Living in DC: Gallery Place-Chinatown

When looking at DC neighborhoods to reside, there are many options to choose from depending on your living criteria. One such residential neighborhood is the Gallery Place-Chinatown, a historical east community of over 20 ethnic restaurants.



"The Chinatown area was formerly populated by German immigrants; Chinese immigrants began to populate the area in the 1930s, having been displaced from Washington's original Chinatown along Pennsylvania Avenue by the development of the Federal Triangle government office complex." (Wikipedia)


SHOPPING AND RESTAURANTS
In 2006, Chinatown underwent a $200 million renovation transforming the neighborhood into a bustling area of shopping, bars, and restaurants. Chinatown looks like a mini-Times Square with huge jumbo-trons, Verizon Center, and large chain businesses, such as Starbucks, CVS, Fuddruckers, Lucky Strike, Clydes, etc.







CONDOMINIUMS
Housing in Chinatown primarily consist of modern-style condominiums such as the Residences at Gallery Place, City Vista, 555 Mass, etc. These mixed-use projects are a combination of luxury and convenience with big chain retail store and restaurants on the lower levels such as AT&T, Safeway, Urban Outfitters, etc. The average price of these residences start at $350,000 up to $1 Million for the penthouse.







For more information about the latest news and entertainment in Chinatown dc: visit GalleryPlace.com

Call me at 301-452-4767 if you have any real estate questions!

What is the DC Homestead Act?

So you are thinking about purchasing a new home in the District and you have heard about the DC Homestead Act. What is it?

Well according to the DC official website:

"This benefit reduces your real property's assessed value by $67,500 prior to computing the yearly tax liability.

The Homestead benefit is limited to residential property. To qualify:

1.
An application must be on file with the Office of Tax and Revenue;
2.
The property must be occupied by the owner/applicant and contain no more than five dwelling units (including the unit occupied by the owner); and
3.
The property must be the principal residence (domicile) of the owner/applicant.

If a properly completed and approved application is filed from October 1 to March 31, the property will receive the Homestead benefit for the entire tax year (and for all tax years in the future). If a properly completed and approved application is filed from April 1 to September 30, the property will receive one-half of the benefit reflected on the second-half tax bill (and full deductions for all tax years in the future)."

Basically...the Homestead Act saves you money on your property taxes for ONLY your primary residence.



Call me at 301-452-4767 if you have any real estate questions!

Thinking about Short Sale? What you need to know!

So you are thinking about selling your house as a short sale! Here is some information you need to know.

Short sales can be an extremely stressful experience for both homebuyers and sellers.

A bank will not even consider your short sale application unless you are delinquent with your mortgage payments. If you cannot show hardship, then your application will go at the bottom of the pile. In other words, you will have to sacrifice your credit score in order to leave the property.

You will get a lot of advise from different people. I would suggest contacting Lawrence Tucker at New Era Title. This law firm has been specializing in short sales for over 10 years. They have relationships with every bank and can walk you step by step through the process and do all of the negotiations with the bank on your behalf. This allows your realtor to focus on what they do best...selling your home.

The best part is that New Era Title fees are paid by the bank. You DO NOT pay them for their services. Here is Lawrence Tucker's contact information as follows:

Lawrence Tucker, Esquire, MBA
New Era Title
8521 Leesburg Pike, #450
Vienna, VA 22182
Tel: 703-448-4420
Fax: 703-448-7720
Email: ltucker@neweratitle.com

Many realtors might not admit it, but short sales are NOT for everyone.

Remember...the keyword with short sales is HARDSHIP!



Call me at 301-452-4767 if you have any real estate questions!

5 Things to know before investing in DC Foreclosures

So you have heard about the millions of foreclosures available...and you are thinking about investing. Here are a few things you need to know before embarking on this adventure:

1. Best Offer First:
-Always put your best foot forward! Banks do NOT accept escalation clauses and will NOT accept low bid offers. These properties are already priced under the market.

2. Bank Addenda is KING:
-Only after the bank accepts your offer will they provide you with the addenda and disclosures. Please read all addenda carefully! These bank documents override any and all buyer protections afforded to you by local real estate documents. For example, the buyer will NOT be able to sue the bank if the bank does not perform the necessary steps to sell the home, such as providing clear title.

3. Always get an Inspection:
-These properties are being sold As-Is! It is understood that the bank will not make any repairs to the property, but in rare case the bank should make repairs, they will only repair structural and/or mold issues in the home. Ask your inspector to always test the air quality and identify the sources of mold.

4. The 30-Day Rule
-On average banks revolve around the 30-day Rule when dealing with foreclosures. Every 30-days banks are requesting a price reduction. Every 30 days from contract ratification, the banks would like to sell the property. There is a misconception that purchasing a foreclosure will be as difficult as a short-sale. It is quite the opposite, the banks look at foreclosures as a liability and want to get rid of them immediately...providing the price is RIGHT!

