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.

Happy New Year!

I hope everyone had a great holiday last week! I also want to wish everyone a Happy 2009! My hopes for 2009 are a recovering economy, more business and happiness for all.

On another note, my friends from First Financial told me that loans for condos over 419K have gone to 15% down. This hasn't hit purchases for houses...YET. Keep your eyes open for more lending changes as 2009 progresses.

Holy shmoly!

Rates have dropped on 30 year fixed mortgages to 4.75% because of the rate cut enacted by the Fed yesterday!

If you're STILL waiting for the rates to drop to 4.5%, you better start hoppin'. You (or a friendly seller) can buy down your interest rate to 4.5%. It's not going to cost too much with rates at 4.75%. Wahoo!

Articles you should read ASAP

There's a lot of bad economic news in the press. I know that, you know that, the whole WORLD knows that. BUT there are a few bright spots out there. Recently, two interesting articles were published about housing.

The first, which was published in the New York Times is titled "It May Be Time Think About Buying A House".
http://www.nytimes.com/2008/12/06/business/yourmoney/06money.html?_r=1&emc=eta1&pagewanted=all

I think it's a must read for anybody considering purchasing a house in 2009. It brings up some valid points about purchasing: you must have a down payment, your credit score must be strong, and you must look at your purchase an investment. (ahem..all points I've been emphasizing in this blog. Just sayin'!)

The other article in the Wall Street Journal is about what would happen IF interest rates actually fall to 4.5%. This is a highly discussed possibility in real estate circles. Is it realistic to think it could happen? Maybe. Historically, rates have never fallen below 5.3%. My friends in the mortgage business have a hard time seeing HOW the Treasury and other entities can make this work. They think it's wiser to take advantage of the rates now then waiting for a pipe dream. But who knows? That's what's so bizarro about this market. Meanwhile, the article is very informative.

http://online.wsj.com/article/SB122842410459080525.html

Interest rates fall and taxes reduced!

I'm feeling refreshed from the Thanksgiving holiday and I'm back on the blog. There's been some interesting developments in the last week that make me feel more hopeful. SOME interesting developments. I also had a deal blow up so all is not rosy. Ho hum. That's life in the real estate world.

But onto the good news! Interest rates for mortgages dropped dramatically in the last two weeks. At one point during the week of Thanksgiving, my friends at First Financial were quoting 30 year fixed mortgages at 5.5%. Heck yea! I'm refinancing (to 5.3% from 6.1%...hurah!) and I emailed all my buyers. If the rest of the world wasn't so gloomy, I'd be doing a jig!
http://www.washingtonpost.com/wp-dyn/content/article/2008/12/05/AR2008120501633.htmlews


Also, DC Gov just published the tax rate for real property for next year and it decreased from $.89 to $.85. Bad news for public services but great news for us.
http://otr.cfo.dc.gov/otr/cwp/view,a,1330,q,594394.asp

Oh..I just remembered that pesky deal that blew up. Dang.