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“Surban” | The Housing Trend that May Change the Market

Most people are familiar with the urban, suburban and rural classifications. The new trend emerging is “surban” neighborhoods – a mix of urban and suburban, it’s classified as a mostly suburban area with a central urban hub such as a a vibrant town center. Homeowners in these surban communities have the option to live in a home with more land while being close to a downtown area, or to live in the downtown area itself, taking advantage of the convenience and walkability of a true urban city.

Developers in the Northern Virginia area have stayed ahead of this trend and there are a number of communities in the area that would be deemed surban. As a buyer, you may want to focus on these surban areas as they become more desirable and valuable. In fact, the Urban Land Institute estimates that surban communities will draw at least 80% of new households over the next decade!

Below is a list of communities in the area, both planned and existing, that are surban in nature.

EXISTING

Reston Town Center

Reston Town Center has long been the textbook example of a planned surban community across the country. With the introduction of the Silver Line Metro and subsequent ongoing development, it embodies the concept of downtown mixed-use hub surrounded by suburban homes. Reston Town Center itself offers condos, apartments, retail, office space, townhomes within walking distance and more development underway. The average sales price of an RTC condo in 2017 was $513,813.

One Loudoun

One Loudoun is unique in that there are no residential units directly above the retail and commercial. The downtown area is separate yet within walking distance to the residences. The majority of homes are detached or townhouse style, though condominiums are being introduced with a “city feel” – modern finishes, rooftop terraces, etc. The community also has its own amenities. In 2017, detached homes sold for an average of $754,210 and townhomes went for $670,591.

Mosaic District

Mosaic has no condos for sale – only apartments for rent – but it does offer townhomes. Their anchor store is Target, which attracts people with its name, who then stay for the boutique shops and restaurants. Like RTC and One Loudoun, Mosaic also has a movie theater, the Angelika Film Center. It’s centrally located in Fairfax near 495 and 66. The average sales price of a Mosaic townhome in 2017 was $794,180.

PLANNED/UNDER CONSTRUCTION

Cascades Overlook

Cascades Overlook is currently under construction off Rt. 7 in Sterling. Developed by Wormald, the 2-level, 3-bedroom condos are also designed to have a city-like feel. The plaza, right across the street from the residences, offers shops and dining including a Harris Teeter and Cava Mezze. Condos start in the $480s and models are open on site.

Kincora

Kincora is in the very early development stages but will be quite impressive once complete. Located off Rt. 28 just before Rt. 7, the community will offer 4 million s.f. of office space, 500,000 s.f. of retail, and 1,400 condos and apartments. It will also include a luxury resort hotel and the Children’s Science Center. Pricing has not been set for the condominiums.

Crescent Place

Crescent Place has a unique design with townhomes directly on top of retail. It also has a unique location within walking distance to downtown Leesburg. Upon completion, it will offer 224 elevator and terrace townhomes plus 30,000 s.f. of retail and commercial space. These townhomes are currently sold out.

These are just a few of the upcoming surban developments in the area. Others includes Gramercy DistrictArcola Center and Moorefield Station. Loudoun County will be the centerpiece for much of the development activity. If you would like to get your foot in the door at one of these communities or learn more information, contact Palmer at palmer@palmerharned.com.

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