Realty Digest A Quirky Collection of News and Information From The Service You Can Trust Team **** June 10, 2006 **** If you’re planning to be our guest Thursday for "A Prairie Home Companion," which the Times called a "treasure," please RSVP now. And if you haven’t seen our newly revamped Web site, we hope you’ll be impressed. At ServiceYouCanTrust.com, you can save your own search of all properties in the MLS. IN THIS ISSUE: Items of Interest Out and About D.C./Montgomery Market Update The Week's New Listings Items of Interest ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ HOME PRICE GROWTH SLOWS IN FIRST-QUARTER: Freddie Mac says its quarterly national Conventional Mortgage Home Price Index (CMHPI) rose 8.7 percent in the first quarter of 2006 on an annualized basis, down from a revised fourth quarter of 2005 annualized rate of 12.9 percent and a third quarter 2005 growth rate of 13.7 percent. "Home prices are starting to feel the effects of the upward trend in mortgage rates," said Frank Nothaft, Freddie Mac vice president and chief economist. He added that the trend continued during the first quarter, with 30-year fixed mortgage rates climbing from an average 6.15 percent in January to 6.32 percent in March, according to the Primary Mortgage Market Survey. Rates on adjustable-rate mortgages rose even faster, with the introductory rates on 1-year Treasury-indexed ARMs rising from an average of 5.16 percent at the start of the year to 5.51 percent by the end of March. "We have seen a lot of mixed news with respect to the housing market in the past few months. Construction employment, which had been one of the reliable growth sectors, was relatively flat throughout the first quarter," the economist continued. "But a gradual and orderly slowing of the housing market has been anticipated for some time now as we come off of record high sales and single-family home construction. We anticipate about a 7 percent decline in home sales this year and a transition from a sellers market to a buyers market." Nothaft said that the first quarter of 2006 marks the third consecutive quarter of moderation in home-value growth. "We are expecting about half of the increase that we saw in the national average home-value appreciation in 2005 for 2006, which puts annual home price growth between six and eight percent, depending on how fast interest rates rise over the remainder of the year," he opined. Nationally, home values increased 12.7 percent from the first quarter of 2005 through the first quarter of 2006, down from the 12.9 percent annual growth seen over the four quarters ended in March 2005. RATES MOVE DOWN FOR A CHANGE: The 30-year fixed-rate mortgage (FRM) averaged 6.62 percent for the week, down from last week's 6.67 percent and up from last year's 5.56 percent, according to Freddie Mac. The 15-year FRM this week was 6.23 percent, down from of 6.26 percent last year. A year ago, it averaged 5.14 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) were 6.20 percent this week, versus 6.26 percent last week and 5.01 percent a year ago. One-year Treasury-indexed ARMs averaged 5.63 percent, down from last week, when it was 5.68 percent. At this time last year, it was 4.21 percent. "Mortgage rates are down a little this week on news of disappointing job growth in May coupled with downward revisions for the previous two months," said Frank Nothaft, Freddie Mac vice president and chief economist. "The slight drop in long-term rates reflects a cautiously optimistic outlook in the market that core inflation remains contained. The soon-to-be released Producer Price Index (PPI), followed by the Consumer Price Index (CPI), will give a better indication which way inflation is headed." REALTORS GROUP SOFTENS FORECAST: The housing boom has ended, but sales at historically healthy levels will continue and price appreciation will return to normal patterns across much of the country, according to the National Association of Realtors (NAR). Said David Lereah, NAR's chief economist: "Now the housing market has cooled, but 2006 still expected to be the third strongest on record. In this case, experiencing a slowing from a hot market is a good thing because we need a solid housing sector to provide an underlying base to the economy, and slower appreciation will help to preserve long-term affordability." He projected existing-home sales to drop 6.8 percent to 6.6 million this year from the record 7.08 million in 2005. New-home sales are forecast to fall 13.4 percent to 1.11 million from a record 1.28 million in 2005. Housing starts are likely to decline 6.2 percent to 1.94 million in 2006 compared with 2.07 million last year, the economist says. Lereah added that the national median existing-home price for all housing types should rise 5.3 percent this year to $231,300. With more construction in 2006 taking place in lower-cost housing markets, the median new-home price is projected to increase 0.8 percent to $242,900. "Historically, home prices rise 1.5 to 2 percentage points faster than the rate of inflation, so the rise we anticipate in existing home prices this year is actually a little above the high end of historic norms," Lereah said. "The double-digit home price gains we saw in 2005 underscore what a superlative year it was." NOT ONLY ARE THEY PRETTY, BUT YOU CAN EAT (!) THEM: At Brookside Gardens on Saturday 10 a.m. -4 p.m. , the annual herb fair includes vendors, who are not to be consumed, with plants for sale as well as the culinary and therapeutic products of herbal plants. The address is 1800 Glenallan Ave., Wheaton, and the Web site is brooksidegardens.org. BUILDER CONFIDENCE IN RENTAL MARKET SOARS: It reached a new high in the first quarter of 2006 as rising occupancies and rental rates pointed to increased consumer demand, according to new results of the National Association of Home Builders/Fannie Mae Multifamily Housing Market Index (MMI. The same survey also found that multifamily builders are less optimistic about the market for condos, which is in the midst of a cooldown. Chief Economist David Seiders of the National Association of Home Builders (NAHB) said the slowdown in the condo sector is because of serious affordability problems as well as a pullout by the investors who drove the market to unsustainable heights last year. "The changing supply-demand balance in the condo segment means that this component of the multifamily sector is slowing to a more sustainable level," Seiders said. Yet the index tracking condo supply dipped sharply in the first quarter of 2006, down to 37.0 in the first quarter of 2006 from 66.9 at the same time last year. The index tracking builders' expectations for condo starts over the next six months also dropped, from 54.0 in the first quarter of 2005 to 46.0 in the first quarter of this year. The indexes tracking builder expectations for all classes of rental apartments all moved higher, with each at 50 – the line between optimism and pessimism - or above. IF YOU'RE A VEGAN, SKIP THIS ITEM: Aiming to help homeowners who want to add warmth to their modern and often-cold interiors, retailers and urban decorators are pushing an unusual solution: stuffed dead animals, the Wall Street Journal observes. Over the past year, boutiques and high-end department stores have begun adding everything from $450 deer heads to $25,000 zebras. Taxidermy shops report they're selling more pieces to people other than those who shot them. Many members of the new taxidermy class have never picked up a rifle, and are, in some cases, vegetarians. Since last fall, when Parisian taxidermist Deyrolle teamed up with New York department store Bergdorf Goodman, the store has sold pieces including a $19,500 ostrich. (Offerings on the store's housewares floor also include a $795 black crow and a goose for $2,595.) Later this year, Barneys New York will introduce a line of mounted birds - from $700 exotic finches to $3,400 peacocks - in its Manhattan store. There's at least a six-month wait for 12-point buck mounts at Animal Artistry in Reno, Nev. "They fly in here from San Francisco or Seattle to get these things," says Stuart Farnsworth, the store's general manager. "A few years ago, we couldn't give that stuff away." Cynthia Vincent, a fashion designer, fielded some grousing after she added animals to her two-story contemporary Los Angeles home last year. A 4-foot English pheasant stands on her living room coffee table, and two swifts are mounted side by side near a bay window. Her favorite is a free-standing 2-foot-tall partridge on a bookshelf in the home's entryway. More than one friend told her the décor was "a little peculiar," she says. "Some of them thought it was ugly." No comment. HOMEOWNER EXPECTATIONS OF VALUE MEET REALITY: They have declining expectations for increases in home value, according to an annual survey conducted for ING Direct, reports Inman News. Homeowners who participated in the survey said their home has increased in value by about 6 percent over the past 12 months, and they expect their home's value