What in the world?

As you know, I have a listing at 5304 Illinois Ave, NW. We lowered the price dramatically from 275K to 235K because my seller needs it to move. And we've gotten 2 offers as a result. YEA!! Right?? Um..no.

Apparently, if you're in this price range in the DC market it's a clear indicator to buyers that they MUST low ball you..to death.

Let me remind you before I go further: this is not a foreclosure, short sale or estate sale. It's a house that needs a lot of work but is livable. A thorough cleaning and some new paint would need to occur, but livable.

The first offer was all cash (yea!..quick closing) for 149K. WOW. 86K off list? We countered at 220K. My seller has an idea of what she'd like to get and we know everything is negotiable. Their counter? 150K. Yes..you read that correctly.

Our second offer was 180K with $12,500 in closing costs , a home warranty from us and they're using an FHA loan. Did I mention this house is "as-is"? Have I also mentioned that banks DON'T ALLOW a closing cost credit higher than 3% of the purchase price? But, I take every offer seriously. We're countering.

I'm writing about this because I hadn't experienced this market. I'd read about it. I knew sellers were hurting. But this..this is appalling. My seller is in the position to wait for an offer that she finds appropriate. This is her Aunt's house and she's selling it to fund the rest of her life in a retirement home. She feels a responsibility to get the best possible price. But there are sellers out there that HAVE to take one of those offers. Ugh. Let me wipe the slime off my face.

Maybe I'm being too idealistic. Maybe we will have to accept one of these offers. But bluck.

Life as an agent in 2009. Wahooo!

Happy Valentine's Day!

Happy Valentine's Day! I know I'm a day early but I'm working tomorrow so I won't have time to post anything. I hope everyone enjoys President's Day on Monday too. It's always nice to have a long weekend!

1221 Harvard St, NW #1&2 will be Open this weekend from 1:30-4pm on Sunday.

25K Price Reduction at 1221 Harvard St, NW-Open Sunday!

The heading says it all: we're reducing the prices of the two condos at 1221 Harvard St, NW by 25K and we're having an Open House from 1:30-4pm this weekend.

If you haven't stopped by these units, you should check them out. Unit #2 is my favorite for a couple of reasons: Master bedroom suite on the 2nd floor, the Master bath is a spa bathroom with a walk in shower, and the ROOF DECK. I love to entertain so I always envision lots of parties on the roof deck. There's even a gas hook up for a grill! And they placed the 1/2 bath of the top floor so guests can use the bathroom without having to visit the Master bath or go downstairs.

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.