Jack and Jill–or Jack and Jack or Jil and Jill– on Capitol Hill

First time homebuyers are having a great time on Capitol Hill as the spring flowers begin to line the sidewalks, temperatures rise and great price and selection abound.  If you are looking to invest  600k-700k on “The Hill” there is no better time—low interest rates, the DC Homestead tax deduction and lots of new inexperienced buyers who will take their time to get the numbers right–or who may move impulsively.  If you have done your homework with a good realtor, you have your personal monthly budget clear and a pre-approval letter from your lender you are ready to grab a great deal on Cap Hill. Most buyers lack one or more of these above ingredients to be able to move swiftly when a great place comes on the market (and it will).  Just in the last month I have watched great Capitol Hill rowhouses get snatched up within days–with competing offers.  Sellers are not waiting too long, either, to bring down their prices to meet the market.  Be careful: some people will claim their property is on Capitol Hill but is not.  The historic disctrict is considered WEST of 13th St.  Properties on 18th and 19th will sometimes claim to be on Capitol Hill.  Go take a careful look and you will see the trick.

Home Improvements go “GREEN”

A special’Thank You’ to Shanon Munn, ASID principal Ambi Design Studio LLC, for this fantastic information…

Details count in this changing real estate market. Sellers are looking for every advantage
they can get in order to appeal to savvy home buyers, while potential home owners are
looking for the best value and potential for their money. One element that is gaining
steam is eco-friendly or “green” living. Besides the growing societal importance there
are the additional benefits of cost savings on utilities and tax credits (consult your tax
advisor).
There are a number of renovations that sellers or new homeowners can make to help
improve their homes efficiency and reduce their carbon footprint. Following is a list of
ten improvements that will get you well on your way to a greener lifestyle:

1.    Add additional insulation to your attic and seal up any potential leaks around
windows. This will reduce the heat transmission into and out-of your home and help to
regulate the air-conditioned temperature.
2. Plant trees. The shade from a tree also helps to regulate and maintain a comfortable
temperature, as well as reducing carbon dioxide in the air.
3.    Freshen up your rooms with low VOC paints. These paints do not off-gas after
installation and help to maintain indoor air health.
4.    Install compact fluorescent light bulbs in light fixtures. These fixtures last many times
longer than traditional bulbs and use much less energy.
5.    Install ENERGY STAR appliances. These appliances have been tested an approved
for improved energy consumption.
6.    Replace old faucetry and fixtures with modern low-flow fixtures. New low-flow
fixtures now do better job maintaining good water pressure.
7.    Install a tankless water heater that requires less energy than traditional models.
8.    Install a new energy efficient HVAC system with a digital thermostat and clean out all
HVAC ducts to eliminate dust and allergens from your air, maintaining good indoor air
quality.
9.    Look for low U value windows when replacing old windows. The U factor measures
the insulating value of a window.
10.    Replace old decking with composite decking made from recycled plastic. It requires
low maintenance and will look great much longer than traditional decking.

You can take your upgrades even farther with an eco-friendly interior design project. A
designer studied in eco-friendly design will help you furnish and decorate your home
using healthy, eco-friendly products.
For more information on eco-friendly design go to www.ambidesignstudio.com where
you can read articles in the press section or ask questions through the contact page.

The Ventura – SOLD OUT!

Who said it was impossible? Who said the market was challenging?

Well, they were right!

HOWEVER, I can now announce that the team sold out of our last unit at the Ventura Condominium in Logan Circle. The brilliant five unit building was built and designed by Hyo Lee with Millennium Homes out of Potomac Homes and I have to give him the most credit. His designs, finish work, creativity and execution were all flawless. The building’s integration between contemporary finishes with a more traditional layout helped my team deliver & market a building where I am proud to have worked.

Over the past five months we sold five units. Under normal circumstances this may not seem like much but when we frame the sales in the context of percentages, 20% per month sure seems like a success.

This month we are launching our new platform on BuildingDC.com. We’ve been behind a bit but once we launch, our clients listings will be exposed to nearly 20,000 new readers a month. Its a secret for now but if you are developing or selling, we’d love the opportunity to discuss what benefits you have in working with out team and what our new platform can do for you.

Navy Yard Condominiums on Capitol Hill

Oddly, this past week I have had numerous requests from clients interested in finding a condominium near the Navy Yard on Capitol Hill.  Here’s a list of some of my favorites…based on the developers vision, quality of workmanship, and value.

1- The Iridium Condominium byBrook Rose

2- The Axis Condominium by Macy Development

3- Butterfield House

WBJ Posts Similar Market Improvements in DC

So I’m not the only one…I just read an article in the Washington Business Journal titled “Real estate agents seeing early bursts of home buying.”  The article couldnt be more on track with what my team and I are seeing.  Over the past 30 days, traffic to BuildingDC.com has increased 12%, our phones are ringing off of the hook, we just hired on our full time Admin, Patti Cumming, and we are hiring another agent this week to accomodate the increases.

Why the sudden change?

There are several attributions I can make to help understand the increase in business…

Rock-bottom mortgage rates – this past week my preferred lender Masoud Hosseini with Countrywide (lendingdc.com) locked in one of my clients at 4.75%.  How much better than that does it get?  The Federal Government is almost losing money on every FHA backed loan to help spur home buyers to begin buying again.

One of the lowest unemployment rates in the country at 6.1% – 03/2009 – while we may not have the lowest unemployment rates in the country, we are in the bottom 10%.  With low unemployment comes a stable economy.  Since we are doing relatively well, and the Government is hiring right now, it is expected that our housing market will maintain a stable level.

Increase in demand due to the Spring market – annual trending shows market activity to increase the most in the Spring market.  With school years ending, the weather being more accomodating, and the natural movement of people, this is the time it will all take place.

Growth in Federal Government job market – we all know what has happened in the financial markets over the past few months.  There is no need to beat a dead horse.  What is worth discussing is the fact that due to what has happened, the Government is increasing the number of regulators on their payroll to help ensure nothing like this happens again.  Where do you think the job growth will take place?  Right here in Washington.

Decrease in supply – as many sellers have made alternative decisions besides selling their homes and the existing homes that have been on the market are being purchased, the remaining active listings decreases.  As a result the currently active properties on the market will offer buyers fewer choices.

Fannie & Freddie now allow ten investment properties – up from four last month.  For the past 9 months, the maximum allowed number of mortgages Fannie & Freddie would lend to a single borrower was four.  Not a lender I could find would lend beyond that number, and the reason for it seemed to be that a drastic number of investors across the country were partially to blame for the downturn in the market, and many were on the top of the foreclosure list for banks.

Consumers have stopped panicking – now that there is a consumer-wide acceptance of where the economy is and what we have to expect, buyers are beginning to make more ‘normal’ decisions in their daily lives – including home ownership.

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