best investment area (Reston, Franconia, Springfield: low income, real estate, condo)

[Geotrekker]

Hi,

Long time Northern Virginian, but was looking for some advice from others. I am 27, buying my first home in a few months. I'd really like to buy into an area that will have great growth, for medium and long term investment purposes. I've been following many of the projects/redevelopment plans for the county pretty closely, but I was wondering what others thought comparing these areas over the next 5-10 years:

Merrifield
Reston Wiehle
Reston Town Center
Tysons East (b/w 123 and Magarity, etc.)
other good areas of Tysons
Vienna Metro
Springfield metro area


If you were buying your first home, at or under 350K, where would you buy it? any of those areas? other areas I'm missing?

Thanks!

[DC Oldtimer]

My suggestion to you.

Pick a half dozen or so houses in each area you are seriously considering. Go to the county real estate tax assessment site, enter the addresses, and look at how well each home has held its value over the last few years (the crash). That will give you an idea which areas are best holding their value.

To give you an idea of just how much variation we've seen, a friend of mine lives a few miles away inside the Beltway. Values in her neighborhood are down almost 30%. We're outside the beltway, less than three miles from her. Our neighborhood is down, but by less than 10%.

Fairfax County

[statecollege]

I can't make comparisons but can throw out some thoughts on ther Springfield Metro area. Once the economy picks up there should be redevelopment in "downtown" Springfield (Old Keene Mill/Backlick area) and Springfield Mall. This had been planned but then put on hold. The new NGA building under construction on the former Engineering Proving Ground near Pallone Chevrolet should help to increase real estate activity in the near term. The GSA warehouses should go within 10 years, which will open up many acres to some kind of development. The Fairfax Parkway missing link in the Saratoga area is due for completion within 5 years I believe, further boosting commuting for some. The I-95-I-495 interchange is virtually complete, another plus to the area. I would not be surprised if some developer offers to buy as a package many of the homes across Franconia Rd from Springfield Mall between I-95 and Lee HS. These are mostly old, one-story small homes, and many in soem disrepair. this could be outside your 10-yr window. All of these factors--and they are many--should enhance the real estate picture in the general Metro area.

[live_strong28]

Originally Posted by Geotrekker

Hi,

Long time Northern Virginian, but was looking for some advice from others. I am 27, buying my first home in a few months. I'd really like to buy into an area that will have great growth, for medium and long term investment purposes. I've been following many of the projects/redevelopment plans for the county pretty closely, but I was wondering what others thought comparing these areas over the next 5-10 years:

Merrifield
Reston Wiehle
Reston Town Center
Tysons East (b/w 123 and Magarity, etc.)
other good areas of Tysons
Vienna Metro
Springfield metro area


If you were buying your first home, at or under 350K, where would you buy it? any of those areas? other areas I'm missing?

Thanks!

Buy where the schools are good, convenient transportation, and close to shopping....in that order. With the first suggestion, someone/some family will always want your home b/c of the schools.

[Denton56]

I would nix Reston because the houses are getting older and they are mostly rather small by today's standards. The Reston association prevents expansion and additions to homes also does not permit tear downs. Reston has more low income housing than other areas and most of the schools are not good. No one wants to be redistricted into South Lakes high school. Reston also has a special tax district, so people pay more to live there. All those things are going to make Reston less and less attractive as it continues to age.

Vienna and closer in would be a better bet.

[live_strong28]

Originally Posted by Denton56

I would nix Reston because the houses are getting older and they are mostly rather small by today's standards. The Reston association prevents expansion and additions to homes also does not permit tear downs. Reston has more low income housing than other areas and most of the schools are not good. No one wants to be redistricted into South Lakes high school. Reston also has a special tax district, so people pay more to live there. All those things are going to make Reston less and less attractive as it continues to age.

Vienna and closer in would be a better bet.

Vienna for "at or under 350k?" Sounds like a teardown, if it exists.

[themommy]

Originally Posted by Geotrekker

Hi,

Long time Northern Virginian, but was looking for some advice from others. I am 27, buying my first home in a few months. I'd really like to buy into an area that will have great growth, for medium and long term investment purposes. I've been following many of the projects/redevelopment plans for the county pretty closely, but I was wondering what others thought comparing these areas over the next 5-10 years:

Merrifield
Reston Wiehle
Reston Town Center
Tysons East (b/w 123 and Magarity, etc.)
other good areas of Tysons
Vienna Metro
Springfield metro area


If you were buying your first home, at or under 350K, where would you buy it? any of those areas? other areas I'm missing?

Thanks!

What kind of home are you looking for? Condo, townhome, single-family?

[JakilaTheHun]

If you want to invest, my suggestion is to not buy a home. Buying a home for investment purposes is foolish. The returns historically are only in the 7% range and even that might be a bit inflated by economic prosperity. If you want to invest in real estate, I'd recommend buying into very beaten down REITs instead.

If you want a place to live, then by all means, by a home. Just don't expect any major returns and be prepared for prices to go down further, because there's a reasonable possibility that they will. If you want the most secure areas, consider the dynamics that could drive prices down in the future. High oil prices will probably be a weight on deep suburban areas for awhile. The areas that will be more likely to retain value are those with great access to public transit.