Realty Digest A Quirky Collection of News and Information From The Service You Can Trust Team **** June 24, 2006 **** Referrals are our bread and butter. Please help us keep the pantry full by letting us know about friends, relatives, neighbors and colleagues at work who may be thinking of moving. We’re licensed in D.C., Maryland and Virginia. IN THIS ISSUE: Items of Interest 10 Tips For Today's Market The Week's New Listings Items of Interest ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ MORTGAGE RATES SURGE TO FOUR-YEAR HIGH: The 30-year fixed-rate mortgage (FRM) averaged 6.71 percent, for the week, up from last week's 6.63 percent and 5.57 percent last year at this time, according to Freddie Mac. The 30-year FRM has not been higher since May 31, 2002, when it was 6.76 percent. The average for the 15-year FRM this week was 6.36 percent, up from 6.25 percent. A year ago, it was 5.16 percent, and the 15-year FRM has not been higher since May 17, 2002, when it averaged 6.37 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) were 6.32 percent this week, up from 6.23 percent the prior week. A year ago, the five-year ARM averaged 5.05 percent, the highest that the 5-year ARM has been since Freddie Mac started tracking it on January 6, 2005. One-year Treasury-indexed ARMs were 5.75 percent this week, also up from last week's 5.66 percent and last year's 4.23 percent. The 1-year ARM has not been higher since August 3, 2001, when it averaged 5.77 percent. "Financial markets believe that the current rate of inflation is above the Fed's comfort zone, which will lead to more rate hikes in the near future," said Frank Nothaft, Freddie Mac vice president and chief economist. "A rate hike in June is thought to be a sure thing, and what was believed to be a vaguely possible hike in August is now considered to be highly likely; that change in market expectations caused mortgage rates to jump higher this week." U.S. FORECLOSURES ARE GROWING: There were 27,064 of them nationwide during May, an increase of 16.6 percent compared with the year-earlier period, according to Foreclosure.com, says Realtor magazine. "The overpaying for homes by many buyers in the past couple of years fueled by the availability of low interest rates is really starting to play out in the real estate market," suggests Foreclosure.com President and CEO Brad Geisen. The total number of foreclosed homes available for sale in the United States climbed 1.9 percent from the previous month, totaling 89,327 in May. Foreclosure.com data also indicate that investors are moving quickly to purchase foreclosed properties, with more than 25,000 foreclosed homes being sold in April 2006. NOT ONLY VENDORS AND HOMEOWNERS LOVE PONDS: The number of backyard ponds in the U.S. could reach six million this year, estimates Aquascape Designs, a pond manufacturer based in St. Charles, Ill., up from two million in 1996, according to the Wall Street Journal. But as more homeowners build backyard oases, more animals are treating those ponds as watering and feeding holes by dining on expensive plants and decorative fish. In Ben Lomand, Calif., one homeowner has found mountain-lion tracks around her pond, while another in Wisconsin has played host to a roving bear. Still, the pond business continues to grow. About 15 percent of homes in the country have a water feature, according to the U.S. Census Bureau. A pond can cost anywhere from a few hundred dollars for a small, do-it-yourself plastic model to $8,000 for a fully-installed 11-foot-by-16-foot pond with a waterfall. Bridges, decks, benches, aquatic plants and decorative fish can bring the total cost to more than $10,000. Sales of all water-gardening products doubled over the past decade, according to the National Gardening Association; it's now an $870-million-a-year industry. "Wildlife respond to a pond almost immediately," says Craig Tufts, director of citizen science programs for the National Wildlife Federation, based in Reston. And many pond owners, he adds, are "surprised at what's out there." Take Don Bryan, for example. He installed a pond in the backyard of his Wichita, Kan., home in March and woke up one morning to discover that something had eaten $200 worth of his aquatic plants. Soon afterward, he woke up at dawn and discovered the culprit bathing in the water: a muskrat. Following a remedy he found online, Bryan scattered cayenne pepper and a box of mothballs around the pond. The next morning, half of the mothballs were gone. The muskrat wasn't. "There's no muskrat love for me," he says. HERE'S IMPORTANT INFO FOR THE RISK AVERSE: In a study of the safest places to live in the country, Farmers Insurance Group gave top billing to Provo and Orem, Utah. The insurance company compiled its Top 25 Most Secure U.S. Places to Live by considering crime statistics, risk of natural disasters, and job loss numbers in 213 U.S. metropolitan areas with populations of 200,000 or more, reports Realtor magazine. Some 45 miles south/southeast of Salt Lake City, Provo is home to Brigham Young University. Utah Valley State is in nearby Orem. The region has a population of 387,817 and, along with ninth-ranked Danbury, Conn., shares the lowest crime rate of the 213 areas studied. Dutchess County, N.Y., midway between New York City and Albany in the Hudson River Valley, ranks second overall. Crime is low and unemployment even lower in this affluent community of 287,752, mainly professional and technical workers. Third is Madison, the state capital of Wisconsin and home of the University of Wisconsin. A cultural center surrounded by dairy farms and cropland, Madison (pop. 437,110) is often cited as one of the nation's healthiest cities and among the best places to retire. Rounding out the top five are Lancaster, Pa., in the heart of the Pennsylvania Dutch region about 65 miles west of Philadelphia, and the state capital of New York, the Albany-Troy-Schenectady, N.Y. area. TO QUOTE GRANDMA, 'YOU SHOULD LIVE SO LONG': The 40-year mortgage is making a comeback, observes the New York Times. A $300,000 loan at 6.5 percent amortized over 30 years, costs about $1.896 a month; on a 40-year loan, the payment would be $1,756. But since rates on 40-year mortgages run higher than shorter loans, the more realistic monthly expense for $300,000 would be $1,810. Washington Mutual says the 40-year mortgages have become popular enough for the bank to spin off related products such as the option of locking in a fixed rate for two, three or five years, with the remaining years moving to an adjustable rate. "These loans have really come back in the last six, seven months," said Keith Gumbiner of HSH Associates, a financial industry research and publishing firm. "And for certain borrowers, they can help improve affordability." Caveat emptor. RIFE DISCRIMINATION BY LENDERS IS ALLEGED: "Pervasive discriminatory and predatory practices by mortgage brokers" emerged in six markets that the National Community Reinvestment Coalition tested with funding assistance from the Department of Housing and Urban Development from February 2004 to early June 2006. The Washington Post says the six markets were Baltimore, Washington, Chicago, Los Angeles, St. Louis and Atlanta. In each area, African American and Hispanic couples or individuals visited the same mortgage brokerage firms as white shoppers, all purporting to apply for home loans of similar