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!)
Thursday, January 31, 2008
Strange and Funny Things Do Happen in Real Estate!
There is so much negative news about real estate these days, sometimes it helps to hear some random funny stories about our business! Here is the case of the missing key:
On Tuesday night I was showing some clients an investment property in Ledroit Park for a second time. (Click Here to learn more about beautiful Ledroit Park). The property has 2 units. The upstairs unit has 3 bedrooms. The first time we saw the upstairs unit over the weekend we noticed that there was one bedroom that was locked and none of the keys in the lockbox would work. Before my client would move forward they wanted to see inside that room – seems logical to me!
I called the listing agent and asked her how I could get my client into the randomly locked room. She tells me that someone is “sorta” living in that room, but he isn’t a tenant just a friend of the seller. How someone “sorta” lives in a room is not clear! She also tells me that there is a key to that room “wrapped in a tissue and stuffed under the carpet on the fifth step” in the building.
My clients, a contractor and I, all in our nice work clothes, started crawling up and down the stairs trying to peel up the nasty carpet and find this little tissue with the key for the third bedroom. When it became clear we weren’t going to find it I called the listing agent back who was a little embarrassed. She quickly went into action and called the man who is “sorta” living in the room to find out where the key was located. She got the man on the phone line with me who told me to go to the kitchen and open the dishwasher, then open the plastic flap for the detergent – eureka, there is the little tissue with the key. It was definitely a strange moment that got several chuckles from everyone there!
As always, if you are thinking of buying or selling please do not hesitate to contact me at Michael@RealAstute.com or 202-369-9821.
On Tuesday night I was showing some clients an investment property in Ledroit Park for a second time. (Click Here to learn more about beautiful Ledroit Park). The property has 2 units. The upstairs unit has 3 bedrooms. The first time we saw the upstairs unit over the weekend we noticed that there was one bedroom that was locked and none of the keys in the lockbox would work. Before my client would move forward they wanted to see inside that room – seems logical to me!
I called the listing agent and asked her how I could get my client into the randomly locked room. She tells me that someone is “sorta” living in that room, but he isn’t a tenant just a friend of the seller. How someone “sorta” lives in a room is not clear! She also tells me that there is a key to that room “wrapped in a tissue and stuffed under the carpet on the fifth step” in the building.
My clients, a contractor and I, all in our nice work clothes, started crawling up and down the stairs trying to peel up the nasty carpet and find this little tissue with the key for the third bedroom. When it became clear we weren’t going to find it I called the listing agent back who was a little embarrassed. She quickly went into action and called the man who is “sorta” living in the room to find out where the key was located. She got the man on the phone line with me who told me to go to the kitchen and open the dishwasher, then open the plastic flap for the detergent – eureka, there is the little tissue with the key. It was definitely a strange moment that got several chuckles from everyone there!
As always, if you are thinking of buying or selling please do not hesitate to contact me at Michael@RealAstute.com or 202-369-9821.
Thursday, January 24, 2008
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!)
Posted by Kevin Shirley & Michael Dillon
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!)
Posted by Kevin Shirley & Michael Dillon
Losing Their Grip on Homeownership
Declining Values Put Many Who Took Out Home-Equity Loans in a Bind That May Worsen
By J.W. Elphinstone
Associated Press
Homeowners started losing hold of their homes years before spiking foreclosures and the housing slump slammed the economy.
Piece by piece, some gave away part of their homes by tapping equity to take cash out to pay for cars, weddings and vacations. Others never owned one brick. During the country's most recent housing boom, the term "homeowner" threatened to become a misnomer as lenders offered 100 percent or more financing to some buyers.
Now, slipping home prices could further erode the value of many Americans' single largest asset, curbing consumer spending and jeopardizing retirement assets.
To read more of this article, click here.
By J.W. Elphinstone
Associated Press
Homeowners started losing hold of their homes years before spiking foreclosures and the housing slump slammed the economy.
Piece by piece, some gave away part of their homes by tapping equity to take cash out to pay for cars, weddings and vacations. Others never owned one brick. During the country's most recent housing boom, the term "homeowner" threatened to become a misnomer as lenders offered 100 percent or more financing to some buyers.
Now, slipping home prices could further erode the value of many Americans' single largest asset, curbing consumer spending and jeopardizing retirement assets.
To read more of this article, click here.
Thursday, January 17, 2008
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!)
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!)
Wednesday, January 16, 2008
What's Happening in the Columbia Heights/Petworth/U Street Area
Over the weekend I worked with 2 sets of buyers who were looking in the Columbia Heights/Petworth/U Street area. It was the first time I have been in that area showing property in a few months. The construction in that area continues despite all the negative news about real estate. Yes, condos are still being built, just drive down 14th Street NW!
