Where To Buy, Work in Tyson's, youngish, single - $525k (Reston: real estate, apartments)

[DagSocks]

Hello,

I need to buy (or rent soon, skeptical of market) relatively soon. I work in the Tyson's area and my budget is $525k. I'm single with a dog and in my lower 30s.

Looking to buy a TH or house but it seems inventory in my price range and criteria is scarce.

I'm primarily interested in areas that will be good to me and my dog: Vienna, parts of Falls Church, out to Reston and the Fox Mill area. Since I'm single, i'd like to live in an area with some young people and not one dominated by families.

My primary concern is buying now would be at the peak - rising rates (maybe next year maybe not), retiring and moving boomers, etc... Everyone tells me I'm wrong about this BTW.

But seriously - an old, small TH for $500k.. Resale is a concern even though I'm lucky enough to have good job security.

If you were in my shoes, where would you buy? How is Oakton?

Thanks

[NOVA_guy]

I'm a bit biased because I love Tysons and I love what FFX County is doing to the area as far as re-branding and making it more walkable so I'd vote Vienna (which neighbors Tysons). Also, from a commuting perspective, it gets no better than that.

Your budget could work, obviously you wouldn't be looking at a brand new TH but you still could get something that's nice.

Oakton is nice as well but I'd look at Falls Church or Vienna first only because of Metro options, closer to DC, etc.

[spencgr]

Originally Posted by NOVA_guy

I'm a bit biased because I love Tysons and I love what FFX County is doing to the area as far as re-branding and making it more walkable so I'd vote Vienna (which neighbors Tysons). Also, from a commuting perspective, it gets no better than that.

Your budget could work, obviously you wouldn't be looking at a brand new TH but you still could get something that's nice.

Oakton is nice as well but I'd look at Falls Church or Vienna first only because of Metro options, closer to DC, etc.

This is very good advice. I would also recommend Reston Town Center area.

[DagSocks]

Originally Posted by NOVA_guy

I'm a bit biased because I love Tysons and I love what FFX County is doing to the area as far as re-branding and making it more walkable so I'd vote Vienna (which neighbors Tysons). Also, from a commuting perspective, it gets no better than that.

Your budget could work, obviously you wouldn't be looking at a brand new TH but you still could get something that's nice.

Oakton is nice as well but I'd look at Falls Church or Vienna first only because of Metro options, closer to DC, etc.

This - 2815 Knollside Ln,
Vienna, VA 22180 - backs up to 66
Zillow: Real Estate, Apartments, Mortgages & Home Values

Or

This - 2779 January Ct,
Falls Church, VA 22043 - hear this is a decent neighborhood but not sure

Zillow: Real Estate, Apartments, Mortgages & Home Values

I've been considering those two neighborhoods as well as some a little more expensive around gallows/electric. Missed out on a good one that sold in the spring.

[FCNova]

Originally Posted by DagSocks

But seriously - an old, small TH for $500k.. Resale is a concern even though I'm lucky enough to have good job security.

If you were in my shoes, where would you buy? How is Oakton?

Thanks

What do you consider small? I live in a townhouse in Vienna, basically on the eastern edge very close to Dunn Loring and Tysons Corner. Townhouses in my development are slightly over 2000 sq. feet and go for 500-560k, depending on condition. One just sold for 562k which was immaculately updated but if you found one that needed some cosmetic updates I could see one going low 500s, close to your price range. I don't consider 2000 sq feet small.

Vienna is a highly desired area and I don't see prices dropping that much in the near future, although I could see some leveling off for awhile if rates rise. You will get more for your money the farther out you look. Oakton is a nice area too.

[DagSocks]

Originally Posted by FCNova

What do you consider small? I live in a townhouse in Vienna, basically on the eastern edge very close to Dunn Loring and Tysons Corner. Townhouses in my development are slightly over 2000 sq. feet and go for 500-560k, depending on condition. One just sold for 562k which was immaculately updated but if you found one that needed some cosmetic updates I could see one going low 500s, close to your price range. I don't consider 2000 sq feet small.

Vienna is a highly desired area and I don't see prices dropping that much in the near future, although I could see some leveling off for awhile if rates rise. You will get more for your money the farther out you look. Oakton is a nice area too.

I was out bid on that townhouse you referenced. I offered list price, great area.

There's another one on the market there but it backs up to a couple businesses.

I want to buy in that area.

[FCNova]

Originally Posted by DagSocks

I was out bid on that townhouse you referenced. I offered list price, great area.

There's another one on the market there but it backs up to a couple businesses.

I want to buy in that area.

I know of another one coming on the market in that neighborhood in a few weeks, a few houses down from the townhouse you bid on so it backs to the same soccer field as that one. May sell for a little less but it is in good shape too so it will go for more than 525k. It is a great area though, I'm sure if you keep at it you'll land one because your budget is in line with what those townhouses sell for.

[fcyolo]

Land is king, I would buy a single family rambler

[FCNova]

Originally Posted by fcyolo

Land is king, I would buy a single family rambler

You get what you pay for. If you buy a rambler for 550k in Vienna/Tysons it's unlivable and marketed as a teardown. You'll have to spend over 600 to get a SFH in livable condition. Sure that's great for people whose budget is 625k+, doesn't help the OP though if he wants to be in that area

[fcyolo]

Originally Posted by FCNova

You get what you pay for. If you buy a rambler for 550k in Vienna/Tysons it's unlivable and marketed as a teardown. You'll have to spend over 600 to get a SFH in livable condition. Sure that's great for people whose budget is 625k+, doesn't help the OP though if he wants to be in that area

You can buy livable rambler's in pimmit hills and dunn loring forest which are both near Tyson's and mosaic.

Teardowns are in the high 400s.