amounts. Each applicant was assigned specific income, credit and employment profiles to present to loan officers, with African American and Hispanic applicants showing slightly higher incomes, better credit scores and longer employment backgrounds than their paired white colleagues making separate applications at the same brokerage firms. According to the study sponsors, brokers discussed loan fees with 74 percent of the white shoppers but only 31 percent of the minority shoppers. White applicants were presented twice the number of loan options - different rates, fees and structures, while the African American and Hispanic shoppers were often steered toward high-cost subprime mortgages. Brokers discussed fixed-rate first mortgages with 90 percent of the white applicants but just 56 percent of the minority applicants. Seven percent of white applicants were told that they could get a better mortgage deal elsewhere, but not one African American or Hispanic shopper with superior credit profiles was told the same. Only 9 percent of whites were pressed for details on possible credit problems, late payments, outstanding debts or prior foreclosures compared with nearly 40 percent of all minority applicants. Brokers spent more time discussing loan options with white applicants - an average 39 minutes - than they did with African American or Hispanic applicants, who got an average 27 minutes. In an interview, David Berenbaum, executive vice president of the National Community Reinvestment Coalition, called the investigation results "deeply disturbing." When minority applicants simply walked into a brokerage office, he said, sometimes "there appeared to be a working assumption" that they were not as good credit risks as whites, no matter what their actual profile. IF YOU'RE LOOKING TO RENT A NYC PIED-A-TERRE, LOOK NO MORE: It's a 25-foot-wide, five-story limestone dwelling with 10,000 square feet, five floors, 17 rooms, 11 bathrooms, an elevator and a not insignificant monthly rent, reports the Real Deal publication. The rent: $90,000. A month. Yes, $90,000, with all those zeros. MICROSOFT GOES TO THE HEAD OF THE CLASS: Seattle is America's brainiest city, according to an analysis of educational data culled from U.S. Census data by BizJournals.com. Seattle is followed by San Francisco and Austin, among large cities. More than 40 percent of adults in these cities have bachelor's degrees, and the betting here is that the most with computers can be found in Starbucks territory. Rounding out the top 10 most academically accomplished big cities are, respectively, Colorado Springs, Minneapolis, Charlotte, San Diego, D.C., Portland, Ore., and Albuquerque. Arlington, Va., is tops among medium-sized locales, with 60 percent of its adults having bachelor's degrees, two and a half times the national average. Topping the rankings of small communities is Ann Arbor, Mich., the home of the University of Michigan. Who wouldda thunk it? The study found that Miami has the fewest degrees of any large community. Just 16 percent of Miami's adults have earned bachelor's degrees, 31 percentage points behind Seattle's rate. Whether possession of a college degree is a measure of anything is, of course, debatable. BUILDERS OF SINGLE-FAMILY HOMES ARE GLUM: Rising mortgage rates, deepening affordability issues and the retreat of investors/speculators from the marketplace have prompted single-family home builders to further adjust their perspectives on the new-home market, according to the National Association of Home Builders in the June Housing Market Index (HMI) it compiled with Wells Fargo. It tried to sneak in the information that the HMI declined four points from an upwardly revised reading in the previous month to hit 42 in the latest survey, sinking to its lowest mark since April 1995. "Based on historical experience, particularly the 1994-95 episode, the pronounced pattern of movement in the HMI is not inconsistent with the reasonably orderly cooling-down process we're projecting for home sales and single-family housing starts in 2006," waffled NAHB Chief Economist David Seiders. "We now expect new-home sales to be off by 13 percent from the record posted in 2005. Single-family starts, supported by large builder backlogs of unfilled orders and some continuing reconstruction in the wake of last year's hurricanes, should be down by about 9 percent from the 2005 record." Derived from a monthly survey that NAHB has been conducting for close to 20 years, the NAHB/Wells Fargo HMI gauges builder perceptions of current single-family home sales and sales expectations for the next six months as "good," "fair" or "poor." The survey also asks builders to rate traffic of prospective buyers as either "high to very high," "average" or "low to very low." Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view sales conditions as good than poor. All three component indexes declined in June, falling to their lowest levels since early 1995. The lowest was the index gauging traffic of prospective buyers, which dropped four points, to 29. HOUSING STARTS RISE, BUT PERMITS DIP IN MAY: Starts rebounded from a 13-month low to increase 5.0 percent in May as builders worked down a backlog of unfilled orders in unusually good weather conditions. Yet issuance of new building permits fell by 2.1 percent, continuing the moderate downslide from the peak last September. The pace of new-home construction rose to a seasonally adjusted annual rate of 1.957 million units, according to figures released by the Commerce Department, 3.8 percent below the pace of a year ago. At the same time, permit issuance dipped 8.5 percent behind the May 2005 pace. "The rebound in total housing starts for May primarily reflected typical volatility in the multifamily market, and the modest increase in single-family starts largely reflected a build-out of units that had been sold and permitted earlier," said Chief Economist David Seiders of the National Association of Home Builders (NAHB). "Strong numbers in the South and West regions may also have been supported by some rebuilding in the wake of last year's record-breaking hurricane season." Single-family housing starts were up 2.1 percent in May. Multifamily housing construction rose 19.7 percent for the month to a seasonally adjusted pace of 371,000 units. "Today's reported increase in housing starts is not inconsistent with an ongoing moderate erosion of housing market activity, a pattern shown by both today's permit numbers and NAHB's surveys of single-family home builders," Seiders added. "The builders still are reporting reductions in housing demand, and we expect both housing starts and building permits to lose some ground as 2006 progresses." Single-family permit issuance was down 2.1 percent on a national basis to an annual rate of 1.466 million units. The pace of multifamily permit issuance also dipped 2.1 percent, to 466,000 units for the month. CONSIDER THESE QUICK AND EASY WAYS TO SPRUCE UP YOUR HOME: Laurie Smith, star of the Learning Channel's show, Trading Spaces, suggests you can improve a home's appearance without spending much money. According to the Dallas Morning News Realtor magazine, you can move the furniture, empty out the room, find a focal point, then relocate the furniture with that spot in mind. Then, evaluate lighting to brighten it up. Sometimes just changing a lampshade can update a white room. Also, throw a