Feeling Nosy about DC? MD? VA?

Ok, I know you're probably not planning on moving this very second, but here's this week's list of interesting-looking listings that have just come on the market. Mind you, they may not actually be my personal listings --- just intriguing properties I've come across this week.

Feeling nosy about the District of Columbia?
Feeling nosy about Virginia?
Feeling nosy about Maryland?

If you know someone who might be interested in this list, please forward it on to him or her. And if there's a listing that you're curious about yourself, just let me know ... and I'll show it to you ... just for the hell of it ... no obligation ... *I promise*. Really. (One of the perks of being the friend of a real estate agent ought to be that you get to freely snoop around other peoples' homes!)

Housing: What the Experts See Ahead

An economist, consultant, academic, and fund manager try to locate the bottom of the market:

By Peter Carbonara and Lauren Young

Real Estate December 11, 2008

Everyone is worried about the real estate market, whether it's because they want to sell, buy, or want a sense of whether their homes will regain value. As proposals to help the housing market are debated in Washington, BusinessWeek turned to leading real estate experts for their reading of where housing is headed, and whether the proposals will help stabilize the battered residential sector.

JOHN BURNS
President, John Burns Real Estate Consulting in Irvine, Calif., which advises large builders and investors

The Outlook: No matter what sort of real estate package comes out of D.C., the woes of the broader economy will keep housing prices weak for some time, says Burns: "First we need to stabilize the banking system, and I don't think that has completely happened." He thinks banking problems are "worse than most people do—problems in commercial real estate, credit cards, and auto loans. Those are going to take at least two to three years to work out."

The Good News: For one, Burns says, "the affordability problem is no longer a problem." Also, housing inventory levels have been declining. For those with cash and a long-term horizon, he predicts 2009 will be an excellent year to buy. "The government is going to keep interest rates low, there will be various kinds of government incentives, and very low prices."

Favorite Market: Washington, D.C., "because the job market will remain strong and the affordability issue has essentially disappeared." San Diego and Denver are on his radar screen, though he expects them to have a tough 2009. "In all markets, the best school districts that are close to work will almost certainly recover first," he adds.

Washington Wish List: Burns wants government to encourage "responsible home buying"—buying by people with a down payment of 20% to 30% who intend to own for at least five years. He thinks legislation mandating loan modification is likely, and he's a fan of a proposal to double the mortgage interest deduction.

THOMAS LAWLER
Economist and founder, Lawler Economic & Housing Consulting in Vienna, Va.

The Outlook: Lawler says he's seen prices begin to stabilize in some places—Sacramento, for one, and even some areas outside hard-hit Las Vegas. He believes that if Congress and President-elect Obama launch a big economic stimulus plan on Day One and homebuilders bring no new inventory onto the market for six months or so, the national housing market could find its bottom by the third quarter of 2009.

Washington Wish List: Lawler wants "an $800 billion to $900 billion stimulus package, passed early in the year, that would put about $6,000 into the hands of every taxpayer and let them decide what to do with it—buy houses or cars or reduce debt."

MICHAEL FEDER
President and CEO, Radar Logic, which tracks residential prices in 25 major U.S. metropolitan markets

The Outlook: Feder doesn't have a crystal ball, but the RPX futures market, based on Radar Logic's residential real estate data, may come close. Increased buying of distressed homes on the West Coast signals some kind of stability, particularly in Southern California. "It doesn't mean we're at the bottom or in recovery—it means buyers have found prices that are attractive," Feder says. But California was one of the first states to declare a moratorium on foreclosures, so if that is lifted and foreclosures snowball, "price firming" could be reversed.

One-year forward pricing contracts—traders bet on the health of housing markets using derivatives contracts based on Radar Logic data—show home values will be 5% to 10% below where they are now, depending on the market. "In some cases residential real estate will be recovering; in some cases we'll be just beginning to stabilize," he says. Residential futures contracts show a recovery first on the West Coast in late 2009 and 2010, followed by stabilization in the Midwest. In New York City, "weakness in the financial sector is so important that the economy there will lag longer than other markets."

Washington Wish List: "I'd love to see our regulators and leaders find ways to give consumers confidence that their homes are worth something, as opposed to making it palatable to carry a mortgage," says Feder. "I don't think [lower mortgage rates] alone are the Holy Grail."

SAM LIEBER
CEO of Alpine Woods Capital Investors

The Outlook: Lieber thinks real estate can go one of two ways. The first he calls the "Doomsday Death Spiral," where more and more people get laid off and over a period of time won't be able to make mortgage payments. "They have to put their homes on the market and then drop prices because they have to sell their homes. Once they're renting, they tighten their belts and buy less, so consumption stays low, leading to more layoffs."

Lieber thinks the "Motivational Scenario" is more plausible because it's sparked by a likely drop in rates. Qualified first-time buyers and people who want to refinance put a floor under housing prices. "Everyone on the sidelines jumps in," he says. "The bad loans on the books of banks get cleaned up, and home prices rise. Banking stocks rise, so the Treasury [which has stakes in the banks] makes money. The American people make money, and banks start lending."

Lower-Rate Logic: Lieber says mortgage rates will drop. Traditionally, the gap between the 10-year Treasury bond and 30-year mortgage rates is 1.5 percentage points. Now it's 2.75 percentage points. How low will rates go? "A 30-year fixed rate of 4.5% for a mortgage is likely, and 4.25% is possible," he says.

Carbonara is a senior writer for BusinessWeek. Young is a Personal Business editor for BusinessWeek.

Feeling Nosy about DC? MD? VA?

Ok, I know you're probably not planning on moving this very second, but here's this week's list of interesting-looking listings that have just come on the market. Mind you, they may not actually be my personal listings --- just intriguing properties I've come across this week.

Feeling nosy about the District of Columbia?
Feeling nosy about Virginia?
Feeling nosy about Maryland?

If you know someone who might be interested in this list, please forward it on to him or her. And if there's a listing that you're curious about yourself, just let me know ... and I'll show it to you ... just for the hell of it ... no obligation ... *I promise*. Really. (One of the perks of being the friend of a real estate agent ought to be that you get to freely snoop around other peoples' homes!)

David Stevens Sits Down with Washington Business Journal

Recently Long and Foster appointed Dave Stevens as the new president and COO for the company. Dave sat down with the Washington Business Journal for an interesting interview about our brokerage and the real estate market that I wanted to share with our clients. Here it is:

Friday, December 5, 2008
David Stevens waits for the bounce
Washington Business Journal - by Mara Lee Staff Reporter

This is not a good time to make a living off of real estate. David Stevens, who recently rose to president and chief operating officer of the region’s dominant residential real estate company, The Long & Foster Cos., talked frankly about how we got here and what’s happening now. And — with trepidation — he takes a stab at predicting the future.

How many agents does Long & Foster have in the region, and how has that shrunk since 2006? Something in the range of 10,000 agents. Since ’06, we’ve shrunk a little over 5 percent. What happens when you’re going through a market correction like this is some agents [who] can’t be successful at it, give up their licenses and go do something else.

