Living in Reston: Parc Reston
The “Living in Reston” blog series is intended to assist prospective buyers in their
home purchase by providing a brief market summary of various neighborhoods in the Reston, VA area. In this post, we will discuss Parc Reston, a garden style condo complex that was built in 1985.
Quick Facts
The Parc Reston community is comprised of 336 condominium units and is located approximately 5-10 minutes (walking distance) from the Reston Town Center. Condo units come in 7 different floor plans ranging anywhere from 690 sqft to just over 1,000 sqft. There are about 100 1bd/1bth units, 80 2bd/1bth units, and 150 2bd/2bth units in the complex. In addition, a large majority of these condos (60%) are owned by absentee owners (investors who are not living in their units). Condo fees range anywhere from $250-$350/month depending on the size of the condo.
The following is a break down of the different types of floor plans within Parc Reston:
Bryant: 90 Units
Greenwhich: 24 Units
Bryce: 6 Units
Gramercy: 63 Units
Luxumburg: 6 Units
St. James: 87 Units
Tivoli: 60 Units
History
Prior to 2005, the complex was owned and rented by Athena Renaissance Reston. In 2005, 336 Parc Reston apartments were refurbished and converted to condominiums. The other 82 units, located on the corner of Reston Parkway and Temporary Rd. were maintained as rental units. The conversion of the apartments to condos was made at the peak of the market, and condos were being sold anywhere from $350,000 (1bd 1bth) to over $400,000 (2bd 2bth). Prices bottomed out around 2007-2009 and have since recovered, but not close to their previous highs.
In 2012, the 82 remaining rental units were demolished to make way for two 14-story towers called the Harrison Apartments. These high rises are composed of 360 luxury 1, 2, and 3 bd/bth apartments with luxury amenities including a rooftop pool and club, health and fitness center, massage rooms, an outdoor dog park, entertainment rooms with virtual golf, and electric car charging stations, to name a few. Units range anywhere from approximately $2k-$3k/month for 1bd/1bth, $3k-$4k/month for 2bd/2bth, and $4k-$5k for 3bd/3bth.
Benefits
The close proximity to these luxury apartment buildings along with other relatively expensive high rise condos in the Reston Town Center adds value to the Parc Reston community.
In real estate, there is a something called the "principle of progression". It states that a property of lesser value is enhanced through proximity with higher value properties. The opposite of this is the "principle of regression": property of higher value is negatively affected when in close proximity to lower value property.
In other words, it can be advantageous if you purchase the cheapest place in the nicest area. The Parc Reston community is just that. It is in a great location and prices are a fraction of those surrounding it. This presents a very unique opportunity for owners of these units.
There is a high demand to live within walking distance to the Reston Town Center. The town center includes many well known restaurants, bars, and retail stores including Morton's, Jackson's, American Tap Room, Passion Fish, Clyde's, Apple,
Victoria's Secret, Bowtie Cinemas, etc. It is also is home to large companies including Google, Leidos, and Rolls Royce. In addition, the close proximity to the Wiehle, and soon to be Reston Parkway Metro along with Access to the Dulles toll road makes this a very desirable location.
This high demand allows owners to benefit from long term price appreciation and to have a stable source of passive income should they decide to rent the property in the future.
New Development
The Fairfax County Board of Supervisors has approved plans for Reston’s tallest building, One Reston Town Center. The 23-story 420,000 sqft office tower is going to take the place of the Weichert building on Reston Parkway (directly across the street from Parc Reston). The building will offer tenants panoramic views extending from downtown Washington, DC to the Blue Ridge Mountains. The building will feature a six-story glass enclosed atrium lobby, a 30,000 square-foot landscaped, outdoor plaza on the seventh floor, and a rooftop lounge and terrace that complement sophisticated design elements and flexible floor plans.
It goes without saying that this building will be draw for large office tenants and bring more jobs to the area. As a result, the demand for living space in Parc Reston (being that it is directly across Reston Parkway from this building) is expected to increase along with prices and rents.
Drawbacks
After looking through reviews of current and previous owners/renters on Yelp.com, people complained about the property management and how they dealt with snow removal, parking, day-to-day maintenance, construction projects, and overall customer satisfaction.
As of 8/9/2016, the Parc Reston website showed two of five board member seats were vacant, which can indicate some board dysfunction.
Conclusion
If you are looking for property in a good location, for a relatively low cost, which has potential to be a good investment property down the road, this is a perfect community for you to take a look at!
Click here to schedule a tour of active rentals and sales in Parc Reston. As always, don’t hesitate to reach out to me if you would like to schedule a tour!
-Kevin Barbera
