Living in DC: Southwest DC--ARENA STAGE AND MORE...

Over the past few months, there has been alot of construction throughout the District. One such neighborhood is in the Southwest DC area. I just recently made my way over there to see the area change dramatically with a new redeveloped Safeway, Starbucks, WaterFront Station Metro Plaza, Arena Stage, Condominiums, etc.

All signs of improvement and progress. . .

ARENA STAGE:
A major renovation of the facility is underway, designed by Bing Thom Architects. These plans leave the Fichandler Stage and Kreeger Theater largely untouched, but call for demolition of the theaters' connecting structures, including lobbies and offices. This new "black box theater" will seat 200.



WATERFRONT STATION METRO PLAZA:
The newly constructed development project surrounds the entrance of the Waterfront Station Metro and spearheaded by the new Safeway. It will house about 900 of the total 1,500 city workers to be moved in by March 25th and the move will begin this Friday. By Monday, at the very least, 4th Street will be open for entry by foot by the occupants of both new buildings.



POTOMAC PLACE TOWER:
The Potomac Place Tower has condos starting under $200K with amenities such as fitness center, outdoor pool, business center, etc. The project is over 50% sold and is currently FHA/VA approved. Its southwest location is one of the city's dynamic urban neighborhoods-rapidly redeveloping, near three Metro stations, short walk to the site of the new baseball stadium and 3 blocks from the National Mall. For more information check out: http://www.potomacplacetower.com/default.asp



Tell the sales office you were referred by: Jason Trotman of Realty Pros

What is a 203k loan?

I've heard from many buyers and sellers in today's market, "What is a 203k loan?"

The 203k loan has been around for quite some time. This 203k loan is an alternative method of financing for homes which require substantial repair and the seller is not willing or able to make repairs.

Details about a 203k loan
203k loans allow you to FINANCE the cost of the repairs in the new loan amount. (Not to exceed 110% of the after improved value determined by the appraiser and 203k consultant). What does this mean? I buy a house for $200,000 that needs $50,000 in repairs and I can borrow the extra $50,000? Too good to be true? NOPE. That's it in a nutshell....

Down payment is based on the sales price PLUS the final cost of the repairs x 3.5%.



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

Why is Fannie Mae self-destructive?

I woke up to see the on the front page of the Washington Post "Fannie Mae asks for 8.4 Billion from Taxpayers!"

This is NOT surprising at all.

Having worked with Fannie Mae and their foreclosures for the past year, I have had a unique opportunity to witness firsthand the systemic culture of mismanagement, waste, bureaucracy, inefficiency, and utter disregard for the local real estate market trends.

Let me give you some examples:

Mismanagement:
In any given transaction, very rarely does upper management know what is going on in each of their respective departments. A culture saturated with cronyism which bleeds the organization dry of quality service providers and rewards incompetence and inefficiency.

Waste:
Fannie Mae uses these "Fannie Mae approved" contractors to make any and all repairs on the foreclosures. The contractors are out-of-state companies who will under bid for a property and will end up charging upwards to 75% more than the original bid. There is NO oversight to see to ensure the quality of work and if the project is completed.

Bureaucracy:
In order to make any suggestions or concerns addressed, there is a barrage of middle management to overcome. There is a systemic culture of red-tape, lack of accountability, and inefficiency which permeates throughout the whole organization from the top down.

In other words, the top management in Fannie Mae just DON'T GET IT!

Solution:
We have to urge our representatives in Congress to dissolve Fannie Mae or break it up into smaller, more manageable agencies in order to plug this SINK HOLE of taxpayer's dollars!



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