few pillows (not AT anybody). Since pillows add color and charm, use lots of them and change their look seasonally. Finally, move the artwork to give the room a whole new feel. GREEN IS GOOD: More builders are getting onto the green bandwagon, even though consumers are still hesitant to join the parade. The number of home builders producing environmentally responsible homes increased by 20 percent in 2005, according to a McGraw-Hill Construction/National Association of Home Builders (NAHB) survey, says Realtor magazine. In 2006, the study predicts that the number will grow by another 30 percent. Although green construction is rapidly moving into the mainstream, unwillingness by consumers to pay higher upfront costs for energy conserving materials and technologies is perceived as a major obstacle by 79 percent of the builders surveyed. But green building doesn't always translate into higher costs. Callie Barker Schmidt, NAHB's director of environmental communications, notes that construction costs for Elevation 314 - a mixed-use building in Takoma Park, Md., that won NAHB's National Green Building Award for Multifamily Home Design of the Year - were about $70 per square foot; that's a figure she categorizes as "really low." Says Harvey Bernstein, vice president of Industry Analytics and Alliances for McGraw-Hill Construction: "Green home building isn't a fad, but a trend, and one that's increasing at rapid rates. The data we recently collected indicates builders will reach the tipping point by early next year, where more builders will be producing green homes compared with those who aren't." LATE MORTGAGE PAYMENTS, FORECLOSURES DECLINE: Fewer U.S. households were late with their mortgage payments in the first quarter of 2006, and home mortgage foreclosures were down slightly compared with the fourth quarter of 2005, according to the Mortgage Bankers Association, says the Wall Street Journal in Realtor magazine. Excluding areas in Louisiana and Mississippi, which were affected by Hurricane Katrina, national delinquency rates for January through March would have been 4.31 percent, down from 4.55 percent in the fourth quarter of 2005. The MBA expects rising interest rates and higher energy prices to push delinquencies and foreclosure rates up modestly in the second quarter, but job growth should keep them from rising rapidly, says Doug Duncan, the MBA's chief economist. EXTERIOR IMPROVEMENTS EXCITE CONSUMER INTEREST: Although the overall size of homes continues to level off after decades of expansion, consumer interest in property enhancement, particularly outside the home, showed a sharp increase, according to architects surveyed in the First Quarter 2006 Home Design Trends survey conducted by the American Institute of Architects, says Realtor magazine. Informal, open designs and accessibility also remain top priorities. Seventeen percent of architects surveyed said home sizes are declining, 51 percent said they're holding steady, and 32 percent report home sizes are increasing. The home features that showed the sharpest increase in popularity are those related to the outdoors. The number of architects reporting increased demand for outdoor living spaces, such as patios, decks, and outdoor kitchens, jumped to 64 percent from 47 percent a year ago. Also ranking high were amenities such as pools, tennis courts and gazebos. The architects additionally reported that consumers are gravitating toward single-story homes. "Almost 40 percent of residential architects see this as a trend, up from just less than 30 percent a year ago. An open space floor plan also continues to be a popular option in homes," noted Kermit Baker, AIA's chief economist. "The need for ease of mobility within the home, as evidenced by wider hallways and fewer steps, is necessary in the design or renovation of houses that will be used by baby boomers entering their retirement years. On the other hand, younger home owners who grew up with structured, formal living rooms are far more apt to want an open layout with less rigid boundaries." MORE EVIDENCE OF THE SHRINKING HOME: The golden age of McMansions, which fueled much of the housing boom, may be coming to an end, the Wall Street Journal says. But thanks to rising energy and mortgage costs, smaller families and a growing number of retirement-age baby boomers set on downsizing, there are signs of an emerging glut. The 2003 American Housing Survey, the latest available, found nearly 3.2 million homes in this country with 4,000 square feet of space or more - the largest category the group tracks and perhaps 1,000 square feet fewer than the typical McMansion. That was 11 percent more than the previous survey, in 2001. Part of the big-house mania was fueled by speculation as home prices surged, says housing economist and consultant Thomas Lawler in Vienna, Va. "Folks bought mega sized houses well beyond their needs to increase their investment in real estate," he continues. Now, some boomers in their late 50s are counting on selling their huge houses to help fund retirement. With the rise in home heating and cooling costs, McMansions are increasingly expensive to maintain; it can cost $5,000 a year or more to heat and cool a 5,000-square-foot house in a city such as Farmington, Conn., according to Connecticut Light & Power Co. The overall slump in the housing market also is crimping big-home sales. Further, the jump in interest rates has put the cost of a big house out of more people's reach. IF YOU NEED EVEN MORE PROOF, READ THIS: First-time home buyers in the Portland, Ore., area are slimming down their new-home expectations - literally, says The Oregonian, according to the Wall Street Journal. Spurred by both high prices and a scarcity of buildable land, developers are constructing "skinny" houses on smaller plots of land, the paper says. These homes can be as narrow as 25-square-feet wide and are found in high-density neighborhoods with little or no backyards. Also catching on are three-story houses that pack in more living space on less land. Such developments squeeze 10-15 homes on an acre, compared with the four to six per acre of 10 years ago, one builder executive says. Land in the area is priced at about $500,000 an acre. While an affordable option for prospective homeowners, these houses are also attractive to empty nesters who don't want the hassle of yard upkeep. HULK HAS HIGH HOPES FOR HIS HOME: Professional wrestler and actor Hulk Hogan is trying to sell his Florida mansion, according to the St. Petersburg Times in Realtor magazine. Asking price: $25 million. The five-bedroom, eight-bath home is believed to be the most expensive home on the market on the west coast of Florida. The 2.3-acre property overlooks the Intracoastal Waterway and the Gulf of Mexico near the Pinellas County town of Belleair. It has a guest house, boat house, pool with waterfall, a maid's quarters and a four-car garage. No gym? Terry Bollea, otherwise known as The Hulk, and his family moved to Miami Beach about three weeks ago. The house was assessed last year at about $6.4 million, and property taxes were $126,207 annually. CONSUMER ADVOCATES AND REALTORS DUKE IT OUT: A national consumer advocacy group has condemned real estate trade groups as a "cartel" that sets prices and blocks competition to maintain its traditional commission structure and to keep discount firms from gaining market share, reports