to increase by about 4 percent in the next 12 months. Approximately 74 percent of respondents who have owned a home for at least three years also said they "were not very concerned that there might be a downturn in the housing market in the next year, which would lower the value of their home." Two-thirds estimated that even a 10 percent decrease in home value would have no impact on day-to-day spending. Synovate, a market research arm of Aegis Group, conducted a telephone survey in April and May 2006 of 1,000 respondents using a continental U.S. Census-balanced group of homeowners with residential telephone numbers. In addition, respondents who indicated that closing costs were higher than they had expected said the difference was nearly $600 higher. KATIE COURIC HAS YET ANOTHER REASON TO BE PERKY: She just paid close to $6.3 million for a seven-bedroom, six-bath cedar-shingle house in the tony Long Island resort community of East Hampton. Given driving conditions on the Long Island Expressway, you can be sure that she won't be commuting from there. A NOVEL, IF QUESTIONABLE, WAY EMERGES TO AVOID TAXES: The soaring real-estate prices of the past few years are helping to feed the popularity of a complex tax-savings technique called a "private annuity trust," notes the Wall Street Journal. The strategy is being promoted as a way for investors to defer hefty capital-gains taxes on the sale of highly appreciated assets - especially real estate - and save on estate taxes while also generating a stream of income. In a private annuity trust, you essentially exchange appreciated assets for fixed annuity payments, which spreads out your capital-gains taxes over many years. Private annuity trusts can cost anywhere from about $3,000 to well over $10,000 to set up, plus additional administration and investment fees that can run upwards of 1 percent of trust assets. In a typical arrangement, you sell appreciated assets to a trust in exchange for a series of fixed annuity payments that last for the rest of your life. The trust then goes ahead and sells the appreciated asset to an end buyer. The cash proceeds are invested by the trust, and are used to fund your annuity payments. By selling the property in exchange for an annuity, you avoid paying the upfront capital gains that you would have owed if you had simply sold the asset outright. Instead, you are taxed on the annuity payments when they come out of the trust, which spreads out the taxes over a longer period of time. What's more, you can defer receiving the annuity payments for years, thereby further postponing your tax payments. The strategy also has estate-planning benefits. When you die, the annuity payments stop and whatever is left over in the trust is considered out of your estate and isn't subject to estate taxes. The annuity payments you receive during your lifetime are considered part of your estate unless you spend down the money. However, the strategy is on the IRS's radar screen. The agency doesn't like arrangements in which sellers continue to control trust assets or properties that were purportedly sold. The IRS is also concerned that, before the trust is even set up, a buyer has already contractually agreed to take the property. In that case, the government could ultimately view the trust as an improper shelter, set up chiefly to avoid immediate capital-gains taxes rather than providing real economic substance. A PIED-A-TERRE THIS IS NOT: Anyone who wants to tour the house with the highest asking price in the country will first have to prove a net worth of $500 million or an annual salary of $10 million, reports the Los Angeles Times in Realtor magazine, failing to note that anyone so wealthy would be unlikely to bruit it about. The house is a 30,000-SF mansion known as Portabello perched on a cliff in Corona del Mar, Calif., south of Newport Beach. It's priced at $75 million. Some local real estate professionals are shaking their heads. ''Every agent in town is talking about it,'' says real estate associate Mark Whitehead, who sells homes in Corona del Mar. "It's a joke. It's an image thing. It's an ego trip to sell the most expensive home on the market.'' Bill Cote, owner of Cote Realty Group in Newport Beach, said Portabello's asking price is 300 percent more than the highest amount paid for an Orange County home. Listing agent John McMonigle released a statement saying that the house was reasonably priced considering that the land was worth $45 million and it would cost up to $1,500 per square foot to rebuild the home. The estate belongs to Frank Pritt, who in 1982 founded software maker Attachmate Corp., a large privately held technology company in Bellevue, Wash. INSURANCE MAN BITES DOG: There is a push by lawmakers and animal-welfare groups to ban the growing insurance-industry practice of refusing to write homeowners' policies for people who own dogs of certain breeds, observes the Wall Street Journal. Some big insurers, including Allstate and Farmers Insurance Group, won't cover homes in some states if certain breeds are present. Others exclude the breeds from liability coverage or charge extra for it. The so-called vicious-breed lists include such popular pooches as German shepherds, Akitas and Siberian huskies, along with Alaskan Malamutes, Chow Chows, Doberman Pinschers, American pit bull terriers and their cousins. The insurers' practice is spurring rising complaints by dog owners that their homeowners' and renters' policies have been dropped, or they have been denied coverage, because their dog is on the list. They say the rules unfairly link well-behaved family pets with aggressive miscreants responsible for high-profile attacks. Dogs bite an estimated 4.7 million people in the United States annually, 800,000 seriously enough to require medical attention. About 40 percent of victims are children. Dog bites were responsible for $317.2 million in claims in 2005, an average of more than $21,000 each. They make up 15 percent of liability claims, which in turn are about 4 percent of total claims, according to the Insurance Information Institute. Some insurers cite a 2000 study conducted by the Centers for Disease Control and Prevention of 20 years of fatal attacks by dogs on humans. It found that pit-bull-related breeds and Rottweilers were involved in more than half of the 238 dog-attack deaths between 1979 and 1998. But the study's authors, including Julie Gilchrist, say that public and private policymakers have drawn flawed conclusions from it. Dr. Gilchrist said the study wasn't designed to determine which are the most dangerous dog breeds and didn't establish bite-fatality rates for the breeds it named. "You can't say that one breed is more likely to bite (than another)," she said. Dr. Gilchrist, a pediatrician, said the involvement of some breeds in more attacks may reflect the sheer prevalence of those breeds. Other factors, such as training and neutering, are more relevant than breed, she said, noting that owners choose and train some dogs for aggression. The CDC has posted a notice on its Web site trying to discourage lawmakers and others from using the study to ban specific breeds. Not every insurer limits coverage for owners of certain breeds. State Farm and Fireman's Fund are examples. But Farmers Insurance excludes several dog breeds from coverage in five of the 41 states in which it does business. Nationwide also has a list of banned breeds, but owners can be exempted by having their dog pass an American Kennel Club-approved "Canine Good Citizenship" test, though probably not by reciting the Pledge of Allegiance. WATCH OUT FOR HIGHER HOME HEATING OIL PRICES: Expect the price of heating oil to cost about 45 percent more next winter than it did last winter, heating oil companies say, according to the Associated Press in Realtor magazine. In Concord, N.H., where summer is short and winter comes early, oil companies are already filling customers' tanks. They say customers who lock in now will pay about $2.60 per gallon, up from $1.85 per gallon last year. That translates into an additional $600 to heat the average home. IS IT THE END OF THE ROAD FOR THE CUL-DE-SAC: For many families, cul-de-sac living represents the epitome of suburban bliss: a traffic-free play zone for children, a ready roster of neighbors with extra gas for the lawnmower and a communal gathering space for sharing gin and tonics, reports the Wall Street Journal. But thanks to a growing chorus of critics, ranging from city planners and traffic engineers to snowplow drivers, hundreds of local governments from San Luis Obispo, Calif., to Charlotte, N.C., have passed zoning ordinances to limit cul-de-sacs or even ban them in the future. While homes on cul-de-sacs are still being built in large numbers and continue to fetch premiums from buyers who prefer them, the opposition has only been growing. The most common complaint: traffic. Because most of the roads in a neighborhood of cul-de-sacs are dead ends, some traffic experts say the only way to navigate around the neighborhood is