Councilmember’s,

Councilmember Brown specifically:
We met for the first time last week at the Law Offices of Benny Kass during Bruce Finland’s luncheon.

To all:
I know that HPAP was revised last night to include an additional $50 million in funding but I wanted to convey the support of the city in a petition to keep HPAP funds on my site.  In the last 14 hours (as of my writing this email) there have been 120 signatures on my petition page (fully trackable to ensure unique entry) , all of which will be packaged and delivered at the end of the week.  (You can check back frequently to see how many have signed the petition at www.buildingdc.com/petition/. For all of us whose livelihood is based in real estate  (and those of you whom are DC homeowners) if you pull HPAP you pull the bottom of the market out from under everyone, which could in turn send the DC market further into a downward spiral.  Please support HPAP as long as you are in office, it is an integral part of this cities foundation.

Thank you again for your work & support,
Jesse Kaye
Managing Member & Realtor
BuildingDC.com

More Information can be found on this properties dedicated site at http://www.1317rhodeisland.com/

2009 HPAP funding is in jeopardy. DC proposed funding cuts have hit this critical housing program. I strongly encourage you to inforn your HPAP clients AND Sellers (individuals and developers) to contact their DC Councilmembers (by phone or e-mail) and expressing your concerns about HPAP and/or lower recordation and transfer taxes.

On Monday, November 10, the DC Council passed the “Fiscal Year 2009 Balanced Budget Request Emergency Act of 2008”. There were no public hearings on this legislation. The legislation passed unanimously by a vote of 13-0 with only Councilmember Marion Barry asking for a delay in the vote for public debate of the proposal.

This emergency legislation closed a projected $131 million shortfall in projected 2009 revenues by agreeing to cuts proposed by Mayor Fenty. The Council then went further by creating a $47 million revenue surplus for possible further budget revenue shortfalls that are expected when the CFO announces revised revenue estimates next month (December) and again early next year (February).

Unfortunately, the Council created that $47 million surplus by freezing program funding scheduled for fiscal year 2009, but not yet implemented. One of those programs was $11 million dollars in increased HPAP assistance slated for 2009, but not yet used. If the CFO’s revenue estimates in December or February show signs of improving the Council can unfreeze the $47 million in reserves and move the programs forward again.

Even if this does not immediately affect you, your property or your development, without HPAP assisting the sale of affordable housing in the district the floor of the real estate market could be swept out from under ALL OF US. Prices would likely continue fall and nearly all DC owners would be affected with negative home values within the next SIX MONTHS!

PLEASE SIGN THE PETITION BELOW TO SUPPORT KEEPING HOME OWNERSHIP IN DC AFFORDABLE AND HPAP ALIVE!

CLICK HERE TO SIGN THE PETITION

The building has 11 two-bedroom, two-bath units and five one-bedroom, one-bath units ranging in size from 700 to 1,500 square feet. The four penthouses all have two stories. Prices Range from $374,900 to $989,000

The units feature:
Balconies & Courtyards,
Garage Parking,
Private Roof Top Terraces,
9′ to 18′ ceilings
Floor to Ceiling Windows
Hardwood Floors
Custom Backsplashes in the Kitchens
Bosch & KitchenAid Applinces
Custom Cabinetry
Wine Coolers
Breakfast Bars
And much more…

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What happens when a lease is signed by an anchor tenant, helping to prosper one of the District’s largest developments, but the lessee’s stock plummets to an all-time low? Well, I don’t have an answer for your right now but lets examine the situation.

In January of 2008 a lease was signed between Radio One Inc for the use of Broadcast Center One in a partnership with Ellis Development. At the time, Radio One Inc’s stock price (NASDAQ: ROIAK) was a respectful $2.36. Today, however the stock price is at $.14 (yes 14 cents), which equates to about a 93% loss in less than 11 months. Could this be the end of Cathy Hughes Radio One & TV One empire? I wouldn’t expect so - but this could mean the $23 million the city is funding to help the $127 million construction may be in question right now and this may the culprit for the 12+month delay (at best) in ground-breaking.

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The Auction is on December 13th, 2008

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Thanks to the 14th & You blog:

The City’s first off-leash dog park opens today at 11th Street and Rhode Island Avenue, NW. After the “leash cutting” ceremony this afternoon, you and your pooch can roam freely in the 15,000 square foot park, using the separate fenced in areas for pups under 25 pounds and for larger dogs. This freedom is, however, temporary. When the construction of the new Shaw School begins in June 2010, the park will close. For more information, consult the DC Department of Parks and Recreation press release here.

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Its an amazing program on maps.google.com, then click “street view” in the map area and view your street as if you are standing in front. I thought I would give it a try so I searched the address of the Ventura Condominiums and guess what I saw, the former Facade of our newest release. It doesn’t look anything like the photo (we had to keep the Facade for Historic purposes) but it does tell me that Google drove down 12th Street over a year ago.

Many of the units have recessed lighting and tray ceilings as well. The developer opted to offer two different interior packages for buyers, a darker granite with paint accents and a lighter taupe granite with pastel yellow. The building sits in the heart of Petworth, just moments from Georgia Avenue, part of DC’s ‘Great Streets Initiative.’

Features include:

• Boutique residence with 10 to 15-foot ceilings and Pella^® Architect Series custom windows
• Premium GE Café^TM series stainless steel appliances, European-style 42” frameless cherry cabinets with dimmable undercabinet lighting and polished granite countertops
• Brushed stainless steel undermount sinks and Kohler fixtures
• Emperador marble vanities with 36” tall cherry cabinets
• Italian ceramic and marble bathrooms, and semi-frameless glass showers
• Exotic Pecan or Macchiato hardwood floors
• Fireplaces with recessed alcoves in most homes
• Pre-wired for flat-panel TVs with dual HDMI high-definition cables
• Private rear garden patios and decks
• Color video entry phone for everyone
• Upper level homes have skyline view

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