the Washington Post. The commission system is "cockamamie," said Stephen Brobeck, executive director of the Consumer Federation of America. Even some inexperienced real estate agents are charging a 7 percent sales commission, he added - an amount he likened to the cost of a new car. And he questioned why the brokerage fee on an $800,000 house is four times higher than that for a $200,000 house, saying the work involved is basically equal. The District-based federation applauded efforts by government antitrust regulators to put pressure on the trade groups to change the way they do business, but Brobeck said no one had yet found the "magic bullet" to reduce costs. He said consumers have been left on their own and urged home buyers and sellers to negotiate over the sales commissions they are charged and make sure it is clear who is representing whom, what each agent will be paid and for what services. Thomas M. Stevens, president of the National Association of Realtors, fired back within hours, saying the Consumer Federation is ill-informed and incorrect. "It's clear and evident that they don't understand the real estate business," Stevens said. "Real estate is probably one of the most competitive industries out there." Stevens said real estate agents put themselves at financial risk showing clients from house to house and advertising homes for sale in hopes a transaction will be completed. He said that more than 2 million people in the United States hold real estate licenses and that the work has grown only more competitive and difficult with the real estate slowdown of recent months. ARCHITECTS SAY THEIR INCOME IS SLIPPING: For the first time since September 2004, the Architecture Billings Index (ABI) posted a negative score in May, according to the American Institute of Architects. The ABI is a leading economic indicator of nonresidential construction activity based on the approximately 6-9-month lag time between architecture billings and construction spending. Previously, it had been positive for 19 consecutive months and 28 out of the last 29 months. The American Institute of Architects (AIA) reported the May ABI rating was 49.6 (any score below 50 indicates a drop in billings), down sharply from the 54.2 mark in April. "After such a prolonged period of positive business conditions at architecture firms, it is inevitable that the market would soften a bit," said AIA Chief Economist Kermit Baker. "Because inquires for new projects continue to be strong, this isn't alarming news. If this pattern continues over the next few months, then there will be greater concerns for the nonresidential construction outlook. But at this point, there are so many construction projects in the pipeline that the industry shouldn't feel a slowdown yet." MORTGAGE VOLUME IS NEARLY STEADY: For the week ended June 16, loan applications decreased 0.8 percent on a seasonally adjusted basis from one week earlier, according to the Mortgage Bankers Association. On an unadjusted basis, volume was off 1.6 percent compared with the previous week and 26.8 percent versus one year earlier. Seasonally-adjusted, purchase mortgages went up by 0.1 percent from the prior week, while refinancings dropped by 2.2 percent. The refinance share of mortgage activity declined to 35.5 percent of total applications from 35.7 percent the previous week, and the adjustable-rate mortgage (ARM) share fell to 29.6 percent of total applications from 30.7 percent. NEW TALK OF A BUBBLE FROM THE ANDERSON FORECAST: If history is any indication, the country may be heading for a housing crash, according to a report from a couple of economists at the University of California, Los Angeles. "The risk of a housing crash rather than a slowdown is far greater than what most people think. In fact history is on the side of a crash," said David Schulman, a senior economist for the UCLA Anderson Forecast. In his report, he added that every major housing cycle of the past 45 years ended with activity declines in excess of 50 percent and asked, "Because the current cycle was so powerful, why should we expect any less?" Casting blame on the Federal Reserve Board, the report finds that there is "some truth" to the notion that it created the housing bubble to prevent the deflationary forces of collapsing stock prices to take hold in the real estate economy. "The great housing boom of the past five years is unwinding under the weight of higher interest rates and unsustainable home prices," Schulman wrote. In a separate Anderson Forecast report, forecast director Edward Leamer maintained that the housing market "is like a powerful rocket whose fuel has been exhausted." Leamer went on to note that home prices rarely drop, saying, "and if they do, the decline is not very much." THE MIDDLE CLASS IS DRIFTING FROM U.S. CITIES: Middle-class neighborhoods, long regarded as incubators for the American dream, are losing ground in cities across the country, shrinking at more than twice the rate of the middle class itself, according to the Brookings Institution in a Washington Post story. In their place, poor and rich neighborhoods are both on the rise, as cities and suburbs have become increasingly segregated by income. The think tank found that as a share of all urban and suburban neighborhoods, middle-income neighborhoods in the nation's 100 largest metro areas have declined from 58 percent in 1970 to 41 percent in 2000. Middle-income neighborhoods - where families earn 80 to 120 percent of the local median income - have plunged by more than 20 percent as a share of all neighborhoods in Baltimore, Chicago, Los Angeles and Philadelphia. They are down 10 percent in the Washington area. Widening income inequality in the United States has been well documented in recent years, but the Brookings analysis of census data uncovered a much more accelerated decline in communities that house the middle class. It far outpaced the decline of seven percentage points between 1970 and 2000 in the proportion of middle-income families living in and around cities. DO YOU WANT TO BENEFIT FROM THE MISFORTUNE OF OTHERS: If so, put July 10 on your calendar, when the District of Columbia begins its annual real property tax sale at 941 North Capitol Street NE. Mandatory registration is required starting Wednesday until the final day of the sale, for which at least 20 percent of the total purchase price must be paid in advance. At the sale, the purchaser acquires a lien on the property that may "ripen" into title through foreclosure. If the tax goes unpaid, a Superior Court judge will order that a deed be issued to the purchaser after that person pays all taxes, costs and expenses. For more information and a list of properties, check out this site: otr.cfo.dc.gov/otr/cwp/view,a,1330,q,594443,otrNav_GID,1679,otrNav,|33288|,.asp. IF YOU HAVE A GARDEN AND SHADE, GO FORTH AND SEE BEAUTIFUL: Members of the Potomac Hosta Club mount their annual exhibition at the National Arboretum. Experts will be on hand to offer advice on keeping pests such as slugs away from hostas, when to divide them and how to cultivate them. Head for the administration building auditorium Saturday 2-4 p.m. and Sunday from 10:30 a.m. to 4:30 p.m. The event is free. LAND ITSELF HAS BOLSTERED HOUSING PRICES: In big U.S. cities, housing prices have increasingly reflected underlying land value rather than building value since the mid-1980s, and that