to take peripheral roads that are already cluttered with traffic. And because most cul-de-sacs aren't connected by sidewalks, the only way for people who live there to run errands is to get in their cars and join the traffic. For all the criticism aimed at them, cul-de-sacs do seem to have one last defender: the free market. Real-estate brokers say that despite the recent opposition by policy makers, homes on cul-de-sacs still tend to sell faster than other homes - and often command a comfortable premium. HOMEOWNERS, RENTERS DIFFER ON CREDIT MANAGEMENT: More than 81 percent of homeowners and 65 percent of renters believe that they manage their credit extremely well, according to a survey of more than 1,200 persons conducted by the Mortgage Bankers Association (MBA). The survey on consumer credit habits also revealed that 54 percent of renters feel that they have more debt than they should in comparison with 39 percent of homeowners. While renters report that they are generally familiar with important mortgage terminology, homeowners are significantly more knowledgeable about these mortgage terms. Of the renters surveyed, 45 percent say that they are considering buying a home in the next year or two. ADVICE FOR HOME SELLERS: Steer clear of renovations that will cost you money at resale time, counsels the Wall Street Journal. If you want an edge over other home sellers in an iffy market, here's what not to do: Trying to keep up with the Joneses is fine, but don't keep outdoing neighbors with additions unless you plan to stay put a long time; don't change the general architecture of the home, and make sure that renovations match; think hard about completely altering the purpose of a room is risky since they were built that way for a reason; be extremely confident you're capable of taking on a project before trying to do it yourself; don't underestimate how much projects will cost because expenses usually are added, not subtracted when remodeling for resale; don't waste time with renovations that won't pay off; and perform proper maintenance and annual upkeep. FALTERING MARKET CLAIMS TWO MAJOR CONDO PROJECTS: Citing slow sales and a cooling real estate market, two major developers are abandoning plans for two condominium projects in the Washington region, according to the Washington Post. The decisions, by District-based Monument Realty and Wood Partners of Atlanta, are among the strongest signs yet of how much - and how quickly - the market for new condos has changed here. Monument said it would not go forward with its plan to convert the three-building, 574-unit Park Center apartment complex in Alexandria to condos. Wood Partners said that it would continue building its 300-unit 1901 West building in Annapolis but that the apartments would be rentals, not condos as planned. Together the two projects would have cost $226 million, according to the developers. Thus, as double-digit housing-price appreciation cools in many markets, rental apartments once seen as ripe for conversion into more lucrative condominiums are beginning to return to their roots. Said Gregory H. Leisch, chief executive of Delta Associates, a real estate consulting firm in Alexandria: "It's a precursor of more to come." He estimated that developers would take 1,200 more units out of the pipeline by year-end. About 25,000 condo units are being marketed now, 16,000 of which are under construction, according to Delta. And the Wall Street Journal observes that buildings converting to condos across the nation are in jeopardy of failure as well. Michael Cohen, a research strategist at Boston real-estate analysis firm Property & Portfolio Research, dubs the reversions "repartments." "It's definitely becoming a problem," he says. "Some of these projects probably don't look as attractive as they did six months ago when developers were buying the conversions." So far, the reversions are dwarfed by the number of units that have been converted into condos in recent years. But an emerging trend is evident as developers stuck with slow-selling condo units struggle to recoup part of their investment and as tenants gripe about being caught in the middle when their building swings from apartments to condos and back again. In south Florida - where the condo-conversion craze has been particularly frenzied - eight converted complexes containing 2,156 units have reverted to rentals in Broward and Palm Beach Counties, according to Jack McCabe, chief executive of McCabe Research & Consulting in Deerfield Beach, Fla. That compares with about 62,904 units that have been converted or have begun to be converted into condos in the area since 2004, he adds. McCabe expects the trend to spill over to San Diego, Washington, D.C., Las Vegas and Phoenix. THE AFFLUENT VIEW REAL ESTATE AS LESS APPEALING: Although the wealthy continued to hold an average of 15 percent of their portfolios in real estate, the Associated Press reports that they are not as optimistic about future gains in this category as in the past. The information comes from a 2006 U.S. Trust survey that, since 1933, has been measuring the confidence of a sample of the top 1 percent wealthiest Americans - those with an adjusted gross income of more than $300,000 or a net worth greater than $5.9 million. Some 48 percent of the 2006 respondents think real estate values will increase over the next year, down from 72 percent who felt this way in 2005, the study found. The study involved in-depth telephone interviews with 150 randomly selected wealthy Americans, with results accurate to plus or minus 7 percent. THE SOUTH AFRICAN MARKET REMAINS HOT: Sellers' markets are nothing new in South Africa, where demand for real estate - and the rise in prices - has been more robust this decade than almost anywhere, says the New York Times. But until now the boom was largely confined to middle- and upper-class homes. Now there are hints that it is spreading to an unlikely venue: townships, the ready-made slums erected by South Africa's former apartheid rulers to separate black and mixed-race citizens from whites. A recent survey by FNB Bank of South Africa concluded that for every township home put up for sale, there are 7 potential buyers in Johannesburg, 8 in Cape Town and 16 in Durban. Few homes come to market. In most townships the idea of selling one's home is still a novelty because most have traditionally been handed down to family members. But not for long. In the last 18 months, two of South Africa's biggest real-estate firms have moved into major townships and it is not hard to see why. "Take Beacon Hill," said Agenor Lureman, a principal in the Pam Golding Properties office in Mitchell's Plain. "A year ago, you could sell a house there for 80,000 or 90,000 rand. Today you can sell the same house for 140,000 rand." (That's the equivalent of $21,000.) Beacon Hill is in Mitchell's Plain, a sprawling township thrown up 30 years ago south of Cape Town to isolate mixed-race South Africans who had been forcibly removed from their homes in the city. AND THE SKY LOOKS LIKE THE LIMIT IN MANHATTAN: Median sales prices for Manhattan cooperatives and condominiums increased 13 percent in the first quarter to $749,000 compared with first-quarter 2005, the Real Estate Board of New York (REBNY) reported, according to Inman News. The median price of condos gained 22 percent to $838,000, while the price of cooperatives grew 5 percent to $665,000. East Side apartments had median sales price increases of 24 percent to $876,000 between the two first quarters, the highest gain among all Manhattan neighborhoods surveyed. East Side condominium units had a 35 percent gain in median sales price, to $958,000. Downtown condominium units registered the highest median sales price, at $1.08 million. East Side and Mid-Manhattan cooperative units posted the highest percentage increase for cooperatives, with median sales prices up 13 percent. The East Side also had the highest overall median price for cooperatives at $799,000, REBNY reported. The price per square foot grew 21 percent to $1,036, for Manhattan condo units, 31 percent to $510 for Northern Manhattan condo units, and 25 percent to $1,061 for East Side condos. Median room prices for Manhattan cooperative units rose 13 percent to $196,000. Compared with first-quarter 2005, East Side median room prices were up 18 percent to $210,000, the highest price and percentage increase of the five major market areas. MORTGAGE APPLICATIONS CONTINUE TO SLIDE: For the week ended June 2, volume decreased by 1.4 percent on a seasonally adjusted basis from one week earlier, according to the Mortgage Bankers Association. On an unadjusted basis, the decline was 11.7 percent compared with the previous week and 28.0 percent compared with the same week one year earlier. Seasonally adjusted, purchase applications edged up insignificantly, and refinancings dropped 3.8 percent. The Refinance Index is at its lowest level since April 2002. The refinance share of mortgage activity decreased to 34.2 percent of total applications from 34.9 