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  Realty Digest
A Quirky Collection of News and Information
From The Service You Can Trust Team
**** July
15, 2006
****
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IN THIS ISSUE:
Items of Interest
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WHEN DID YOU LAST
YEAR ABOUT A HOUSING CRASH: Housing sales and starts are down from last
year's peaks, will continue to decline in 2007 and may do so
into 2008, economists at Fannie Mae, Freddie Mac and the
National Association of Home Builders concurred this week, says
Inman News. Although the housing market is slowing down with the
economy, there are no signs of recession or a bursting bubble,
they maintained. A slowdown in the economy could cushion the
decline in the housing market by bringing an end to a series of
17 quarter-point, short-term interest-rate hikes by the Federal
Reserve, the economists said. While housing prices aren't
expected to appreciate as rapidly as they did at the height of
the 2002-2005 boom, overall they're not expected to fall either.
"Though the direction of housing activity is unambiguously
heading cooler, we remain confident that the climate is still
temperate and that 2006 will finish as the third strongest year
ever for the national housing market," Freddie Mac's office of
the chief economist concluded in its semi-annual economic
outlook. Added David Seiders, chief economist at the National
Association of Home Builders (NAHB): "We're going from
unsustainable heat in 2005 . . . to a more sustainable pace of
economic growth." Freddie Mac's chief economist, Frank Nothaft,
acknowledged that some homeowners with adjustable-rate mortgages
could be vulnerable to rising interest rates but noted that
mortgage debt is largely protected by the value of housing
stock, with homeowners continuing to build equity. Freddie Mac's
economists said rising mortgage interest rates and waning demand
for housing will slow the appreciation of home values to an
annual rate of 7 percent in 2006 and 6.2 percent in 2007. The
top economists at Freddie Mac, Freddie Mae and the NAHB all
expect interest rates on a 30-year fixed rate mortgage will
average 6.8 percent for the rest of the year.
AND NAR FORECASTS A MARKET AT OR BELOW CURRENT
LEVELS: Home sales are projected to ease modestly but
should stay within a relatively narrow range during the balance
of the year, according to the National Association of Realtors.
"The major housing indicators have been moving up and down
within a reasonable range, which means the market should
even-out just below present levels," says David Lereah, NAR's
chief economist. "At the same time, housing inventory levels are
balanced in much of the country, so overall price appreciation
will be at a normal rate. We should see home sales rise and fall
month to month, but don't look for any big shifts one way or the
other." He expects existing-home sales to decline 6.7 percent
from 7.08 million last year. That would still be the
third-highest level on record. New-home sales should fall 12.8
percent from 1.28 million, Lereah projects, adding that housing
starts could decline 6.8 percent to 1.93 million. The 30-year
fixed-rate mortgage is likely to reach 7 percent by the end of
the year. "The uptick in interest rates has been slowing home
sales," Lereah says. "We remain concerned about the potential
impact of higher interest rates in some of the more expensive
areas of the country." The national median existing-home price
for all housing types is expected to rise 5.3 percent to
$231,300 in 2006. With more construction in lower-cost regions
as well as price incentives that are helping to clear unsold
inventory, the median new-home price should increase 1 percent
this year to $243,300.
QUALITY IS QUESTIONED FOR CONSTRUCTION OF NEW
HOMES: Quality Built, a risk management services firm
in San Diego, studied new homes and condos in 27 states that
were constructed by more than 900 different builders, says
Realty Times. The company commonly found window flashing
problems, improper roofing, missing structural hardware and
other defects to be most prevalent in the eastern and southern
states. Data were gathered on 20,867 single-family and 11,128
multi-family homes inspected in 2005. Among all homes, the three
most common construction risks discovered in single-family homes
were in the building envelope (41 percent), a defect that could
lead to moisture intrusion and mold; framing and structural
elements (34 percent), which can affect a building's integrity
during rough weather conditions or earthquakes; and in the
plumbing and electrical systems (8 percent). Using up-close,
multi-family home inspections, Quality Built said life-safety
defects appeared 29 percent of the time; framing and structural
problems were in 26 percent of the homes; and building envelope
issues existed in 23 percent of homes. The finding means some
homes likely had two or more of these defects. The single
highest risk problems identified in single-family homes included
improper framing around windows and doors (a structural issue),
building paper and house wrap installation flaws (moisture
intrusion and energy loss), and missing structural connections,
a major hazard.
NATIVE AMERICAN HOME OWNERSHIP IS INCREASING: Home purchase loans to Native Americans roughly
tripled to 45,375 in 2004, up from 14,844 the previous year,
according to the latest data from the Home Mortgage Disclosure
Act, says New Mexico Business Daily in Realtor magazine.
Although the numbers do not distinguish between financing
arranged within tribal communities as opposed to outside of
reservations, the National American Indian Housing Council
suspects that Native communities likely are not experiencing
"proportionally higher gains." Native Americans still lag the
nation in terms of home ownership. According to Fannie Mae, 41
percent of reservation households are homeowners, significantly
lower than the national rate of 68 percent. Home Mortgage
Disclosure Act statistics show that more than half of American
Indian mortgage applicants were turned down for financing in
2004, compared with 42 percent of prospective white borrowers.
YOU TOO CAN BE A HAPPY GRIM REAPER: Buying properties from the estate of a deceased
person can be a great opportunity for a real estate professional
looking for bargain investments, suggests Inman News. Often
these properties are sold by the probate court in order to pay
the deceased's debts or to settle an estate among several
out-of-town heirs. They are a bargain because the local real
estate market often doesn't get wind of their availability,
according to James G. Banks, author of "Creating Wealth Through
Probate." Find probate properties by reading obituary and legal
notices and by checking probate court public files, Inman
counsels, saying the best deal is to buy from estate executors,
often at big discount because they want a quick, easy sale.
Warning: Generally, the property is sold as is because the
executor is in no position to know the condition of the
property. If there turn out to be defects, the buyer has little
recourse.
FORECLOSURES CAN BE ANOTHER ROUTE TO A BARGAIN: Rising interest rates and a cooling housing
market are whetting the appetite of real-estate bargain hunters
and fueling interest in Web sites that list homes in, or near,
foreclosure, notes the Wall Street Journal. Economists expect
delinquencies and foreclosures to increase from today's
historically low levels. Nationwide, the percentage of home
loans on which payments were past due fell to 4.41 percent on a
seasonally adjusted basis in the first quarter after rising to
4.70 percent in the fourth quarter of 2005, according to the
Mortgage Bankers Association. A variety of Web sites have sprung
up to cater to home buyers and investors looking to purchase
properties in or nearing foreclosure. You can browse the Web
sites at no charge, but getting complete access requires a
weekly or monthly fee, typically $40 to $50 a month. The federal
government operates its own site, www.homesales.gov, which is
free and provides information about foreclosed properties being
sold by the Federal Housing Administration, the Veterans
Administration and the U.S. Department of Agriculture. The
Journal says novices should approach the foreclosure process -
and the Web sites that sell foreclosure listings - with care.