trend is likely to continue, according to a Federal Reserve study, says the Wall Street Journal. In the 46 biggest metro housing markets, land's share of property prices increased on average to 51 percent in 2004 from 32 percent in 1984, according to the study by Michael Palumbo, chief economist in the Fed's flow of funds section, and Morris Davis, a former Fed economist now at the University of Wisconsin. The increase was especially sharp during the 1998-2004 housing boom, when land's share of property values gained 11 percentage points, the study said. "With residential land having appreciated so significantly over the past 20 years around the country, the future course of land prices is expected to play an even more important role in governing home prices - in terms of average appreciation rates and volatility - in the next two decades," the authors say. The report concludes that land's increased share of property values "could mean faster home-price appreciation, on average, and possibly larger swings in home prices." Even if land appreciation returns to the slower pace seen before the 1998-2004 boom, cumulative gains in land value mean that house prices might rise more quickly on average than they did before the boom, the report suggests. Regionally, relatively expensive housing markets have seen somewhat bigger increases in land's share of prices in the 1998-2004 period, but the current housing boom has been marked by rapid appreciation of residential land "just about everywhere," according to the report. The Fed study also found that at some point since 1984 most large U.S. cities have gone through one pronounced price cycle in which residential land lost value for several years, usually after several years of rapid appreciation. "In real terms, land prices have generally taken several years to go from peak to trough, and the subsequent recovery from these price declines has generally occurred at a more gradual pace," the study finds. SPEED ISN'T EVERYTHING: Elk Grove, Calif., had the nation's fastest growth rate among large cities (100,000 or more population) between July 1, 2004, and July 1, 2005, according to new U.S. Census Bureau population estimates. South of Sacramento, Elk Grove is a relatively new city, having incorporated less than six years ago. Its population increased 12 percent during the period, to 112,338. Phoenix had the largest population increase of any city between 2004 and 2005, followed by San Antonio; Fort Worth, Texas; North Las Vegas, Nev.; and Gilbert, Ariz. New York City continued to be the nation's most populous city, with 8.1 million residents in 2005 - more than twice the population of Los Angeles, which ranked second at 3.8 million. The estimates show that among the 10 largest cities, one change has occurred in the rankings: San Antonio has replaced San Diego as the nation's seventh most populous city. 10 Tips for Today's Market ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Smart moves from Fortune magazine Whether you are buying, selling, investing or staying put, there are smart moves you can make to get the most out of your real estate. So says Fortune magazine writer Ellen Florian Kratz in the following article: It never pays to get caught up in group hysteria, especially when it comes to real estate. Conditions vary from town to town, and no national statistics can give you a clear picture of what's happening in your neighborhood. So don't let headlines spook you into making a costly mistake. Even simple steps can make a big difference in the price you buy or sell for. Read on for some advice that will help you make sure you're getting the best possible deal. If you're a seller . . . Price it right The worst mistake a seller can make in a softening market is to overprice a home. Even putting a high price on your home to "test the market" for a few weeks (with the notion that you can always lower it later) is a bad idea. Your goal should be to seal a deal during "the first two or three weeks your house is new to the market," says Lyle Martin, co-founder of Assist-2-Sell, a discount realty firm. That's when your home generates interest from serious buyers who have their radar up for fresh properties. If you're asking too much, they'll move on, and your house will get lumped in with the rest of the inventory. And if it lingers too long, "it can become stigmatized," says Pam O'Connor, CEO of Leading Real Estate Companies of the World. "Buyers will think there is something wrong with it." How can you be certain that you're pricing it right? Start by checking out your rivals: similar homes for sale in your neighborhood. But the numbers that you really want are the actual prices comparable homes have sold for recently - a market analysis that any good real estate broker will prepare. And don't cling to memories of what houses were commanding six months ago; if your area has seen a slowdown in sales, you're not going to get top dollar. "The silver lining," says Gil Campos, a 25-year Boston real estate veteran, "is that houses priced correctly are selling for what they're asking." Set the stage In a faltering market you need to stand out. That's where something called staging comes in - that is, sprucing up your home in a way that encourages prospective buyers to envision themselves living there. The first step is to rent a storage locker and fill it with all that clutter from the attic, basement and garage. Also remove any furniture that makes your home look overcrowded. And you may want to sweep your house clean of such personal items as wedding photos, framed diplomas, or children's finger paintings - it's difficult for prospective buyers to see your home as their castle if your family's signature is all over it. Tone down unique decor. That nude oil painting hanging in the foyer may turn off buyers. Rooms painted in unusual colors should be redone in neutral tones. "You're not selling your things, you're selling the space," says Barb Schwarz, CEO of StagedHomes.com. Curb appeal is equally important. Says Long Island, N.Y., agent Diane Saatchi of the Corcoran Group: "The trip from the driveway to the front door can kill a deal." So slap a fresh coat of paint on the door, hang a wreath, hide the garbage cans, and plant flowers along the walkway. Hire an agent You may hate the idea of parting with 6 percent of your home's value, especially when you're facing the prospect of getting less than you dreamed of. And with the Internet making do-it-yourself sales easier than ever, you may be tempted to dispense with an agent. But in a tougher environment, marketing is everything, and an experienced agent - that is, one who didn't recently jump into the real estate gold rush - can be invaluable in helping you price your home correctly and in getting it noticed by prospective buyers. An agent can also steer you through the tortuous sales process and keep a deal on track when the inevitable glitches crop up. So are there ways to save on those steep commissions? Any real estate professional will tell you that fees are always negotiable. But just as investors with hefty portfolios often pay smaller percentage fees to their advisors, sellers of high-end homes have the most leverage when it comes to commissions. Paul Butler, a Windermere broker in the Puget Sound area, recently reduced the take on a $900,000 property to 4 percent. You may also be able to get a package deal