With Realtors’ incomes declining, how does that affect Long & Foster’s profits? Clearly our revenue is down. This is our 40th anniversary as a company. We’ve never lost money. And this year it’s hard to say how it will exactly finish out.

What’s keeping the market from bouncing back — down payments, job anxiety, inability to sell? Yes. In certain markets, where average income standards are lower, the down payment has become an issue. This recession has spread well beyond housing. Our opinion here is it’s a consumer confidence crisis, first and foremost. Second [is] credit availability to homebuyers. Savings is actually third. Even those people who have down payments are waiting on the sidelines. We go on two core fundamentals. Anybody who owns a home wants a nicer one. And anybody who doesn’t have a home wants a home. And the only thing holding them back right now is confidence — and some credit issues. And not everybody should have a home. Heck, we learned that clearly through the last cycle. But there’s a gap right now of people who could be buying and should be buying.

When do you think prices will stop falling in Prince William and Loudoun counties? Those were the first markets to correct. Those are the markets where we’re seeing significant increase in unit sales over previous years. They have the most distressed sales, but it also tells you there is an elasticity point where those properties do get purchased. So price matters. And the price levels of those markets have come down. Many of us think those markets are pretty close to stabilizing. We’re seeing sales prices not change much month to month right now. Our data says that the existing inventory is being sold at a faster rate in those markets than it is in closer-in markets.

Do you think mortgage underwriters, brokers, Realtors and consumers share responsibility for the bubble and foreclosure crisis? Yes. There is absolutely no question in my mind having looked at this for decades, I think most consumers did not understand the depths of the terms, particularly around adjustable-rate mortgages. What they didn’t understand were the subprime 2/28s. They didn’t understand the neg-am ARMs. And that disclosure process was too complex. [A 2/28 mortgage is an adjustable-rate mortgage with a 30-year term and monthly payments that change after two years. Negative-amortization mortgages allow buyers to pay nothing toward the principal, not even enough to cover the interest, so the balance grows rather than shrinks.] And the question is, who’s at fault? Caveat emptor. Buyer beware. Buyers thought they could never lose; it was their way to make their riches. We saw books written on it. We saw national speakers going out talking about how to get rich buying real estate. And investors, even the most sophisticated investors ... they just didn’t build into their forecast models enough default risk. Buyers should have known they were stretched. Lenders should not have created terms that allowed you to finance 100 percent of the value of the property, particularly with stated income, and qualify them [based] on starting rates on ARMs. Real estate salespeople shouldn’t have gotten people overly consumed with buying one, two, three, four, five properties because you can make more money on more than just the house you have.

Zillow reported that 38 percent of sales in the metro area in the last quarter were lower than the previous purchase price. How does a Realtor manage sellers’ expectations? It’s very tough. The challenge is showing the seller what their home is worth. Some agents are encouraging the seller to get a real appraisal on the home before they put it on the market to give them a reality check.

How many are doing that? Ten percent or less at this point. It’s something we’re recommending. I highly encourage it. In fact, I’m looking to buy a home right now, and I’m getting an appraisal on a home myself because it’s really hard to tell what the real home value should be.

Are you selling too? I will at some point. But not at the same time.

How many of your buyers use Long & Foster’s subsidiary, Prosperity Mortgage, and what’s your goal for that number? We get approximately one in five of every purchase transactions. That’s up significantly. When I first came here, it was about one out of six or one of out seven transactions. I’d like to see us grow to a third of all sales transactions.

Will the 6 percent real estate commission model still be with us in 10 years? [Laughs.] You can’t buy and sell homes over the Internet. You can see homes you want to buy over the Internet. I don’t think truthfully the 6 percent model will change all that much. We’ve seen discount brokers make their attempts in the market, and they’re having a very difficult time surviving right now. When the Internet first rose, everybody predicted the demise of the 6 percent commission and the full-service brokerage business, and, quite frankly, I’m seeing the opposite.

Feeling Nosy About DC? MD? VA?

Ok, I know you're probably not planning on moving this very second, but here's this week's list of interesting-looking listings that have just come on the market. Mind you, they may not actually be my personal listings --- just intriguing properties I've come across this week.

Feeling nosy about the District of Columbia?
Feeling nosy about Virginia?
Feeling nosy about Maryland?

If you know someone who might be interested in this list, please forward it on to him or her. And if there's a listing that you're curious about yourself, just let me know ... and I'll show it to you ... just for the hell of it ... no obligation ... *I promise*. Really. (One of the perks of being the friend of a real estate agent ought to be that you get to freely snoop around other peoples' homes!)

Michael was recently quoted on UrbanTurf.com

Michael was recently quoted on the DC real estate news blog UrbanTurf.com. Here is the article:

Condo Auctions: Where the Deals Are?
November 14, 2008
by Mark Wellborn

This weekend, DC-area residents will have the opportunity to get a $300,000 condo for just below half price.

On Sunday, at the Hilton in Rockville, the remaining condos at The Ashmore in Germantown will be auctioned off. The 400-unit development was built in 2006, and sits about 25 miles northwest of downtown DC. The starting bids for the auctioned units will be $140,000, a dramatic discount from their list prices. The prices they actually sell for, though, is of course based on how high the bidding goes.

The condos have been on the market for months and the developer, Fairfield Residential, has decided to cut its losses and auction off the remaining forty-five units in the development, a sign that builders are willing to resort to extreme measures to get rid of their existing inventory. (The Mercer at Reston Square is auctioning off its remaining inventory on November 23rd.)

The auction will operate rather simply. Those who wish to bid on properties will register, bid on the condo that they want and, if they are the winning bid, close on the condo within a month. The units have been open to the public for the last two weeks and will be open tomorrow, November 15th, from 11 am to 3 pm.

Potential bidders should not be fooled by the $140,000 price tags, though. The developer will only guarantee that 15 units will be sold subject to the minimum bid of $140,000 which means that just one-third of the units have a guaranteed minimum price of $140,000. A “reserve” has been placed on the rest of the units which means that the developer does not have to sell them below a certain price. In other words, even if a property starts out at $140,000, it can have a reserve price of $200,000 which means Fairfield will not sell it below that price. This information is available on the auction’s website.

“Generally what auctions do to lure people in is that they have some units that will be sold with ‘no reserve’,” Michael Dillon of Long and Foster told UrbanTurf. “‘No reserve’ means that a unit can sell for the minimum bid. So, even if a property is valued at $300,000, it will sell if the final bid is $150,000.”

One of the other traps that people fall into at auctions is a combination of getting caught up in their emotions and always feeling like they are getting a good deal.

“Getting the deal means more than just showing up,” Dillon said. “Some people get into an auction situation and they lose their self control. They just want to win, so they keep bidding up. You can’t do that and expect to get a deal.”

To avoid this type of situation, the bidder should make sure that they have their finances in order and have a dollar amount in mind that they will not exceed. While the buyer has a month after the auction to close on the property, he or she does not want to get into a position where they cannot afford their winning bid.

“You have to pay your own closing costs at auctions, as there is no closing assistance,” said Dewita Soeharjono, an agent with Weichert Realtors and author of the Urban Trekker blog. “You should figure this out before you bid and make sure you can you afford it.”