Finding a good buy on a foreclosed house requires hard work and
can carry significant risks. Critics say that Web sites selling
foreclosure listings often contain outdated information or
listings on houses that aren't ready for sale; some try to
direct would-be buyers to partners with whom they have a
financial relationship or to seminars and other products.
A TIDY POTENTIAL GAIN FOR BOB NEWHART: He and his wife Virginia are selling their
French country home in Bel Air, Calif. For $22 million,
according to the Los Angeles Times, reports the Residential
Specialist magazine. The couple bought the home for $4.2 million
in 1990; it has 92,000 square feet, encompassing five bedrooms,
six and a half baths, five fireplaces, terraces, gardens, a pool
and an executive office. And that ain't no laughing matter.
HOME SALES IN NEW ORLEANS HAVE BEEN SURGING: In a market spurred by speculators and bargain
hunters, an extraordinarily large number of houses in the
flood-ravaged metropolitan area are being sold, according to
real estate analysts, who say volume and sales prices exceed
levels before Hurricane Katrina, according to the New York
Times. The higher prices are largely owing to an increase in
value in suburban areas, many of which were not heavily flooded,
or in dry areas of New Orleans. But flooded houses in the city
are being bought as well, often at deep discounts of as much as
$50 a square foot less than they would have sold for before the
hurricane. "We have a stronger housing market than before," said
Wade R. Ragas, professor emeritus of finance at the University
of New Orleans and the president of a local consulting firm,
Real Property Associates. "There is renovation activity in every
ZIP code of Orleans Parish," Dr. Ragas added, "but the strongest
buying activity is, in general, closest to where it did not
flood or where it was under two feet of water." Across the
nine-parish region that includes New Orleans, 7,506
single-family homes were sold between January and the end of
last month, compared with 6,449 in the same period last year,
according to statistics from the New Orleans Metropolitan
Association of Realtors and the Gulf South Real Estate
Information Network. The average price so far this year is
$221,244, compared with $193,097 in the same period last year.
THE SAN DIEGO UNION-TRIBUNE HAS AGENTS' NUMBER: From the newspaper come these pearls from
classified advertising: "As you enter through the gate, up the
gentle meandering drive, you know you have reached a special
place;" and "Picture yourself at the center of downtown
excitement. Catching afternoon rays on a sun deck high above the
trees. Watching the sun set over the bay;" and "Right in the
heart of our dynamic city, but radiating tranquility and
serenity, this expansive estate is located in a lush canyon with
views of downtown and the bay." The newspaper also unearthed
this gem for a property in Newton, Mass.: "HOUSE IS
UNINHABITABLE AND UNSAFE TO ENTER. Get it quick before it
sells." Yeah, don't waste a minute.
WHAT GOES UP COULD COME DOWN: Homeowners who are considering adding a
second-floor laundry room should plan carefully: Water damage or
structural problems may result if the project is done
haphazardly, notes Consumer Reports in Realtor magazine. Experts
say owners should hire an architect and possibly a structural
engineer to plan the space to ensure that the house will support
the extra weight and vibrations of a washer and dryer. To
prevent water damage, the owner may want to install a floor
drain and an electronic shutoff valve, which automatically stops
the flow of water when it senses a leak, thus preventing floods.
Also, it's smart to install dedicated electrical and gas lines.
This can be the most expensive part of the job. Finally, choose
appliances that are quiet and efficient. Do your research to
find out which models in your price range rank highest with
consumers.
MAYBE THE GRASS ISN'T GREENER: Americans are very satisfied with their
neighborhoods, according to 2005 American Housing Survey
microdata released by the U.S. Census Bureau and the Department
of Housing and Urban Development. The survey also reveals that
the median value of a new home (built in the last four years)
was $236,864; monthly housing costs were $809 last year. Among
the anonymous and self-reported findings were 2005 statistics on
a wide range of housing topics. On a scale of 1 (worse) to 10
(best), the percentage of householders who rated their
neighborhood an 8 or above (70.4 percent) was up about 1
percentage point from 2003, the last time these data were
collected. The median home value rose from $140,201 in 2003 to
$165,344 in 2005. The median value of a newly built home also
increased over the period, from $186,939. The percentage of
householders who reported crime in their neighborhoods rose from
14.6 percent in 2003 to 15.1 percent in 2005. And this vital
fact: 62 percent of the nation's 6.9 million mobile homes were
single-wide, with the remainder being double-wide or larger.
Jealous?
KOREANS ARE FLOCKING TO U.S. REAL ESTATE
INVESTMENTS: Although home sales are slowing in some U.S.
cities and economists are forecasting softer price appreciation,
wealthy Koreans believe now is the perfect time to buy American
residential real estate, reports the Wall Street Journal. They
are betting that the U.S. dollar will strengthen, causing the
value of their U.S. holdings to appreciate when converted into
Korean currency, and that even slower home-price appreciation in
the U.S. will continue to beat returns in Korea, where high
taxes on real-estate profits discourage speculation. Although
there are no data for residential real estate specifically,
Korean direct investment in North America in the first three
months of this year was more than $570 million, nearly half the
$1.27 billion total for all of last year, according to the Bank
of Korea. It includes corporate investment in stocks and bonds,
commercial real estate and infrastructure. "In the eyes of many
Koreans, America is the safest place to invest," says Ahn Sang
Moh, an agent at New Star Realty & Management in New York, a
Korean-American real-estate firm with clients in Korea.
THERE MUST BE A REASON THEY CALL IT 'BLACK GOLD': The mountain getaway of Saudi Prince Bandar is
up for sale for $135 million, which could set a U.S. record for
a real estate transaction, according to published reports, notes
the Association Press. Real estate agent Joshua Saslove told the
Aspen Times for a story Tuesday that Bandar's 15-bedroom,
16-bathroom, 56,000-square foot mountain palace - complete with
a racquetball court, indoor pool and outdoor water features - is
up for sale because the prince is too busy to enjoy it. The
property also includes several smaller homes. Bandar has been
developing it since the 1980s. Bandar has been busy leading his
country's security council and spending a lot of time in
Washington, Saslove said. Bandar was also the Saudi ambassador
to the United States from 1983 to 2005.
