Tysons East station taking shape

The blue and white cranes looming over the Dulles Toll Road at Wiehle Avenue represent the future, and the future will be called Reston Station, at least for now.

When the ground level station is completed in 2013 there will be entrances on both sides of the Toll Road, a pedestrian bridge and, on the Sunset Hills Road side, parking for 2,300 cars.

The incomplete Metro station has already inspired new business construction in the immediate area, with new offices, retail space and restaurants slated for nearby buildings.

But what impact is the impending public transportation having on residential real estate prices in the immediate area, now and later?

“It’s been interesting,” says Holly Weatherwax of Momentum Realty. “We’re definitely marketing properties that are close to the Reston Station as being close to it, but my view of what buyers are doing, they aren’t necessarily rushing to get out of Arlington because the Reston station is opening. There’s simply more of an awareness that it will open.”

Weatherwax says she hasn’t seen “a big change in nearby prices because of the station yet. It hasn’t translated into dollar signs.”

A small bump

Nikki Ryan, of Concierge Real Estate (will Keller Williams Reston), has noticed “a small bump in residential value for properties located within a quarter of a mile of the new station. The inventory is very tight right now leading to quick sales of properties priced right and in good condition.” She’s also noticed that commercial real estate rates have already gone up as well already around the new rail. 

In addition to the existing businesses, there are a number of builders with permits in hand that could start building “but are waiting to see what market demand is,” Ryan says. “Historically, development slows during election years, and we expect that to pick up next spring, post election.”

Weatherwax also says politics, or at least current events, effects prices. “It sounds like every day there’s some new upheaval about when it will be finished or how it’s going to be funded. People are reluctant to bank on it even though it’s clearly happening.”

What’s “walking distance?”

Those with residential properties in the vicinity don’t seem to be clamoring to put their homes on the market, if a survey of “for sale” signs on both sides of the Toll Road are any indication.

“If I had a property and it were rented and cash flowed positive I would keep it and see what happens,” Ryan says. “Properties near Metro rent easily. If you look at the Springfield metro station, that didn’t really affect the area at all because they all have to drive to the Metro. If you can walk then your price goes up; if you have to drive, it is a nice feature but it’s not going to drive up your value.”

And walking distance is subject to debate. Weatherwax has a four-level listing in a leafy cul de sac just off Wiehle at 11120 Wedge Drive for $710,000. It’s about a mile from Reston Station.

Can it be advertised as “walking distance to Metro”?

“Other people won’t think that it is but I certainly would,” she says. “It’s the Reston mentality. It would obviously be walking distance in Arlington.”