The D.C. Real Estate Guide

September 2011 Statistics for Washington , D.C

admin — Fri, 28 Oct 2011 20:35:09 +0000

September 2011 Real Estate Market Statistics for

Washington, DC

Statistic	Values	Comp to Sept 2010	August 2011
Total Sold Dollar Volume	$242,674,307	+0.94%	-19.56%
Closed Sales	510	+1.8%	-9.89%
Median Sold Price	$380,000	+1.6%	-4.98%
Avg Sold Price	$475,832	-0.84%	-10.72%
Avg Days on Market	77 days	+13.24%	+10%
Avg Sold to Orig List Ratio	94.71%	+1.76%	+1.21%

Good News about Pending House Sales

admin — Thu, 27 Oct 2011 18:52:30 +0000

Click on this link for up-to-the minute information!

http://www.inman.com/news/2011/10/27/pending-home-sales-index-rises-one-year-ago

Good News About Housing Prices in the D.C. Metro Region

admin — Wed, 29 Jun 2011 19:34:26 +0000

Thought you would want to know how stable our region is…

Our region has the lowest unemployment rate in the country, housing prices going UP, and mortgages rates at historical lows…now is the time to buy or sell…Call, so I can help you follow your dream!
Standard & Poors/Case-Shiller Index April 2011

Washington D.C. Home Prices

Monthly Change: +3 percent
Yearly Change:     +4 percent

Check out other markets in the US

Kluge Estate and Winery Heads to Auction

admin — Fri, 25 Mar 2011 15:19:02 +0000

Washington Business Journal - by Jeff Clabaugh Date: Thursday, March 17, 2011, 1:50pm EDT - Last Modified: Thursday, March 17, 2011, 1:58pm EDT

Related:Residential Real Estate View photo gallery (2 photos)

The Kluge Winery will sell at absolute auction, with no minimums or reserves, on April 7th Less than a month after Bank of America took possession of Patricia Kluge’s Albemarle Estate near Charlottesville, Farm Credit is set to auction off the Kluge Estate and Winery. Farm Credit repossessed the property by buying it at a foreclosure auction in December.

The 901-acre property will sell at auction April 7, according to J.P. King Auction Company, which will handle the sale. The winery will be sold in five tracts, ranging from 6 acres to 647 acres, or in its entirely, and includes a winery with a barrel cave, cottages, an office, a carriage museum and an event pavilion. “We divided these parcels so that it would maintain the natural beauty and purpose of the winery,” said Craig King, president and CEO of J. P. King Auction Company. “With the property having no minimum or reserve price, it provides an opportunity to enjoy it as a residential development, for recreational use or for timber.” The property will sell absolute, meaning there are no minimums and no reserves.

The auction house describes the property glowingly: “The Kluge Winery has natural conditions that receive 211 growing days during the season. With 10 varieties of grape planted, the soil quality and orientation of the vines can produce a variety of world-class still and sparkling wines, including Bordeaux, Cabernet Sauvignon, Merlot, Cabernet Franc, and Chardonnay, as well as a trio of food-friendly wines known as the Albemarle brand.” Representatives of Kluge friend Donald Trump, who already owns more than 200 acres nearby, may be among bidders at next month’s auction, according to ForbesRead more: Kluge Estate and Winery heads to auction | Washington Business Journal

Information on Credit Scores

admin — Tue, 22 Mar 2011 21:00:28 +0000

What You Should Know About Credit Scores
by Broderick Perkins

Too many consumers are confused about credit scores. Most did not know who makes credit scores available, what is a strong score, nor the financial cost of a poor score.

The Consumer Federation of America (CFA) and VantageScore Solutions say on 22 credit score questions administered by Opinion Research Corp. to over 1,000 consumers late last month, on average, consumers answered only 60 percent correctly.

“The good news is that a large majority of consumers know the key factors used to calculate scores and the creditors who use these scores,” said CFA Executive Director Stephen Brobeck.

(• Take the CFA/VantageScore Quiz to see what you do and don’t know.)