LOAN VOLUME HOLDS STEADY, BUT ARMS SHARE SLIDES: For the week ended July 7, the Mortgage Bankers
Association says mortgage loan application volume edged up 1.0
percent on a seasonally adjusted basis from one week earlier. On
an unadjusted basis, however, activity decreased 29.1 compared
with the previous week and 36.3 percent compared with the same
week one year earlier. Purchase applications increased by 2.6
percent from the previous week, and refinancings declined by 1.6
percent. The refinance share of mortgage activity slipped to
34.0 percent of total applications from 35.0 percent, while the
adjustable-rate mortgage (ARM) share of activity fell to 28.7
percent of total applications.
ENGINEERED DECKING MAY OR MAY NOT BE FOR YOU: The latest engineered decking materials claim to
offer the rich look of a tropical hardwood deck with less
maintenance and easier installation, observes the Wall Street
Journal. The faux materials cost about the same as hardwoods
such as ipe, cumaru (no, we couldn't make this up) and other
exotic species. But some come closer than others to looking like
the real thing. In the past several years, the popularity of
composite decking materials - that is, those made of wood mixed
with plastics or other materials - has grown. According to a
survey on building materials from the National Association of
Home Builders Research Center, 14 percent of products used for
decking remodeling and repair in 2004 were composite material,
up from 8.9 percent in 2002. Manufacturers say their new
composite materials won't splinter, warp or rot. However,
building experts point out most tropical hardwoods are rot and
water-resistant anyway, and composites can still gray with age.
BUT WILL THERE BE ENOUGH TO GO AROUND: Take the day off Tuesday for a cooking
demonstration by Tania Mercer, who will show how plants grown on
the Botanic Garden terrace can be used in cooking. What could be
better than sautéed nettles? She will hold forth for free from
noon to 1:30 p.m., and, yes, look for her on the terrace at 245
First St. SW. Details: 202-226-8038.
INTERNET LENDER'S TACTICS ARE QUESTIONED: A lawsuit against one of the Web's premier sites
to shop for a mortgage underlines the difficulty consumers can
have in locating reliable financial information online, says the
Wall Street Journal. The lawsuit is against Bankrate, the
financial publisher behind the popular bankrate.com site that
draws millions of visitors yearly through partnerships with
Yahoo!, AOL and other top online companies. Bankrate provides
advice, loan calculators and articles on financial topics. It
supplies interest-rate data to eight of America's 10 largest
newspapers, and it caters to lenders, who compete to attract
borrowers by posting their deals on bankrate.com. But the
company's reliability as a consumer tool is being challenged in
the lawsuit filed by a former advertiser that accuses the
company of allowing its Web site to become a haven for
"bait-and-switch" loan pitches. Testimony and internal company
documents filed with the court show Bankrate has fielded
hundreds of complaints about mortgage lenders who fail to
deliver the rates they advertise; one lender told a Bankrate
employee a consumer would need "a direct pipeline to God" to
qualify for its advertised rate. The legal battle, which began
in 2002, is scheduled to come to trial this fall. Bankrate says
the lawsuit is "factually and legally without merit."
RATES FALL FOR THE FIRST TIME IN FIVE WEEKS: The 30-year fixed-rate mortgage (FRM) averaged
6.74 percent, down from last week's 6.79 percent and up from
last year's 5.66 percent, according to Freddie Mac. The 15-year
FRM this week was 6.37 percent, down from 6.44 percent. A year
ago, it averaged 5.25 percent. Five-year Treasury-indexed hybrid
adjustable-rate mortgages (ARMs) were 6.33 percent this week,
versus 6.39 percent last week and 5.15 percent a year ago.
One-year Treasury-indexed ARMs averaged 5.75 percent this week,
down from 5.83 percent last week. At this time last year, it was
4.39 percent. "June's employment report caught financial markets
off guard. In response, long-term bond yields eased a bit this
week," said Frank Nothaft, Freddie Mac vice president and chief
economist. "Combined with the financial market's expectation of
only one more rate hike by the Federal Reserve this year, upward
pressure on long-term rates eases considerably. This should keep
mortgage rates relatively stable for the foreseeable future."
STUDY FINDS MARYLAND HOME PRICES TOO HIGH FOR
MANY: First-time home buyers who thought the cooling
market would make housing in Maryland more affordable have so
far been disappointed, according a study reported by the
Washington Post. The study, by the Maryland Association of
Realtors, found that surging home prices in the past five years
outstripped more modest wage gains. That means in May, housing
affordability in Maryland hit its lowest point since 2001 - a
trend mirrored throughout the region. In May, the typical
first-time buyer in Maryland earned $35,159, or 42.6 percent of
the income necessary to buy a starter home costing $267,753. It
has become more difficult to afford that home because the median
salary climbed only 5 percent between May 2005 and May 2006, but
the median home price rose 10 percent, according to the study.
In 2001, the typical first-time buyer had 80 percent of the
income necessary to buy a starter home, mostly because prices
were so much lower, the trade group said. Then came the sharp
run-up in prices, spawned by surging demand and an increase in
nontraditional mortgages that allow people to stretch their
budgets.
TIPTOE THROUGH THE LILLIES:
More than 75 varieties of them, as well as
lotuses, will be blooming at the annual Waterlily Festival at
Kenilworth Park and Aquatic Gardens on Saturday. Running 11 a.m.
to 2 p.m. at 1550 Anacostia Ave. NE, the free event also
features Asian dance troupes, puppet shoes, nature videos, tours
and workshops. More info: 202-426-6905.
Transitional Neighborhoods
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Plus ça change
This screed is not about good
neighborhoods or bad neighborhoods. It's about neighborhoods
that have gained in popularity beyond the hottest neighborhoods
as prices escalate. Is it not logical that buyers seeking value
will venture into territories with the potential to enjoy the
halo effect of the areas they adjoin? Where blocks may have been
burdened with neglected properties, perhaps some that have been
abandoned, first one house is gut renovated, then others. In
neighborhoods with few amenities, an old rental building is
converted to luxury condos and there follow a spiffy new
restaurant and a new fitness club. Inconvenient public
transportation may be bolstered by a new Metro stop as well,
making a less accessible area suddenly prime.
Call the process gentrification or transition, these are
neighborhoods undergoing change. The question for buyers and
developers always is whether the transition from outré to
outtasight will ever be complete. Will those neighborhoods
progress or regress?
In markets with falling prices, guess where the prices fall
quickest and farthest. Yes, it's in transitional neighborhoods.
The reason hinges on risk. In fully transformed neighborhoods,
the assumption can be made that their popularity will continue
and that any investment will be safe for a time, at least
relatively speaking. As buyers hang back and interest rates
rise, the cautious money will flow to the neighborhoods with
futures that are pretty much beyond question. That's how it has
been in the past, and the past is bound to be precedent. (Of
course, neighborhood popularity always ebbs and flows but
generally in decades-long cycles.)
