Don’t miss this fantastic open house opportunity! 

This property is presented by the Luxury Division of Brandon Green.  A fabulous contemporary condo in the cosmopolitan neighborhood of Dupont Circle.  Space abounds in this 2 bedroom, 2.5 bath beauty.  You are welcomed by a striking foyer with stone flooring and rich hardwood.   And the gallery is simply spectacular.  The great room has an abundance of natural light and a handsome fireplace.  The kitchen is immaculate featuring granite countertops, hardwood floors, and stainless steel appliances.  The master suite space is substantial highlighted by the walk-in closet, storage room, and an entrance to the sunroom, where the view of Rock Creek Park is one of a kind.  Stone tile and a relaxing soaking tub are some of the exceptional traits of the master bathroom.  The unit is also wired with a Bose sound system, the amenities seem endless.  This property is a MUST SEE!

Virtual Tour (if you’d like, but it’s nothing like the real thing!) 

Contemporary Condominium in Columbia Heights~

This huge contemporary condo has one bedroom and 1.5 baths.  Granite countertops, stainless steel appliances, and a stacked washer/dryer are only some of the features.  Natural light floods in through the large windows which highlight the exceptionally high ceilings.  The building amenities include parking for one car in the underground garage, a party room for larger gatherings, and a rooftop deck with a warm, bubbling hot tub to ease your tension away.  Approximately 800 sq. ft. of wonderful is awaiting your arrival!

Virtual Tour (just to tide you over until Sunday)

Don’t miss the opportunity to view this fabulous property!

Presented by the Luxury Division of Brandon Green Companies. Beautiful new condo. This is not a rehab but a ground up construction. Three blocks from metro, this four level home features sunlit drenched rooms, open floor plan, Italian kitchen, custom Pella windows, private balcony, parking, and much more!

If you must miss out…Virtual Tour

Columbia Heights condo just for you!

This is your chance to own a beautiful one-bedroom condo in Colvin House, just steps away from metro.  This brand-new condo feature European cabinetry, deluxe appliances, hard-wood floors, and beautiful tiled bathrooms all at a price you can afford. Parking is available for purchase.

Virtual Tour just in case…

Don’t miss this fantastic open house opportunity! 

This property is presented by the Luxury Division of Brandon Green.  A fabulous contemporary condo in the cosmopolitan neighborhood of Dupont Circle.  Space abounds in this 2 bedroom, 2.5 bath beauty.  You are welcomed by a striking foyer with stone flooring and rich hardwood.   And the gallery is simply spectacular.  The great room has an abundance of natural light and a handsome fireplace.  The kitchen is immaculate featuring granite countertops, hardwood floors, and stainless steel appliances.  The master suite space is substantial highlighted by the walk-in closet, storage room, and an entrance to the sunroom, where the view of Rock Creek Park is one of a kind.  Stone tile and a relaxing soaking tub are some of the exceptional traits of the master bathroom.  The unit is also wired with a Bose sound system, the amenities seem endless.  This property is a MUST SEE!

Virtual Tour (if you’d like, but it’s nothing like the real thing!) 

Foggy Bottom condo that you have to see! 

Recently renovated, this lovely 1 BR/1BA condominium features a Den/Study, beautiful hardwood floors, granite countertops, stainless steel appliances, and a private balcony.  There will not be off street parking for you, as this condo also has garage parking!   The condominium fees are $693 per month and include the following:  Billiard Room, Concierge, Security, Exercise Room, Pool, Custodial Services Maintenance, Exterior Building Maintenance,  and much more.

Don’t miss this one Virtual Tour

Everyday I meet with people getting ready to jump into the housing market and the first thing I tell them is they need to know their credit score.  This way we have a sense of how a lender is going to view them.  Just last weekend, I had a woman tell me she was afraid to look at her credit report for fear of what is on it.

Fear?!!! Who would have thought a number could cause fear?  But that is what happens all too often.  It’s like you think you have a tumor but don’t go to the doctor to get a diagnosis because you’re afraid he’s going to tell you that you’re dying.  Worst part is that sometimes it’s just a boil he can lance off.  The situation is not helped because the credit reporting bureaus have held onto the secret of what affect credit scores like they were state secrets.  Oliver Stone should write a movie about it.

