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!)

HGTV's "Sleep On It"

"Sleep On It" is a national half-our television show which airs on HGTV (Home & Garden Television).

It's a great opportunity for all parties involved (the seller, the home buyer and the realtor) but the best part is that the home buyers have a chance to spend the night in 1 of the 2 homes they are interested in purchasing. It's a great opportunity and a lot of fun!

The perk for home buyers is that you get a chance to spend the night in a home of your choice that you are interested in purchasing, testing out the neighborhood, the house itself and whether or not it suits your needs.

There is a small compensation for each party involved as they greatly appreciate everyone's time and efforts. It's a fun, high energy, reality show that offers a unique perspective on the real estate market nation-wide.

Overall, it takes 3 full days of shooting for home buyers. They do a 1/2 hour interview with the realtor & homeowners/sellers. The realtor also assists them with setting up/finding the homes for the home buyer. Ideally, the single family home prices should be in the range of $375,000-$550,000. The homes should also be vacant and staged or lightly furnished. If the homeowners currently live in the house, they'll provide a hotel stay for them during our shoot.

Edelman Productions has been producing award-winning programming for HGTV, The History Channel and The Food Network for over 10 years. A few of their shows include: Curb Appeal, Color Splash, Design to Sell, Design Remix, Decorating Cents, Double Take, House Detective, Landscape Smart, Ultimate Kitchens and Find Your Style to name a few.

They will begin shooting their second season of "Sleep On It" April 1st. Please feel free to forward this opportunity on to other realtors or homebuyers who may be interested. Also, if you have any clients that would be a great fit on the show and would be interested in this experience, please have them get in touch with me and I can forward the appropriate information.

Here is some recent press on the show.

"Sleep On It" airs Wednesday evenings @ 10:30pm on HGTV.

Enjoy!

kevin Shirley & Michael Dillon
Long & Foster Realty
kevin@RealAstute.com
202-547-9200

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!)

East Rental Rates for Investors

The most common question I get when working with investors is, "How much rent can I get for this place?" That is a touch question since rents often fly below the radar. Sometimes they are in the MLS, but often they are not. There is no tax database of rents like there is for sales. People put signs in the window of their rental house, rent it and never need to share the rental rate with anyone.

I can search the MLS for rents, but I usually also look on Craigslist.org and the Washington Post to see current rental comps in a given area.

I recently discovered a new website that really helps in the battle to figure out rental rates, it is http://www.zilpy.com/ and it is currently in BETA, or testing, mode.

I found the site really useful and fun. Plug in your own address and see if you agree with the rental rate they suggest. They locate comps in the immediate area and tag them on an easy to use Google map. I would not suggest using this as your sole method for determining rental rates, but I do thing it is another useful tool in that process.

Speaking of investment property, be sure to contact me if you have been thinking about picking some up, there are great deals out there right now! I am easy to reach 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!)

Barack Obama Right Outside Our Doors!

Presidential candidate Barack Obama visited the Eastern Market Metro on Tuesday morning while campaigning, he even bought some doughnuts at our Dunkin Doughnuts!

Here he is in the Metro plaza, note the office in the back left...

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!)

Northern Virginia Condos We Just Can’t Sell

Twice in the last two weeks our team has signed listing paperwork to sell condos for clients in Arlington and Alexandria and both times it turned out that our client cannot sell their condos at this time because of the downward pressure on the condo market in Northern Virginia.

In the first case, our client purchased their condo from the developer nearly 2 years ago and the developer is still selling units in the developments. The developer is now selling similar units for nearly 60K LESS than what our client paid. Needless to say, once we confirmed the developer’s prices and shared them with our client he decided it was simply not the right time to sell his condo. We couldn’t agree more, there is no way we could compete with a developer who is slashing prices that dramatically. Since our client is being relocated he has decided to use Long and Foster Property Management to manage the rental of his unit until the market turns around.

In the second case, our client purchased their condo nearly three years ago, in this case however they are competing against short sales and investors. Of the three comparable condos that were for sale in the same development, 2 of them were “short sale” properties that are listed below market value. Selling at these prices wouldn’t make sense for our clients who bought their unit basically for what the short sale units are now being sold.