Your credit score is a numerical rendition of your creditworthiness. It indicates how well or how poorly you’ll repay a debt. The higher the number, the more likely you’ll repay on time.

Credit scores are important, influencing whether consumers can purchase a wide range of important services and at what price, including mortgages.

What the survey found a majority consumers know is what all consumers should know.

• The three main credit bureaus — Experian, Equifax, and TransUnion — collect information on which credit scores are most frequently based (68 percent correct).

The survey also advises, an individual has many different credit scores, which are either generic or lender-based. Generic credit scores are available from many sources — not just FICO and the three credit bureaus but also many other websites.

Most scores, however, are based on information in a credit report at one of the three bureaus, although some websites allow consumers to estimate their score by answering questions about their credit use, according to CFA and VantageScore.

• Most Americans have more than one generic credit score (71 percent correct).

• Three key ways to raise a credit score or maintain a high score are making all loan payments on time, for each credit card keeping balances under 25 percent of the card’s credit limit, and avoiding opening several credit card accounts at the same time (69 percent correct).

• Many non-financial services — such as cell phone companies (60 percent correct) and landlords (64 percent correct) — use credit scores to determine whether to offer a service and/or at what price.

• A large majority of consumers correctly understand the following about scores: Missed payments (93 percent correct), high credit card balances (88 percent correct), and many applications for new accounts at one time (81 percent) are factors used to calculate credit scores.

It’s a lot more difficult to raise your score than it is to lower it. Making a couple credit card or mortgage payments late may take a year of on-time payments to restore one’s old scores.

• Mortgage lenders (86 percent correct) and credit card issuers (85 percent correct) use these scores to determine whether to extend credit and/or at what price.

The study also comes with some advise.

• Even if you have high credit scores, especially if you have lower ones, it is essential to comparison shop for credit. Major lenders use somewhat different criteria in their own credit scores, and even when they use the same score, they may assign different risks to it. For example, using the same score for an individual, one lender may place that person in a higher-risk subprime category while another lender may assign that person to a lower-risk (and lower cost) prime category.

• The value of credit repair companies is questionable. They often over-promise, charge high prices, and perform services, such as correcting credit report inaccuracies, that consumers could do themselves by just contacting the lender and the credit bureaus.

• You are entitled to one free credit report a year from each of the credit reporting bureaus — Experian, Equifax, and TransUnion — from the only federally-sanctioned web site for free reports AnnualCreditReport.com. Greater disclosures are coming for credit scores.

Last week: “Credit Score Changes Befuddle Consumers.”

With an award winning staff of writers providing up to the

Luxury Condos/Coops in Washington, DC in the Cityscape..!

admin — Tue, 22 Feb 2011 20:10:04 +0000

No surprise: D.C.’s most expensive condominium unit that traded last year sold for $5.75 million at 3303 Water St. NW, the luxurious building perched over the Potomac River. Developed by EastBanc Inc., the 70-unit building overlooks the Rosslyn cityscape and features a 24-hour concierge service and heated pool. It also boasted the highest price per square foot of any sale: a staggering $1,531 per square foot. Two other units in the building sold last year for a now seemingly measly $2 million and $2.2 million. In D.C. there were 88 condo sales that topped $1 million in value last year, a 40 percent increase from 2009, according to Coldwell Banker Residential Brokerage. Three condos were scooped up in the Ritz-Carlton in Georgetown, the highest of which traded for $4.5 million, or $1,043 per square foot. The Georgetown waterfront’s Residences at Harbourside, a 3-year-old complex atop the House of Sweeden at 2900 K St. NW, sold three of its seven units last year at still eye-popping price tags, from nearly $3 million to $4.5 million. Across the city in Woodley Park’s co-op building at 2700 Calvert St. NW, located next to the Omni Shoreham Hotel, five units flew off the market at prices ranging from $500,000 to $1.4 million.