Soeharjono also pointed out that most auctions are just a tool to sell a development’s remaining inventory quickly (the case at this weekend’s auction), so there is no negotiation period between buyer and seller.
“In a typical real estate transaction you negotiate until a price is agreed upon,” she told UrbanTurf. “At an auction, that is not the case.”
While there is no negotiation between the buyer and seller, at many auctions, a lot of negotiating goes on among the bidders.

“It sounds strange but at some auctions, there is almost a compassionate negotiation that goes on,” Dillon said. “There was a small auction for a building in Friendship Heights and a single mother was there indicating that she really needed to get a certain unit at a low price. The other bidders all laid off and let her have it.”

Feeling Nosy about DC? MD? VA?

Ok, I know you're probably not planning on moving this very second, but here's this week's list of interesting-looking listings that have just come on the market. Mind you, they may not actually be my personal listings --- just intriguing properties I've come across this week.

Feeling nosy about the District of Columbia?
Feeling nosy about Virginia?
Feeling nosy about Maryland?

If you know someone who might be interested in this list, please forward it on to him or her. And if there's a listing that you're curious about yourself, just let me know ... and I'll show it to you ... just for the hell of it ... no obligation ... *I promise*. Really. (One of the perks of being the friend of a real estate agent ought to be that you get to freely snoop around other peoples' homes!)

Tori Spelling's Westwood Home For Sale for $2.395 million!

With all the negative news about the economy and real estate once in a while I like to think about the rather insignificant but interesting news in real estate. So, today I would like to share an LA Times article about Tori Spelling putting her house on the market in LA's Westwood neighborhood. Check out the story here:

By ANN BRENOFF
November 1, 2008

If Hollywood had true royalty, Tori Spelling -- the daughter of Candy Spelling and the late Hollywood producer Aaron Spelling -- would be its reigning princess. And the princess is switching castles.

Spelling just bought a Tuscan-style villa in Encino with six bedrooms and seven bathrooms in 6,718 square feet. The two-story home has four fireplaces, wood, parquet and stone flooring, a formal dining room with silver-leafed coffered ceilings, a study, wet bar and gourmet eat-in kitchen. There is a fenced pool and spa and a putting green. The sale price was $2,950,000, according to the Multiple Listing Service.

Harriet Cameron of Prudential California Realty, Sherman Oaks, and her partner, Judy Cycon of Prudential's Beverly Hills office, had the listing.

Now Spelling just needs to sell her old house in Westwood, which she just listed at $2,395,000.

It has five bedrooms and 3 1/2 bathrooms in about 3,300 square feet. The home has French doors off the main rooms that lead to a manicured lawn, an outdoor dining area with a built-in barbecue and a solar-powered saltwater pool with a Baja shelf and spa. The master suite has two oversized custom closets and city views.

There is a custom-designed fireplace in the living room, a formal dining room and a media room. The recently upgraded kitchen has imported marble countertops and top-of-the-line appliances. The house has a state-of-the-art sound system and hardwood floors.

Tori Spelling's best-known role was that of forever-virgin Donna Martin on "Beverly Hills, 90210," a character she played in 292 episodes of the show's 10-year run. The episode where Donna's schoolmates protest her suspension with the chant of "Donna Martin graduates" rocketed the phrase into pop culture lingo, where it still resides.

After "Beverly Hills, 90210" (1990-2000), Spelling appeared in "50 Ways to Leave Your Lover" (2004) and "Kiss the Bride" (2007). She is married to Dean McDermott, with whom she stars in the reality show "Tori and Dean: Home Sweet Hollywood."

Amy Colvin of Hilton & Hyland, and Sara Berger of WEA, both Beverly Hills, co-listed the property.




Of course I am happy to refer anyone who is interested in this property to the agents out in LA, just let me know! No really, if you are thinking of buying or selling in DC/MD/VA just drop me a line at 202-369-9821 or Michael@RealAstute.com.

Feeling Nosy about DC? MD? VA?

Ok, I know you're probably not planning on moving this very second, but here's this week's list of interesting-looking listings that have just come on the market. Mind you, they may not actually be my personal listings --- just intriguing properties I've come across this week.

Feeling nosy about the District of Columbia?
Feeling nosy about Virginia?
Feeling nosy about Maryland?

If you know someone who might be interested in this list, please forward it on to him or her. And if there's a listing that you're curious about yourself, just let me know ... and I'll show it to you ... just for the hell of it ... no obligation ... *I promise*. Really. (One of the perks of being the friend of a real estate agent ought to be that you get to freely snoop around other peoples' homes!)

RealAstute.com Home Team Sponsors CHAW Ball!

Michael Dillon and Kevin Shirley of the RealAstute.com Home team were proud to be "Arts Enthusiast" sponsors of the annual Capitol Hill Arts Workshop (CHAW) Ball that took place on Friday, November 7th at St. Mark's Episcopal Church on Capitol Hill. The Ball benefits CHAW's work as a haven for youth and adults to explore their multi-faceted artistic talents and foster essential skills that extend beyond the arts into their daily lives while building community through the arts. Learn more about CHAW at www.chaw.org.

This year's Ball was themed "An Evening in Morocco" and featured Moroccan food and even belly dancing! A great night was had by all to benefit a wonderful cause on Capitol Hill!


Michael and Kevin enjoy seeing themselves as sponsors in the program!

Feeling Nosy about DC? MD? VA?

Ok, I know you're probably not planning on moving this very second, but here's this week's list of interesting-looking listings that have just come on the market. Mind you, they may not actually be my personal listings --- just intriguing properties I've come across this week.

Feeling nosy about the District of Columbia?
Feeling nosy about Virginia?
Feeling nosy about Maryland?

If you know someone who might be interested in this list, please forward it on to him or her. And if there's a listing that you're curious about yourself, just let me know ... and I'll show it to you ... just for the hell of it ... no obligation ... *I promise*. Really. (One of the perks of being the friend of a real estate agent ought to be that you get to freely snoop around other peoples' homes!)

We Are Going to Build!

As many of you may know, my best friend John and I own 2 lots in the Deanwood neighborhood of NE Washington DC. We bought the lots on the DC tax sale "bid off" auction back in 2005. After the lengthy court process to become owners we have spent the last year trying to sell our lots with no success. Recently we were approached by a local builder/developer about the possibility of teaming up with him to build a 3 bedroom/2 bathroom modular house on the lots and then selling the house.

To be honest, when I first heard modular home I thought of a trailer park! After educating myself a little more about the product I realized it was probably a great economical choice for the lots. One of the really good modular home builders is Penn Lyon Homes Corporation. You can see plans and pictures of their homes at www.PennLyon.com. We haven't picked the house just yet, but I plan to post that to the blog when the decision is made.

I am pleased to be moving forward with the building project. Today I am taking the vacant lots off the MLS and we are moving forward with the builder. I plan to track progress of the construction on this blog. Here is a picture of the lots from just 2 weeks ago, we will call it the before picture!



Of course, if you are interested in vacant lots, investing or any other real estate services please do not hesitate to contact me (Michael Dillon) at Michael@RealAstute.com or 202-369-9821.

Feeling Nosy about DC? MD? VA?