Well, FICO (Fair Isaacs Corporation) has recently released the secret and it’s like the Shroud of Turin was found all over again.  If you want to know how maxing out your credit cards for the holidays affect your numbers then go to the article posted below.  Want to know what that low credit score does to a mortgage payment get at it. 

The best part of this release is that you can now make informed decisions on how to repair past mistakes.  So lance that boil and get to work.  Homeownership may not be as far away as you think.

http://finance.yahoo.com/banking-budgeting/article/108239/fICO-reveals-how-common-credit-mistakes-affect-scores?mod=bb-creditreports

DC Condos/Coops:
September saw a leveling off of prices across the city for condos and coops and a 5.1% increase in contracts in comparison to Sept 2008.  A 12.6% decrease in inventory means the competition for condos and coops is getting tighter across the city.  Zip codes 20001-20016 are moving quickly and inventory that is well priced is commanding multiple offers and in some cases escalation.  We are still challenged by lenders who aren’t getting documents to the table on time and a very large majority of contracts are FHA. 

It is a tale of two cities in DC however, as many of the condos in 20017, 20018, 20019, 20020 zip codes continue to see a dramatic decrease in price of nearly 30% from this time last year and a decrease in contracts of 10%. There is almost no owner occupant market in those zip codes right now and so the majority of offers we see are from investors.  Complicating matters are bankrupt condo associations with high foreclosure rates making it nearly impossible to finance many condos in those zip codes.  This pushes us back into the cash market where investors are buying at $.50 on the dollar.  

DC condos/coops: http://gcaar.com/uploadedFiles/PDF/ToolKit/Research/Home_Sales_Statistics/DC_Condo_Coop/dccc0909.pdf

DC Houses:
Inventory for DC houses is down 18.5% in comparison to this time last year, and contracts are up 20%.  The average price is down nearly $100,000 and seems to have reached a level that is peaking the buyer’s interest.  Again, it is a tale of two cities however as houses in 20017-20020 zip codes aren’t moving much at all.  Prices continue to fall dramatically in those zip codes.  If however the listing is in 20001-20016 then multiple offers will likely ensue.
 
DC houses: http://gcaar.com/uploadedFiles/PDF/ToolKit/Research/Home_Sales_Statistics/DC_Single_Family/dcsf0909.pdf

There is some indication that the fall market might be setting in.  Traditionally activity begins to slow as we move into November and our “on the ground” reports indicate the last couple weeks are much slower than the previous several.

Keep an eye on interest rates as we move into the winter.  If they remain around 5% the market will likely rebound into next year, even if the tax credit is not extended.

For more details or analysis in your area, call me, I’d be happy to look at your individual situation. 

Below is the market report for 2nd quarter.  Feel free to call Ken Rub, 202-318-1623x 7004 with any questions, and keep in mind only 60 days left to take advantage of the $8,000 1st time home-buyer tax credit! 

2nd-quarter-09.pdf

Well, not quite.  But it isn’t 2008 either.  In the last quarter my team has put together 42 contracts for sale for both our buyer and seller clients across the DC Metro area and approximately 70% had multiple bids.  Clearly not a scientific study, but fantastic on the ground data.  So what’s going on?  Ignore the national numbers for a moment which said home sales are down more than 2% this month, and focus on the local stats.  For this blog I’m going to focus on DC Houses.  More stats by the way can be found at http://gcaar.com/toolkit_ektid868.aspx .

In comparison to August 2008 listings – or new homes on the market – are down 15.2% - or 255 less homes to potentially buy.  New ratified contracts are up 17.7%  - or in other words 373 more buyers and sellers agreed upon a price in August 09 than they did in August 08.  The reason is clear – prices are down in most areas to a level that has again sparked the buyer’s interest.  The average price of a house in DC in August 2008 was $628,170 and in August 2009 it was $564,474.  If you saw a reduction of $63,696 wouldn’t you also take a closer look at the house?

I did a recent interview on DC Fox 5 that sums it up.  Take a look:  http://www.myfoxdc.com/dpp/news/local/092409_dc_area_homes_bidding_wars