Great News…DC and Montgomery County Housing Prices JUMP…

admin — Tue, 22 Feb 2011 19:16:56 +0000

Washington Business Journal - by Jeff Clabaugh

Date: Wednesday, February 16, 2011, 1:00pm EST - Last Modified: Wednesday, February 16, 2011, 2:03pm EST

Related:

Residential Real Estate Single-family housing prices in the District and Montgomery County were up significantly from a year ago last month, though the condominium prices were mixed. The Greater Capital Area Association of Realtors says the median price of a single-family home in D.C. was $399,000 in January, up nearly 14.2 percent from a year earlier. The number of listings was little changed, while the number of settlements was also up more than 14 percent.

D.C. condo prices were up just 1.44 percent from a year earlier, to a median price of $347,950. In Montgomery County, the median price of a single-family home was up 16.64 percent from January 2010 to $414,000. The number of listings was up 12.5 percent, while settlements were down 5.6 percent from a year earlier. Median condo prices were down 10.42 percent from January 2010 in Montgomery County, to $172,000. “The residential housing market in the metro area has been picking up steam over the past nine months,” said GCAAR President Adrian Hunnings. “As buyers and sellers prepare for the spring market, we will begin to see how the recovery of the housing market will take shape in 2011.”

The absorption rate, or the number of active listings divided by the number of contracts, shows supply remains below 6 months at the current pace of selling in both D.C. and Montgomery County, a level the Realtors group says is consistent with a healthy market.Read more: D.C., Montgomery County housing prices jump | Washington Business Journal

President’s Weekend in Alexandria and Mount Vernon

admin — Mon, 21 Feb 2011 20:06:06 +0000

This parade in Old Town Alexandria is “The largest Parade Celebrating Washington’s Birthday in the USA!” The parade dates back to at least 1923 and features bands, floats, wagons, horses, historic reenactment units, youth groups, and special performances.

Date: Monday, February 21, 2011
Parade Route: The George Washington Birthday Parade starts at the intersection of Gibbon and S. Fairfax streets. The reviewing stand is located near City Hall’s Market Square, at the intersection of King and Royal streets, and ends at Wilkes and S. Royal streets. See a map of of the parade route.

Transportation and Parking: Free DASH shuttle bus service will take you downtown and back from 11 a.m. to 4 p.m. Parking is free at the parking lots adjacent to the Eisenhower Avenue Metro Station. There are many parking garages within the vicinity of the parade route. See a guide to parking lots in Old Town Alexandria.

See Photos of the George Washington Birthday Parade

Admission is FREE on Presidents’ Day, Monday, February 21, 2011!

Historic Mount Vernon celebrates George Washington’s 277th birthday with three days of special events. Presidents’ Day is a great day to explore George Washington’s Mount Vernon Estate and Gardens and learn more about the life of the first president of the United States. See Photos of George Washington’s Birthday at Mount Vernon

Schedule for Saturday, February 19 and Sunday, February 20

9:00 a.m. - 12:00 p.m. Join “George Washington” for breakfast as he enjoys his favorite morning meal, “hoecakes swimming in butter and honey”, cooked over an open fire Pull up a hay bale and chat with the Father of Our Country about politics, farming, the Revolutionary War, and life in the 18th century.

1:30 p.m. “America’s Smallest Hometown Parade”, complete with fife and drum corps, early-American music and heritage breed animals, lines up to march past “General Washington”, the Mansion and around the circle drive.

Schedule for Monday, February 21

10:00 a.m. An official wreathlaying ceremony is held at Washington’s tomb, followed by a performance and Revolutionary War battle demonstration by the 3rd U.S. Infantry Fife and Drum Corps and the Commander-in-Chief’s Guard. “General Washington” will be on the grounds to greet visitors and receive their birthday wishes.

1:30 p.m. “America’s Smallest Hometown Parade” makes its Monday debut with an encore of its weekend performances. The parade includes a fife and drum corps, early-American music and heritage breed animals marching past “General Washington”, the Mansion and around the circle drive.

Neighborhood Spotlight: Georgetown

admin — Wed, 07 Feb 2007 20:30:23 +0000

The D.C. Neighborhood Spotlight provides the geographic location, location of shops and restaurants, public services, and real estate statistics for a specific neighborhood.

