Real Estate Focus Reston Summer 2013 Page 3 Housing’sHousing’s GubernatorialGubernatorial CandidatesCandidates RoaringRoaring SpeakSpeak inin RestonReston Rebound?Rebound? News,News, PagePage 44 News,News, PagePage 33 Entertainment, Page 19 ❖ Sports, Page 17 ❖ Classifieds, Page 15 Classifieds, ❖ Opinion, Page 6 HerndonHerndon HighHigh ClassClass ofof 20132013 GraduatesGraduates News,News, PagePage 1818 The Herndon High School Class of 2013 celebrates their graduation Tuesday, June 18 at the Patriot Center. Photo by Connection Alex McVeigh/The online at www.connectionnewspapers.com www.ConnectionNewspapers.comJune 26-July 2, 2013 Reston Connection ❖ June 26-July 2, 2013 ❖ 1 lost (adj): 1. unable to find the way. 2. not appreciated or understood. 3. no longer owned or known Adopt Donate Volunteer Volunteers needed for adoption events, fostering, transportation, adoption center caretaking and more. lostdogandcatrescue.org An Oral Treatment Option for Relapsing Forms of Multiple Sclerosis (MS) An informative event for people living with MS and their caregivers. Brandon Yehl, PA Louis Medved, MD and Infusion Center Thursday, July 11, 2013, 6:30PM Maggiano’s Little Italy 2001 International Drive McLean, VA 22102 Space is limited. A light meal will be served. To RSVP, please call 1-866-703-6293 or e-mail [email protected]. Event code: TR220581 MS.US.PO1497.0313 2 ❖ Reston Connection ❖ June 26-July 2, 2013 www.ConnectionNewspapers.com Reston Connection Editor Kemal Kurspahic News 703-778-9414 or [email protected] Photos by Victoria Ross/The Connection by Victoria Photos A construction worker frames the second story of a Oakton East, a Stanley Martin townhome development, is billed as a “downsizer’s townhome in Pulte’s MetroWest development, a new dream." The 35 “large, luxury townhomes" begin at $700,000 for 2,700 to 3,800 square Fairfax infill development of 50 homes that includes feet of finished living space. On Friday, construction crews began work early on the luxury condos and townhomes in the $550,000 to development, which is almost sold out. For more information, go to $800,000 range. For more information, go to www.stanleymartin.com. www.pulte.com/communities/va/fairfax/metrowest. Housing’s Roaring Rebound? Buoyed by low mortgage rates, low regional un- Pent-up demand creates employment, growth in the number of households seller’s market for Northern and rising consumer confidence, the residential real- estate market in Fairfax County and the rest of North- Virginia real estate. ern Virginia has rebounded in a big way. Unlike the last five years, demand is up and sup- By Victoria Ross ply is down. In fact, in some particularly desirable The Connection Newspapers neighborhoods, the transition from a buyer’s market to a seller’s market is all but complete. n February, Patricia Stack, a broker with Call it the new “reality in realty. Weichert Realtors, held an open house for a “There is an oversupply of buyers and less inven- I single-family home for sale in Vienna just tory right now in the market, said Anil Khanna, a listed for $739,000. Within three hours, more real estate broker with Champion Homes Realty in than 70 people toured the home. Chantilly. “I have seen it to be a seller’s “The home went under contract sub- Real Estate Focus market based on the number of offers I stantially above list price, Stack said. Summer 2013 have seen with the properties that I have “2013 has started with a bang in North- bid on for buyers. ern Virginia real estate. In fact, it ap- Khanna added that low interest rates pears to be a market more like 2005-2006 than any- are beginning to rise, and that has created a sense of thing we’ve seen since, Stack said. urgency with buyers. “Buyers seem finally to be realizing that prices have According to Freddie Mac, the rate for a 30-year, bottomed out and the current combination of low conventional, fixed-rate mortgage rose to 3.54 per- prices and historically low interest rates will likely cent in May from 3.45 percent in April. not be repeated in our lifetimes, Stack said. “Many buyers are trying to purchase something this Local developer John Sekas created Oakcrest Farms, an Alison Sherman, an agent with Keller-Williams in year rather than next, due to the anticipated increase “ensemble of seven high-end single-family homes selling McLean, is seeing the same trend. In the spring, she in interest rates, Khanna said. for more than $1.5 million with at least 5,000 square sold a home in Vienna in three days with multiple Despite some similarities to the boom period in feet." The development is embedded in the original offers. housing nearly a decade ago, market conditions that Oakcrest Farms community, which has 54 colonial-style The 5-bedroom Colonial, built