On Saturday I showed a great new condo building to one of my buyers at the corner of 14th and W Streets NW. The condo has the incredibly original name of “1407 W Street Condo” and is located at --you guessed it -- 1407 W Street NW. See a photo gallery of the place here: http://www.homevisit.com/tour/mrisTour.asp?id=29672. The very fancy brochure says, “Boutique 12 unit building in the Hip U Street Corridor.” Prices range from the mid 800’s for the penthouse 2 bedroom unit to the mid 300’s for a 1 bedroom on the sorta-basement level. For an extra 40K you can buy an outside reserved parking place too! My client was very funny, wondering if he bought would he be hip enough for the building!
On Saturday I showed a great new condo building to one of my buyers at the corner of 14th and W Streets NW. The condo has the incredibly original name of “1407 W Street Condo” and is located at --you guessed it -- 1407 W Street NW. See a photo gallery of the place here: http://www.homevisit.com/tour/mrisTour.asp?id=29672. The very fancy brochure says, “Boutique 12 unit building in the Hip U Street Corridor.” Prices range from the mid 800’s for the penthouse 2 bedroom unit to the mid 300’s for a 1 bedroom on the sorta-basement level. For an extra 40K you can buy an outside reserved parking place too! My client was very funny, wondering if he bought would he be hip enough for the building!
Also along the 14th Street NW corridor construction continues at the corner of 14th, Florida and Belmont Streets NW. The large hole has been filled, presumably with the underground parking garage and work has begun above ground. Visit their website at http://solea-dc.com/index.htm for more info. I see that this project is being promoted as a “live and work” condo community, focused on spaces for people who work from home. I like the concept, when the building is ready I will be sure to check it out. My clients on Sunday said that a friend of theirs is working on the project and it is apparently going to be very “green” as well.
Farther north in the Petworth area construction also continues on a long awaited development at the Georgia Avenue-Petworth Metro Station.
You will note on the map that the southern exit is closed until 2008. That is for construction of the Park Place condo and retail development. You can visit their very boring website at http://www.parkplace-dc.com/. I think this development will help kick-start some more development in this area of Petworth. Lately I have noticed a serious increase in foreclosure properties going up for auction in the Petworth area. I believe that during the crazy days of 03-06 too many investor speculators were gobbling up houses in Petworth thinking they were going to be easy flips and now they are going to foreclosure. A few smaller project did come to fruition, like the small condo “New Hampshire House” at 3540 Rock Creek Church Road, NW. According to the MLS, this building has been selling quite well, with an average sales price of $258,571.00 with between 7-10K in seller subsidy. Seems like a good deal for a one bedroom within walking distance of the Metro and completely refurbished. See the pictures here: http://www.homevisit.com/tour/mrisTour.asp?id=26780. If you are looking to learn more about the Petworth community visit the Price of Petworth blog at http://www.princeofpetworth.com/.
As always, if you are interested in buying or selling, let me know! Michael Dillon (Michael@RealAstute.com)
Thursday, January 10, 2008
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!)
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!)
Wednesday, January 09, 2008
Important Tax Changes Effective January 1, 2008
MARYLAND:
Starting January 1, Maryland property owners must now apply to continue receiving the Homestead Deduction savings on their tax bill for their primary residence. This application must be filed by April 1, 2008. If you haven't already received the forms with your tax assessment notice you will soon. Click Here for the form or better yet, file online at https://sdathtc.resiusa.org/homestead/. For commonly asked questions about the application see http://www.dat.state.md.us/sdatweb/Homestead_app.htm.
MARYLAND: MONTGOMERY COUNTY SPECIFIC:
New Montgomery County Transfer Tax
For Principal Residence property in Montgomery County OVER 500,000 try the following short cut: 3105.00 (covers the first 500,000 taking into consideration the 50K exemption)
Then ADD 10.00 per 1,000. for each 1,000 over 500.
Example: 750,000 will be taxed: 3105.00 plus 2500.00 (250 x 10.00) = 5605.00 recordation tax
New Rate begins March 1.
As to Refinances over 500K they will be taxed in a consistent manner except that there will be no exemption for the 1st 50K. The rule is $6.90 for each new 1000 up to 500K, thereafter $10 per 1000; rounded to the next 500.
VIRGINIA SELLERS:
Virginia State Grantor's Tax will be increased in virtually all of the Northern Virginia jurisdictions from $1.00 per $1,000.00 to $5.00 per $1,000.00.
Friday, January 04, 2008
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!)
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!)
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