percent the previous week. The adjustable-rate mortgage (ARM) share of activity fell to 29.4 percent from 30.7 percent. APPRAISERS HOP ON THEIR BANDWAGON: In the last year, Kaplan Professional Schools, one of the largest trainers of real estate appraisers nationally, has seen a 10 percent increase in the number of people seeking instruction to become a licensed appraiser, says Realtor magazine. Besides a widespread growing interest in the real estate field, the number of people seeking training is up because a more stringent education requirement goes into effect Jan. 1, 2008 and hopeful licensees want to get in under the wire. Beginning in 2008, education hours for a licensed appraiser go from 90 to 150. A certified residential appraiser will be required to have 200 education hours, up from 120, and an associate degree will be mandatory. The education required of a certified general appraiser will rise from 180 to 300 hours and a bachelor's degree will be required. For many, education is the easiest part. The required 2,000-2,500 hours of appraising experience over a 24-30 month time period working for an experienced appraiser who will mentor, train and compensate apprentices for their work can be the most difficult. HONEY, I'M HOME: As the potential buyers filed into the open house in Southern California, they gasped in surprise, reports Inman News. Instead of the traditional empty residence with a few pieces of tastefully arranged furniture, they discovered a family baking a cake. Like the tastefully arranged furniture and the cake in the oven, the family was part of the staging of the Centex model home in Santa Clarita, Calif. - completely fake. A public relations firm had hired actors to enact the skit. "There were a few moments of surprise and confusion," said Jim Garfield of California property public relations firm Roddan Paolucci Roddan, the company that created the concept. "But once people caught on, there was an embracing of the moment." Enuff said. D.C. IS THE TOPS, ACCORDING TO A D.C. GROUP: The Washington area has the wealthiest households and most educated work force of any metropolitan area in the United States, according to a report the Greater Washington Initiative, which cites data from the U.S. Census Bureau, the Bureau of Labor Statistics, market data firm Claritas Inc and other sources, says Reuters. Including the District of Columbia, Maryland and Virginia, the region had the highest U.S. median household income, at nearly $72,800, ahead of the San Francisco area at $71,201 and Boston at $63,958. Housing costs in greater Washington were ranked fourth, with a 2005 median price of $424,700. San Francisco was highest at $715,700, followed by Los Angeles at $529,000 and New York at $446,000. But measuring total living costs among cities internationally, the report ranked Washington 78th, based on the W.M. Mercer Cost of Living Index for 2005. The most expensive city was Tokyo, while London was third and Paris, 12th. Greater Washington had the largest employment growth from 2000 to 2005, at 270,800. GOOD NEWS AND BAD NEWS FOR GEORGE CLOONEY: The near-Las Vegas strip site of a proposed $3 billion condo and small casino project backed by actor George Clooney has been sold and plans for the project scrapped, according to the Associated Press in Realtor magazine. Clooney's business partner, nightclub owner Rande Gerber, told the news organization that the project wasn't shaping up to be profitable unless they added more casino and hotel space. "We're the largest developer of residential property in the country, and we saw ourselves getting away from what we do best," confirms Related Las Vegas President Marty Burger, which had partnered with Centra Properties and Clooney to build the project. Buyer deposits are being returned. Related and Clooney have sold the 25 acres to Edge Group for $202 million, twice what Clooney paid a year ago. Edge plans to build a more conventional hotel casino complex on the site. "I'll donate my profits from the sale to the African Debt Relief Project," Clooney said in a statement. "And I guess I'll find someplace else to gamble." Out and About ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ When a building this size goes co-op today, it's news Anyone who travels up 16th Street in Dupont Circle is bound to notice the wedding cake-building called the Chastleton. After a checkered history, the Chastleton became a co-operative on May 18, and many of its tenants, now owners, are beginning to enjoy windfall "profits" by selling out. One unit recently sold for roughly twice the $152,000 that the tenant paid to become an owner. Several other units, largely unrenovated, are now or soon will be on the market at prices that are rather high in the current sales environment. The history of the edifice is perhaps worth considering. An eight-story brick, terra cotta and stone 315-unit luxury hotel-apartment building, the Chastleton was built starting in 1919. At the corner of 16th and R Streets NW in the Sixteenth Street Historic District, it was listed on the National Register of Historic Places and was known as the largest Gothic Revival apartment building in Washington. The building's exterior design features a double-story-height pointed arched Gothic window with terra cotta gargoyles, tracery and pseudo-buttresses. The striking Gothic motif continue inside, where the two-story main entrance lobby, lounge, ballroom and public spaces feature flagstone floors and pilasters with floral capitals. The balcony railings showcase ornate ironwork and the richly detailed plaster work ceilings were highly intricate and appropriately elaborate. Following are major excerpts of an article the Intowner newspaper by Paul Kelsey Williams, an historic preservation specialist with Kelsey & Associates in D.C.: For a brief period, Washington's largest apartment building, the Chastleton was built beginning for the S.W. Strauss Co. of New York City and has had a varied series of ownership ever since. Used variably as both an apartment and hotel complex, the building has also been home to many notable residents. The building was designed by architect Philip M. Jullien as one that was only about half the size of the present day configuration, containing 155 apartments. Upon its completion in August of 1920, the owner had him immediately prepare plans for an expansion on the northern side, in effect doubling its size. Costing $1.7 million, the expanded Chastleton opened in 1921 with 310 apartments ranging from efficiencies to two bedrooms. Originally, there were a total of 2,410 distinctive casement windows that were covered with removable awnings during the summer months. Filling a need for small, high-end apartments that had been missing until that date in Washington's even then overpriced housing market, the Chastleton was sold only months after completion to investor Felix Lake for $3 million. He, in turn, sold it at an inflated price just a year later to Alfred I. du Pont of Wilmington, Delaware. Shortly thereafter, that transaction resulted in a lawsuit claiming that Lake had also inflated the true value of the rental income. Losing the case, the du Ponts sold the building in 1923 to an owner who briefly changed its name to the "Sixteenth Street Mansions;" three owners and three years later, it was changed back to the Chastleton. In March of 1926, prolific builder and developer Harry Wardman bought the building and operated about 25 per cent of it as a hotel. He also had a drug store established at its R Street entrance. Wardman lost the Chastleton and several other apartment buildings he owned in 1932 as a result of financial reverses brought on by the Depression. Over the years, it was home to General Douglas McArthur, Wallis Simpson, who later became the Duchess of Windsor, and an assortment of Members of Congress and local business persons. During World War II, the federal government proposed housing women naval officers in the building, but the nearly nightly protests of the Chastleton's 800 residents eventually persuaded officials otherwise. After the War, in 1946, the building was sold and converted into a transient hotel with 623 rooms. In 1958, it was converted back into an apartment house with a total of 309 apartments, and its popular dining room closed for good. Owner Norman Bernstein renovated the Chastleton in 1966, removing the casement windows and installing new bathrooms, kitchens and HVAC systems. It sold in 1979 for just $4 million to developer Virginia Page, who unsuccessfully attempted to offer each resident $4,000, a then novel color television and a five-month rent subsidy in Southwest Washington if they moved out so she could convert the building into condominiums. All but 12 took the offer and stayed in the building until 1984. Two years later, she completed another total renovation in partnership with an investor group styled Interstate General of St, Charles, Maryland, and began renting apartments once again. Two units now available for sale in the Chastleton are underwhelming