I see from this Restonian article that the real estate blahs are also wandering the streets of Reston which at one time seemed to be immune from any bumps in the real estate market.
Our streets as you can see from the picture look a little different here on the coast.
Real estate has seen some similar challenges on the coast, but we have not seen many foreclosures. Also on the coast of North Carolina we never got too far beyond reasonable housing. Our market even at the peak had new single family homes available for $219,000, and those homes were just seven or eight miles from the beach.
Now that the bubble has gone from home prices, you can buy one of those homes for $189,000. We still have our share of more expensive homes, but the reality is that you can get a really nice three bedroom home with two baths in a community on the water with a swimming pool, clubhouse, and boat ramp for under $330,000. Given the grand scale of American real estate, that is still a deal since the taxes on the home would be just slightly over $1,000.
Real estate is a very local business. It can be very weird. I can remember when we were looking for my daughter's townhouse in Reston. She got faxes every morning, and often before she saw them, the homes they were gone. She ended up in a great spot, but paid $250,000 for a townhouse that was 30 plus years old.
At the time the price seemed ridiculous, but it was bought far enough before the bubble, that she got a great buy. Now we are close to the bottom of the real estate cycle. There are some great buys especially here on the coast where there are few buyers. Yet most people have seen their portfolios decrease enough that buying a second home is seen as impossible.
Still the ones who manage to come up with the money will find some great buys. I am getting ready to list this home in Pine Knoll Shores. It occurred to me that $599,000 would likely buy a lot less in Reston than here on the coast.
The Pine Knoll Shores home is across the street from Bogue Sound, around one half mile from gated private parking for beach access which costs $100 per year, and has over 3,300 square feet. You can hear ocean waves from the immaculately landscaped yard. The soundside golf course is just down the street as is the local marina. More information is at this link on the Crystal Coast electronic village.
In Reston you pay for being close to the Toll Road and easy access to Washington. Here on the Crystal Coast you pay for access to water.
They are different worlds. Traffic is the bane of a Reston resident existence. We like to see some traffic since it means tourists are coming and local businesses will thrive.
Heat in Reston slowly cooks you, heat here on the coast makes the ocean waves inviting.
A weekend in Reston often means fleeing the city and sitting in traffic. Here we worry more about boat traffic on the weekend than car traffic. Fortunately the ocean is pretty big and the county has more water than land.
A local eating place in Reston is often a large chain restaurant, a local place here is often like the Fairway, a small family run restaurant.
Reston area jobs are often high paying. Here on the coast, jobs are a challenge to find.
The prices in our respective real estate markets reflect those realities. Given a choice people would probably chose Reston style jobs in a pleasant laid back coastal environment like Carteret County.
Unfortunately it does not work that way. The good news is that people often find times in their lives to appreciate places like Reston and NC's Crystal Coast.
I still miss the convenience of Reston, but there is a lot that I no longer, but my priorities have changed. You cannot even tell that I ever wore a wrist watch.
Read more about North Carolina's "secret to share" at the Crystal Coast Living Blog.