What prompts this discussion is a new condominium now marketed
as being situated in the U Street Corridor. Truth be told, the
building is two ugly blocks north of U Street and four or five
blocks east of the trendiest boutiques and restaurants. The open
question is whether the heat of U Street action will cause the
blocks dominated by that condominium and one being constructed
across the street ever to catch fire. The company trying to
unload the apartments is predicting five years – five! – for the
change to occur. Is it because of the length of the span, or the
uncertainty of its duration, that prices are generally lower
than in some other parts of the District? Either way, it's the
gamble that provides the value for buyers who are willing to
take a chance on transition or who are indifferent to the
current paucity of trendiness at their front doors.
For apartments as small as a 580-SF junior one bedroom to as big
as a 1,500-SF three bedroom, prices per square foot run from
about $580 to $660, depending on views, level and upgrades. Only
the biggest and most expensive units will have much appeal – for
example, the three-bedroom fifth-floor condo with a view of the
Washington monument for $549,900. A two-bedroom on the ground
floor looks onto an alley and faces a loading dock, but it's
listed at just $469,900 with a $352 monthly fee. A one-bedroom
being offered by an investor for proportionately more than
others in the building feels more like a studio, boasts views of
only a courtyard and has a single closet besides a slim hall
closet. It is listed at a reduced price of $359,999, which still
is too high by $20,000 or $30,000. All of the units have at
least some hardwood floors, maple cabinetry, marble countertops,
stainless appliances, washer/dryers and garage parking.
Time will tell, but the forthcoming statistics on the second
quarter will doubtless provide illuminating insights into price
changes by zip codes. Look for the numbers in a month or more,
after they are issued by Metropolitan Regional Information
Systems.
Following are some properties offered by other real estate
agents and seen in the past week:
- A lovely detached single-family home
in 16th Street Heights. With four bedrooms sharing one bath
on the second floor and a finished attic, this four-square
house also has an inviting front porch across the front,
pleasant rear yard and deck, a parking area and a finished
basement with ill-used space, a half bath and low ceilings.
The kitchen is well designed with the exception of the
center island, which seems homemade. On the market for a
month, this 3,300-SF home is overpriced by approximately
$25,000.
- In Cleveland Park, a poorly maintained
one-bedroom co-op without parking. Although it has an eat-in
kitchen with only a semblance of modernity, plus a solarium
and an ineffable charm, this 750-SF apartment in a 1928
building does not impress. It does not have central air
conditioning, and it will be the rare buyer, indeed, who is
taken with the mural of blue sky and clouds in the entry
hall. But the price of $319,000 from $330,000 with a $500
monthly fee half a block from the Metro is not half bad.
- A winning two-bedroom, two-bath condo
that is agreeably dominated by a 700-SF wraparound terrace
in the heart of Bethesda. This handsome apartment has
hardwood floors, new carpeting, Italian marble foyer,
remodeled spacious kitchen and garage parking. But room size
is affected, not severely, by the presence of the terrace.
Among other things, this secure building offers guest
parking, a gym and a storage room. Listed at $950,000 with a
$572 monthly fee that excludes utilities, the unit was on
the market for a bit more than two weeks before receiving an
offer this week.
- In Adams Morgan, a condo with parking
in a three-year-old building. The unit's virtues include
1,203 square feet and 14-foot ceilings. Unfortunately, they
are that high because the apartment is way below grade, and
the windows in what are called the two bedrooms would be
reachable only with a ladder – meaning that technically,
they are not bedrooms. Still, it's a decent amount of room
for the money, reduced from $589,900 when it was listed in
April to $539,900 now, plus $5,500 in closing help, with a
$281 monthly fee that covers nothing of importance.
- A Chevy Chase, D.C. red-brick colonial
the owner of which is overly fond of vivid contrasting
colors such as mauve and purple in the dining room. The 1948
home has the usual three bedrooms and one dated hall bath on
the second floor, a nicely finished attic, a second bath off
a fourth bedroom/office on the main floor, a merely
serviceable kitchen with laminate counters, an unfinished
basement, sunroom, pleasant rear yard with deck, carpeting
in the living room, which has a fireplace, central air
conditioning and a one-car garage. The offering price of
$719,000 is appropriate.
- South of Logan Circle, a handsome
two-bedroom, two-bath condo with three exposures, modern
kitchen with both a Viking and a SubZero, cherry floors,
crown molding, built-in bookshelves, gas fireplace, custom
sound system, decent closet space and a washer/dryer. The
1,000-SF apartment, which is up on the third floor in a
boutique building, looks onto other buildings. It is listed
a bit too high at $549,000 with a $325 monthly fee. And on
the first floor, another two-bedroom apartment with perhaps
855 square feet and less drama. With built-ins and a
fireplace, it is on the market by the owner for too much at
$465,000 with a $270 monthly fee.
- An oppressive brick colonial on a busy
thoroughfare in the Glenbrook Village neighborhood of
Bethesda. This 1946 home with three bedrooms and a hall
bath, a dank basement, dated kitchen and a driveway that
challenges oncoming traffic to hit the vehicle backing out
has been decorated with too much heavy, dark furniture and
painted with colors only Dracula would find amusing. That
its most attractive feature is the fish pond and fountain
near the patio in the rear yard tells you all need to know.
The property's proximity to the National Institutes for
Health is a bonus as well. This ugly duckling without
central air conditioning will never sell at the offering
price of $725,000.
- In Dupont Circle, a stylish 1941
detached home with two bedrooms, two and a half baths,
impressive landscaping, a narrow galley kitchen with
cabinets that could be taller and parking for one car. All
the rooms have been improved beautifully, including
skylight, extra closet space and expensive details. The wow
factor may attract a buyer willing to pay the $879,000
asking price, but this house on just two levels is not worth
that much money.
- A 1926 semi-detached Tudor in 16th
Street Heights a short distance from Carter Barron Park.
This 2,500-SF house on three finished levels features a new
kitchen, an oversize yard and, upstairs, three smallish
bedrooms and two baths. The master bedroom suite is
appealing and offers good closets, and the lower level with
recreation space, a third full bath and partial kitchen is
mostly above ground. On a street with a majority of
single-family houses, this property is attached to three
others in a triplex arrangement. Its price of $669,000 is
within reason.
- In Dupont Circle, a one-bedroom
apartment of perhaps 600 square feet. It has a small dated
galley kitchen and an owner whose favorite paint colors are
pumpkin and blue. There are a wood-burning fireplace,
high-end washer/dryer, extra storage and pet-friendly
neighbors. Such as they are, views are from the short end of
a U-shaped courtyard. This apartment is somewhat overpriced
at $369,000 with a $189 monthly fee.
