Tuesday, September 30, 2008

More development for 14th St, NW

As I've said repeatedly, I love my 'hood. I do tend to get *a little* excited when good things are coming my way. This is no exception! (http://dcmud.blogspot.com/2008/09/whitman-walker-goes-high-rise.html). A new condo building is going to replace the Whitman-Walker clinic on the corner of 14th and S St, NW. They'd like to build 120-130 units. We'll see what actually gets approved. Best of all, the developers are in talks with various prospects like a drugstore, grocery store or a restaurant! Yipee! Options. I like options. Can you tell I'm more excited about the retailers than the condos?

BTW-I have to give a shout out to DC Mud. It is an amazing blog with a comprehensive list of the development happening in the DC Metro area. If you want to be in the know, bookmark their blog. (And mine, of course.) My last post was based on one of their blurbs and so is this one. http://dcmud.blogspot.com.

Friday, September 26, 2008

Yea Shaw!

A recent post from the DC MUD people is making me see $$ signs. (http://dcmud.blogspot.com/2008/09/shaw-redemption.html)

The development that is detailed in the post (converting the Wonder Bread factory into Radio One headquarters..here's the proposed look... and other projects) is down the street from my condo. I love living in the U St. corridor for many reasons: the diversity, the shops, restaurants, bars, and convenient metro stop. I really love living here when I know development down the street means that property values will rise. Don't forget, real estate is an investment!

There's also other fun projects coming to the neighborhood: a 45,000 square foot YMCA at the corner of 14th and W and a new parking garage/retail space behind the Floridian. Hurrah! It's good to live on U St., NW.

Tuesday, September 9, 2008

Best time to buy a home? This fall..

According to Elizabeth Razzi at the Washington Post, this fall is THE time to buy especially if you're a first timer. That's exciting news for buyers, especially in these confusing times.

With the take over of Fannie Mae and Freddie Mac, you might be reluctant to throw your hat into the ring. What does that mean exactly? Nobody is sure how the government take over will effect buyers in the near future but we do know a few things:

Earlier this year, the FHA (Federal Housing Authority) boosted it's loan limits to $729,750 in expensive areas. Before this boost, FHA loan limits started at $419,000. There's a big difference between those two numbers! On Jan. 1, the loan limit drops to $625,500.

Due to the current lending market (discussed in a previous post), 10% down is now the rule of thumb for any conventional loan. But there's also the option of the FHA loan. The FHA loan allows you to put down only 3%, which is a godsend in DC where prices for a studio often start at $185,000 in desirable NW neighborhoods. But Oct. 1, the FHA raises their down payment requirement to 3.5%.

Two other things to consider as you start your home search: the expiration of the new $7500 tax credit on June 30, 2009 and the $5000 first time home buyers credit in DC. You can only take one. If your adjusted gross income is $90,000 for a single person or $130,000 for couples, take the DC tax credit! You don't have to pay it back like the new $7500 tax credit.

The inventory of homes, condos, and coops is still high in DC so take advantage! Good luck in your search!

To read Elizabeth Razzi's article, click below:

Saturday, September 6, 2008

Open House #2 from 1:30-4pm

Yes, I'm going to be a busy bee tomorrow!

This 2 bedroom, 2.5 bath townhouse condo is located a stone's throw from the Takoma Park metro station. (Red Line). It has bamboo floors, SS appliances, granite counter tops, a glass tile back splash, custom cabinetry in the bathrooms, a custom built closet in the Master bedroom and a private patio off the second bedroom. It also included one garage parking spot. It's listed for 412K. Please stop by tomorrow afternoon to take a look!

Open House tomorrow 10:30-1pm

It looks like Hurricane Hanna has finally left us alone. I'm glad! I hope that means people will come to my Open Houses tomorrow. (Yep..doing two.) This is the first one at 1860 Wyoming Ave, NW. This is a very cute 2 bedroom/1 bath coop in the heart of Kalorama/Adams Morgan. It has a new kitchen with SS appliances and granite counter tops, fresh paint, a new w/d, and a parking space! For 399K. The coop is pet friendly too.