Net Price in 2008: $ 651,375
Number of Detached Homes Sold From 4/1/09-6/30/09: 6
Average Net Price in 2009: $ 529,000
Percentage Price Change: -18% (but a very small sample size may provide skewed results)

Number of Townhouses Sold From 4/1/08-6/30/08: 34
Average Net Price in 2008: $ 406777
Number of Townhouses Sold From 4/1/09-6/30/09: 34
Average Net Price in 2009: $ 387,697
Percentage Price Change: -4%

Number of Condominiums Sold From 4/1/08-6/30/08: 54
Average Net Price in 2008: $ 338,428
Number of Condominiums Sold From 4/1/09-6/30/09: 40
Average Net Price in 2009: $ 331,937
Percentage Price Change: -2%

There were 92 units (all types of housing) sold in 2008 in Lake Anne and only 80 sold in 2009 for a 13% decrease in the number of units sold. Price decreases were most significant in the Detached Home segment with prices dipping slightly in the townhouse and condominium sales.

This date is from the MRIS system.

If you are interested in buying or selling a home in Lake Anne, I would be happy to meet with you and discuss how these numbers will impact your investment. My direct line is 571-643-4902.

Is there anything better than a fresh tomato? Here in Reston, we have the honor of hosting an awesome Farmer's Market, The Reston Market each Saturday morning from May to October at Lake Anne Village Center.

If you have not had a chance to wander through this market, which is held during the Spring and Summer months, I highly recommend it. You will find much more than just tomatoes! Some of the items featured include (but are not limited to) pies, cheeses, buffalo meat, other cuts of meat, plants, herbs, jewelry, bread and of course fresh fruit and vegetables.

Located in the parking lot of the Lake Anne Village Center, the market will open this year on May 9, 2009. The hours of the market are 8 am to Noon. The market remains open in to October.

Voted by the readers of Northern Virginia Magazine as the 'Best in Northern VA' for 2008, this market is worth the trip.

I hope to see you there!

In 2008 there were a total of 300 units (detached, townhouse and condominium) of real estate sold in Lake Anne, Reston, Virginia (zip code 20190). The

highest priced unit was a detached house that sold for $1,275,000. The lease expensive unit was a condominium that sold for $120,000.

Detached Homes 2008
Total Sold: 17
Price Range: $450,000-$865,000

Townhouses 2008
Total Sold: 97
Price Range $220,000-$799,000

Condominiums 2008
Total Sold: 186
Price Range: $120,000-$1,275,000

For comparison purposes, in 2007 there were a total of 391 units sold in the 20190 zip code. The most expensive was condominium at $3,135,232 and

the least expensive was a condominium at $173,500.

Detached Homes 2007
Total Sold: 17
Price Range: $470,000-$1,050,000

Townhouses 2007
Total Sold: 133
Price Range $300,000-$985,000

Condominiums 2007
Total Sold: 241
Price Range: $173,500-$3,135,232

If you would like further information about properties available in the 20190 zip code or if I can help you price and sell your property in Lake Anne, please let me know how I can assist you. I am available by phone at 571-643-4902 or by email at hollyweatherwax@mris.com.

All information was taken 1/1/08 from MRIS and is believed, but not guaranteed, to be reliable.