Georgetown, founded in 1751 by George Beall and George Gordon, is situated at the farthest point upstream ocean-going boats could navigate the Potomac River, and it grew as a trade port for goods being transferred to the Chesapeake and Ohio Canal. 200-year old buildings, cobblestone streets, and Georgetown University provide the neighborhood with an old-world charm. Specialty shops, boutiques, cafes, and some national chains make up most of Wisconsin Avenue NW and M Street NW. Georgetown housing consists of mostly beautiful row houses and some apartments in the form of English basements.

Location: North of the Potomac River; East of Palisades; South of Glover Park; West of Foggy Bottom and Dupont Circle

Shops and Restaurants:Along Wisconsin Avenue NW and M Street NW

Neighborhood Services and Info

Zip Codes: 2007
Post Office: 3050 K Street NW (202-523-2405)
Library: 24th and L Streets NW (202-724-8707)
Public High Schools: School Without Walls (2130 G Street NW 202-724-4889); Duke Ellington School of the Arts (1698 35th Street NW 202-292-0123)
Public Transportation: Metrorail (Foggy Bottom-GWU on the Blue and Orange Line at 23rd and I Street NW); Metrobus (30-36 Pennsylvania and Wisconsin Avenues, D1/D2 and D6 Q Street NW, G2 P Street NW for Westbound and O Street NW for Eastbound.)
Police Station: Second District Headquarters (3320 Idaho Avenue NW 202-282-0070)
Ward: 2
Website: www.georgetowndc.com

Georgetown Real Estate Statistics:

[February 07, 2007]

Total	Single Family Homes	Condo/Co-Ops
Listings	34	25
Under Contract (last 30 days)	17	5
Avg. DOMP for Under Contract*	97 Days	49 Days
SOLD (last 30 days)	5	8
Avg. Sold Price (last 30 days)	$2,033,000	$568,863
Absorption Rate	50%	25%

*DOMP=Days a property has been on the market.

Data gathered from Metropolitan Regional Information Systems and reflects statistics for properties only listed in the MLS

To learn more about DC Real Estate Stats read, ‘How to Use DC Real Estate Stats to Understand the Current Market.’

*All information is deemed reliable but not guaranteed

News of the Week: 2/03/07

admin — Mon, 05 Feb 2007 16:44:10 +0000

Check out the local and national real estate trends and headlines that made the news this week.

The real estate headlines from the Washington Post, RealEstateJournal.com, CNN Money, and Bankrate.com dove into the following topics: appraisal trends, benefits of homeownership, property tax assesments, pending home sales, discounts on brand-new homes, sea-based living, $510 Million Trailer Park, and agent interview questions.

Washington Post

Appraisers Under Pressure to Inflate Values discusses the increasing trend of pressuring appraisers to over value properties in order for real estate deals to go through.

Tax Rules Vary in Sale of Rental Property is the last article in Benny Kass’ six-part series on the tax advantages of homeownership.

Dread on Arrival points out that property tax assesments are not always bad news. Many Washingtonians will open their property tax assessment notice to find they will owe less on property taxes as a result of the market correction.

RealEstateJournal.com

Pending Home Sales Jump 4.9% in December credits the largst gain in over three years to one of the warmest Decembers on record in the midwest and northeast and favorable interest rates.

A Web Surfer’s Guide to Finding Discounts on Brand-New Homes outlines three ways to get the best deal on a new construction home:

Start with builder websites like Ryan Homes, Centex, and. Toll Brothers
Use new-home listing aggregators like Real Living and New Home Guide
Browse by keyword like “new home discounts”

CNN Money

Ocean Real Estate: The Next Big Boom? discusses the possibility of sea-based living in the future.

A $510 Million Trailer Park Cashes Out explains how residents of a Florida trailer are now millionaires on paper.

Bankrate

8 Questions to Ask Home Listing Agents provides sellers with interview questons for propspective agents:

Are you full-time or part-time?
How long have you been practicing?
What percentage of the homes have sold?
How will you find me buyers?
How accesible are you?
What awards have you won?
What geographical areas do you cover?
What’s your average market time?

To view more real estate news making local and national headlines, visit the Real Estate News page of the DC Real Estate Guide.