and overpriced. One of them contains 518 square feet, a single bedroom, oppressive views and a small, shabby kitchen – remember, these apartments were carved out of a hotel for transients. The price is $299,900, making the cost per square foot close to $600. In a market where apartments are languishing, such a price is indefensible, though the agent suggests that the novelty of the co-op conversion of such a well located and impressive looking building can fetch a premium. In addition, the likelihood is great of a successful negotiation with a seller who is looking at considerable instant return on his or her investment. The other unit is on the building's second floor. It is bigger, enjoys open views and has little else to distinguish it from the fifth-floor apartment. The price: $319,000. Too much! Other properties listed by D.C. area agents and seen in the past week: A 750-SF one-bedroom, one-bath condo in the Park Fairfax neighborhood of Alexandria. Listed at $309,900 with a $211 condo fee, it seems a smidge overpriced for this market. The 1941 townhouse style apartment has an updated kitchen with fancy Bosch washer and dryer, an inviting living area with hardwood floors that, with many windows, looks into the private, green and flagstoned backyard. The bedroom is a decent size, but the non-existent closets would have any clothes horse running in the opposite direction. It would be to the seller's advantage, after more than 20 days on the market, to lower his asking price to a kinder sounding $299,000. A 14-unit condominium in Logan Circle with two units for sale. The one-bedroom apartment on the tippity top floor – three long flights – has had many attractive added touches, including a compact new maple and granite kitchen, white-on-white bath with granite, recessed lighting, walk-in closet, plasma TV, central air conditioning, three skylights, a very pleasant deck and all the charm of an aerie in the sky. With two years paid parking down the block, this 609-SF condo is too expensive at $454,900 with a $245 monthly fee that excludes anything costly. The first-floor apartment features a three-window bay, 11-foot ceilings, custom built-ins, working fireplace, garage parking, an impossibly small and discordantly designed kitchen, and needless extra molding in the living room, yet the appearance of a comfortable space. The 682-SF apartment is listed at $474,900 with a $277 monthly fee. It should be $15,000 or $20,000 less. In Dupont Circle, a two-bedroom, one-bath condo in a handsome pet-friendly building with a swimming pool. The second bedroom of this 924-SF corner apartment is barely a bedroom but would do as such; it is separated from the living room by added doors. Bright and sunny, the unit has a new and very attractive open kitchen, in-unit washer/dryer, oak floors, good closets, granite in the roomy bath, and the possibility of purchasing a garage parking space for $45,000. It is listed at a reduced price of $540,000 with a $400 monthly fee that excludes utilities and the extra $32 fee for parking. For such a condo in such a location, the price is just a tad high. A Mount Pleasant attached rowhouse with a spacious and appealing in-law suite, a total of six bedrooms and three and a half baths in its four levels, a hefty climb to the front door, decently updated kitchen, detached two-car garage, lovely hardwood floors upstairs and original ones in need of refinishing downstairs, plus a finished attic with skylight that is not uninviting as an office, despite the low head clearance. Facing Rock Creek Park, this home suffers from having just one bath to be shared by the three bedrooms on the second floor. Still, at $875,000, this home represents good value, even if it is not a bargain. In Shaw, a brand new semi-detached home of puzzling design and disconcerting proximity to a large, currently vacant lot. Dripping with style, this home has three bedrooms, two and a half baths, parking for two cars, a six-burner Dacor gas stove, flagstone patio, gas fireplace, good closet space and an unfinished basement with plumbing. What it doesn't have is sensible flow: Entry is into a small sitting area, then down a long dark hall equipped with a built-in desk and finally into the open kitchen with dining and living areas beyond. The upstairs layout is similarly awkward, but perhaps finishing such as granite, high ceilings, tall custom windows, beautiful tiled baths and trendy exterior design compensate for the property's deficits, at least for some buyers. The asking price of $799,000 is more or less within reason, all things considered. An attached turn-of-the-century rowhouse on a quite block in Kalorama Triangle. This home shows extremely well, thanks to its sensitive renovation, which features a top-of-the-line kitchen, small parlor, home office and good-size dining room on the main floor with access to an agreeable deck, patio and two parking spaces. An airy and welcoming living room with fireplace, high ceilings and a wall of built-ins was created on the second floor, which also has a bedroom, wet bar and a full bath with tumbled limestone flooring. On the third floor, find the master suite with black and white ceramic tile, frameless shower door and separate whirlpool. The basement apartment is under-rented at $1,200 a month. Appraised one and a half years ago at $1.4 million, before all the work was done, the house is listed not unreasonably at $1.695 million. In Columbia Heights, A two-bedroom, two bath renovated rowhouse with not enough space to make comfortable. Entry is into a small living room and open center-island kitchen, to which the eye travels immediately, transforming the main level into one medium-size kitchen. Outside is a sunken patio; that is, it is deep, narrow and surrounded by walls. The upstairs has the bedrooms and one of the two baths, which boasts white wainscoting floor to ceiling. The lower level, which has almost a full kitchen and Mexican tile floor, doesn't have any logical place to array much more furniture than a table and chairs or perhaps just a bed. Another issue is the nearby street corner, where an all-night little grocery store attracts loiterers even in daylight. As a condo alternative, maybe someone will think the residence is worth the $565,000 asking price. However, that's a someone in need of therapy. A condo in Springfield, Virginia listed at $315,000. This two-bedroom, one-bath, two-level unit in Cardinal Forest is an attractive end unit with a newly remodeled kitchen and new floors throughout the main level. The upstairs has the standard layout of two smaller bedrooms and the home's only bath. Its inviting private and fenced-in patio suggest barbeques and parties with friends. The condo fee of $237/month covers all the usual things as well as the condo association's pools, tennis and basketball courts. This almost 1,000-SF apartment is well priced, so it is surprising that it has lingered on the market for more than a month. In Brookland, a 26-unit condo conversion that has been marketed for more than a year, with fewer than half now under contract. These mostly one-bedroom, one-bath apartments feature hardwood floors, decent closet space, in-unit washer-dryers, modern kitchens with okay appliances, travertine tile floors in the baths, and no parking. Their reduced prices range between $199,500 and $269,500 with $5,000 closing credit, and their modesty suggests starter apartments for any buyer who is not expecting wide open spaces or looking to wow visitors. A U Street Corridor townhouse in an ersatz old complex with three bedrooms and two and a half baths on three levels. The open floor plan on the main floor is welcoming, there is an attached garage, and the kitchen is modern. What this home lacks is a décor that will appeal to a wide market, furnished in retro style and painted in impossibly vivid colors. Can you spell kaleidoscope? Another problem is its location, which has the front door facing a blank brick wall, and its entry on the lower floor to the living area via a space commonly used as an office and as access to the garage. All in the all, the price of $685,000 is unrealistic. On Capitol Hill near the Southeast Expressway, too near that noisy highway for some sensibilities, an 11-unit condo conversion aimed at the entry market. These small but stylish units are priced at least $35,000 too high, between $379,000 and $399,000, and given layouts that make most of the living rooms into nothing more than big kitchen and enough closet space for only a few shirts or skirts. Really! Go figure. An irrepressibly charming little attached rowhouse in Dupont Circle with just two bedrooms, one and a half baths and two parking spaces. This handsomely renovated home has just two levels with basement storage, small but pretty rear and front yards, a kitchen with high-end appliances, including Viking stove and a true exhaust fan, and a cute bath with a tub painted red, appealingly. It should go under contract for more than its $699,000 asking price.   