- On Capitol Hill, a paucity of
properties priced under $450,000 in decent condition with
(preferably) three bedrooms and some proximity to Metro.
Forget central air conditioning. The first prospect, on an
improving stretch of a major avenue within sight of RFK
Stadium, is a classic '20s front-porch row with three
bedrooms and old bath upstairs and a partially renovated
basement with full bath. Decent bones, but the exterior
condition, outdated fixtures and elderly possessions strewn
everywhere say $450,000 is way too high. This one will sit
for a while longer in this market. Next up on a numbered
street around the corner, a smaller (only two bedrooms) but
nicely done 20s row with roof problems priced at $429,000.
It's very sweet, but the lack of a third bedroom is a
deterrent. Finally, a 1900 rowhouse with a one-bedroom
English basement rental and three bedrooms and one bath on
two floors above. One step into the lower level and you are
assaulted by the smell of mold and the squish of
water-logged carpet - no need to go any further. But its
price (down to $499,000 from $625,000) and days on the
market (140 and counting) are illustrative of transitional
neighborhood issues as well as the danger of overpricing.
- A Kalorama mansion worthy of its
description. Built in 1908, the stunningly renovated house
features five bedrooms and three and a half baths, including
the in-law suite, period details such as oversized moldings,
stone fireplace mantels, parquet hardwood floors (the good
kind), a knockout eat-in kitchen, stupendous master suite,
outdoor patio with little in the way of garden space,
rooftop deck, two-car attached garage and a wonderful
location. The price: $3.495 million.
- In Georgetown, a two-bedroom bayfront
dollhouse with cozy basement family room or in-law suite, a
kitchen that is only halfway there (enjoying the only, and
thus wasted, direct access to a little garden), two bedrooms
upstairs and a single but pretty bath, the second one being
downstairs. Offered at $1.295 million, this place is
significantly overpriced, especially since an essential
parking space is absent.
D.C. Market Update
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The market is
adjusting
Condos and co-ops
With inventory growing and sales slipping, prices in June have
fallen below last year's levels but remain well above 2004.
There were 44.7 per cent more new listings last month than in
June of 2005, with at least double-digit increases at every
price point but two - $700,000-800,000, which had 19 percent
fewer, to 17; and $1 million - $1.25 million, which was off 25
percent, to 6. The bulk of condos and co-ops put on the market –
669 of the 890 total – occurred between $200,000 and $600,000,
with 225 of them at $200,000-300,000. By the end of the month,
there remained 1,684 active listings, 275.9 percent more than at
the same time last year. Some categories experienced huge
triple-digit growth. The biggest was at $200,000-300,000, which
shot up 480 percent! At $100,000-200,000, the increase was 456.5
percent, and it was 411.5 percent at $300,000-400,000.
Consequently, supply is greater than it has been in each of the
preceding 12 months.
Sales activity was down 16.9 percent on average, with most of
the decline recorded between $200,000 and $700,000, where the
291 ratified contracts of a total 370 compared with 384 a year
earlier. June sales were a bit below May's, above April's and
below March's. For the year to date, sales volume was off 16.1
percent at most price levels with the exception of the
following: 224 at $150,000-200,000, up 44.5 percent; 26 at
$800,000-900,000, up 4 percent; 17 at $900,000-1 million, up
30.8 percent; and 13, unchanged at $1.25 million-$1.5 million.
The market absorbed just 18 percent of the available units,
below the pallid 19 percent in May. Not surprisingly, the
average price has dipped from $426,576 in 2005 to $411,398 this
year. In 2004, the average was $364,460. As for the median, it
has gone from $375,000 to $359,900. It was $325,000 in 2004.
Single-family homes
Supply is beginning to taper off. The number of new listings in
June was only 7.4 percent higher than one year earlier in
contrast to May, when there was a 23 percent gain over the
previous May. Surprisingly, there were in June actual
double-digit declines ranging from 8.3 percent ($1.25
million-1.5 million) to 72.7 percent (under $150,000). Other
price levels posting fewer homes added to the market were at
$150,000-200,000 (down 65 percent to 7); $600,000-700,000 (down
12.9 percent to 74); $700,000-800,000 (down 12.5 percent to 56);
and $800,000-900,000 (down 44 percent to 28). Although all
increases were in the double digits, the price point with the
most new listings was $1.25 milion-1.5 million, up 75 percent to
28. In all, there were 744 homes put on the market. At month's
end, 1,381 homes were still seeking buyers, 109.2 percent more
than in 2005 at the same time of year, when they numbered 660.
At prices between $200,000 and $900,000, there were triple-digit
increases up to 232.5 percent ($200,000-300,000). Above
$900,000, the changes were in the solid double-digits, but
June's inventory was very slightly lower than May's, the first
reduction, however small, since fall into winter. By far the
most supply was attributable to the 282 homes active at
$400,000-500,000.
Meantime, declining sales volume at every price level but one
contributed mightily to the growth in inventory. A total of 376
homes went under contract in May versus 496 in 2005, off 24.2
percent. At $1.25 million-1.5 million, there was a gain of 21.4
percent in sales activity, to 17. The $300,000-400,000 level was
essentially unchanged, with a 1.1 percent decline to 86 from 87.
Every other price level went down in the moderate double digits,
and June sales were lower than they were all spring and most of
the fall. They averaged 19 percent lower for the year to date,
to 2,238, than in 2005. Homes listed at more than $1 million
displayed the most stability, either slightly rising in sales
volume or edging down a little. The absorption rate has slid
from a low 22.3 percent in May to a lower 21 percent in June,
but high-end sales apparently boosted the average price
slightly, from $628,179 in 2005 to $646,817. Yet the median has
slipped from $489,000 to $486,770.
What it all means
The markets for apartments and single-family homes clearly are
diverging. It seems as though single-family home sales and
inventory figures may be showing the earliest signs of a slight
move toward normal equilibrium. As for condos and co-ops, that
market is some distance from balance, as supply keeps climbing
and sales fail to recover. In general, buyers have taken to the
sidelines, waiting to see whether prices will continue to fall
and whether the risk of interest going ever higher is worth
taking. The rental market is tightening up in the region, and
cautious buyers are the chief reason. This market has firmly
entered a time of wait and see.
This Week's New Listings
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Some of the Region's Latest Listings
Below is a fraction of the newest listings by agents in the District of Columbia, Maryland
and Virginia. They include, condominiums, cooperatives and other homes in the Multiple Listing Service since Realty Digest's last issue.