5. Buyer pays 100% of property taxes
-So you have read that Federal law allows certain banks exemption from paying property taxes when selling properties (ie. Freddie Mac and Fannie Mae). Well, DC government does not recognize the exemption status of these banks and demand the tax bill be paid in full...in this case it is the buyer's responsibility. This is a growing trend by surrounding local county governments such as Prince Georges, Montgomery County, etc.


Call me at 301-452-4767 if you have any real estate questions!

Information about the DC First-time homebuyer tax credit

In case you were questioning if now was a good time to purchase a home in Washington, DC...look no further!

Despite the end of the Federal first-time homebuyer tax credit, DC has continued the $5,000 DC First-time homebuyer tax credit until the end of the year. Here is more information you need to know as follows:

Who qualifies for the DC tax credit?
The tax credit is aimed at people buying their first principle residence in the District of Columbia. This means that owning a previous primary residence outside of DC does not hurt your eligibility. If you haven’t owned a primary residence in DC, you qualify for the local tax credit, even if you’ve previously owned homes in other areas.

Also, you qualify as a first-time DC home buyer as long as you haven’t owned a DC home in the one-year period prior to the purchase of your home. The national tax credit had a stricter requirement; it required buyers to have no primary home ownership for three years prior to home purchase.

How much is the DC tax credit worth?
The credit’s value is the lesser of:

-Up to $5,000, if single, married filing jointly, head-of-household, or qualifying widow(er)
-$2,500 if married filing separately


What types of homes qualify for the DC tax credit?
The home must be your primary residence. It can be a single family home, houseboat, housetrailer, cooperative apartment, condominium, or other type of residence.

Are there any income restrictions for the DC tax credit?
The income restrictions are based on your modified adjusted gross income (MAGI):

If your MAGI is $70,000 or less ($110,000 or less if married filing jointly), you qualify for the full $5000 credit.
If your MAGI is between $70,000 and $90,000 ($110,000 and $130,000 if married filing jointly), you qualify for a partial credit; the more you make, the less credit you receive.
If your MAGI is over $90,000 ($130,000 if married filing jointly), you do not qualify for the credit.

Are there any other restrictions?
You do not qualify for this tax credit if:

-You acquired your home from certain related persons or by gift or inheritance. Related persons include, but are not limited to, your grandparents, parents, spouse, children, and grandchildren.
-You previously claimed this tax credit on a prior home purchase.
-You qualified for the national home buyer tax credit.

How do I claim the DC tax credit?
You must fill out IRS Form 8859 and submit it with your annual tax returns.



Call me at 301-452-4767 if you have any real estate questions!

IMPORTANT: New Mortgage rules makes it difficult for Condos

I know it seems like everytime you turn around, there are NEW mortgage changes affecting the real estate. Well, you are absolutely right!

This time with the NEW rules, it is more difficult to get mortgage financing for condos...as if it wasn't difficult already to purchase a home.

WHAT ARE THE NEW RULES?

The owner occupancy of a building must be at least 51% owner occupied to purchase with an FHA loan.

The owner occupancy of a building must be 70% for a conventional purchase.

For both FHA and conventional, the delinquent condo dues must be under 15%.

WHAT DOES THIS MEAN FOR YOU?

This means that more than ever, as an owner of a condo, you are financially tied to other owners in the building. If they are behind in their condo dues, it will be more difficult for you to sell your home. As an owner, your options might be limited for renting your home to move to bigger and better things, if your condo building is nearing or above the minimum investor ratio.

From a buyer's perspective, you will need to inquire about the condo association's investor ratio and delinquency rate before placing an offer on that PERFECT condo.



Call me at 301-452-4767 with any real estate questions!

Property of the Week: The Metropole

LOCATION
The Metropole is a 90-unit condo building in the vibrant Logan Circle neighborhood. This mixed-use building is located on the 1400 block of P St. NW at 1515 P St. NW, and is home of VIDA Fitness, BANG Salon, etc. The building towers across from the Whole Foods, CVS, and old Duron Paint store. Metropole is surrounding by some of the city's best Zagat rated restaurants and a few blocks from metro and White House.





AMENITIES
The Metropole was developed by Metropolis Development (MDC), which also built Cooper-Lewis, Lofts 14, and Langston Lofts. Architecture by RTKL and interior design by Cecconi Simone offers a loft-style condo: with 20-foot high floor to ceiling windows, Exposed ceilings and ductwork, Bosch stainless steel appliances standard, large private terraces on all top floor units.





PRICING
The pricing of one bedroom units start at $485,000 to two bedroom starting at $700,000 - $2 Million.





Call me at 301-452-4767 if you have any real estate questions.