Ok, I know you're probably not planning on moving this very second, but here's this week's list of interesting-looking listings that have just come on the market. Mind you, they may not actually be my personal listings --- just intriguing properties I've come across this week.

Feeling nosy about the District of Columbia?
Feeling nosy about Virginia?
Feeling nosy about Maryland?

If you know someone who might be interested in this list, please forward it on to him or her. And if there's a listing that you're curious about yourself, just let me know ... and I'll show it to you ... just for the hell of it ... no obligation ... *I promise*. Really. (One of the perks of being the friend of a real estate agent ought to be that you get to freely snoop around other peoples' homes!)

Huge Condo Auction at "Ashmore at Germantown"

I wanted to alert all of our clients and friends to a great opportunity to pick up a brand new condo in Montgomery County at an upcoming auction. Some of you may have seen a report about this auction on WUSA 9 News, view that report here:

The builder of The Ashmore at Germantown has apparently decided to cut his losses and auction off nealry 60 remaining units in the development. The 2 bedroom/2 bathroom condos will start at $140K. I ran quick comps in the MLS and it looks like as late as this spring the same units were listed for around $335K.

The auction will take place on Sunday, November 16th at noon at the Hilton in Rockville. The auction house will have the units open for the public to view November 1st, 2nd, 8th, 9th and 15th from 11 am to 3 pm. The community center/sales office is located at 13500 Carlow Point Circle at the intersection of Waterford Hills Boulevard Father Hurley Boulevard in Germantown.

At the auction WEBSITE you will find detailed floor plans, a map of the community and a price sheet of the specific units and the starting bids for each. This seems like a greast opportunity for first time buyers or those looking to pick up an investment property. Let me know if you would like help understanding the auction process, I have successfully purchased investment property at auction and I am happy to share my knowledge. Contact me at Michael@RealAstute.com or 202-369-9821.

Feeling Nosy about DC? MD? VA?

Ok, I know you're probably not planning on moving this very second, but here's this week's list of interesting-looking listings that have just come on the market. Mind you, they may not actually be my personal listings --- just intriguing properties I've come across this week.

Feeling nosy about the District of Columbia?
Feeling nosy about Virginia?
Feeling nosy about Maryland?

If you know someone who might be interested in this list, please forward it on to him or her. And if there's a listing that you're curious about yourself, just let me know ... and I'll show it to you ... just for the hell of it ... no obligation ... *I promise*. Really. (One of the perks of being the friend of a real estate agent ought to be that you get to freely snoop around other peoples' homes!)

New $7500 First Time Buyer Credit

As part of the recent economic stimulus legislation, there is a new $7500 temporary tax credit to provide an incentive for first-time home buyers. The $7500 credit is available for the purchase of a principle residence on or after (retroactive to) April 9, 2008 and before July 1. 2009. The National Association of Realtors (NAR) has a great 6 page info sheet about the program and how it works, HERE.

$5000 DC First Time Buyer Tax Credit Renewed

The recent economic stimulus legislation also renewed the $5000 First Time Buyer Tax Credit for buyers in the District of Columbia. The credit does not have to be paid back like the $7500 federal credit. You can not use both the $7500 and $5000 tax credits, you can use one of the other. So, my recommendation for folks buying in DC use the DC Credit since they would not have to pay the credit back to the government. Learn more about the credit HERE.

Feeling Nosy about DC? MD? VA?

Ok, I know you're probably not planning on moving this very second, but here's this week's list of interesting-looking listings that have just come on the market. Mind you, they may not actually be my personal listings --- just intriguing properties I've come across this week.

Feeling nosy about the District of Columbia?
Feeling nosy about Virginia?
Feeling nosy about Maryland?

If you know someone who might be interested in this list, please forward it on to him or her. And if there's a listing that you're curious about yourself, just let me know ... and I'll show it to you ... just for the hell of it ... no obligation ... *I promise*. Really. (One of the perks of being the friend of a real estate agent ought to be that you get to freely snoop around other peoples' homes!)

Renovator's House Tour 2008

Be sure to check out this year's Renovator's House Tour on Capitol Hill. The tour is this Saturday, October 18th from 10 am to 4 pm. All of the renovated houses on the tour are walking distance from one another here on the Hill. The tour benefits the Capitol Hill Cluster School. Check out their website at http://www.renovatorshousetour.org for more information.

Feeling Nosy about DC? MD? VA?

Ok, I know you're probably not planning on moving this very second, but here's this week's list of interesting-looking listings that have just come on the market. Mind you, they may not actually be my personal listings --- just intriguing properties I've come across this week.

Feeling nosy about the District of Columbia?
Feeling nosy about Virginia?
Feeling nosy about Maryland?

If you know someone who might be interested in this list, please forward it on to him or her. And if there's a listing that you're curious about yourself, just let me know ... and I'll show it to you ... just for the hell of it ... no obligation ... *I promise*. Really. (One of the perks of being the friend of a real estate agent ought to be that you get to freely snoop around other peoples' homes!)

Long and Foster Goes Green

I am pleased to see that our broker, Long and Foster has "gone green" with a new corporate Green Statement, here:

Feeling Nosy about DC? MD? VA?

Ok, I know you're probably not planning on moving this very second, but here's this week's list of interesting-looking listings that have just come on the market. Mind you, they may not actually be my personal listings --- just intriguing properties I've come across this week.

Feeling nosy about the District of Columbia?
Feeling nosy about Virginia?
Feeling nosy about Maryland?

If you know someone who might be interested in this list, please forward it on to him or her. And if there's a listing that you're curious about yourself, just let me know ... and I'll show it to you ... just for the hell of it ... no obligation ... *I promise*. Really. (One of the perks of being the friend of a real estate agent ought to be that you get to freely snoop around other peoples' homes!)

DC Tour of Solar Homes and Buildings

With all the news of doom and gloom surrounding the financial and housing markets, it is nice to know that there is a "bright spot" -- solar power! You heard right, solar paneled homes and commercial buildings have become very sophisticated. Many of the homes and buildings using the latest in solar technology are right here in DC and you can see them yourselves this weekend.

Over 50 homes in the DC, Maryland and Virginia area will be open on Saturday and Sunday from 11 am to 5 pm. Learn more about the tour at http://www.solartour.org/.

Feeling Nosy about DC? MD? VA?

Ok, I know you're probably not planning on moving this very second, but here's this week's list of interesting-looking listings that have just come on the market. Mind you, they may not actually be my personal listings --- just intriguing properties I've come across this week.

Feeling nosy about the District of Columbia?
Feeling nosy about Virginia?
Feeling nosy about Maryland?

If you know someone who might be interested in this list, please forward it on to him or her. And if there's a listing that you're curious about yourself, just let me know ... and I'll show it to you ... just for the hell of it ... no obligation ... *I promise*. Really. (One of the perks of being the friend of a real estate agent ought to be that you get to freely snoop around other peoples' homes!)

First Fall Weekend in DC!

It is the first full fall weekend in Washington DC and there are so many great activities! So, nothing about real estate on the blog this week, instead I am going to suggest a few great activities for the weekend, such as:

Bike DC 2008
On Saturday morning I will be taking my bike down to Penn Ave for a great car-free bike ride around DC called Bike DC 2008. It is not too late to register, check it out at www.BikeDC.net.



