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!