New listing! 86 P St, NW WDC 20001 Open Sunday 1:30-4pm

I have another new listing that's hitting the market this weekend. It's a 4 bedroom, 3 full bath rowhouse. It was built in 1900 but the current owner has remodeled with many modern details like bamboo floors, an open floor plan that's perfect for entertaining, granite countertops and SS appliances in the kitchen and a fenced back yard. The upstairs has new carpet and a master bedroom with it's own bath. The master bath has double sinks and a jacuzzi tub.

For virtual tour, click below:
http://slideshow.mris.com/slideshow.cfm?ListingKey=90076726810

Good news DC buyers!

The $5000 DC first time home buyers credit has been reauthorized for 2008 and 2009!! Yea! It was included in the Economic Stabilization Act which was signed into law by the President last week.

This is a much better option for buyers than the $7500 tax credit for first time home buyers that was also recently signed into law by the President. The biggest difference between the two: you have to PAY BACK the $7500 to the IRS. Basically, it's an interest free loan of $7500.

And no, for the crafty folk, you can't use both programs!! Refer to my previous post about Elizabeth Razzi's article. (Best Time to Buy? This fall...)

Interestingly, Elizabeth stated that both of the credits were available at the time. Not so and I never issued a correction. (whooops. sorry.) The $5000 DC first time home buyers credit had expired in 2007. GCAAR (Greater Capital Area Association of Realtors) had lobbied hard to get this credit reinstated to boost sales in DC. And it worked. Finally, some GOOD news for buyers! Let's hope it also boosts sales.

New rules for real estate investors

My lovely friends at First Financial Services, Inc. just told me that Fannie Mae and Freddie Mac are tightening the rules on investor mortgages. Previously, as an investor, you were allowed to have up to 10 mortgages plus your primary residence loan. They changed it to FOUR last week or the week before. That's a big difference!! And it's open to interpretation. Some banks are allowing the primary residence mortgage plus four investment mortgages and other banks are saying four mortgages INCLUDING your primary residence mortgage. Oh boy. It's about to get crazier out there.

BTW-my broker recently sent our offices an email about one of the public perceptions of the financial crisis: that there's no money out there for mortgages. Simply: this is NOT TRUE. There is money out there and there's even decent rates. IF you have a good credit score, money for a down payment, and a reasonable debt/income ratio. Which you should have ANYWAY if you're buying a property. Remember..this is an investment. Let's say it together: "AN INVESTMENT".

New listings! Open tomorrow from 1:30-4pm at 1221 Harvard St, NW

I have two new listings at 1221 Harvard St, NW! They're 2 bedrooms, 2.5 baths, and they're two levels. They are located minutes from the Columbia Heights Metro and the DC USA shopping complex that includes Target, Bed Bath & Beyond, and the Washington Sports Club. Also within walking distance is a bevy of new restaurants and bars: Commonwealth, the Heights, Rumbas, Pete's Pizza, Five Guys, Red Rocks, and Wonderland. Unit 1 is , $698,380 and Unit 2 is $749,523.

Unit 1 is approximately 1800 sf, has bamboo floors, granite counter tops, custom cabinetry, SS appliances, spa master bath, a deck of the kitchen, a back yard and one parking spot. Click below for the virtual tour:
http://slideshow.mris.co/slideshow.cfm?ListingKey=90076187119

Unit 2 is approximately 1500 sf, has bamboo floors, granite counter tops, custom cabinetry, SS appliances, a deck of the second bedroom, the master bedroom suite is on the second level of the condo and has built in storage, a spa master bath, a roof deck and parking! It's perfect for entertaining. Click the link below for the virtual tour:
http://slideshow.mris.com/slideshow.cfm?ListingKey=90076193347

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.

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.

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:
http://www.washingtonpost.com/wp-dyn/content/article/2008/09/06/AR2008090600164.html?referrer=emailarticlepg