National Book Festival 2008
After the bike ride we are heading down to the National Mall for the National Book Festival. An idea that First Lady Laura Bush brought about starting back in 2001. Learn more about the festival at www.loc.gov/bookfest.



Barracks Row Oktoberfest
After listening to a few authors we plan to head up the Hill to 8th Street SE (the street where out office is located) at Eastern Market and visit the Barracks Row Oktoberfest. Learn more about it at www.barracksrow.org/Ocktoberfest08.htm. While you are down there, be sure to check out my friend Leah's kitchen store "Hill's Kitchen" on the 700 block of D Street SE, learn more here: www.hillskitchen.com.



Crafty Bastards Arts & Crafts Festival
On Sunday, we plan to head up to the Marie Reed Learning Center at 18th and Wyoming Streets NW for the Washington City Paper's Crafty Bastards Arts and Crafts Festival. Learn more at www.washingtoncitypaper.com/craftybastards.



St. Sophia Greek Festival
While we are in upper NW we will probably swing by the St. Sophia Greek Orthodox Cathedral for their annual Greek Festival. Learn more at www.saintsophiawashington.org/involved/festival.php. Be sure to get some spanakopita!

Enjoy this first full weekend of fall in DC!

Feeling Nosy about DC? MD? VA?

Ok, I know you're probably not planning on moving this very second, but here's this week's list of interesting-looking listings that have just come on the market. Mind you, they may not actually be my personal listings --- just intriguing properties I've come across this week.

Feeling nosy about the District of Columbia?
Feeling nosy about Virginia?
Feeling nosy about Maryland?

If you know someone who might be interested in this list, please forward it on to him or her. And if there's a listing that you're curious about yourself, just let me know ... and I'll show it to you ... just for the hell of it ... no obligation ... *I promise*. Really. (One of the perks of being the friend of a real estate agent ought to be that you get to freely snoop around other peoples' homes!)

Confessions of a Subprime Lender

Every day I deal with the ramifications of the subprime lending crisis. I meet great people who could have put 5% down and would have made great buyers but unfortunately in today's climate cannot afford to put the nearly 10-15% down lenders now require. That is why I was fascinated to learn of a new book by Richard Bitner's entitled "Confessions of a Subprime Lender."

The National Association of Realtors has a book review section where I found a great review of the book. I am thinking I might want to pick this one up. Click Here to read the book review.

Feeling Nosy about DC? MD? VA?

Ok, I know you're probably not planning on moving this very second, but here's this week's list of interesting-looking listings that have just come on the market. Mind you, they may not actually be my personal listings --- just intriguing properties I've come across this week.

Feeling nosy about the District of Columbia?
Feeling nosy about Virginia?
Feeling nosy about Maryland?

If you know someone who might be interested in this list, please forward it on to him or her. And if there's a listing that you're curious about yourself, just let me know ... and I'll show it to you ... just for the hell of it ... no obligation ... *I promise*. Really. (One of the perks of being the friend of a real estate agent ought to be that you get to freely snoop around other peoples' homes!)

Another Huge Auction Coming

As many of you know, in the early spring I attended the Real Estate Disposition Corporation's (REDC) house auction at the Washington Convention Center. There were over 9,000 bidders and I was able to snag 2 investment properties for my own investment group which we turned into successful rental properties. I wanted to let everyone know that REDC is coming back to town for yet another auction. The coming auction is on October 4th and 5th and will again be at the Washington Convention Center. It looks like they have about 450 houses to auction off, with most of them in Northern Virginia.

Looks like there is some good stuff in DC as well, in fact I notice there are big auction signs at the corner of 8th and K Streets NE in SOFLO (South of Florida Avenue). The exact address is 800 K Street NE, it's the big green monster on the corner that backs to West Virginia Avenue, NE. This house has been on the market a while. I have not shown it, but our Buyer Specialist Charlynne has and she tells me that it needs some serious TLC but that the bones are there.



Another one that caught my eye was 300 Oklahoma Avenue NE #201 over in Kingman Park/Hill East neighborhood. They have a starting bid on that OK Ave condo at 49K, not bad, I think you could cover rent on that if you got it under 100K easily.

For more information, be sure to see their website with all the auction listings at www.USHomeAuction.com. You will find auctions all over the country, the link to the DC listings are further down the page. Good luck, and if you want to know more about my auction experience feel free to call me at 202-369-9821 or email me at Michael@RealAstute.com

Feeling Nosy about DC? MD? VA?

Ok, I know you're probably not planning on moving this very second, but here's this week's list of interesting-looking listings that have just come on the market. Mind you, they may not actually be my personal listings --- just intriguing properties I've come across this week.

Feeling nosy about the District of Columbia?
Feeling nosy about Virginia?
Feeling nosy about Maryland?

If you know someone who might be interested in this list, please forward it on to him or her. And if there's a listing that you're curious about yourself, just let me know ... and I'll show it to you ... just for the hell of it ... no obligation ... *I promise*. Really. (One of the perks of being the friend of a real estate agent ought to be that you get to freely snoop around other peoples' homes!)

DC Annual Tax Sale Approaches

The District of Columbia has announced their annual tax sale to being on September 17th. As many of you know, I have sucessfuly purchased property at past tax sales and would be more than happy to advise folks on how the tax sale process works. Feel free to contact me at 202-369-9821 or Michael@RealAstute.com for assistance.

You can find a list of the properties being offered at the tax sale at the District's website at http://www.dc.gov/. Here is some additional information from the http://www.dc.gov/ website about the sale:

District Properties With Unpaid Taxes to be Sold at Public Auction Beginning September 17 (Washington, DC) - The District of Columbia Office of Tax and Revenue (OTR) announced today that it is advertising for sale at public auction more than 3400 commercial and residential real property tax liens, for which property taxes for the 2007 tax year are unpaid. The sale runs 8:30 am to noon and 1 pm to 4 pm September 17-19, at the Government Printing Office, 732 North Capitol Street, NW, 8th Floor, Washington, DC 20401.

Bidder registration for the sale is mandatory and begins on Friday, September 12, and continues until the final day of the sale. To register, prospective bidders must make a deposit of at least 20 percent of their total bid and a $150 Tax Sale fee will be added to each property at the time of the sale. Purchasers are also required to complete Form FR-500, Combined Business Tax Registration Application, prior to registering. The form can be found at OTR’s website at http://www.taxpayerservicecenter.com/ under “Tax Forms/Publications.”

Property owners with unpaid taxes have until the date of the auction to pay any taxes due and avoid having their properties sold. To pay or inquire about the status of a delinquent property, call the OTR Customer Service Center at (202) 727-4TAX (4829) or visit the Customer Service Walk-In Center at 941 North Capitol Street, NE, on the 1st floor.

Last year, 2,082 liens were sold, and a total of $6.7 million in delinquent tax revenue was collected.

Feeling Nosy about DC? MD? VA?