D.C./Montgomery Market Update ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ If this isn’t a buyers' market, what is?   The engine of inventory growth is steaming ahead as the sparkplug of strong sales starts to sputter. Predictably, the apartment situation is far bleaker than that of single-family homes.   Condos and co-ops District of Columbia The number of new listings surged by 34.6 percent, rising no less than 12.5 percent to as much as 200 percent at every price level from May of last year. Most of the apartments put on the market during the month were clustered between $200,000 and $500,000, with 261 of the 762 new listings between $300,000 and $500,000. By the end of the month, there were 274.6 percent more condos and co-ops still seeking buyers, a total 1,418 and easily more than in any month of the previous 12. The $200,000-300,000 level had the biggest increase, 182.2 percent, to 126, followed by $600,000-700,000, up 170.4 percent, to 146. In fact, triple-digit increases characterized each price level between $200,000 and $900,000. The volume of sales plunged 25.6 percent versus May 2005, with double-digit declines at every single price level but $200,000-300,000, which rose 129.2 percent, to 55. A total of 378 condos and co-ops had ratified contracts, slightly more than every month but March since July. For the year to date, sales activity was off 15.8 percent, shrinking from 1,990 in 2005 to 1,676 last month. At the three levels between $400,000 and $700,000, declines were 22.6 percent to 25.2 percent. At $1 million to $1.25 million, there was a 60.9 percent decrease in volume, no change at $1.25 million to $1.5 million and a 57.1 percent reduction above $1.5 million. The absorption rate was a pallid 19 percent. As for prices, they predictably have continued to fall, from an average of $426.576 last year to $411,836 this year and a median of $375,000 last year to $360,000. Montgomery County May saw 23.8 percent more apartments put on the market as opposed to the previous May, reaching 499. The bulk of them were between $200,000-400,000, accounting for 349 of the new listings. At the end of the month, the number of condos and co-ops in search of buyers numbered 966; a year earlier, it was 168. The 260.4 percent increase brought inventory to the highest point in more than a year, especially because of the concentration of supply at moderate price levels. The month's sales volume of 311 was 21.3 percent lower than it was in May of 2005. There were mostly double-digit declines below $800,000 and increases on tiny bases above that amount. At the popular $200,000-300,000 level, sales activity sank 23 percent, to 127 units sold. Volume was actually a little higher than April's and about the same as it has been since before and after the winter. Year-to-date volume was down 14.9 percent, with the biggest declines below $300,000. The market absorbed 24.4 percent of the available apartments. Price acceleration has significantly slowed, but the average apartment this year sold for $311,444 in comparison with $306,544 in 2005. The median has gone from $275,000 in 2005 to $283,000.   Single-family homes District of Columbia Homes added to the market during May represented a 23 percent increase over the same month last year, rising to 801. There were gains in the large majority of all price points, mostly in the double digits. Exceptions were: below $200,000, which had strong double-digit declines; at $400,000-500,000, down 4.5 percent; at $500,000-600,000, up 8.6 percent; and at $900,000-$1 million, unchanged. The biggest category of new listings was $300,000-400,000, up 21.9 percent to 128. By the end of the month, 1,418 homes languished on the market, 119.8 percent more than in May of last year, reaching at least a 12-month peak. Between $200,000 and $900,000, gains were in the triple digits as high as 182.2 percent ($200,000-300,000, to 127). Sales volume slumped 26.6 percent, thanks to declines in the double digits at every price point below $1 million, except for $700,000-800,000, which was 9.3 percent lower than May of 2005. Above $1 million, 64 homes went under contract in contrast to 52 a year earlier. In all, 406 properties found buyers. But the month's sales activity was about even with every month since July, except for the winter months, which lagged. For the year to date, sales sank 19.1 percent, to 1,863, with every single price point but one posting declines. The exception was 15.5 percent growth, to 67, for homes offered between $1 million and $1.25 million. The absorption rate was 22.3 percent. The average price of a home has edged down from $628,179 to $627,547, and the median has slipped from $488,000 to $475,000. Montgomery County The number of new listings was up 13.5 percent last May compared with 2005. Below $400,000, inventory went down a bit; it also went down, but by 16.8 percent, at $800,000-900,000. There was growth of supply at every other price level, causing inventory to boom 157.6 percent, to 3,750, attaining a more than 12-month peak. Increases mostly in the triple digits occurred at almost every level. At $500,000-600,000, supply went from 178 last year at this time to 650, a 265.2 percent change. Sales activity dropped 33.8 percent, to 1,079 from 1,630, with negative results at every price point but $900,000-$1 million, which grew 9.8 percent, to 45. The volume of ratified contracts was quite close to March and April and somewhat below last summer. The 4,767 sales for the year to date were 17.7 percent lower than at the same time last year. There was double digit growth above $1.25 million but results otherwise were weak, especially below $500,000. The market absorbed 22.3 percent of the homes offered for purchase, the same rate as for apartments. Prices were slightly higher than last year. The average has risen from $563,491 to $583,551 and the median, from $465,000 to $475,000.   What it all means There is no mystery in the numbers. They speak of a buyers' market caused by blossoming inventory, shriveling sales and interest rates that are relatively robust in comparison with recent years. Certainly, as they always have over time, single-family homes are proving to have held their value more reliably than have apartments. Condos and co-ops are demonstrating their vulnerability in a changing market and their risk as investments. But for folks who can afford to enter the market only by purchasing an apartment, a co-op or condominium remains a desirable alternative to renting. Look for further softening of the market as a whole, but there continues to be not a scintilla of evidence that some vaunted bubble is about to burst. It's not going to happen.   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. SILVER SPRING 9039 SLIGO CREEK PKWY #514 $295000 Bedroom(s): 2 Full Bath(s): 1 As only an agent would write: “Sought-after Parkside Luxury High-rise 2BR unit w/ expansive deep balcony overlooking plaza. Generous floorplan features large LR/DR combo, TSK w/2 pantries and ample storage. 2BRs with floor-to-ceiling windows and walk-in closets. Full service bldg., fees include shuttle to Metro, utilities, pool, sauna, gym, front desk. W/D on every floor.” MLS#: MC6072849 WASHINGTON 2220 20TH ST NW #37 $299900 Bedroom(s): 1 Full Bath(s): 1 As only an agent would write: “Stunning renov 1 BR, 1 BA in best address Mendota bldg. Just bring your suitcase & move in. This mint condition unit features 10+ft ceilings, refinished Georgian pine HWF, FP, superbly renov. kitchen, birch moldings, built-ins, claw ft tub, new paint, bike rm, storage. Walk to Metro. Fee includes taxes/utilities(heat,water,sewer,basic cable).Underlying mtg $92/mos.” MLS#: DC6071180 WASHINGTON 2800 WISCONSIN AVE NW #304 $325000 Bedroom(s): 1 Full Bath(s): 1 As only an agent would write: “PETS ALLOWED in upgraded 785 sqft. Bamboo flrs, custom door & trim. Updated kitchen NEW stove & dishwasher. Inviting balcony with sunset views. BR walk-in closet. Condo fees incl all utilities, frnt desk sc, on-site maint. HOME WARRANTY! 