if you use your listing broker to buy another house in the same market. If you're a buyer . . . Don't let the asking price be your guide Many sellers are clinging to bloated price tags that are based on what homes were fetching at the peak rather than what's realistic today. Case in point: A four-bedroom home in Wellesley, Mass., that debuted on the market last summer for $750,000 now has an asking price of $620,000. To gauge local conditions, you want to know how many houses are for sale and how long the average house has been sitting on the market today vs. a year ago. Once you focus on a particular house, get the same report on comparable dwellings that an agent would give a seller. It costs you nothing, and it can save you from placing more money on the table than you should. Without doing this research "you're just shooting in the dark," says Martin. "The home could be totally overpriced, or it could be a steal." Take your time In the heat of the boom, home shoppers committed to properties within minutes of touring them. Although sellers still have the upper hand in some markets, in most, time is on your side. You can make good use of it by getting to know your target market intimately. "Now you can do your homework," says Lance Pagel, a Re/Max agent in Roseville, Calif. Some of the things you can use the extra time to delve into more deeply: the school system; zoning issues that could change the value of homes in the coming years; the job picture; and recent property tax increases, as well as the outlook for more. Once you're ready to make an offer, again, don't be hasty. Hire a professional to conduct a careful inspection, and follow up by getting estimates for dealing with any problems he uncovers - repairing a leaky roof or replacing an old furnace. All this is part of the cost of carrying a house, and you need to factor it into your budget before you know what you can really afford to pay. Ask for goodies Sellers who won't budge on the asking price may be willing to make other concessions. This is especially true when you're buying from homebuilding companies, which need to keep prices stable to avoid angering recent purchasers. To move product these days, they're throwing in all sorts of upgrades. In January the National Association of Home Builders found that 41 percent of builders were offering freebies, up from 32 percent six months earlier. Near Sacramento, Centex is offering backyard landscaping, window treatments, and free washers and dryers to first-time buyers of 1,700- to 2,800-square-foot homes. A Fairfax, Va., builder of condos is tossing in a prepaid two-year lease on a BMW to buyers of two- or three-bedroom units. And in San Diego, in a program offered by mortgage lender Cal Pacific, some sellers are promising to make up to a year's worth of mortgage payments to buyers who come close to the full asking price. Still, with plenty of houses to choose from, don't let a gimmicky offer lead you to overpay for a place you're not crazy about. If you're a speculator . . . Get out, now! In 2005, investors accounted for 28 percent of the housing market, up from 23 percent in 2004, according to the National Association of Realtors. But the game of buying a home - or two or three or 17 - holding it for a bit, and then flipping it for a handsome profit has pretty much played itself out. "Get out as fast as possible," says Mark Zandi, chief economist with Moody's Economy.com. "The market is moving away from the investor, and even when it stabilizes, I don't think it's going to come back anytime soon." So don't repeat the mistake that tech investors made during the dot-com bubble. As stocks spiraled downward, they held on, thinking that the market would bounce back quickly. Just accept that you're going to lose money on that Miami deal. "Take your lumps," says Jon Duncan, a Tacoma financial planner. "If you're feeding this thing cash flow, it won't take long to make this a very bad investment." If you're staying put . . . Keep an eye on your mortgage If you hold an adjustable-rate mortgage, you may be in for a shock. Interest rates have been climbing sharply, which means your monthly payment could jump by several hundred dollars at the next adjustment. Study the terms of your ARM -they vary widely. If you'll soon face a big hike, this may be a good time to switch to a fixed-rate loan. As for recent hints that the Federal Reserve may be ready to end its string of rate hikes, don't expect mortgage rates to start drifting downward anytime soon. The economy looks strong, and oil is putting upward pressure on prices. "The inflation monster is on the horizon, and it keeps looking over the hill," says UCLA economist Ed Leamer. "If it jumps up and causes problems, there will be elevated interest rates." Don't bank on your house to fund your retirement If you've lived in your home for five years or more, you may be sitting on a substantial gain. But don't use that as an excuse to ease up on retirement savings. For one thing, future appreciation is likely to be much more modest. Historically, residential real estate has outpaced inflation by a little more than a percentage point each year - hardly enough to pay for two decades of sunset years on sun-filled links. So max out on your retirement contributions and consider any future real estate profits an extra cushion. Keep your cool If you're in the real estate game for the long haul, you're going to be fine. Your home, after all, is really a place to rest your head. So look past any current softness in the market. "If you can wait it out, the cycle will come back again," says Leamer. "But while you're waiting, don't read the real estate section of the newspaper."     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. WASHINGTON 1827 FLORIDA AVE NW #404 $499900 Bedroom(s): 2 Full Bath(s): 2 In the listing agent’s inimitable words: “A PERFECT "10" & A MUST SEE *** VIEW OF WASHINGTON MONUMENT *** SOARING CEILINGS , TOP FLOOR , OPEN FLOOR PLAN , NEW KITCHEN WITH GRANITE COUNTER TOPS & NEW STAINLESS STEEL APPLIANCES , WALK IN CLOSET IN THE MASTER WITH ITS OWN FULL BATH , WASHER & DRYER IN THE UNIT , SKY-LITE , NEW ROOF WILL BE PUT ON ON THE BUILDING BY END OF JULY/06 ***” MLS#: DC6085041 WASHINGTON 2512 ONTARIO RD NW #1 $499900 Bedroom(s): 3 Full Bath(s): 2 In the listing agent’s inimitable words: “SPACIOUS LIGHT FILLED 2 LVL BAYFRONT UNIT. 3BRS/2BA W/EXPOSED BRICK, FIREPLACE, FLEXIBLE LAYOUT. LIVING ROOM BOASTS WET BAR ACCENTED BY BRICK ARCH, WOOD-BURNING FIREPLACE W/HANDSOME MANTEL & OVERLOOK FROM ABOVE, FRENCH DOORS ACCESS THE REAR. OAK STAIRWAY LEADS TO THE 2ND LVL W/FLEXIBLE SPACE FOR DINING RM OR FAMILY RM; CONTEMPORY TABLE SPACE KIT W/BAY WINDOW, CENTER PREP ISLAND, AMPLE CABS, ETC.” MLS#: DC6090652 ROCKVILLE 14136 FLINT ROCK RD $509900 Bedroom(s): 4 Full Bath(s): 2 In the listing agent’s inimitable words: “A+!!Beautiful, bright 4 bdrm,2.5 bath colonial on quiet tree lined street,1 car oversized gar, hrdwd flrs throughout,full finished basemt,ready to move into.Lovely fenc,landscaped lot,over 1/4 acre, backs to wds & stream, patio, abv-ground pool w/deck,grt storage shed,new Lg Frl LR/DR w/huge bay window.1yr home warranty.” MLS#: MC6082669 TAKOMA PARK 7224 MINTER PL $525000 Bedroom(s): 3 Full Bath(s): 2 In the listing agent’s inimitable words: “Warm & cozy colonial with beautiful hardwood floors located on a very quiet street close to Sligo