In Positive Sign for Loudoun, New Home Community Reopens for Sale

• June 24, 2009

by Will Smith

In further evidence that the hard-hit DC exurb of Loudoun County is seeing signs of life in its real estate market, local blog LoCo Musings reports that homebuilder Lennar is advertising the reopening of Martin’s Chase, a community of hew homes in Leesburg. Lennar had put the project on hold last year.

Heather of LoCo Musings writes:

“I was paging through last week’s print edition of the Loudoun Times Mirror, and came across a full page ad from Lennar, a home builder, that announced that they were coming back to Martin’s Chase. They had stopped building there last year when the market was stagnant for new home construction. Is this another sign of market recovery?”

Here’s the ad:

Credit: LoCo Musings

Loudoun and its neighbor Prince William County were among the first areas in the DC region where the real estate bubble burst, with painful price declines and foreclosures rapidly following suit. But because they were the first to fall, they also appear to be first to recover. Evidence is mounting that the markets in these two outside-the-Beltway exurbs in Northern Virginia are well on their way back to normalcy — or are even already there. Indeed, earlier this month the Loudoun Times-Mirror asserted that the relatively low level of housing inventory in the county qualified as a “seller’s market.”