24 hr notice. Sellers very motivated,ALL serious offers considered!” MLS#: DC6076786 SILVER SPRING 13854 CARTER HOUSE WAY #13-15 $334900 Bedroom(s): 2 Full Bath(s): 2 As only an agent would write: “BEAUTIFUL HARDWD FLRS, MSTRBDRM W/ LOFT AND JUST INSTALLED NEW KITCHEN CABINETS W/GRANITE COUNTERS ARE ONLY A FEW OF THIS HOMES ATTRACTIONS. FULL BA. & FAMILYRM IN WALKOUT BASEMENT A REAL PLUS.LRG DECK W/ EXCESS FROM LVDNGRM AREA HAS BUILT IN SEATING. EASY ACCESS TO RT 29 AND SHOPPING .ETC.” MLS#: MC6079131 WASHINGTON 549 23RD PL NE $339900 Bedroom(s): 3 Full Bath(s): 1 As only an agent would write: “A MUST SEE *** BEAUTIFUL BRICK WITH FRONT PORCH , NEW WINDOWS , HARWOOD FLOORS , NEW HEATING SYSTEM , NEW ROOF , NEW KITCHEN CABINETS WITH NEW APPLIANCES , NEW WINDOW UNITS , ALL NEW PAINT , NEW CARPETING , EASY TO SHOW ***” MLS#: DC6072831 WASHINGTON 1443 A ST NE #E $349900 Bedroom(s): 1 Full Bath(s): 1 As only an agent would write: “Perfection on the Hill! Completely renovated less than 2 yrs ago-Unit E Sits on one of the larger 1br tiers of entire sought-after carbarn condo!Approx 800 s/f of heaven spread over 2 spotless lvls.Chef's kitch,Wood-burning FP & a Plethora of Large windows!HWF flrs thruout,Closets galore,W/D&Enorme BR w/sitting area!Low fee,pet friendly & POOL w/Sundeck just steps away!” MLS#: DC6074658 BETHESDA 5101 RIVER RD #1610 $350000 Bedroom(s): 1 Full Bath(s): 1 As only an agent would write: “WHAT A VIEW! Double-wide balcony accessible from LR and DR. This one sparkles -renovated kit w/silestone, gas cooking, breakfast bar, and more. Wall w/built-in cabinets w/lighting in DR. LR w/track light. Note thMRB closet with organizer and desk. Do not miss this one.” MLS#: MC6075876 ALEXANDRIA 263 PICKETT ST S #301 $358100 Bedroom(s): 2 Full Bath(s): 2 As only an agent would write: “THIS BEAUTIFULLY APPOINTED CONDO HAS 2 BEDROOMS AND 2 BATHS. THE LIVING ROOM BOASTS 9 FOOT CATHEDRAL CEILINGS, PRIVATE EMERGENCY EXIT DOOR, A FIREPLACE, PRIVATE BALCONY, & WALL TO WALL WINDOWS WHICH PROVIDE NATURAL LIGHT. THERE ARE 2 ASSIGNED PARKING SPACES, A COMMUNITY POOL AND CLUB HOUSE. CLOSE TO RESTAURANTS, LANDMARK, OLD TOWN, VAN DORN METRO, AND I395/I495.” MLS#: AX6073452 WASHINGTON 2320 WISCONSIN AVE NW #111 $369000 Bedroom(s): 1 Full Bath(s): 1 As only an agent would write: “Great apt in wonderful bldg. Beautiful new granite kit. & new appliances. New lighting. Freshly painted. HW flrs. Private, fenced, flagstone patio overlooks the quiet courtyard. CAC. W/D in unit. Roof top deck. 13 restaurants, Whole foods, Sports Club, CVS, Starbucks on same block. Bus stops at the corner. Improve your lifestyle!!! Open Sun 1-3.” MLS#: DC6072179 ALEXANDRIA 205 YOAKUM PKWY #1626 $369500 Bedroom(s): 3 Full Bath(s): 2 As only an agent would write: “Estate Sale-sold as is; needs some updating. New paint. Carpet allowance of $3,000. Priced to sell immediately. 2 BRs+den (or 3rd BR) w/built-in cabinets. Select furniture remains. 2 baths in good condition. Ceiling-to-floor mirrored closet doors. Gorgeous balcony view from 16th floor. All utilities included (electricity, gas, water, sewer/garbage + bldg cable). Vacant show anytime; lokbok.” MLS#: AX6076137 ROCKVILLE 305 LINCOLN AVE $385000 Bedroom(s): 3 Full Bath(s): 2 As only an agent would write: “REAL ESTATE BY OWNER INC IS LISTER OF RECORD ONLY, AGENTS DEAL DIRECT WITH SELLER ON STATUS,QUESTIONS,SHOWINGS & CONTRACT. MUST REGISTER BUYER WITH SELLER. harming colonial with double+ detached garage. Appraised $400k, buyer may view on request. Main living space 1,612 square feet, 0.19acre lot. Potential games room or Gym over detached garage,440 square feet. All bedrooms upstairs,” MLS#: MC6074282 WASHINGTON 3825 DAVIS PL NW #103 $399000 Bedroom(s): 2 Full Bath(s): 1 As only an agent would write: “This is a must see! Bright and cheery, large (980 sq. feet) 2 bedroom 1 bathroom unit. Separate dining area, living room with large window, and updated kitchen: granite counters with s/s appliances. Refinished parquet floors, and plenty of storage. Plus, reserved parking! You won't want to pass this one by! Pet friendly building and close to Georgetown shops, parks etc.” MLS#: DC6074376 ROCKVILLE 15636 CLIFF SWALLOW WAY $399999 Bedroom(s): 3 Full Bath(s): 3 As only an agent would write: “beautiful three level townhouse with covered front porch backing to Rock Creek Park with it's wonderful nature views and hiking trails!! Enjoy hardwood floors, a light bright tablespace kitchen, a large master bedroom with vaulted ceiling, an inviting recreation room w/ a cozy wood burning fireplace and level exit to the back deck.” MLS#: MC6077998 SILVER SPRING 1571 IVYSTONE CT $405000 Bedroom(s): 2 Full Bath(s): 2 As only an agent would write: “Cul-de-sac! Backs to Parkland. Classy Halle Brick Col. TH w/deck/picnic table! Upgrades+. Gorgeous Hdwd Fls; Fantastic updated Kitchen/xtr cabinets, custom window treatments. Lg.Sep.DR. Long LR w/sidebar. French Door to Deck. 2 Owners' Suites. Finished Rec Room w/gas FP. Sliding Doors to patio/parkland; half bath, storage. Feels like a SF Home! ” MLS#: MC6071779   WASHINGTON 2707 ADAMS MILL RD NW #305 $419000 Bedroom(s): 2 Full Bath(s): 1 As only an agent would write: “**CHARM & LIGHT ABOUND IN THIS 2 BR corner unit** High ceilings, heart of pine floors, architectural interest, crown moldings! Beautifully remodeled bath.Terrific redone TS kit w/ French doors to LR. Windows galore..great views. Across from park. Woodley Metro. Pets welcome, extra storage. Gorgeous garden-like roof deck. Coop fee $467 includes all utilities & taxes. No blanket mortg. REALLY NICE!” MLS#: DC6072604   ALEXANDRIA 550 E NELSON AVE $429900 Bedroom(s): 2 Full Bath(s): 1 As only an agent would write: “NEWLY RENOVATED TOWNHOUSE. FRESH PAINT AND SPOTLESS WOOD FLOORS UPSTAIRS AND DOWN. KITCHEN APPL ALL NEW UNUSED. MASTER BR. FEATURES BUILT-IN DRESSER AND STORAGE. ELECTRICAL, AC AND WINDOWS ALL UPDATED AND NEW. LARGE UNFINISHED WALKOUT BASEMENT IS PERFECT FOR CUSTOMIZING TO YOUR NEEDS. PARK OFFSTREET AND WALK TO NEARBY SHOPS AND METRO.” MLS#: AX6073889   WASHINGTON 1615 Q ST NW #404 $439000 Bedroom(s): 2 Full Bath(s): 1 As only an agent would write: “Best Floor Plan at The Cairo! Fantastic front-facing corner 2 BR, 1 BA unit. Shows very, very well! Exposed brick; Wood blinds; Lots of Closets/Storage space; Leafy treetop views. LR/DR has blond wood floors, KIT/Hall/Bath have marble tile. FIRST PUBLIC OPEN 6/11 1-4 PM.” MLS#: DC6076886 WASHINGTON 1401 CHURCH ST NW #326 $446000 Bedroom(s): 1 Full Bath(s): 1 As only an agent would write: “This is it - dramatic 1 BR loft in historic part of Lofts 14. Southern exposure, very cool window coverings, custom paint job, SS appl & granite counters in kit, bamboo floors, dual control glass tiled shower, and state-of-the-art multimedia center with a 50" plasma TV! Rental parking $200/mo. Large storage bin included in price. Pets ok. ” MLS#: DC6071355 WASHINGTON 1441 RHODE ISLAND AVE NW #405 $449000 Bedroom(s): 1 Full Bath(s): 1 As only an agent would write: “BETTER-THAN-NEW, Sun-Drenched unit in SUPERB LOGAN CIRCLE LOC!3-yr young building w/FAB Lobby, Daytime attended desk, GREAT GYM & Much More! Hdwd Flrs, Granite & Maple Chef's KITCHEN w/42" Cabs & LOADS of space, Spacious LR w/access to PRIV BALC, BIG BR w/WIC, 12" Cer Tiled BA, cust lighting blinds, & Fixtures, X-Storage, bike room & GARAGE PARKING! Shows like a MODEL!” MLS#: DC6080571 SILVER SPRING 705 SILVER SPRING AVE $449900 Bedroom(s): 2 Full Bath(s): 1 As only an agent would write: “CHARMING BUNGALOW MINUTES FROM DOWNTOWN SILVER SPRING ON LOVELY STREET. MANY UPDATES: NEW SIDING, NEW PLUMBING & ELECTRIC, ROOF, HOT WATER HTR, WASHER. GREAT POTENTIAL FOR EXPANSION...WALKOUT UNFINISHED BASEMENT & LARGE YARD BACKING TO TREES. NICE KITCHEN W UPDATES. TWO MAIN LEVEL BEDROOMS. WALK TO DOWNTOWN SS W SHOPS, RESTAURANTS, THEATER & METRO! SOLD AS-IS” MLS#: MC6075150 ALEXANDRIA 2945 SYCAMORE ST $459900 Bedroom(s): 3 Full Bath(s): 2 As only an agent would write: “MUST CALL FIRST-BABY!* 4% COMMISSION & IT'S NO HARD SELL!! * WALKOUT BASEMENT W/SCREENED PORCH-TRULY, THIS IS AN INCREDIBLE HOME FOR YOUR BUYERS THAT STANDS OUT FROM THE OTHER ACTIVES * GORGEOUS CABINETS, CUSTOM TABLE SPACE IN KITCHEN, NEW ROOF, NEW APPLIANCES, NEW DOORS, NEW WINDOWS - PRICE JUST LOWERED & WE ARE CONFIDENT IT WILL GO QUICKLY! DOMP HIGH B/C LISTED LAST FALL & THEN AGIN THE SPRING” MLS#: AX6077663 WASHINGTON 1755 Q ST NW #B $479000 Bedroom(s): 1 Full Bath(s): 1 As only an agent would write: “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. Unfortunately, VERY limited showings allowed by tenant.” MLS#: DC6074592 WASHINGTON 218 4TH ST SE ##2 $479900 Bedroom(s): 2 Full Bath(s): 1 As only an agent would write: “Three beauties to choose from! Each 2BR, 1 bath luxury unit is upgraded, has separate decks, HWD high ceilings, granite counters and stainless steel appliances! Open Saturday & Sunday 6/10 & 6/11 1-4pm” MLS#: DC6074036 ARLINGTON 6908 FAIRFAX DR #310 $480000 Bedroom(s): 2 Full Bath(s): 2 As only an agent would write: “GORGEOUS CONDO IN SOUGHT AFTER ARLINGTON. WALK TO E.FALLS CHURCH METRO, CLOSE TO I-66, DC, TYSONS CORNER,THE W&OD TRAIL, SHOPS AND ENTERTAINMENT.ARLINGTON BOASTS GREAT SCHOOLS AND UNIVERSITIES, SUCH AS MARYMOUNT, GEORGE MASON, AND MORE.HUGE BALCONY WITH STORAGE.LARGE OPEN KITCHEN.THIS IS A VERY SPACIOUS AND COZY HOME THAT YOUR BUYERS WILL ABSOLUTELY LOVE.” MLS#: AR6071826 SILVER SPRING 12800 BLUHILL RD $495000 Bedroom(s): 5 Full Bath(s): 2 As only an agent would write: “Turn Key Home features updated bathrooms & kitchen w/ceramic countertop & side door, redesigned w/o lower level w/BR, Refinished Hdwd floors, fresh paint, lg fenced corner lot, vinyl replacement windows, spacious bedrooms, lots of closet/storage space, and so much more! Come. See. Buy!” MLS#: MC6074179 TAKOMA PARK 7639 CARROLL AVE $499900 Bedroom(s): 3 Full Bath(s): 1 As only an agent would write: “This home has been TRANSFORMED! Now with new granite kit, mosaic ceramic floors, stainless appliances, updated bath. The bsmt has been waterproofed. This 1923 4 square sits about the street on a block of expensive