About Reston's Lake Anne Village Center

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.

Here are some photos from the famous Lake Anne Village Center. This was the first section of Reston to be built and the place where I spent a lot of my child hood. I have fond memories of playing in the fountain, the playhouse and the cement play area (on the left). We actually used to dive off the towers and swim in the lake...not allowed to do that now! I remember my surprise when my childhood playground showed up in my college Fine Arts textbook.

For more information about Lake Anne, there is a website that you can go to: http://www.lakeanneplaza.com/lap_site_/lap_idx.htm

At the website you will find more information about the merchants, the concerts, the museum and scheduled activities.

There is currently one waterfront home (as indicated by the multiple list system) for sale, listed at $560,000.