ARLINGTON
2819E WOODROW ST S #5
$405000
Bedroom(s): 2
Full Bath(s): 2
In the listing agent's inimitable words: "TOTALLY RENOVATED.
This unit is new, new, new. Kitchen w/ stainless steel
appliances and granite; hardwood floors; newly tiled bathrooms;
lovely touches everywhere. Fireplace, covered patio w/stroage
closet. Close to DC., Shirlington, Pentagon, Old Town. Don't
miss this one - ready now to move in and enjoy in total
comfort."
MLS#: AR6119793
SILVER SPRING
2025 HICKORY HILL LN
$430000
Bedroom(s): 3
Full Bath(s): 2
In the listing agent's inimitable words: "Beautiful 3BR/2FB/2HB
townhome w/ wooded parkland views & close to Glenmont Metro.
Freshly painted w/ new ceramic tile, carpet, and appliances. Two
level deck overlooks woods, walkout LL w/ wood burning FP.
Elegant DR with crown molding. MBR has vaulted ceiling, w/in
closet, and tiled MBA. Finished w/o basement!"
MLS#: MC6114149
WASHINGTON
1730 NEW HAMPSHIRE AVE NW #2
$475000
Bedroom(s): 2
Full Bath(s): 1
In the listing agent's inimitable words: "OPEN SUN. 1-3.
SPECTACULAR RECENT RENOVATION IN HISTORIC BEAUX ARTS BLDG!
2BR/1BA, 12 FT+ CEILS W/ORIG. PLASTER MOULDINGS, WOOD F/P
W/ORNATE MANTLE, HWD'S & SUN-FILLED BAY WINDOWS. STUNNING CHEF'S
KIT.W/ CUSTOM CABINETRY, SS APPLS (INCL. BOSCH) & GRANTIE
COUNTERS. LARGE MSTR W/FP MANTLE & HWD'S. LUXURIOUS BATH
W/MARBLE, MOSAIC TILE & WALK-IN SHOWER. STEPS TO METRO!"
MLS#: DC6113826
WASHINGTON
2023 KALORAMA RD NW #1
$475000
Bedroom(s): 2
Full Bath(s): 2
In the listing agent's inimitable words: "Very cute unit w/ tons
of character. Best of locations at bend of Conn. Ave. in
Kalorama btwn Dupont Cir. & Woodley Pk. 2br/2ba in hist. kal.
townhse, private frnt door, private frnt patio, rear balcony,
wd-burning frplc, wd flrs, good ceiling height, w/d in unit.
Pets OK."
MLS#: DC6114338
WASHINGTON
1755 Q ST NW #B
$479000
Bedroom(s): 1
Full Bath(s): 1
In the listing agent's inimitable words: "Elegant, entire elev
1st flr of Federal-style TH with assigned pking! Priv entrance
(means extra-wide too), ornate real plaster mldings, all oak
flrs, open kitchen, replacement windows & many system upgrades,
W/D, CAC, excellent closet space incl 1 HUGE walkin."
MLS#: DC6114710
WASHINGTON
1003 OTIS ST NE
$489000
Bedroom(s): 3
Full Bath(s): 2
In the listing agent's inimitable words: "Historic Craftsman
with modern amenities and charm to spare. Spacious 3-level home
a stone's throw from B'land metro. Elegant living/dining w beaut
built ins, bay window, hardwood floors. Lg updated eat in
kitchen w handpainted tiles. Light soaked office. Two br on 1st
floor and lg master suite w updated bath up. Central air. Huge
bmst. Pkg. OPEN SUN 11.30 - 2.30"
MLS#: DC6113797
ALEXANDRIA
351 CLOUDES MILL DR #39
$495000
Bedroom(s): 2
Full Bath(s): 2
In the listing agent's inimitable words: "Delightful end-unit
brick TH overlooking scenic Holmes Run Park. Over 2100sf on 3
lvls, 2 MBRs + loft, 2.55BAs, updated kitchen w/granite + eat-in
area, lrg deck; LL has FR w/gas fp and designer patio, garage +
dw prkg. Hrdwd flrs, warm neutral decor. Commuters dream,
convenient to DC, Old Town, airport et al. Priced to sell, ready
to move in! OPEN SUN 7/16 from 1 to 4PM. Agents send your
clients!"
MLS#: AX6122010
SILVER SPRING
2805 DEER RIDGE DR
$519900
Bedroom(s): 4
Full Bath(s): 3
In the listing agent's inimitable words: "Move in today to this
well maintained home. Spacious floor plan, including vaulted
ceilings with skylights. Relax or entertain your friends on the
multi level deck that backs to Park Land. Walk to Playground,
Tennis Courts, Elementary School and Neighborhood Pond. Kitchen
features a new Bamboo Floor, Tiled Countertops and several
upgraded appliances. Just 1 mile off of Rt. 29"
MLS#: MC6115882
ALEXANDRIA
234 PAYNE ST N
$525000
Bedroom(s): 2
Full Bath(s): 1
In the listing agent's inimitable words: "Old Town Charm and
Convenience! Must see this unique historic home with 2 Bedroom
plus Den. Updated and restored with beautiful wood flooring,
Detailed Moldings, Woodstove, Newer Kitchen, Nice yard with Deck
(could add private parking). Enjoy the delights of Old Town,
just a couple blocks from King St. with shopping, restaurants,
King St. Metro & more! "
MLS#: AX6115432
WASHINGTON
309 V ST NE
$525000
Bedroom(s): 3
Full Bath(s): 2
In the listing agent's inimitable words: "3 BR, 2 BA, DON'T MISS
OUT ON THIS COMPLETELY RENNOVATED HOME. AT LEAST 80% OF ORIGINAL
WOOD WORK RESTORED. GEORGEOUS HARDWOOD FLOORS. TOP QUALITY
PRODUCTS USED IN EVERY AREA OF THIS HOME. PRIVATE BACK YARD WITH
LOVELY LANDSCAPING. YOU WON'T BELIEVE YOUR EYES. MAKE YOUR
APPOINTMENT FAST BEFORE IT'S GONE! CLOSE TO METRO."
MLS#: DC6115129
ARLINGTON
6961 FAIRFAX DR
$525000
Bedroom(s): 3
Full Bath(s): 3
In the listing agent's inimitable words: "Lovely 3-level light
filled end-unit garage townhouse in outstanding location.
Secluded, little-known community in wooded enclave just a ten
minute walk from the EFC Metro. Just painted top to bottom
inside and out, new carpet, fresh and pretty. Brand new HVAC.
Garage. Eat-in kitchen w/pass-thru to dining area. Charming
wrap-around porch and two private decks. Two Master bedrooms.