homes. Enter through Palmer Rd & appreciate the large lot, loads of OSP. Freshly painted outside. Old world front porch, hardwoods throughout.” MLS#: MC6072168 WASHINGTON 1007 SOUTH CAROLINA AVE SE $519000 Bedroom(s): 2 Full Bath(s): 1 As only an agent would write: “COUNTRY CHARM/URBAN CONVENIENCE. VINTAGE FRAME,W/MODERN UPDATES & GREAT APPEAL. SEP LR & DR,EACH W/ FPL, HEART PINE FLRS, OPEN KITCH W/ GRANITE COUNTERS,ETC. 2 REAL BEDROOMS & FULL BATH UP. EXCEPTIONALLY LARGE FRONT & REAR YARDS--GARDENER'S DREAM. A DELIGHTFUL RETREAT!” MLS#: DC6071810 SILVER SPRING 13307 HATHAWAY DR $525000 Bedroom(s): 4 Full Bath(s): 3 As only an agent would write: “OPEN SUNDAY 3-5! WELCOME TO THIS FABULOUS DESIGNER FINISHED HOME THAT HAS BEEN TOTALLY UPDATED THROUGHOUT! OFFERING A GOURMET TABLE SPACE KIT. WITH GRANITE SINK,CERAMIC FLR, STAINLESS APPS,MAPLE CABINETS, REFINISHED HARDWOODS IN LR AND DR, FR WITH NEW BERBER AND WOOD BURNING FP, 4 BEDS, 3 FULL UPDATED BATHS, NEW PAINT IN AND OUT, GARDENS WITH LOVELY LANDSCAPING, BACKYARD WITH PATIO,WALK-OUT & MORE” MLS#: MC6074346 WASHINGTON 1363 E ST SE $550000 Bedroom(s): 3 Full Bath(s): 1 As only an agent would write: “Fabulous renovation in amazing location, steps to metro, Safeway & Harris Teeter. NEW windows,doors,wood flrs, kit.;SS appl.,tumbled tile back-splash, ceramic tile,FB w/slate tile & glass blks.Formal DR,sep. laundry rm,deep bkyard w/ patio roof 3yrs young.2 car gar.RELO ADD.AS IS.” MLS#: DC6072074 POTOMAC 10921 DEBORAH DR $554900 Bedroom(s): 3 Full Bath(s): 2 As only an agent would write: “This Carnation model, the largest interior unit, has it all. Fabulous renovated kitchen! Beautiful hardwoods! Large deck with stairs to fully fenced backyard with extended patio. LL w/o from Family Room with fireplace and great built-ins. Close to shopping, schools, and all access roads. Meticulously cared for and ready to move in!” MLS#: MC6081430 KENSINGTON 4413 CLEARBROOK LN $575000 Bedroom(s): 3 Full Bath(s): 2 As only an agent would write: “GREAT THREE BEDROOM, TWO BATH BRICK CAPE COD * LIVING ROOM WITH FIREPLACE * LIGHT FILLED DINING ROOM W. SLIDING GLASS DOORS TO TIERED DECK * BEAUTIFULLY LANDSCAPED YARD & GARDENS * LARGE L-SHAPED RECREATION ROOM - SET UP FOR SURROUND SOUND + FULL BATH ADDED IN LOWER LEVEL * COVERED FRONT PORCH * DON'T MISS **” MLS#: MC6074264 ALEXANDRIA 2503 CAMERON MILLS RD $599900 Bedroom(s): 2 Full Bath(s): 1 As only an agent would write: “This adorable, one-level, low maintenance,easy living cottage is just what you have been waiting for.This is a rare opportunity to purchase in a sought-after community of much higher priced homes.Offering 2 bdrm, 1 1/2 baths,large kitchen,fresh paint and an oversized two-car garage.Conveniently,located close to D.C.,airport and Old Town.” MLS#: AX6073419 WASHINGTON 1117 10TH ST NW #601 $638900 Bedroom(s): 2 Full Bath(s): 2 As only an agent would write: “This lovely 2 BR, 2 BA unit COMES WITH 2 side-by-side pkg spaces! Unit has great views - faces Mass Ave. Fabulous layout! Unit has the works: gourmet kit w/absolute black granite, under-mount sink, h/w flrs, 42" gorgeous cabinetry, flr-to-ceil glass in living-dining, berber carpeting in both BRs, balcony, and more. Must see!” MLS#: DC6072950 SILVER SPRING 8868 WOODLAND DR $650000 Bedroom(s): 4 Full Bath(s): 3 As only an agent would write: “A great home in a great location! 4 bedrm(1 could be office)3.5 baths,large LR,kitchen w/stainless appliances,bright and sunny spacious dining area,main flr laundry,attached garage,fenced yard with patio,4 blocks to METRO,Whole Foods,Borders,shops,resturants, Open Saturday/Sunday, June 10th and 11th, 1 to 4” MLS#: MC6081857 WASHINGTON 2126 CONNECTICUT AVE NW #67 $675000 Bedroom(s): 2 Full Bath(s): 1 As only an agent would write: “SOPHISTICATED, STYLISHLY RENOVATED 2BR 1.5BA NEW YORK-STYLE APT W/ HIGH CEILINGS & INLAID HERRINGBONE OAK FLOORS. GRACIOUS 26 FT CURVED ENTRY GALLERY. GORGEOUS GOURMET KITCHEN W/ SUB ZERO & GRANITE. ELEGANT MARBLE-TRIMMED BATHS. EXTRA STORAGE. FAB ROOF DECK. FULL-SERVICE 24 HR DESK. WALK TO METRO, DUPONT & WOODLEY. PETS OK. OPEN, SUN, 6/11, 1-4PM.” MLS#: DC6072972 BETHESDA 6203 SINGLETON PL $680000 Bedroom(s): 3 Full Bath(s): 3 As only an agent would write: “Impressive AND SPACIOUS 2 level with a nice elevation, cul-de-sac placement,many updates,level backyard.One car garage.Updated hardwood flrs,large formal living room w/masonry FP & Mantel.Sep.dining,Recently Renovated Kitchen w/new Cabinets&"Stone" counters,backsplash &flooring.Crown Molding,3 BR + Den/study off of Dining Rm.A/C-Roof-Windows replaced!!Open Sat/Sun 1-4pm” MLS#: MC6072949 WASHINGTON 1527 16TH ST NW #4 $699000 Bedroom(s): 2 Full Bath(s): 2 As only an agent would write: “GORGEOUS PN HOFFMAN 2BR/2BA LARGE 2 LVL UNIT IN SUTTER PLACE CONDOS.BELLS&WHISLTES INCLG:HDWD FLRS,WD BURN FP,2 TERRACES,GRANITE KI,TONS OF CLOSETS,MBA W/WHIRLPOOL SEP TUB&MORE!FAB LOCATION-NEXT TO JCC-STEPS TO WHOLE FOODS, GYMS, RESTAURANTS & GALLERIES!ZIP CAR SITS DIRECTLY BEHIND BLDG FOR EASY DRIVING&PARKING!” MLS#: DC6076674 KENSINGTON 10025 KENSINGTON PKWY $769000 Bedroom(s): 4 Full Bath(s): 3 As only an agent would write: “IF YOU HAVE NOT SEEN THIS HOUSE LATELY TAKE A SECOND LOOK. COMPLETELY REDONE AND UPDATED. NEW KIT W/ GRANITE, HW FLS, BIG LR/DR, MB W/ FULL BATH, NEW HVAC AND MECHANICALS. INVITING AND HUGE LL W/ NEW BATH, LARGE BEDROOM AND LAUNDRY ROOM. WALK TO PARK, MARC, ANTIQUE ROW AND WJ CLUSTER. IF YOU ARE LOOKING FOR A HOME THAT IS READY TO MOVE INTO THIS IS IT!!!!” MLS#: MC6073627 WASHINGTON 5343 NEVADA AVE NW $855000 Bedroom(s): 4 Full Bath(s): 2 As only an agent would write: “Lovely Col.w/ great curb appeal. Large LR w/fp and DR. Kit. w/walk-in pantry. Walk-up attic for possible add'l rooms. Fin.bsmt w/ br w/ sep. entrance and 1/4 bath. Redone deck opens onto lovely yard w/ pond, tree house and 1 car det.gar.covered with climbing roses.Open 6/10, 6/11 1-4.” MLS#: DC6072139 CHEVY CHASE 3609 TAYLOR ST $899000 Bedroom(s): 4 Full Bath(s): 2 As only an agent would write: “BEAUTIFUL FOUR BEDROOM .TUDOR IN SECTION 3 OF CHEVY CHASE. FRONT PORCH, REAR DECK, ONE CAR GARAGE. FRESHLY PAINTED INSIDE AND OUT, FLOORS REFINISHED. SITTING ROOM OFF MASTER BEDROOM. ” MLS#: MC6073039 WASHINGTON 3620 QUESADA ST NW $1050000 Bedroom(s): 5 Full Bath(s): 4 As only an agent would write: “Fabulous home with recently upgraded kitchen & stainless steel appliances, tile floor. Gleaming hardwood floors on main & upper 2 levels. Wonderfully tiled baths, French doors in dining room/living room. Sunny porch off back w/ slate patio, great offstreet parking for 4 cars in back alley. Steps to shops, ride on bus OPEN SUN 6/11 from 1-4 ” MLS#: DC6081105 ROCKVILLE 4004 THISTLEBRIDGE WAY $1098800 Bedroom(s): 4 Full Bath(s): 4 As only an agent would write: “JUST LISTED!!! STUNNING NV HOME IN THE BEAUTIFUL NEIGHBORHOOD OF THE PRESERVE. EXQUISITE MOLDING AND FINISHES THRU-OUT THIS 4BR/4.5BA COLONIAL. 2-STORY FOYER WITH CENTER STAIRCASE. LR & DR ARE SPACIOUS AND SUNNY! 2-STORY FR W/FP & WALL OF WINDOWS. GOURMET KITCHEN. SEPARATE BREAKFAST RM W/ DOOR TO TREX DECK. 1ST FLOOR LIBRARY. GORGEOUS MASTER. FIN W/O LL WITH FULL BATH. HURRY!” MLS#: MC6071855 WASHINGTON 6125 29TH ST NW $1495000 Bedroom(s): 5 Full Bath(s): 4 As only an agent would write: “European charm & distinctive details abound in this unique Chevy Chase home tucked on a huge 9,000+ square foot lot with beautiful gardens & patios. 1st Floor BR & BA, Dramatic 2-story LR, custom kitchen w/adjacent FR w/FP. Full finished LL, 3BR/2BA up including wonderful Master Suite.” MLS#: DC6074486 ALEXANDRIA 4317 LOYOLA AVE $1499000 Bedroom(s): 6 Full Bath(s): 5 As only an agent would write: “Custom designed fully renovated split-colonial house; 6 BR, 5.5 BA; In-law/au pair quarters; Gourmet kitchen with granite counter tops; Formal Dining room with hardwood floors throughout main level; Sunroom with stone fireplace; 4 fireplaces; Gunite black reflective pool with automatic cover; Oversized 2 car tiled garage; Minutes to DC/Old Town Alex; Minutes to Metro, Pentagon, schools, and Park.” MLS#: AX6074297 WASHINGTON 2114 BANCROFT PL NW $2595000 Bedroom(s): 6 Full Bath(s): 3 As only an agent would write: “Exquisite offering on sought after block, wonderful Period home on tree lined street! Boasts gracious reception hall, intricate moldings, wide staircase & 10 ft plus ceiling heights. Formal living rm w/3 sets of French doors & spacious rm sizes create the perfect setting for sophisticated entertaining. Beautifully maintained w/just 2 owners. Enclosed prkg. Ideal location in the heart of Kalorama!” MLS#: DC6074623 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 bottom of the page, or "Listings" link in the left navigation bar. To view details on a particular home listed above please note the MLS number. Click Here to Sign Up For Your Free Issue of Realty Digest! Contact Information email: info@ServiceYouCanTrust.com phone: 202.537.6000 web: http://www.serviceyoucantrust.com © 2006 Service You Can Trust Long and Foster Real Estate, Inc® Chevy Chase Uptown Office | 202.364.1300