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.

Living in DC: Dupont Circle

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 Dupont Circle, a historic district in the Northwest part of the city.



"Dupont Circle is located in the "Old City" of Washington, D.C. — the area planned by architect Pierre Charles L'Enfant — but remained largely undeveloped until after the American Civil War, when there was a large influx of new residents. The area that now constitutes Dupont Circle was once home to a brickyard and slaughterhouse." (Wikipedia)

SHOPPING AND RESTAURANTS
Dupont Circle is a local hub of activity with numerous retail stores, coffeehouses, lounges, and restaurants enjoyed by many residents and visitors. The two popular corridors of commerce are Connecticut Ave. and 17th Street with stores such as GAP, Victoria Secrets, etc. The variety of restaurants range from sit-down French Bistro to five-star Sushi restaurants. There are no shortage of happy hour venues such as Bar Dupont, Gazuza, One Lounge, and Circa.





VICTORIAN ROWHOUSES
Dupont Circle is well-known for its elegant style rowhouses. These Rowhouses were primarily built prior to 1900 feature variations on the Queen Anne and Richardsonian Romanesque revival styles. These rowhouses start at $1.5 Million.



DUPONT UNDERGROUND
Dupont Underground is an abandoned streetcar/trolley terminal and tunnel, which is located underneath Dupont Circle but above the Metrorail tracks.





The streetcar tunnel was completed in 1949. The Arts Coalition for Dupont Underground recently launched a campaign to reopen the station and tunnels as a gallery for the arts community. The Arts Community proposes a new gallery space below Dupont Circle near many existing above-ground galleries. Earlier this year, the District began seeking developers to take on this project.





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

FHA Loan Changes and what it means to YOU!

FHA loans has been the primary source of home financing over the past 2 years. There are some changes over the next few months that homebuyers need to be aware of if thinking about purchasing a home.

FHA MORTGAGE INSURANCE PREMIUM
The increase in FHA Up Front Mortgage Insurance Premium (effective April 1, 2010). UFMIP went up from 1.75% of the loan amount to 2.25% of the loan amount.

WHAT DOES IT ME FOR YOU?
Higher up front and/or monthly expense if the fee is financed.

FHA MORTGAGE INSURANCE
Mortgage insurance is a policy that protects lenders against some or most of the losses that result from defaults on home mortgages and it's required primarily for borrowers making a down payment of less than 20%. There is a planned increase of FHA Monthly Mortgage Insurance.

WHAT DOES IT ME FOR YOU?
Buyers with tight debt ratios will qualify for lower loan amounts. It will be an increased monthly expense to consumers.

SELLER CONCESSIONS
The sellers in today's market attract many buyers by offering to contribute monies toward the homebuyers' closing costs, known as seller concession or closing help. FHA will be decreasing the maximum seller contribution from 6% to 3% of contract price.

WHAT DOES IT ME FOR YOU?
The homebuyers who depend on seller contributions will no longer be in a position to purchase a home, which will negatively affect sales in some markets.



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

Property of the Week: The Lacey

LOCATION
"The Lacey is a 26-unit condo development, located at 2250 11th Street on the corner of Florida Avenue and 11th Street. The development sits on the border of Columbia Heights and the U Street Corridor. It is about three blocks from the U Street/Cardozo Metro station on the green line, and about five blocks east of Meridian Hill park.



DESIGN
The Lacey was designed by Division1 Architects, a DC-based architecture firm founded in 1994 that also designed The Drost, a condo development at 2106 10th Street NW, and Lima, a restaurant and lounge at 1401 K Street." (dc.urbanturf.com)





PRICE
The building is now FHA approved with 1 bedrooms starting at $495,000 and 2 bedrooms starting at $575,000. The condo fees start at $345 per month. The building is pet-friendly, but alas NO fitness center or rooftop deck. For more information give me a call at 301-452-4767.





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

Living in DC: Tenleytown/American University Park

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 Tenleytown/American University which is located in the upper Northwest part of the city.



This is the historic site of Fort Reno, "one of the forts that formed a ring around Washington D.C. during the Civil War to protect the capital against invasions. It proved to be the crucial lookout point for preventing a siege of Washington (indeed, it is the highest natural point in the District of Columbia--429 feet above sea level)." (Wikipedia)

SHOPPING & RESTAURANTS
Tenleytown has a large variety of restaurants and shopping with stores like Bestbuy, Guapos, Payless, Whole Foods, Papa Johns Pizza, Starbucks, Robecks, Crispy & Juicy, etc. There many local eateries such as Steak & Eggs, a great local dinner in the heart of Tenleytown's residential area.



AMERICAN UNIVERSITY PARK
Tenleytown is home of American University, a private United Methodist-affiliated research university in Washington, D.C. Developed in the 1920s, the American University Park neighborhood surrounding American University, consists almost entirely of single-family homes. A wide variety of architectural styles are present such as Victorian, Colonial styles, and most homes have been modified or expanded since the 1930s--there are approximately 2700 homes within closely spaced area. The single-family home prices start from $849,000.



CONTEMPORARY CONDOMINIUMS
There are very few condominiums in this area, but one such building is Cityline at Tenley located at 4500 Wisconsin Ave. and 4101 Albemarle St. In 2003, this award-winning project boasted the city’s first Best Buy and Container Store – both of which have enjoyed tremendous success. The over 200 residential condominiums were almost entirely sold out before construction was complete. The condos starting price is $370,000.



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

What is the biggest concern for home sellers today?

The biggest concern of every home seller is the SAME as in any market...

How much money will I get for my home?

It is important for sellers to understand that if you are planning to sell your home in a Buyer's market you will ALWAYS make less money than if you were selling during a Seller's market.

Just as important if not more important is...HOW LONG will my home stay on the market?

In a Buyer's market, PRICING directly affects how long your property will stay on the market. As more properties stay on the market longer, home prices are more inclined to be negatively affected by the high inventory of foreclosures and short sales. A seller must be adaptable and realistic when weighing PRICING vs. TIMEFRAME.

Here are some things to consider before selling:
1. Comparable Home Prices
2. Timeframe allotted for selling
3. Condition of the property (ie. Does your property show well?)
4. Buyer Incentives (ie. closing help, etc.)
5. Worst-case scenario option (ie. Renting the property)



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

What is the difference between Short Sales vs. Foreclosures?

In today's market, especially within the suburbs of Maryland and Virginia, neighborhoods are bombarded with short sales and foreclosures. Each one has a negative effect on housing values in any given area.

The common question I get from homebuyers is "What is the difference between Short Sales and Foreclosures?"

My answer: "Foreclosures are the better purchase of the two options!"

Now, I have NOT answered the question.

A Short Sale is the process before a property goes into foreclosure. Ideally during this period, the owner is currently delinquent and has the opportunity to negotiate with the bank to sell the home at a lower price than what is owed by the owner on his/her mortgage. Notice I say "Ideally!" This process can take 45 days to 365 days to settle...keep in mind while this short sale might be approved by the bank, the Foreclosure department is still foreclosing on the home. The Short Sale and Foreclosure are two independent departments which DO NOT communicate with each other.

A Foreclosure is after the short sale process and the bank fully owns the property. This process can take 30 to 45 days to settle.

From a Buyer's perspective, the foreclosure transaction is a more straightforward process of purchasing a home. From a Seller's perspective, the short sale is less detrimental to their credit score.

Keep in mind, if you are thinking about selling your home as a Short Sale...you will have to be able to show "financial hardship" to be approved by bank.



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