9th St. Estate Sale..SOLD

 

I recently realized that I never update my loyal readers.  I always *say* I will but I don't.  So I'm rectifying the situation!

This listing went on the market the last weekend of September.  You might remember my posts about it..we had 5  offers.  We ratified the contract shortly thereafter and it closed today.

It was a tough deal.  First, it was an estate sale.  Second, it had tenants.  Third, the lender insisted we put on a new roof before closing.  (I mentioned that in an earlier rant..I mean post.)  Fourth, the bank also made us go back and amend all the addendums we had used to craft the deal.  Fifth, the loan docs weren't ready when we went to closing at 2.  When I left at 3, they were still waiting to sign the docs.  Latest update at 3:30 is the docs have arrived.  Hip hip hurahhh!

Those poor buyers.  What an experience.  Some deals are really easy and some are really hard.  This was a hard one.

I'm sure once it's all over, they're going to be really excited.  The house needs some updating but it's really a great place.  Congrats new owners!

SOLD

My listing at 343 Cedar St, NW closed on Monday.  It went under contract in 7 days (while I was on vacation..thank you Ross!)   

The buying agent was a Redfin agent.  I've never worked with a Redfin agent before and it was a great experience. 

Congrats to the new owners!

Masa 14

Masa 14 opened a couple of weeks ago to much ado on the 14th St. Corridor.  They had a big launch party, they hosted "The Satorialist" book signing party, etc. etc.  So yea.  It's definitely a cool spot.

I love a new restaurant and I like to try new places in the 'hood.  Some stick, some don't.  This place will definitely remain on my rotation. 

Not only do I *LOVE* the extra long bar, the food is amazing.  I had my doubts.  Asian/Latino fusion??  There's been some baaaaaddddd restaurants that tried that concept. (Mercado, anyone?)  But Sandoval and Okachi do a great job melding the two flavor profiles. My current favorite:  serrano ham flatbread with arugula, lime, goat cheese and cantalope.  Sounds like a lot of ingrediants, doesn't it?  It's a perfect bite and it's heavenly. 

Next time you're strolling down 14th St. in search of a bite or a cocktail, give it a whirl. 

Homebuyers Tax Credit is expanded and passed!

Once again, all the real estate blogs are going to be covering this new development.  I can't help but comment
because this development is really encouraging for the DC area. 

Not only have the credit been passed, they upped the income levels for singles to 125K and couples to 225K.  This is really, really going to help a lot of buyers in DC.  DC is a city of workers that make a lot of money.  It's expensive to live here so the salaries are in line with the cost of living.  A lot of my clients buying this year, both singles and couples, didn't qualify for the first version of the 8K credit.  They made too much money.  (Ha..how often do you get to say that??)  Already, at least one of my current clients is going to benefit from the extension and the expansion.

Click here for a chart from NAR of the features, old and new.  YEA CONGRESS.  Well done.

Senate passes legislation to extend 8K tax credit

I know, I know.  Every real estate blog in the blogosphere is discussing this development.  But I had to post something!  It's important because it might be passed by the House as soon as today or tomorrow.  Wahoo! 

Not only is the credit going to be extended until June 30th, 2010, they're also proposing to up the income levels for elgibility.  Read Dina ElBoghdady's article on the extension for exact details.

This is an exciting development for me!  I have clients that have been running around town trying to find a place to buy.  They'd love to use the 8K tax credit but we haven't found anything that they like!  The clock is ticking on the credit and I don't know if we'll make it.  It's "do or die" this weekend.  Fingers crossed!

New FHA regulations?!

On Nov. 2, new FHA regulations are going to be published.  The news on the street is intriguing.  Under the new guidelines, HUD is eliminating FHA spot approvals.  This is causing a lot of concern in the real estate industry.  I was searching for the latest list of FHA approved buildings in DC and came upon this link on the Real Estate Channel.  This article was also posted on a message board on another website.  Boy, were the opinions heated!!

For me, the elimination of the spot approval is a problem.  A current client is trying to write a contract this week to capitialize on the 8K home credit.  The unit they like is in a small building (8 units) and it's not FHA approved.  If spot approvals are gone, so are our chances on making an offer and using an FHA loan.

I've heard a rumor that spot approvals will be allowed until Dec. 7th.  My sources at First Financial Services, Inc. (FFSi) say otherwise.  I'm in a holding pattern until somebody finds out what's really happening.  The joys of lending '09 part 2. 

On a positive note, my 3rd short sale of the year FINALLY closed on Friday.  It was a month late, but it closed.  I'm relieved and elated for my client!

BTW..I hope everyone had an amazing Halloween.  DC was rife with costumes last night and it was highly entertaining.  We went to a Halloween party and I was a roller derby girl (skates and helmet included!).  Roller skates in a party provided a lot of interesting conversation.  I'm happy to report, I didn't fall down.  I love Halloween!


UPDATE: 11/2-  FHA spot approvals good until 12/7/09.  If you're using FHA, hurry, hurry, hurry!  Getting a building FHA approved is a process.  Getting into a building that's already FHA approved is a challenge too.  Good luck!