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, September 11, 2008
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
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
Friday, September 05, 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!)
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.
Thursday, August 28, 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!)
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.
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.
Thursday, August 21, 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!)
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.
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.
Thursday, August 14, 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!)
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
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
Thursday, August 07, 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!)
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!
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!
Friday, July 25, 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!)
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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