News and notes from Reston (tm).

Monday, October 17, 2011

Flashback Monday: In North Reston, Not So 'Mo Money

prices.jpg
Set the earth-toned Wayback Machine to 1989 when, upon arriving at the fancy Reston Visitors Center, you'd be handed a brochure that included this price list. With the exception of the custom cp1 and Wrenn homes, the most expensive homes in this swankest of swank Reston neighborhoods were a mere $588,970 -- admission to one of the astronaut schools included at no extra charge. What an investment! Or, upon disembarking in 1989, you could just put the same amount of money into Apple stock and plan your future move to a private island guarded by your personal squad of nailgun-toting mercenaries, the end.

Posted by Restonian at 12:23 PM

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2 comments:

  1. The ConvictOctober 17, 2011 at 5:49 PM

    That would be the wrong time, if you were going to retroactively purchase a home in North Reston. In the next year or two, the housing market would make a correction as the DC Metro housing market started feeling the effects of the Peace Dividend caused by the collapse of the Soviet Union. At that point, I'm betting that you could get those homes 10-15% cheaper.

    Anyone who tells you that the price of real estate can't go down is an idiot who doesn't understand the basic tenets of free market capitalism.

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  2. AnonymousOctober 17, 2011 at 6:19 PM

    True, but 20-plus years and three recessions later, you still would have turned a tidy profit. That's why realtors (incorrectly) say it's always a Great Time to buy a house, and why it really only makes sense to buy one if you plan to live in it for the long haul. Throw in the likely elimination of the mortgage interest deduction at some point soon, and it starts looking more and more like a break even proposition.

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