Remember, a short sale is when a lender allows a property to be sold for less than the amount owed on the mortgage and the lender takes a loss. Lenders usually allow borrowers to use this technique if the borrower is having a hard time making payments and needs to unload the property before it goes into foreclosure. Short sale properties are almost always being sold for less than market value, which drives the prices for other sellers in the same development down as well. There is a lot of talk in the news right now about how short sales and foreclosures hurt the value of everyone else’s property, and this is a classic example of how that happens. For now these clients have also decided to wait to sell and see what the market does in the coming months, and we agree that this is not the time for them to try and sell.

While we love to have listings and sell our client’s property, but we never want to see our clients lose money. Unlike many real estate agents, we are the first people to tell you NOT to sell your home if the market conditions are not right. Being honest with our clients is how we build trust and long-term relationships that will survive the ups and the downs of the real estate market.

As always, if you are thinking of buying or selling please do not hesitate to contact me 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!)

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.

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

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.

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!)

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!

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)

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!)

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.

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 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!)

Top real estate stories of 2007

Top real estate stories of 2007
Downturn, downturn, downturn
Thursday, December 27, 2007
Inman News

"Downturn," "subprime," "foreclosures" and "credit crunch" are the top phrases that come to mind when looking back at the year in real estate news. 2007 will be remembered as the year the subprime mortgage market collapsed, causing a credit crunch whose effect on the broader economy is still to be determined. The credit crunch has caused everyone to wonder whether the housing market will now play a role in tipping the economy into recession in 2008. But even while housing markets were slowing substantially in some parts, a boom in online activity and innovation in real estate was happening this year. 2007 was marked by an explosion in real estate blogging along with some major media interest in a few newer online business models.

Here are our picks for the most memorable real estate stories of 2007:

1. Subprime market implodes; housing downturn worsens. Subprime lenders started going belly up this year as they lost access to funding in an avalanche of delinquencies and foreclosures on loans that were packaged and sold to Wall Street investors. Each week brought more bad news in the mortgage and financial markets as more lenders and securities firms started reporting losses stemming from delinquencies and foreclosures. Congress has held numerous hearings on plans to help relieve some of the fallout from the resulting credit crunch (see #4 below). This story was by far the most important one for real estate in 2007 and will continue to unravel throughout 2008. (See Inman News special report, "Subprime Tsunami.")

2. Blogging runs deeper in real estate's blood. If 2006 was remembered as the year real estate blogging really took off, then 2007 will be known as the year that real estate bloggers went deeper, passing "sport" status and placing the practice officially under the heading of "business plan." Many milestones converged to make this possible: Those who figured out blogging were gaining more and more business from it; ActiveRain, the social network for real estate professionals centered around blogging, saw its membership skyrocket, reaching 62,000 members by year end; and the slower market may have prompted many more agents to try blogging since its low cost of entry means there's not much to lose. Many of real estate's star bloggers came together for the first Bloggers Connect conference in August. (See Inman News special report on blogging.)

3. Foxtons closes shop. Foxtons, a discount real estate brokerage company that operated in New Jersey, New York and Connecticut, put a notice on its Web site on Oct. 2 announcing its intent to file for voluntary Chapter 11 bankruptcy and place its property listing agreements with another brokerage company. The bankruptcy court judge handling the case later allowed the company to auction off about 4,300 listing agreements in New York and New Jersey to the highest bidders, which included Maplewood Homebuilders LLC and Brooklyn-based Fillmore Real Estate. (See initial Inman News story and follow-up article.)

4. Foreclosure problem worsens; Bush announces rescue plan. The Bush administration on Dec. 6 rolled out a much-anticipated agreement with mortgage lenders and loan servicers to refinance or freeze the interest rates on up to 1.2 million subprime adjustable-rate mortgages for five years. The plan aims to help reduce the impact of the housing downturn on the economy and communities affected by foreclosures. The plan has met criticism from consumer advocates who say it won't help enough borrowers and warnings from some in the lending industry who say a rate freeze could discourage investors from financing future loans. The plan has the backing of the American Securitization Forum, which represents companies that issue mortgage-backed securities, as well as investors, loan servicers and rating agencies. (See Inman News story.)

