Fixer Upper in Petworth

I have a new listing! It's a row house in Petworth with 3 bedroom and 1 bath. It has the original hardwood floors and they're in great shape. The rest of the house..not so great shape. The kitchen and bathroom need a total gut job. All of the rooms need some repair. BUT we've priced it according to it's condition. It's 275K, it's not a short sale OR a foreclosure. It's perfect for somebody who likes a challenge. It's also perfect for an FHA 203K loan. Houses that have been updated in the neighborhood are going for 300-350K. It recently was appraised for 300K for a reverse mortgage that didn't work out. Please contact me for more information.

Tootin' my own horn

Mon dieu! Two posts in one day? It is 11 degrees today. Brrrr.

I'm gearing up to head outside and I thought I'd direct you to a post on Urban Turf where my expertise was noted:
"Columbia Heights: DC's Best Destination for New Homeowners" was published this week and has an interesting take on the Columbia Heights neighborhood. I started my real estate career in Columbia Heights selling a single family home on Kenyon, 4 condos on 13th, and a single family home on 13th between V and Florida in 2005. I've got 2 condos for sale on Harvard St. as I post. I've watched the changes and it's amazing to see how neighborhoods develop but still retain their history. Check out the article and see what Mark Wellborn has to say.









Photo of my listings at 1222 Harvard St, NW.

More development in Shaw

I've mentioned in past posts that a lot of development is coming to the area directly around the Shaw/Howard Metro stop. Howard Theatre is getting revamped. The old Wonder Bread factory, TV One Headquarters and the O St. Market are going up soon. The Howard Town Centre is breaking ground and the flea market at 9th and U St. is being redeveloped by Washington Metro Transit Authority. Not to mention the 45,000 square foot YMCA being built on 14th and W. Big things for the hood!

The latest is a new group of condos (picture at left) named Stella Polaris Condos at 1910 8th St, NW. They're currently under construction and approaching completion fast. There's 5 units, each will be 2 bedrooms and 2.5 bathrooms and they're approximately 1,100 square feet. Initial pricing is from 300K-500K. For more information, read the DC MUD post below:
http://dcmud.blogspot.com/2009/01/polarizing-project-for-shaw-condos.html

What can you deduct on your mortgage interest?

Happy New Year! I haven't posted earlier in 2009 because it's been really busy. Rates are the lowest they've been in 45 years and buyers in DC are responding. I have a client who locked into a loan last week for 4.8%!

But on to the topic of the day. In The Washington Post's real estate section (I really love reading the Post..it's very informative), Benny Kass wrote a great article on what you can deduct on your mortgage interest. I just emailed it to my buyers from 2007. He explains what you're going to receive in the mail from your lender, where you put it on your tax return, the limits, etc. Here's the link:
http://www.washingtonpost.com/wp-dyn/content/article/2009/01/09/AR2009010901919_3.html.