Creek Park. This very comfortable home features a formal dining room, updated kitchen, finished lower level w walk out, three bedrooms and two full baths. The mature trees make this a very special place to live.” MLS#: MC6095493 WASHINGTON 1875 CALIFORNIA ST NW #1 $539000 Bedroom(s): 2 Full Bath(s): 1 In the listing agent’s inimitable words: “This four unit Victorian gem has a contemporary heart and a stately presence. It features commanding views of the Washington Monument from two prominent turrets. Located at the corner of 19th and California Street, the building is a quick walk to all of the restaurants,services and transportation of Dupont Circle, Adams Morgan and Kalorama. Unit 1 features a 140sf brick patio!” MLS#: DC6093252 WASHINGTON 729 GALLATIN NW $549000 Bedroom(s): 4 Full Bath(s): 2 In the listing agent’s inimitable words: “PRICE REDUCED!!!!Newly renovated home with, Front porch, Wood flrs., SS appliances, granite C.Tops, maple cabinets, Private Parking for 2+ cars, French doors from sunroom to new deck, jacuzzi in master bath, finished bsmt w/ wet bar, recessed lighting, washer & dryer and 2.5 baths!!” MLS#: DC6094653 ALEXANDRIA 3819 EISENHOWER AVE $554900 Bedroom(s): 3 Full Bath(s): 3 In the listing agent’s inimitable words: “SUNNY, BRIGHT, AIRY WITH A VIEW in popular Alex comm. Exceptionally maintained 4 lvl, 3BR Suite TH w/3.5 BA. 2 car oversized garage. OPEN FLOOR PLAN with high ceilings, huge eat-in kitchen w/granite counters and hardwoods. Great for entertaining. COMMUTERS AND FITTNESS BUFFS DREAM- NEAR 2 METROs, PTO, OLD TOWN, FT BELVIOR, HOFFMAN TOWN CTR.” MLS#: AX6081295 BETHESDA 4813 EDGEFIELD RD $569000 Bedroom(s): 3 Full Bath(s): 2 In the listing agent’s inimitable words: “Wonderfully located 3 BR, 2 Bath SF in sought after Bethesda/Parkwood. Family room addition, FP, eat-in Kitchen, replacement windows, HWD floors. Carport with 2 large storage closets. Patio and terrific, private back yard. Walk to Metro, Rock Creek Park and elem. school. ” MLS#: MC6084014 ALEXANDRIA 319 WEST ST N $575000 Bedroom(s): 2 Full Bath(s): 2 In the listing agent’s inimitable words: “Tasteful & updated with hardwood floors, exquisite moldings, plantation shutters, built-in bookshelves & nickel hardware throughout. Separate dining rm for entertaining. Kitchen has granite tile counters, maple cabinets & opens to deck, shaded backyard deck, storage shed & 2 parking behind privacy fence.2BR & 2BA upstairs w/Jacuzzi tub. Freshly painted in&out. Close to METRO & King St.Open Sun 1-4” MLS#: AX6099786 WASHINGTON 211 5TH ST SE $589000 Bedroom(s): 2 Full Bath(s): 1 In the listing agent’s inimitable words: “BEYOND BELIEF!LUXURIATE IN A MOST ALLURING,SINGULARLY QUIET,GEOGRAPHICALLY PRIVILEGED LOCA. WHILE ENVELOPING YOURSELF IN EXTREME ELEGANCE!ELABORATE MEDALLIONS, APPROPRIATE MLDGS,ANTIQUE MARBLE MANTEL,CRYSTAL CHANDELIER, EXQUISITE OAK FLRS,'05 KIT!LATENT LOAFERS WILL BLOSSOM IN THE PEACEFUL PATIO BEFORE SASHAYING TO THE MKT, SAUNTERING TO NEARBY RESTS., OR SPRINTING TO THE METRO FOR PARTS UNKNOWN!” MLS#: DC6091780 ALEXANDRIA 452 CLAYTON LN $599000 Bedroom(s): 3 Full Bath(s): 2 In the listing agent’s inimitable words: “Terrific VALUE for this sun-filled END townhome overlooking treed common area. Spacious and well-maintained (new A/C), this home features a bright open floorplan. Dramatic living room w/palladian windows & gas fpl. Large kitchen w/island and adjacent family room. Bright walk-out lower level. Plantation shutters in owner's suite and kitchen.” MLS#: AX6090934 BETHESDA 4509 GRETNA ST $599000 Bedroom(s): 4 Full Bath(s): 2 In the listing agent’s inimitable words: “REDUCED 50k TO SELL, offered 90K under appraisal! UNIQUE Front to back split with 14' cathr. ceilings. Open floor plan and the most of Sqft for the price! Special features like a Jack and Jill bath, tons of storage, 10' walkin closet in master, Frsh Paint, floors refinished, 2yr old CAC, Deck, covered patio and LOCATION! Aon Warrenty incl.” MLS#: MC6096560 ROCKVILLE 509 OAK KNOLL DR $599900 Bedroom(s): 3 Full Bath(s): 3 In the listing agent’s inimitable words: “3 year young, well kept, spacious town home with lots of upgrades including granite kitchen, huge 3rd level bedroom with private bath, deck, finished basement, 2 car garage, all hardwoods on main level plus all the amenities Fallsgrove has to offer. Walk to clubhouse, pool and new shopping center. Call owner 1st. If no answer use L/B on rail next to front door. Open Sun. 6/25 1:30 - 4:30” MLS#: MC6093822 WASHINGTON 1736 18TH ST NW #203 $620000 Bedroom(s): 2 Full Bath(s): 2 In the listing agent’s inimitable words: “Spacious sun-filled 2BDR, 2BA condo in heart of Dupont Circle. High ceilings, hardwood floors, & crown molding throughout. Kitchen features granite counters, tile floor & under cabinet lighting. Marble foyer & fireplace,W/D in unit, balcony, alarm system, walk-in closet, extra storage & more. Reserved parking included ! OPEN HOUSE-6/25, 1 to 4” MLS#: DC6084782 WASHINGTON 1616 19TH ST NW #1 $639000 Bedroom(s): 2 Full Bath(s): 1 In the listing agent’s inimitable words: “Just 1.5 blocks from the Circle, this renovated & light-filled 2 BR/1.5BA row house condo is on one of Dupont's best blocks. Period bay windows, high celings, Fr.doors, parquet hdwds & wood/brng f/p create an elegant warmth & charm. Feat. incl. a perfect gran/ss kitch, shiny master bath and sep din. area. Unit has private outdoor space & its own PARKING SP.!Low condo fee. OPEN SUN. 1-4.” MLS#: DC6083261 SILVER SPRING 712 PEBBLESTONE CT $639900 Bedroom(s): 4 Full Bath(s): 3 In the listing agent’s inimitable words: “Lovely Stonegate cul-de-sac colonial in perfect move-in condition!! Beautiful hardwoods throughout main level, updated kitchen w/ceramic tile, granite counters & backsplash, main level FR w/FP & formal LR & DR with crown mouldings. Top level w/4BR & 2FB includes MBR w/FB and walk-in closet. Fully finsihed walk-out basement w/wet bar, den & bath! Quiet cul-de-sac, hurry over!!!” MLS#: MC6080593 POTOMAC 9201 GATEWATER TER $649900 Bedroom(s): 4 Full Bath(s): 3 In the listing agent’s inimitable words: “SO MANY UPGRADES / UPDATES - SHOWS LIKE NEW. 4 BR 3 1/2 Ba. end unit townhouse in the sought after Potomac neighborhood. Just renovated Kitchen and Master Bath with top finishes. Also just completed full bath in the basement. Beautiful hardwoods on main level. Huge Rec. Room leads to walkout basement. Enjoy the deck off family room or patio below. Nicely decorated.” MLS#: MC6095686 ALEXANDRIA 4633 KEMP CT $649900 Bedroom(s): 3 Full Bath(s): 2 In the listing agent’s inimitable words: “Impressive TH w/2 car garage in convenient location to DC/Old Town/395. Hardwoods ML, white kitchen w/corian & FR or brkfst space adjacent. 3BR up, incl MBR w/volume ceiling & luxury bath: jetted tub, dbl vanity, sep shower. Walkout LL rec room w/gas FP opens to Georgetown style fenced backyard. Deck & patio,security sys, great neighborhood w/park & pond. Great price!!” MLS#: AX6098433 WASHINGTON 2123 CALIFORNIA ST NW #B2 $679000 Bedroom(s): 2 Full Bath(s): 2 In the listing agent’s inimitable words: “WOW! ONLY UNIT W/PARKING! 