5. Redfin and "60 Minutes" of fame. CBS' well-known "60 Minutes" television news program tackled the issue of real estate commissions, discounters versus full-service companies, and industry competition in a segment, "Chipping Away at Realtors' Six Percent," that aired May 13, 2007. The segment, which focused heavily on Seattle-based discount brokerage company Redfin, caused an uproar within the industry. After spending a lot of time with the show's producers explaining the Justice Department's ongoing antitrust lawsuit, the National Association of Realtors felt it got the "empty chair" treatment by not being shown interviewed in the segment. Many others said the portrayal of traditional broker and agent fees was biased and unfair. The primetime appearance was a clear win for Redfin, which saw an increase in activity in the days following the show. (See Inman News story. Watch an InmanTV analysis of the report here.)

6. Trulia and Zillow get booted from Prudential Real Estate convention. To the dismay of some of the company's brokers, Prudential Real Estate barred two of the biggest names in online real estate -- Trulia and Zillow -- from exhibiting at the company's annual convention in San Diego in March. Both companies had booked booths at the show and flew executives to Southern California to rub elbows with Prudential brokers, only to be told at the last minute they were not welcome. Trulia co-founder Sami Inkinen reported the incident on the company's blog, saying they were told that their business model was in direct competition with a partnership between Prudential Real Estate Affiliates and Yahoo! Inc. (See Inman News story.)

7. Realogy goes private. An affiliate of private equity firm Apollo Management LP in April completed the purchase of Realogy Corp., about a year after Realogy was formed as an independent publicly traded company that broke off from Cendant Corp. Realogy owns real estate franchise brands Coldwell Banker, Century 21, ERA, Sotheby's, Better Homes & Gardens and Coldwell Banker Commercial. The transaction was valued at about $8.5 billion. (See Inman News story.)

8. Well-known real estate writer dies. Beloved real estate advice columnist Robert Bruss passed away on Sept. 26, leaving a legacy behind that won't soon be replaced. For more than 20 years Bruss wrote weekly real estate columns that appeared in hundreds of newspapers across the country answering complicated real estate questions submitted by his loyal readers. He was the most prolific writer in the industry, a consumer advocate who wrote from experience and expertise honed from his years of real estate investing, teaching and attorney work. His columns were syndicated by Inman News, and the staff here considered him a close friend and mentor. (See Inman News story.)

9. NAR's Gateway project announced. The National Association of Realtors in May revealed a somewhat vague plan to develop a massive national property information database. An advisory group charged with conceptualizing the project said in November that the database would be accessible to varying degrees by consumers, agents, brokers, appraisers and government agencies. This so-called Gateway system could include information on all types of properties, including for-sale-by-owner and agent-represented active for-sale listings. The group has been careful not to call the project a national MLS. NAR's group says industry participants are demanding such a system to expand property information that is at their disposal. The project could hit one snag as NAR's current agreement with Move Inc., which operates Realtor.com, would prevent consumer access to such a database and would have to be restructured. (See Inman News story.)

10. FHA goes modern. FHA modernization was a hot topic throughout 2007 as lawmakers volleyed back and forth on how to bring FHA loan programs more in line with market prices so that more borrowers would be able to use them. Senate lawmakers in December passed legislation that would reduce but not eliminate down-payment requirements, allow for a smaller increase in the maximum-size mortgage eligible for FHA backing, and place a one-year moratorium on a plan to introduce risk-based pricing. The bill would allow the Federal Housing Administration to guarantee loans of $417,000 or more in high-cost areas, the conforming loan limit for loans eligible for repurchase by Fannie Mae and Freddie Mac. The Bush administration supports the modest increases in FHA loan limits put forward by the Senate, advocating raising limits from $362,000 in high-cost areas to $417,000, and from $200,000 in lower-cost areas to $271,000. (See Inman News story.)

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!)