in 1976 on Ferol led to the housing bust are vastly different, accord- homes built in the 1980s. Located off Hunter Mill Road Drive, listed for just under $1 million, and sold ing to national housing experts. between Vale Road and Route 123, the development has $132,000 above list price. “The boom period was marked by easy credit and sold four of the seven homes, which feature gourmet “It’s a great time to sell your home. Statistics show overbuilding, but today we have tight mortgage kitchens, stone fireplaces and two-story family rooms, the average sales price is up and the average days credit and widespread shortages of homes for sale, and optional media rooms. For more information, go to on market are down, Sherman said. See Demand, Page 9 www.sekashomes.com. www.ConnectionNewspapers.com Reston Connection ❖ June 26-July 2, 2013 ❖ 3 News Gubernatorial Candidates Speak in Reston for Virginia, especially Northern Virginia, Photo by Photo Northern Virginia it to make it foolish to leave. We’re going to Technology Council have an awful lot of entrepreneurs right here that are going to be making that deci- hosts Ken Cuccinelli, Alex McVeigh sion.” McAuliffe said that a key part in attract- Terry McAuliffe. ing businesses is fixing the transportation problems in the region. He quoted statis- By Alex McVeigh tics that said Northern Virginia drivers The Connection /The Connection spend 67 hours per year in traffic, compared to 43 in Hampton Roads, which translates he Northern Virginia Technology to billions of dollars lost in traffic. Council hosted Virginia’s two gu- “I think mass transit is something great Tbernatorial candidates Thursday, for Virginia. It gets cars off of roads and June 20 at Microsoft’s Reston puts people into mass transit and it’s a huge offices. Republican Ken Cuccinelli and driver for economic development,” he said. From left, Virginia gubernatorial candidates Ken Cuccinelli and Terry Democrat Terry McAuliffe spoke about their Cuccinelli said he felt a major change is McAuliffe address members of the Northern Virginia Technology Council goals for Virginia if elected, and also an- needed in how Virginia addresses transpor- Thursday, June 20. swered questions from panelists and audi- tation problems, and cited that as a reason ence members. possibility of reduced federal spending in to a bone, I’m going to do everything within for why he didn’t support the recent state Cuccinelli, a former state senator for the the near future. my power.” transportation funding bill. 37th District, is currently Virginia’s attor- McAuliffe said Virginia must diversify its Cuccinelli said he would place less em- “One of the problems with this bill is that ney general, winning election to that posi- economy, and that he has an open mind phasis on incentives to lure businesses here, it didn’t address what I believe are some of tion in 2009. McAuliffe is a former chair of when it comes to attracting businesses, and instead said he prefers to make the busi- the fundamental challenges of transporta- the Democratic National Committee, and he said he is prepared to examine any and all ness climate one of the most friendly in the tion. We are over centralized, we’re one of co-chaired Bill Clinton’s 1996 campaign, as kinds of incentives. nation. the four most centralized states for trans- well as Hilary Clinton’s 2008 presidential “What’s going to diversify our economy “[Incentives] do have a role to play. It’s portation funding and decision making, and campaign. more than anything else is going to be IT. something that we have to be careful with, that’s a problem. We need the localities and We are the leaders here in Northern Vir- because we don’t want to give unfair ad- regions to have more autonomy from Rich- BOTH CANDIDATES said they are inter- ginia, and I plan to take it to the next level,” vantages to people, particularly if they’re mond,” he said. “If I’m elected, one mea- ested in helping Virginia weather tough eco- he said. “Will I roll back any federal regula- paid for by the folks who have already put sure of success will be that four years from nomic times, particularly with the current tions that could adversely affect Virginia roots down here,” he said. “It isn’t enough now, the governor will have less power sequestration dragging on, and the very real families or businesses? You bet. Like a dog to be the best place to do business. My goal when it comes to transportation.” TWO POOR TEACHERS Kitchen and Bathroom Remodeling CASTLES OF NEW YORK MOTORCOACH TRIP • August 12 – 15 ...............$669 Includes Motorcoach from Vienna or Rockville, 3-Nights Hotel with Daily Breakfast, 3 We Bring the Showroom to YOU!! Dinners & 1 Lunch. Sightseeing for Boldt Castle, Wing’s Castle & Singer Castle.