Open Sun 1-4"
MLS#: AR6122320
ROCKVILLE
11924 SHAGBARK DR
$530000
Bedroom(s): 3
Full Bath(s): 2
In the listing agent's inimitable words: "Simply beautiful
updated townhome in the Rockville/North Bethesda area features,
new flooring, HVAC system, kitchen, baths, windows, roof and
more!!! foyer entry, spacious LR with bay window, separate DR,
Huge country family kitchen with glass doors to deck, rec room
with fireplace, minutes to metro, shopping, resturants and more!
See today you will not be disappointed."
MLS#: MC6116826
ALEXANDRIA
342 COMMERCE ST
$542000
Bedroom(s): 2
Full Bath(s): 1
In the listing agent's inimitable words: "Significant Price
Reduction on this gem, SO convenient to the King Street Metro,
PTO, Whole Foods and the shops and restaurants of Old Town. This
is City Living with Ease! Currently used as office with
Commercial Zoning. Also the perfect home! Seller to pay one year
fee for off street space. *SB: Vacation at Seller's 2BR2BA ocean
villa at Kiawah!"
MLS#: AX6117467
WASHINGTON
315 4TH ST NE
$549000
Bedroom(s): 2
Full Bath(s): 1
In the listing agent's inimitable words: "LOCATION! LOCATION!
LOCATION! STEPS STANTON PARK, MASS AVE'S RESTAURANT ROW, UNION
STATTION AND THE METRO - SELL THE CAR! CUTE! CUTE! CUTE! TWO BR
W/STYLISH SPA JACUZZI BATH! CHIC, LIGHT FILLED LR-DR, PRECIOUS
PATIO. PURSE PLEASING PRICE! BONUS: EZ POSSIBLE PARKING !!"
MLS#: DC6115338
SILVER SPRING
2024 SANDSTONE CT
$579900
Bedroom(s): 5
Full Bath(s): 3
In the listing agent's inimitable words: "Enjoy quiet luxury in
this spacious, classic brick center hall colonial. Master
bedroom w/romantic sitting room, fireplace, private bath,
dressing area and walk-in closet. Four additional roomy bedrooms
and 2 1/2 add'l baths, renovated eat-in kitchen, family room,
dining room and living room. Finished basement and 2-car garage,
large yard with deck. Open House Sun 7/16, 1-4."
MLS#: MC6118216
WASHINGTON
1336 NEWTON ST NE
$580000
Bedroom(s): 3
Full Bath(s): 1
In the listing agent's inimitable words: "HUGE HOME!4
levels;very large backyard;recently renovated-elegant master
bath w/claw foot tub, separate glass encased shower, beautiful
original molding, HW floors,CAC, radiant heat, walk-in closets;3
decks off back of house;ground level patio;separate rental apt.
w/W/D."
MLS#: DC6114996
ARLINGTON
3111 14TH ST S
$589000
Bedroom(s): 3
Full Bath(s): 2
In the listing agent's inimitable words: "3BR 2.5BA
spacious(over 2300 sq ft)sunny twnhm in Cour des Maison. Quiet
enclave nr Columbia Pk. Hrdwoods. Elegant DR w/chandelier, LR w/frpl,
EIK, mn lvl powder rm. MB w/dressing rm & full BA. LL Fam Rm
w/gas frpl & French drs to fenced brick patio/garden. Lrg wrkshp
w/2 benches, storage space++. Fresh paint, window trtmnts
convey. New roof '01. BIG ROOMS, ++ location, walk to all. Must
see!!"
MLS#: AR6119490
WASHINGTON
6519 7TH PL NW
$597800
Bedroom(s): 4
Full Bath(s): 3
In the listing agent's inimitable words: "Open on 7/16 1-4. Must
see! Bring your pickiest buyer.Gorgeous brick colonial.Newly
remodeled&tastefully decorated.Very spacious with 4 finished
lvls.Open flr plan.Hard wood flr on ALL lvls.Freshly painted.New
kitchen with granite counter top&maple cabinets.New luxury
appliance.2 fireplaces.Fully finished basement w/entertainment
room.Huge solarium.Garden in fenced backyard.Close to
Metro&shopping"
MLS#: DC6121426
WASHINGTON
1324 MONTAGUE ST NW
$659000
Bedroom(s): 4
Full Bath(s): 3
In the listing agent's inimitable words: "This owner has taken
great care in turning this home into a classic. It is a pleasure
to show. THe home is huge and light filled, and has everything
you'd expect in the price range. NO WORK NEEDS TO BE DONE, just
unpack!"
MLS#: DC6119548
SILVER SPRING
9119 SLIGO CREEK PKWY
$725000
Bedroom(s): 3
Full Bath(s): 2
In the listing agent's inimitable words: "This picturesque
brick&stone Tudor sits on a private, large lot overlooks the
park & stream. It boasts a 2 story vaulted LR ceiling,stone
FP,French doors to an open porch,a brand new granite kitchen w
stainless appl, a gas/convection stove & more. Updated
baths,fresh paint, new carpeting in the daylight LL, perfect
crafts/exercise rm plus walk-out home office."
MLS#: MC6118844
ROCKVILLE
10245 YEARLING DR
$740000
Bedroom(s): 4
Full Bath(s): 3
In the listing agent's inimitable words: "MOVE-IN READY!
Model-perfect home. Beautiful lot, expansive deck, 2 car garage,
4 bedrooms, 3 baths, roof/siding replaced/redone, hardwoods in
main living areas, new carpeting, fresh paint. Table-space
kitchen opens to family room; finished lower level great room/rec.room,
bedroom, full bath + laundry/utility area. Invisib. fence &
collar convey. Near schools & transportation."
MLS#: MC6115659
WASHINGTON
3623 S ST NW
$744900
Bedroom(s): 3
Full Bath(s): 2
In the listing agent's inimitable words: "NEW LISTING! Jewel on
tree-lined st in Burleith/Georgetown - near shops, parks, pool.
Charming townhse architecturally altered to let in extra light.
3BR 2 BA, lower level in-law suite, 2 fireplaces, hardwd
flrs,cental air conditioning, spa tub, balcony off master BR, 2
decks, brick courtyard, storage shed. Well maintained,
beautifully landscaped. Ample pkng, incl 2 off-street spaces."
MLS#: DC6114140
WASHINGTON
2421 1ST ST NW
$759900
Bedroom(s): 8
Full Bath(s): 5
In the listing agent's inimitable words: "Fabulous HUGE 1st St.
NW Victorian! Gorgeous original details - Wood Fpl mantels, dual
staircases, French doors, parquet wood flrs, lower unit w/dual
entry, bath & 2nd kitchen. Rooming house potential, zoned
4-units (condos) or grand single family. Elegantly renovated;
see photos!"
