In for the Long Haul

I had three settlements on listings last week. Each had a unique set of circumstances and were atypical from what your standard Realtor may handle. As I reflect on those experiences, there are at least two common themes among them: longevity and expertise.

First, a brief overview of these sales:

1. A DC rowhouse, administered by an attorney as the court appointed Personal Representative of an estate for a person who died in 2006. This was also a short sale requiring bank and investor approval. I also had to appeal the sales price with the investor after ratification.

2. A split-level home in good condition in Montgomery County, Maryland, also an estate managed by two of the three adult children (all who had grown up in the home) of the deceased owner.

3. A nice sized brick Colonial in Upper NW DC with property condition challenges in FHA loan pre-foreclosure status. This one required lengthy bank approval and multiple appeals.

Next, details on staying power:

1. The attorney for the estate is one of my regular clients. By establishing a long term working relationship with her, we can work together efficiently with trust.

2. I initially had met one of the siblings in October 2016. We all kept in touch regularly. I weighed in on preparation decisions (colors, finishes, updates to do or not to do) as they made progress. Once the house was market ready, we were on the market with 3 offers and one ratified contract 6 days later and closed 32 days after that.

3. The sellers and I first met on April 7. 2017. We closed March 30, 2018. From start to finish:

• 357 days
• 84 showings
• 12 offers
• 6 inspections
• 4 contracts
• 3 foreclosure dates postponed
• 3 appraisals
• 3 walk throughs
• 1 closing

I am with clients for the long haul.... whether within one transaction or across multiple sales for a single client.

More on my areas and levels of expertise in future (and some past) posts.

DC Buyer Programs

For first time homebuyers in Washington, DC, there are some great options you should investigate if you are considering a purchase.

First is the DC Tax Abatement program.  This program has two components and is based on household income to qualify.  Qualification guidelines are available elsewhere and each buyer should consult their licensed real estate agent and a settlement agent or attorney about their specific situation.

The first component of this program is the elimination of the DC Recordation Tax (for properties under $400,000 purchase price, this is 1.1% of the sales price for each side of the transaction) and a possible seller credit of the other 1.1% of the DC Transfer Tax.

The second portion is potentially more impactive. Starting in the first tax year following purchase, with the DC property tax cycle running October 1 to September 30, the buyer is exempt from DC property taxes for 5 years, assuming you live in the property as your primary residence for that full period.

In addition to these tax programs, there are currently a number of mortgage programs aimed at DC first time buyers, too.  For example, the DC Open Doors program is one option available through specific mortgage lenders.  There are low down payment requirements and potential down payment assistance (in some cases through a low or no-interest loan) for qualified buyers.

I have one buyer client now (and potentially a second client) working with a mortgage lender on a Community Reinvestment Act (CRA) loan for first time homebuyers.  This has a low interest rate, low down payment requirements, and no private mortgage insurance.

A skilled and experienced Realtor can guide you to programs that could help make your dream of home ownership a reality, within your means, and with the right loan, and home, for you.

On the Ground: 12th Place NW DC

I have a new favorite street in Washington, DC: Twelfth Place Northwest. Quiet with one-way traffic, yet walkable to the hub of hip that is the U Street Corridor.  An adorable assortment of cozy rowhouses built around the 1890s, it reminds me of Rainbow Row in Charleston, South Carolina, on a smaller scale.  Charm and convenience, loaded with personality. Walking down this street reminds me of one of Lucy's old storybooks, The Big Orange Splot by Daniel Manus Pinkwater. "Our street is us and we are it. Our street is where we like to be, and it looks like all our dreams." Where is your dream street?

On the Ground: Southwest DC Waterfront

Welcome to my new occasional feature, "On the Ground." As you know from previous posts, part of my job involves previewing properties for current and future buyers and also to maintain my working knowledge of the local real estate market. A new goal of mine is to explore or rediscover neighborhoods in DC and Maryland on a broader level by viewing not only specific properties but also the surrounding areas.

My first journey took me to Southwest DC and the Waterfront area.  I had previously written about the new development in this area, so I wanted to get an On the Ground look at the current market, housing options, and neighborhood amenities.  Who better to assist me but a dear friend and current resident of one of the Harbor Square co-op buildings directly on the water.  Al was kind enough to guide me and my older daughter Lucy around on Bikeshare bicycles for about an hour, weaving through streets and developments with running commentary on the types of units and architecture, the accessibility to amenities and job centers like Capitol Hill, and other interesting and useful topics.

I must pause here to note that the photo above was taking directly in front of Al's building and his views are amazing of the water, Haines Point across the river, and of many of the notable landmarks in DC like the Washington Monument, the National Cathedral, and the Capitol Dome. And to give Al a big shout-out for his hospitality and his time.  

Back to my report on SW DC.... The recent redevelopment of the existing retail to include one of the nicest Safeway grocery stores I've ever seen (a far cry from the Soviet Safeway I used to rely on in my early days in Dupont Circle) and a CVS pharmacy add tremendous convenience to this area.  When they renovated the shopping, they also reconnected 4th St SW with the Mall to the North for better driving access.  With all the new planned housing development, it was awesome to discover the pockets of unique, mid-Century modern architecture throughout this area.  Some development from the 60s was in the style shown here. You can't find pockets of this style in many places in the DC Metro area.

I look forward to showing buyers this unique area of the city and to my next On the Ground adventure.

Be Trendy Before Everyone Else: SW DC

I went to a realtor event last week on development efforts in Southwest DC. Traditionally called Waterfront (because it is on the water, and that is the name of its closest Metro station), this area is the smallest quadrant of DC. It is slotted between the Potomac River, South Capital Street, a sliver of the Anacostia River, and the Mall to the North. It boasts the oldest fish market in the US (yes, even older than Pike's Place in Seattle). From SW DC rooftops, one has stunning views of the DC monuments and skyline and, of course, water.

New public and private development is afoot. A new concert hall, condos, apartments (including uber-efficiency units for minimalists), shopping of all varieties (think livability shopping like drug stores, grocers, dry cleaners, plus destination retail), office buildings, mixed use like churches with apartments attached, green space, walkable corridors, bike share, streetcars, the list goes on. There is a tremendous focus on sustainable development, LEED certification for both commercial and residential buildings, and multi-modal transportation and transit options built into the plans.

You heard it here first (well, at least that's my claim). Look to SW DC in the very near future as the place to be hip, before the word spreads. Give me call if you need help finding a rental or if you want to be notified when new properties go on the market in this area.