Ok, I know you're probably not planning on moving this very second, but here's this week's list of interesting-looking listings that have just come on the market. Mind you, they may not actually be my personal listings --- just intriguing properties I've come across this week.

Feeling nosy about the District of Columbia?
Feeling nosy about Virginia?
Feeling nosy about Maryland?

If you know someone who might be interested in this list, please forward it on to him or her. And if there's a listing that you're curious about yourself, just let me know ... and I'll show it to you ... just for the hell of it ... no obligation ... *I promise*. Really. (One of the perks of being the friend of a real estate agent ought to be that you get to freely snoop around other peoples' homes!)

Walk Score

Very often when buyers are trying to figure out if they can live without a car I suggest going to the neighborhood and walking around, seeing what is available on foot. Additionally, for folks without cars sometime I will suggest taking the metro to look at houses/condos with them, that way we get a good feel for the walkability of the neighborhood.

The task of deciding if a neighborhood/address is walkable has become much easier with the invention of the website http://www.walkscore.com/. Here you can simply type in the address of your home or office and it will rate the walkability for you and detail all the relevant commercial and transportation options near a given location.

A great new resource for folks thinking of going car free! Again, check it out at http://www.walkscore.com/. As always, for all your real estate needs feel free to contact me at Michael@RealAstute.com or 202-369-9821.

Feeling Nosy about DC? MD? VA?

Ok, I know you're probably not planning on moving this very second, but here's this week's list of interesting-looking listings that have just come on the market. Mind you, they may not actually be my personal listings --- just intriguing properties I've come across this week.

Feeling nosy about the District of Columbia?
Feeling nosy about Virginia?
Feeling nosy about Maryland?

If you know someone who might be interested in this list, please forward it on to him or her. And if there's a listing that you're curious about yourself, just let me know ... and I'll show it to you ... just for the hell of it ... no obligation ... *I promise*. Really. (One of the perks of being the friend of a real estate agent ought to be that you get to freely snoop around other peoples' homes!)

Next Hot Spots!?!?

The Washington Business Journal publishes a quarterly magazine about real estate that they call OnSite. Last week the latest OnSite arrived in the mail with a great piece on “The Next Big Hot Spots” in the DC area. It is a great article, and it highlights a few areas that I have recently been intrigued by which I plan to blog about for the next few weeks. As a Realtor I am also always trying to pick where the next hot spots will be, just ask my wife because she is the one who has to ride around with me and listen to me go on and on about future development, which she loves!

The article mentions “Hill East”, which is the 67 acre site known as Reservation 13 consisting of the old DC General Hospital several other support building for the city. In late spring the city sent out an RFP for this site, here is an initial sketch the city has on their website:



I was thrilled to see the mention of Hill East in the article; I have long been telling clients that eventually they will extend the footprint of the Hill all the way down to the Anacostia River, which will really give Hill residents the opportunity to enjoy the river. The Anacostia River has improved over the years, but it has a long way to go, you can learn more at the Anacostia Watershed Restoration Partnership’s website at http://www.anacostia.net, or at the Anacostia Watershed Society at http://www.anacostiaws.org.

Finally, I got a lot of feedback from last week’s blog post about my client and friend who had her bike removed from the Union Station bike rack because it was deemed too ugly. As I shared last week, she wrote a letter to the editor at the Washington Post which they published. Here is a picture of the controversial bike:



I personally don’t think it looks that bad! In an exciting twist, NBC 4 picked up the story, and you can see the piece here. This is a great story and I am hoping that Union Station will get enough heat that they will buy my friend a new lock!

That is all for now. As always, if you need help buying or selling please do not hesitate to drop me a line at 202-369-9821 or Michael@RealAstute.com.

Feeling Nosy about DC? MD? VA?

Ok, I know you're probably not planning on moving this very second, but here's this week's list of interesting-looking listings that have just come on the market. Mind you, they may not actually be my personal listings --- just intriguing properties I've come across this week.

Feeling nosy about the District of Columbia?
Feeling nosy about Virginia?
Feeling nosy about Maryland?

If you know someone who might be interested in this list, please forward it on to him or her. And if there's a listing that you're curious about yourself, just let me know ... and I'll show it to you ... just for the hell of it ... no obligation ... *I promise*. Really. (One of the perks of being the friend of a real estate agent ought to be that you get to freely snoop around other peoples' homes!)

Bike Sharing Has Arrived!

This week the Washington Post featured a great article about the exciting new bike sharing program in the District. I am personally quite excited to see that the city has started this program and I hope that they plan to expand it to the “non-NW” areas of the city.

I think it would be great to have it Union Station and Eastern Market at a minimum. The Capitol Hill area is already such a walking/biking friendly area. I think that the SmartBike DC program is a perfect complement to the already existing and thriving ZipCar which I enjoy using on a regular basis.

Did you know - the District now features nearly 34 miles of bike lanes around the city. In fact, just in the last few weeks they have added several miles through my Brookland neighborhood. Some of the most scenic streets in DC now have bike lanes, like East Capitol Street here on Capitol Hill. You can learn about these bike lanes at several websites, including http://bikewashington.org or http://www.waba.org.

Speaking of biking, one of my favorite clients had a wonderfully entertaining Letter to the Editor in today’s Washington Post. Apparently her bike is simply not sexy enough for Union Station standards. Enjoy her letter here:

Union Station's Chutzpah
The Washington Post Opinion Page
Thursday, August 14, 2008; A16

Like many people these days, I am concerned about the environment, and I try to do my part to reduce my environmental impact. I recycle, and my garden consists of native plants. Instead of driving from my house on Capitol Hill to my job in Silver Spring, I ride my bike to Union Station and hop on the Metro.

Unlike the bikes being rolled out in the SmartBike DC program [Metro, Aug. 13], my bike is old. I bought it used from a bike store a few years ago, and it has certainly seen better days.
But it functions just as it should, taking me from point A to point B. So imagine my shock and sadness when I got off the Metro after work Tuesday and my bike was missing from the bike rack outside Union Station.

I went to the nearest security guard to report the apparent theft, and he promptly retrieved my "stolen" bike. As it turned out, my bike had been judged to be "unsightly" by Union Station standards and had been impounded. They had cut the lock and confiscated the machine, obviously without bothering to verify whether it was abandoned or just a little beat up.

Are they serious? Is this a message the District wants to send? Is this how the nation's capital is promoting sustainability? Is the city going to confiscate old cars that function perfectly well? Are banks going to reclaim houses that show some peeling paint? Give me a break . . . and a new bike lock while you're at it.
GEORGINA ARDALAN
Washington

All this bike talk gets me thinking; maybe I could show houses on bike - that could be fun! As always, if you need help buying or selling please let me know at Michael@RealAstute.com or 202-369-9821. Happy biking! Michael

Feeling Nosy about DC? MD? VA?

Ok, I know you're probably not planning on moving this very second, but here's this week's list of interesting-looking listings that have just come on the market. Mind you, they may not actually be my personal listings --- just intriguing properties I've come across this week.

Feeling nosy about the District of Columbia?
Feeling nosy about Virginia?
Feeling nosy about Maryland?

