Happy Friday, Northern Virginia!

In this week’s update:

🎿 Fairfax Peak Plans Press On: Alpine-X’s rights to develop the "Fairfax Peak" indoor ski resort in Lorton expire Dec. 31, but the project continues as the developer reevaluates its financial plan amid rising costs.

📊 DC Metro Housing Market Gains Steam Ahead of 2025: Closed sales edge ahead for year after gain in November. The Washington, D.C. metro had 7.7% more closed sales in November 2024 than November 2023. This shifted the year-to-date trend positive, up 0.5%.

💍 Selena Gomez Shares Festive Glimpses of Engagement Bliss: Selena Gomez gave fans another glimpse of her diamond engagement ring while cozying up with her fiancé, Reston, VA native Benny Blanco, in a new Instagram Story post.

⛷️ Developer Will Still Pursue Indoor Ski Resort in Lorton After Losing Exclusive Rights

Driving the news: Alpine-X’s exclusive rights to develop the “Fairfax Peak” indoor ski resort on a former I-95 landfill site in Lorton will expire on Dec. 31. However, the project remains active, with the developer reassessing its financial plan amidst rising construction costs and interest rates.

Details:

• The 450,000-square-foot facility aims to feature the country’s largest indoor ski slope at 1,700 feet, a tubing slope, and a snow field for family-friendly activities like building snowmen.

• The complex will include a 100+ room hotel, restaurants, bars, and outdoor recreation facilities.

• Estimated costs have risen from $400 million to $500 million, delaying the project timeline originally targeting a 2024 opening.

• Construction of the first phase is expected to take three to four years once ground is broken.

Why it matters: Fairfax Peak promises to be a game-changer for Fairfax County, introducing a unique year-round recreational and tourism attraction. The project aligns with the county's push to expand its sports and entertainment offerings while revitalizing underutilized land.

The big picture: The project has received strong support from county officials, who are exploring establishing a public recreational facilities authority to encourage similar initiatives in the future. This could further boost Fairfax County’s growing profile in sports tourism and public-private partnerships.

What’s next: Alpine-X will refine its financial strategy to address inflation and rising costs. County officials remain optimistic, continuing discussions to ensure the project’s success while planning future recreational ventures.

The bottom line: Despite delays, Alpine-X remains committed to delivering Fairfax Peak, a visionary project that could become a landmark destination for Fairfax County and the broader region.

📈 DC Housing Market Sets the Stage for Growth in 2025

Driving the news: The Washington, D.C. metro housing market showed positive momentum in November 2024, with growth in sales and prices, setting the stage for a robust 2025.

Details:

• Rising Sales: Closed sales increased by 7.7% in November compared to the previous year, with year-to-date sales up 0.5%, signaling growing buyer activity.

• Higher Prices: The median sold price rose 5.3% year-over-year to $600,000, with year-to-date prices reflecting a 6.2% gain.

• Active Listings Up: Inventory saw a 10.6% increase from November 2023, offering more options to buyers and easing pressure in a competitive market.

• Pending Sales Surge: New contracts jumped by 13.8%, pointing to sustained buyer demand.

Why it matters: The D.C. housing market is regaining strength as 2025 approaches, fueled by steady buyer interest and increasing inventory. This trend indicates a healthier, more balanced market environment, which could benefit buyers and sellers alike.

The big picture: Market conditions are expected to improve further in 2025, with mortgage rates anticipated to ease. This could unlock additional supply from sellers who delayed listing and provide opportunities for buyers who waited for more favorable conditions. However, affordability challenges may persist for some, requiring strategic decision-making.

What’s next:

• Sellers: 2025 could be a prime opportunity to list properties, as demand remains strong and prices continue to rise.

• Buyers: Watch for easing mortgage rates to enter the market with better affordability options.

• Overall Outlook: Growth in supply and moderated price increases may bring balance, making the housing market more accessible while sustaining its upward trajectory.

The bottom line: With a positive trajectory in sales and pricing, the Washington, D.C. metro housing market is gearing up for a dynamic year ahead. Whether buying or selling, the conditions for 2025 are shaping up to create opportunities across the board.

🎥 You Won’t Believe What $300K vs. $3M Buys in Northern Virginia! Day in the Life of a Realtor

Welcome to my latest video, where we dive into the real estate market in Northern Virginia, covering everything from flipping houses to luxury properties and first-time homebuyer opportunities!

💍 Selena Gomez Flashes Engagement Ring as She and Fiance, Reston, VA Native Benny Blanco Cuddle up to Sing Christmas Carols

Driving the news: Reston native Benny Blanco is making headlines this holiday season as he and fiancée Selena Gomez share glimpses of their engagement bliss. The couple’s candid moments, including Gomez showing off her diamond ring, have captivated fans nationwide.

Details:

• Gomez, 32, and Blanco, 36, were seen cuddling and singing along to Winter Wonderland in an Instagram Story. Gomez’s engagement ring sparkled as she held a teddy bear, while Blanco, capturing the moment, zoomed in on her as she sang.

• Later, Gomez posted a festive cocktail photo, again flashing her ring while wearing a chic striped sweater dress.

• The pair celebrated Hanukkah with friends like actress Debra Messing and RHONY’s Erin Lichy. Gomez sported a snowflake-adorned silvery sweatsuit, and Blanco kept it stylish in a cream sweater and gold chains.

Why it matters: Benny Blanco, a proud Reston native, is shining on the global stage alongside Gomez. Their engagement has drawn attention to Blanco’s roots, connecting Northern Virginia audiences to this love story.

The big picture: Known for her past high-profile romances, Gomez has shared how her bond with Blanco feels different. She’s described him as “the best thing that’s ever happened” to her, emphasizing the joy and stability they’ve found together.

What’s next: As the holidays unfold, fans can expect more heartfelt glimpses of the couple’s journey. With Blanco’s Northern Virginia background and Gomez’s worldwide fame, their union bridges local pride with global excitement.

The bottom line: Reston’s own Benny Blanco is embracing his next chapter, bringing his hometown into the spotlight as he and Gomez celebrate their engagement during the most wonderful time of the year.

📊 Our Current Local Market Numbers

The Northern Virginia real estate market continues to thrive across Arlington, Alexandria, and Fairfax Counties. Whether buying or selling, having an experienced guide by your side is crucial in today's dynamic market.

Selling your home? I'll create a targeted marketing strategy and help you set the right price to attract serious buyers and maximize your return.

Looking to buy? With current interest rates, this could be your ideal time to purchase. Let me help you find and secure the perfect home.

🗞️ In Other News…

• Micron's expansion celebrated by state, local leaders

• Over 1,000 Prince William students using division's new mental telehealth services

• What's in and out in D.C. for 2025

Chris Colgan - EXP Realty Powered by Place

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