MLS#: DC6116588
ARLINGTON
5720 5TH ST S
$774900
Bedroom(s): 4
Full Bath(s): 4
In the listing agent's inimitable words: "Custon built, well
maintained 4br/4.5ba home! Large room sizes! Lite, brite family
room! Main level BR w/full BA! Expanded master BR w/ full bath
w/ roll-in shower! Partially finished LL w/full BA, play room &
loads of storage! 2 car deteached garage! Handicapped accessible
w/elevator to all 3 floors!"
MLS#: AR6120925
WASHINGTON
1334 13TH ST NW
$795000
Bedroom(s): 3
Full Bath(s): 2
In the listing agent's inimitable words: "Live and earn. Great
TH in heart of Logan, with rental unit on 1st floor. Owners
suite has hardwoods, exposed brick, fireplace, granite, new
appliances, sun room, back patio and much more. Open Sunday 7/15
fro 1-4 for first showings. Grab this while rates are still
low."
MLS#: DC6120651
WASHINGTON
1421-1423 CHAPIN ST NW #302
$799000
Bedroom(s): 3
Full Bath(s): 2
In the listing agent's inimitable words: "Luxury City Living At
It's Best! Leave Manhattan Behind for this Spectacular
Lightfilled 3BR + DEN, 1600 Sq Ft, w/GARAGE PRKNG! Walls of
Windows, Hdwd Flrs, 3 Fin Lvls, Granite & SS KIT, LR w/Frplc,
2nd Lvl Lux MBR Ste, 3rd Lvl DEN w/Glass Walls opening to PRVT
ROOFTOP TERRACE!."
MLS#: DC6115248
BETHESDA
6905 ANCHORAGE DR
$849900
Bedroom(s): 3
Full Bath(s): 2
In the listing agent's inimitable words: "CHARMING BRICK
COLONIAL WITH BEAUTIFUL WOOD FLOORS, SEPARATE DINING ROOM,
POSSIBLE 1ST FLOOR BEDROOM WITH PRIVATE BATH - CURRENTLY USED AS
FAMILY ROOM. 2 BRS ON UPPER LEVEL. HUGE COVERED BACK PORCH.
AWESOME BACK YARD WITH SHED - ENJOY NEIGHBOR'S BRICK WALL!
PERFECT FOR FUTURE EXPANSION!"
MLS#: MC6118070
WASHINGTON
1832 15TH ST NW
$849900
Bedroom(s): 3
Full Bath(s): 2
In the listing agent's inimitable words: "LOVINGLY RESTORED 3LVL
BAYFRONT ROWHOUSE, CIRCA 1870. SUPERB LIGHT, SOARING CLNGS,
HANDSOME WD FLRS, DECORATIVE FP'S, CROWN MOLDINGS. GRACIOUS
ENTRY; SUNNY LR; FORMAL DR; TRUE CHEF'S KIT W/COMMERCIAL APPLCS;
MAPLE CABS; WINE COOLER. TWIN DRS PROVIDE GREAT LIGHT & OPEN TO
EXPANSIVE YARD & GARAGE. 3rd BR CURRENTLY DEN/OFF + UPDATED
MARBLE FBA. 2BR & FBA-UPPER LVL."
MLS#: DC6120870
ARLINGTON
3819 36TH RD N
$859000
Bedroom(s): 4
Full Bath(s): 3
In the listing agent's inimitable words: "Updated open airy 4
bedroom 3 bath brick bilevel with garage on 12,500 sq.ft. lot
across from parkland. New kitchen with light wood cabinets,
granite tops, stainless appliances, breakfast bar open to dining
room; 3 updated baths; large screened-in porch, fireplaces in
living room & rec room; wood floors; fresh, young neutral decor.
Move-in cond. Jamestown/Williamsburg/Yorktown schools."
MLS#: AR6115322
WASHINGTON
1316 5TH ST NW
$875000
Bedroom(s): 4
Full Bath(s): 3
In the listing agent's inimitable words: "What a work of
art!This brand new home features 4beds, 3.5baths, stainless
steel appln, designer paint & light, crown molding, gleaming
hrdwood floors, marble in all baths, granite fireplace & kit
counter, 2 balconies, skylights, a huge mastr bath w/ Jacuzzi &
sep shower, an enclosed parking spot in rear w/ pond & bridge...
the list goes on! Don't miss it!"
MLS#: DC6116613
BETHESDA
8308 CUSTER RD
$875000
Bedroom(s): 3
Full Bath(s): 2
In the listing agent's inimitable words: "IMMACULATE AND
DECORATED TO PERFECTION.PRIME LOCATION.WALK TO DOWNTOWN
BETHESDA.CUSTOM LANDSCAPING.3 LEVELS.SPACIOUS ROOM.LUXURY BATH
W/JACUZZI AND SKYLIGHT.OVERSIZED DECK TO FLAGSTONE LANDING.GREAT
LIGHT AND OPEN FLOOR PLAN. THIS HOME IS THE ONE!"
MLS#: MC6114636
CHEVY CHASE
3810 EAST-WEST HWY
$975000
Bedroom(s): 4
Full Bath(s): 3
In the listing agent's inimitable words: "Custom built brick
Colonial with versatile floorplan and location.Possible home
office, gleaming wood floors, remodeled TS kitchen, main level
powder room plus full bath with adjoining bedroom, living room
opens to lushly landscaped covered brick patio, center foyer and
side foyer entries, 2 fireplaces, 4 bedrooms, 3 3 1/2
baths,enclosed courtyard and garage with lots of parking in rear
of home."
MLS#: MC6115553
ROCKVILLE
6509 TALL TREE TER
$999500
Bedroom(s): 5
Full Bath(s): 3
In the listing agent's inimitable words: "Wonderful Large
Colonial Home in the Sought After Luxmanor Community. Situated
at End of Cul-De-Sac, In-Ground HEATED POOL w/Jaccuzi, Private
Setting, Walls of Windows, Table Space Kitchen, Very Large 1st
Floor Master Suite, and Optional on 2nd Floor an Addt'l Master
BR. Family Room w/Skylights, Fire Place, and Wall of Glass.
Large Rooms, 2 Car Garage, 1st Floor Laundry -- MUST SEE!"
MLS#: MC6117810
To see photos, more information and scores of other listings
by all agents who are
members of the Metropolitan Regional Information Systems, please visit our website
at http://www.ServiceYouCanTrust.com, then use the quick search panel in the left navigation
bar or click the "Search Properties"
link at the top of the page. To view details on a particular
home listed above please note the MLS number.
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 Long and Foster Real Estate, Inc®
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