If you know someone who might be interested in this list, please forward it on to him or her. And if there's a listing that you're curious about yourself, just let me know ... and I'll show it to you ... just for the hell of it ... no obligation ... *I promise*. Really. (One of the perks of being the friend of a real estate agent ought to be that you get to freely snoop around other peoples' homes!)

I love Flipping Out!

Who saw the season finale of “Flipping Out” on Bravo? I can’t get enough of this show. Jeff Lewis is both crazy and brilliant at the same time. Yes, his OCD tendencies are nutty and he treats his staff bizarrely, but his renovation work has a great modern and sleek aesthetic.

I think my favorite moment in the finale this week was when Jenni said that a situation was a “Cluster Foogayzee.” I can think of many moments in this biz that are absolute cluster foogayzees, I think I might start using this term. Another great moment came when Jeff had to scoop the human poop that was out back at one if his flips. There was another moment like this in season one which he makes reference to in the scene. I am guessing it’s a disgruntled, or just lazy, employee!

I had missed last week’s episode, so I watched it the hour before the finale started and I was pleased to see that Chris Keslar quit. After the guacamole incident I thought he had to quit to retain any sort of self respect. I am dying to know if Jenni and Chris Elwood are officially over. That story line made me a little sad for Jenni. It must be tough to have your personal life broadcast on TV, I am sure when she signed up she never saw this coming. I guess that is why I really enjoy this show; it is the closest to “reality” that a reality show can get.

There is a wrap up interview show on Tuesday, August 12th at 10 pm which I am hoping will answer some of my lingering questions. I sure hope that Bravo renews this show for another season, until then you can visit their website here. Oh, and I won’t be wasting my time with the second season of Million Dollar Listing, it will just make me bitter!

Feeling Nosy about DC? MD? VA?

Ok, I know you're probably not planning on moving this very second, but here's this week's list of interesting-looking listings that have just come on the market. Mind you, they may not actually be my personal listings --- just intriguing properties I've come across this week.

Feeling nosy about the District of Columbia?
Feeling nosy about Virginia?
Feeling nosy about Maryland?

If you know someone who might be interested in this list, please forward it on to him or her. And if there's a listing that you're curious about yourself, just let me know ... and I'll show it to you ... just for the hell of it ... no obligation ... *I promise*. Really. (One of the perks of being the friend of a real estate agent ought to be that you get to freely snoop around other peoples' homes!)

New Housing Bill to Help Stabalize Market

It looks like the House and Senate have agreed on a Housing Bill that will do several things to help stabilize the housing market. The President has said he will sign it.

It’s a lot of stuff…so what does it all mean?

First time home buyers can receive a $7,500.00 tax credit when they buy a home. Similar to the tax credit for buying in DC, the home buyer will get the $7,500.00 when they file their Federal Taxes (not at settlement). There are income limits, and the amount will be reduced for higher incomes. Unlike the DC tax credit, it must be repaid. Each year, for 15 years, 6% of the amount owed will be taken out of the buyer's tax returns. This is a big win for FTHBs and should help many get off the fence. This will be effective for homes bought starting April 9, 2008 - July 1, 2009. No word on how this will or wont impact the DC Tax Credit.

The conforming loan limit, which is currently $417,000 will be increased, up to $625,000 in high cost areas. If they use the same median price to calculate this limit as they did for the Temporary Loan Limits, we should see $625,000 in out market. This also applies to FHA!!! This is more good news. Don't confuse this with the temporary loan limit of $729,750 that we currently have for High Balance Conforming and High Balance FHA. The $729,750 is scheduled to expire on December 31, 2008. The $625,000 is permanent. So from now until the end of the year, we have $729,750, after that it drops to an expected $625,000. This may be enough to get certain buyers off that fence.

The Seller Funded Down Payment Assistance programs (Genesis, Ameridream, Nehemiah), that I have been talking about as a way to get to zero down, will be going away effective Sept 30th. They will no longer be allowed with FHA financing (and are not currently allowed with conventional financing).

The minimum amount of money a borrower has to put into an FHA loan will go up from 3% to 3.5%.

Additional safe guards have been put in place to protect Fannie Mae and Freddie Mac, in the very unlikely event they need it. Basically, the US Treasury will give them a big line of credit to borrow from, if they need it. This got a lot of press, and there has been talk about Fannie or Freddie "failing". The general consensus is that Fannie and Freddie are in strong financial shape. These safe guards have been put in place mainly to stop rumor mongering, so that Fannie and Freddie can go about doing their very important business. However, if the sky should fall, the US Govt now has said explicitly that they will back Fannie and Freddie. This is more good news.

A system has been set up to assist homeowner in distress to refinance out of high cost mortgages into more affordable FHA loans. This is good, not just because it helps people keep their homes, but it also helps prevent vacant homes and deterioration of neighborhoods.

There are, of course, many other details to the Bill. I think these are the highlights that affect us most. The up shot is that the Government has come out strongly in support of the housing market.

Information provided by:
J. Ryan Dailey
Loan Officer
Prosperity Mortgage Company
3201 New Mexico Ave. NW
Washington, DC 20016
202.363.1800 x3753 Tel
301.580.8236 Cell
866.359.7966 Fax
Ryan.Dailey@ProsperityMortgage.com

Feeling Nosy about DC? MD? VA?

Ok, I know you're probably not planning on moving this very second, but here's this week's list of interesting-looking listings that have just come on the market. Mind you, they may not actually be my personal listings --- just intriguing properties I've come across this week.

Feeling nosy about the District of Columbia?
Feeling nosy about Virginia?
Feeling nosy about Maryland?

If you know someone who might be interested in this list, please forward it on to him or her. And if there's a listing that you're curious about yourself, just let me know ... and I'll show it to you ... just for the hell of it ... no obligation ... *I promise*. Really. (One of the perks of being the friend of a real estate agent ought to be that you get to freely snoop around other peoples' homes!)

Capitol Hill East Auction Properties

On any weekday you can grab a The Washington Post classifieds and see the large assortment of local properties being auctioned off in the coming weeks. I noticed in Wednesday's paper that Harvey West Auctioneers, Inc. will be auctioning 3 properties in the "Hill East" neighborhood on July 22nd. The three addresses that peaked my curiosity were, 1041 16th Street NE, 1629 F Street NE and 2041 Gales Street NE. I drove by these properties yesterday and they would be great investment properties. I have some experience with these types of auctions and would be happy to share my knowledge with interested parties, just email me at Michael@RealAstute.com or call me at 202-369-9821.

Learn more by visiting the Harvey West website.

Feeling Nosy about DC? MD? VA?

Ok, I know you're probably not planning on moving this very second, but here's this week's list of interesting-looking listings that have just come on the market. Mind you, they may not actually be my personal listings --- just intriguing properties I've come across this week.

Feeling nosy about the District of Columbia?
Feeling nosy about Virginia?
Feeling nosy about Maryland?

If you know someone who might be interested in this list, please forward it on to him or her. And if there's a listing that you're curious about yourself, just let me know ... and I'll show it to you ... just for the hell of it ... no obligation ... *I promise*. Really. (One of the perks of being the friend of a real estate agent ought to be that you get to freely snoop around other peoples' homes!)

