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!)
Friday, July 25, 2008
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
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
Thursday, July 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!)
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.
Learn more by visiting the Harvey West website.
Thursday, July 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!)
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.
Thursday, July 03, 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!)
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.
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