Status of Reserve Listings

Here is what has happened in the Reserve since August of 2010:

7820 Loughran is still on the market for $2,490,000. It has been on the market for 595 days. It was originally listed for $2,700,000 on 6/2/09, then reduced to the current price on 8/11/10.
928 Dominion Reserve is still on the market for $2,895,637. It has been on the market since 5/20/10 (228 days). It was originally listed for $2,995,000, then reduced to the current price on 7/1/10.
884 Alvermar Ridge is still on the market. It was originally listed for $2,995,000 on 6/23/10 and was reduced to $2,785,000 on 10/11/10. It has been on the market for 210 days and is now vacant.
1012 Founders Ridge has been on the market for 208 days. It was originally listed for $6,750,000 on 6/25/10 and then reduced to $6,250,000 on 10/1/10.
936 Dominion Reserve was withdrawn from the market after 167 days. It was listed for $2,850,000 on 7/1/10.
1017 Founders Ridge is still on the market for $4,850,000 (194 days). It was listed on 7/9/10. There have been no price reductions.
904 Centrillion settled on 11/15/10 for $2.3M after being on the market for 56 days. It was originally listed on 8/24/10 for $2.695M then reduced to $2.475M on 9/28/10.
1072 Silent Ridge settled on 9/22/10 for $2,500,000. It was listed for $2,750,000 for 93 days.
887 Alvermar Ridge Drive has been on the market for 111 days. It went on the market on 9/30/10 for $4,980,000. There have been no price reductions.

The good news is that we already hit the bottom of the market in 2009 (according to the Case-Shiller index published in the Washington Post) and the market is recovering in price ranges up to about $2,000,000. We are expecting the higher price ranges to follow. However, even though the market is in a recovery, it may be a while before market values come back up to peak values. But, in the lower price ranges, there is price pressure up.

Tania Hosmer

Tania grew up in Northern Virginia and is a life long resident of the area. She has lived in the Reserve in McLean, Virginia with her husband and 2 children since 2001. Tania and her husband Jim purchased their lot in Section 1 of the Reserve in June of 1999 and built their home in the following 18 months. She holds a bachelor’s degree in Physics from Mary Washington College and an MBA in Finance from The George Washington University. Tania began her real estate career over 20 years ago. In addition to real estate sales, her experience includes managing residential renovation projects in the greater Washington area, planning and overseeing new residential construction and managing rental properties. After completing her MBA in 1996, she joined CIG International (a Washington-based residential real estate investment firm) as Vice President where she conducted extensive due diligence investigations of real estate investment opportunities and oversaw ongoing investment projects. Tania became a residential real estate agent in 2006.

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