National Park Seminary at Forest Glen

Recently my wife and I rode out to Forest Glen, Maryland to check out the condos and single family homes being developed at the National Park Seminary, on the web at www.NationalParkSeminary.com. We were amazed at the wonderful re-use of previous buildings at the site. The entire site is historic and there are great buildings like a chapel, a ballroom, a gym and even stables that are all being turned in to condos. The creative re-use of the site reminds me of the Gage School in Ledroit Park (www.ParkerFlats.com) where condos are still available in an old public school building. One of our clients bought in that building, which features amazing exposed brick, high ceilings and dramatic windows. So, if you are thinking of a condo but want something different from the average tall building you might consider National Park Seminary or Gage School. For more information on either property please feel free to contact me at Michael@RealAstute.com or 202-369-9821.

Feeling Nosy about DC? MD? VA?

Ok, I know you're probably not planning on moving this very second, but here's this week's list of interesting-looking listings that have just come on the market. Mind you, they may not actually be my personal listings --- just intriguing properties I've come across this week.

Feeling nosy about the District of Columbia?
Feeling nosy about Virginia?
Feeling nosy about Maryland?

If you know someone who might be interested in this list, please forward it on to him or her. And if there's a listing that you're curious about yourself, just let me know ... and I'll show it to you ... just for the hell of it ... no obligation ... *I promise*. Really. (One of the perks of being the friend of a real estate agent ought to be that you get to freely snoop around other peoples' homes!)

Update on the O Street Market!

The city announced this week that they have worked out funding for the renovation of the O Street Market that I blogged about a few weeks ago. This is great news for Historic Shaw. Here is the city's Press Release:

District Reaches Financing Deal for $260 Million O Street Market

(Washington, DC) – Mayor Adrian M. Fenty on Friday announced the District reached a financing agreement with Roadside Development to provide a $35 million tax increment financing (TIF) package necessary to bridge a financing gap for the $260 million mixed-used redevelopment of the historic O Street Market in the heart of the Shaw neighborhood.

“The O Street Market was once a great commercial center in the Shaw community and this project will breathe new life into this historic site,” said Mayor Fenty. “We’ve agreed to provide a financing package that will not only make this project feasible, but one that will bring real community benefits for Shaw residents and the city at large.”

Located two blocks from the Walter E. Washington Convention Center, the two-block site currently consists of a 28-year-old Giant grocery store, a surface parking lot and the brick shell of the historic market. Roadside plans to transform the site into a 630-unit of housing – including 80 affordable senior units – a 200-room hotel, a 560-space parking garage and 87,000 square feet of retail, including a new Giant store that will be more than twice the size of the existing store on the site.

Under the TIF agreement, the District will support bond issuance to cover a portion of the initial construction costs, and the bonds will be repaid using a portion of the new tax revenue generated by the project. The TIF package is pending approval from the DC Council.

The development plan calls for re-opening Eighth Street, NW and incorporating the historic market into the larger project, which has been named CityMarket at O Street.

The project is expected to create 400 construction jobs and almost 400 permanent jobs. As a part of the TIF agreement, more than half of those jobs must first be offered to District residents. The agreement also calls for green design and meaningful opportunities for small retailers, local contractors and investors.

Community Preservation and Development Corp., a non profit housing developer, and Blue Skye Housing will build the senior housing portion of the project. Roadside is expected to break ground next fall.

As always, you can reach me, Michael Dillon, at Michael@RealAstute.com or on my cell at 202-369-9821.

Shaping the City

Neighborhood revitalization requires an immense amount of planning and investment, but the rewards can be priceless. To read more on the subject, click here for the article "Lessons of Arlington's Urban Development Needn't Be Just History", written by Roger K. Lewis.

As always, you can reach me, Michael Dillon, at Michael@RealAstute.com or on my cell at 202-369-9821.

Feeling Nosy about DC? MD? VA?

Ok, I know you're probably not planning on moving this very second, but here's this week's list of interesting-looking listings that have just come on the market. Mind you, they may not actually be my personal listings --- just intriguing properties I've come across this week.

Feeling nosy about the District of Columbia?
Feeling nosy about Virginia?
Feeling nosy about Maryland?

If you know someone who might be interested in this list, please forward it on to him or her. And if there's a listing that you're curious about yourself, just let me know ... and I'll show it to you ... just for the hell of it ... no obligation ... *I promise*. Really. (One of the perks of being the friend of a real estate agent ought to be that you get to freely snoop around other peoples' homes!)

D.C. Home Transformed Into Model of Universal Design

The D.C. chapter of AARP, the senior citizen advocacy group, has transformed a vacant red brick house in Northeast Washington into a model home for universal design. To read the full Washington Post article, written by Barbara Ruben, Click Here!



As always, you can reach me, Michael Dillon, at Michael@RealAstute.com or on my cell at 202-369-9821.

Feeling Nosy about DC? MD? VA?

Ok, I know you're probably not planning on moving this very second, but here's this week's list of interesting-looking listings that have just come on the market. Mind you, they may not actually be my personal listings --- just intriguing properties I've come across this week.

Feeling nosy about the District of Columbia?
Feeling nosy about Virginia?
Feeling nosy about Maryland?

If you know someone who might be interested in this list, please forward it on to him or her. And if there's a listing that you're curious about yourself, just let me know ... and I'll show it to you ... just for the hell of it ... no obligation ... *I promise*. Really. (One of the perks of being the friend of a real estate agent ought to be that you get to freely snoop around other peoples' homes!)

A Garden-Variety Masterwork

Murals and outdoor artwork are becoming increasingly popular. Why not put a personal stamp on the exterior of your home? Click here to read about murals in private homes around the the city, written by Stephanie Cavanaugh.



As always, you can reach me, Michael Dillon, at Michael@RealAstute.com or on my cell at 202-369-9821.

Feeling Nosy about DC? MD? VA?

Ok, I know you're probably not planning on moving this very second, but here's this week's list of interesting-looking listings that have just come on the market. Mind you, they may not actually be my personal listings --- just intriguing properties I've come across this week.

Feeling nosy about the District of Columbia?
Feeling nosy about Virginia?
Feeling nosy about Maryland?

If you know someone who might be interested in this list, please forward it on to him or her. And if there's a listing that you're curious about yourself, just let me know ... and I'll show it to you ... just for the hell of it ... no obligation ... *I promise*. Really. (One of the perks of being the friend of a real estate agent ought to be that you get to freely snoop around other peoples' homes!)

Great New Listing in Historic Shaw So Close to O Street Market

I am so excited about our new listing at 1512 8th Street NW because it is right in the heart of Historic Shaw and literally a stones throw from the Giant and the exciting new development at the Historic O Street Market. Be sure to read below the recent Washington Business Journal article about the proposed restoration of the O Street Market and the new development slated for this area. It is so close to Logan and Dupont Circles too! Here is the thing, the place isn’t livable! Help us find the perfect person to buy this shell and make it the masterpiece it once was. The original woodwork and fireplaces and claw foot tub remain, and just need a loving renovator to bring this place back to life. Click HERE for pictures.

Also, read the Washington Business Journal article about the O Street Market Project by Gillian Gaynair here.