The wave of falling real estate prices and foreclosures that has rocked communities nationwide has hit Loudoun County particularly hard.
But even as this rural-turning-suburban county struggles with a $200 million budget deficit and developers walk away from uncompleted subdivisions, there are some neighborhoods that continue to thrive. A good example is Ashburn’s Belmont Greene, where home values have fared better than those in much of the county, and even other neighborhoods in the same ZIP code, thanks to the planned community’s relative maturity and its unique style and amenities.
“There’s really nothing old in Ashburn but most of Belmont Greene was built in the mid-to-late ’90s,” said Realtor Danilo Bogdanovic, who carefully tracks real estate trends on Loudounscene.com. “It was completed before the boom. So it avoided the speculators and investors and builders getting greedy that contributed to the explosion in prices — and it has avoided the collapse in prices.”
He added that a unique type of buyer is attracted to the community, where homes mimic the style of a New England village with lots of big front porches, dormer windows and wooden siding. Belmont Greene is part of the planned urban neo-traditional movement that spawned similar developments like Kentlands in Gaithersburg. It was built to appeal to homeowners looking to replicate small-town living, as opposed to the splendid isolation of the massive red brick colonials favored in more recent Loudoun developments.
The neighborhood cannot be called a bedroom community of Washington; it sits about 35 miles west and more than an hour away during peak traffic. But Belmont Greene provides easy access to major commuter routes like Route 7 to the north and the Dulles Toll Road/Greenway to the south, and Ashburn will be the last stop on the planned 23-mile Dulles light rail that will link with the Metrorail in East Falls Church.
The enclave is a collection of almost 800 single-family homes, town houses and condos. Prices for detached homes start at under $400,000. The commercial center is still under development, with the Village Center at Belmont Greene shopping center nearing completion. Already open are a CVS drugstore, Wachovia Bank and a brand-new Bloom grocery. Adjacent to the complex are the Belmont Greene Elementary School and the private Goddard School and Montessori Academy.
“You have a developer who stuck around,” Bogdanovic said, “unlike in some neighborhoods, where the builders left homes unbuilt and turned back customers’ deposits and left the community in shambles.”
He sees Belmont Greene and Ashburn generally as a community with a strong future, as employers locate farther away from Washington and other close-in employment centers to allow workers to commute from homes they can afford. Even Volkswagen of America’s decision to relocate its headquarters in Herndon just over the line in Fairfax County reflects a desire to draw workers from Loudoun County.
“I thought that was a very smart move, putting their headquarters within reach of both Reston and Tyson’s Corner and Ashburn and Leesburg,” Bogdanovic said. “Slowly but steadily, the employment base is growing. That will grow with the Dulles light rail.”
Top Reasons to live in Belmont Greene
Small town vibe
The community — no more than half a mile wide — is designed to encourage walking and neighborliness. It features narrow, tree-lined streets, rear-loading alley garages and homes set close to the curb to promote folks talking to passersby from their porches.
Community recreation
The neighborhood includes a community center with a kitchen and fireplace and room for Belmont Greene Community Association meetings. The center has a bathhouse for swimmers using the adult and kiddy pools and an area for picnics. The community also has regulation-size tennis and volleyball courts and two large tot lots. Hikers can enjoy the Washington Old Dominion Trail, which forms the northern border of the neighborhood, separating it from the Belmont Greene Country Club.
Dulles Metrorail
The Metropolitan Washington Airports Authority plans to extend the existing subway system from the East Falls Church Metro station to Washington Dulles International Airport and Ashburn. Assuming construction begins next year – the project is in its final design stage – it would connect Ashburn by 2013.
At a glance
October 2008
Average sold price for homes in the 20147 ZIP code: $376,796
Average list price for homes sold in the 20147 ZIP code: $393,282
Average days on the market for homes sold: 100
October 2007
Average sold price for homes in the 20147 ZIP code: $503,449
Average list price for homes sold in the 20147 ZIP code: $538,916
Average days on market for homes sold: 89