679K INCLUDES PKG! MOST UNIQUE FLOOR PLAN IN BRIGHTON.RARELY AVAILABLE FRONT UNIT 2/R/2BA W/PKG W/TONS OF SUN & GORGEOUWS ORIGINAL DETAIL INCL:INTRICATE PLASTER WORK &COLUMNS.UNIT WAS ORIGINALLY PART OF BRIGHTON'S BALLROOM/RESTAURANT LOCATED ON LOBBY LVL.ALSO INCLUDED: XTRA STORAGE. PARKING SPACE INCLUDED IN PRICE! LB ON SIDE OF BLDG SOLD IN "AS IS" COND.” MLS#: DC6088176 WASHINGTON 1300 13TH ST NW #706 $679000 Bedroom(s): 2 Full Bath(s): 2 In the listing agent’s inimitable words: “One of the best floor plans at SOLO PIAZZA-2 Master BDRM Suites! This Spectacular unit has floor-to-ceiling windows, sleek maple flrs, granite kit w/poggenpohl cabinets, viking/miele appl's, roof deck and front desk. GARAGE PARKING Included. Open Sat / Sun 1-4.” MLS#: DC6098454 KENSINGTON 5305 STRATHMORE AVE $680000 Bedroom(s): 2 Full Bath(s): 3 In the listing agent’s inimitable words: “Come and live in this beautiful contemporary home. Close proximity to all shopping conveniences, restaurants, movies, places of worship, community pools, fitness centers, public transportation and Strathmore Hall. Den can be a third bedroom with private bath. Secluded neighborhood. New A/C, appliances, including dishwasher, refrigerator, trash compactor and water heater. Backs to trees.” MLS#: MC6080959 WASHINGTON 2705 RITTENHOUSE ST NW $727500 Bedroom(s): 4 Full Bath(s): 2 In the listing agent’s inimitable words: “Terrific sidehall steps from Rock Cr Pk, in fine cond w/all your buyers want: 4br, 2ba, sep dr, gar, CAC, lovely level bkyd, deck, sunroom, bsmt has good ht ceiling & 1/4 ba for future finishing. Move-in cond now and ready for buyers' cosmetic touches. Friendly, but barky dog, Nalla, will be confined in bsmt.” MLS#: DC6089869 WASHINGTON 1239 G ST NE $729900 Bedroom(s): 3 Full Bath(s): 3 In the listing agent’s inimitable words: “BLUE CHIP HOME: You'll be impressed with this 3 br, 3.5 bath home. Spacious MBR suite w/ walk in clst, jaccuzi, granite counter and high ceilings. Modern kitchen has blk granite, maple cabinets and ss. Brand new hardwood floors throughout.OSP for two cars. 2nd kitchen in large fully finished basement. Superior interior doors, tiles, and fixtures Great location, great condition, great price.” MLS#: DC6084885 WASHINGTON 308 EAST CAPITOL ST NE #10 $749000 Bedroom(s): 2 Full Bath(s): 2 In the listing agent’s inimitable words: “STUNNINGLY SOPHISTICATED & SPACIOUS 2BR, 2BA IN THE HEART OF CAPITOL HILL. ONLY THE FINEST FINISHES GRACE THIS NEARLY 1800 SF GEM. LIVING ROOM W/ FP & BUILT-INS, SPECTACULAR GRANITE KITCHEN W/ WINE COOLER & WET BAR, SEP DINING ROOM, MBA W/ STEAM SHOWER, AMAZING CLOSETS, FULL SIZE WASHER/DRYER, SLATE FLOORS, OUTDOOR PATIO, PARKING, BLOCKS TO METRO/SHOPPING OPEN SATURDAY & SUNDAY 1-4” MLS#: DC6082612 SILVER SPRING 1605 ANGELWING DR $749000 Bedroom(s): 5 Full Bath(s): 3 In the listing agent’s inimitable words: “Welcome to this Gorgeous Dream Home on a spectacular lot. Entertain in privacy on a beautiful deck overlooking a fenced backyard & parkland. 2 Story Foyer w/curved staircase, formal Liv.& Din.Rms, Study, Lge Family rm opening to country Kitchen w/sunlit Breakfast Area. Fully fin.LL w/2nd kitchen makes a perfect ind. inlaw ste. Open house Sat& Sun 1-5PM” MLS#: MC6091394 ARLINGTON 770 WAKEFIELD ST $759900 Bedroom(s): 3 Full Bath(s): 3 In the listing agent’s inimitable words: “Stunning 4 lvl, 3BR, 3.5 BA all brick townhome in sought after Ballston! Mstr. ste has his/her closets, bay window w/seat, vaulted ceiling, deluxe BA w/sep shower & soaking tub. Huge loft area w/FB. Hdwd floors. Kit. w/granite counters & brkfst room. Liv. rm has builtins & fplce . Georgetown patio & fenced garden. Garage pking! Steps to Metro, shops, rest,etc., OPEN SUN 1-4PM!” MLS#: AR6084616 ROCKVILLE 11423 HOLLOWSTONE DR $774900 Bedroom(s): 3 Full Bath(s): 3 In the listing agent’s inimitable words: “This is it! Just wonderful. Hardwoods main level, quality carpet up and down. Light filled end unit. All appliances, counters, paint, fixtures, hardward 3 years or less. End unit backs to trees. Walk to METRO, White Flint, etc. This is the huge kitchen model with open floor plan. Silestone, butcher block, ceramic backsplash, you name it, it has it.” MLS#: MC6095290 WASHINGTON 5506 UTAH AVE NW $795000 Bedroom(s): 4 Full Bath(s): 3 In the listing agent’s inimitable words: “You have to get inside this cape cod to appreciate the construction and space--light-filled w/lrg lr/dr, w/built-ins, eat-in kit. w/granite counters and Italian tiled floor, 2lrg BRs, 2full baths on the 1st flr, 2 br, 1 fb on 2nd. Finished rec.room. Screened porch, great deck/yard. Attached two-car garage.” MLS#: DC6083452 TAKOMA PARK 801 SLIGO CREEK PKWY $795000 Bedroom(s): 4 Full Bath(s): 3 In the listing agent’s inimitable words: “Fabulous contemporary Four Square home built by Alan Abrams, in magical park setting steps to Sligo Creek Park. It's like living in a tree house, you're so connected to outdoors - you'll want to live on the deck or at least start your day there watching the birds. Perfect floor plan for today: bright kitchen open to many windowed family rm and to deck.” MLS#: MC6092585 ALEXANDRIA 718 QUEEN ST $845000 Bedroom(s): 2 Full Bath(s): 2 In the listing agent’s inimitable words: “Great new price! Charming Victorian on tree-lined street. Convenient to Old Town amenities. Gracious, light-filled living areas with lovely period details. Sensational, renovated, eat-in kitchen w/Viking stove, SubZero fridge, & granite. 2 stylishly updated European style baths. 2 bdrms plus sitting room w/generous storage space.Charming garden backs to open space.” MLS#: AX6098855 SILVER SPRING 14519 FAIRDALE RD $849900 Bedroom(s): 4 Full Bath(s): 3 In the listing agent’s inimitable words: “PRACTICALLY NEW WINCHESTER BUILT COLONIAL WITH OPEN FLOOR PLAN, OPTIONAL GOURMET KITCHEN W/5-BURNER COOK-TOP IN CENTER ISLAND, BREAKFAST AREA & WALK-IN PANTRY. LARGE FR W/ GAS FP. SUMPTUOUS MBR SUITE W/SITTING ROOM, SPACIOUS MBA, & WALK-IN CLOSET. PRINCESS SUITE W/OWN BATH & BUDDY BATH BETWEEN BR #2 & 3. NO NEED TO WAIT FOR A NEW HOME & RISK HIGHER RATE. THIS ONE IS READY TO MOVE-IN NOW!” MLS#: MC6098154 WASHINGTON 3429 PATTERSON ST NW $885000 Bedroom(s): 5 Full Bath(s): 3 In the listing agent’s inimitable words: “This is a brick colonial charmer just a half block from Lafayette School. There is a large 1st floor family room with cathedral ceilings and a lot of possibilities if your buyers want to reconfigure the present kitchen. It's "as is" although it looks like it is in good condition. ” MLS#: DC6091551 WASHINGTON 5303 SHERIER PL NW $899000 Bedroom(s): 4 Full Bath(s): 3 In the listing agent’s inimitable words: “This is a truly stunning townhouse. Wide entry hall, den/BR, FB & Fam Rm w/stone frpl on entry lvl. Step-down LR w/frpl & doors to delightful patio, lrg DR,dynamite kitch w/new sub zero and HB on main lvl. Master suite w/dressing rm & full Ba, + 2 add'l BR's & Hall Ba on 3rd. Open 6/24 & 6/25 1-4.” MLS#: DC6097885 ALEXANDRIA 214 GREEN ST $919000 Bedroom(s): 3 Full Bath(s): 2 In the listing agent’s inimitable words: “Light filled end townhouse shows VERY well.Generous room sizes, fresh paint, refinished floors, very nice terrace level family room, plantation shutters, 2 fireplaces. lovely patio and garden area. Off street parking space. Open Sunday 1-4. Great Yates Garden location” MLS#: AX6091244 WASHINGTON 1213 FAIRMONT ST NW $929000 Bedroom(s): 6 Full Bath(s): 4 In the listing agent’s inimitable words: “Romantic Victorian Style Home, Built in 1910 and Renovated in 2006 w/the feel of yester-year.Original details remain thru-out! An absolute must to see.Gleaming Pine floors,hi-ceilings,Six Decorative Fireplaces w/beautifully restored mantles & mirrors, WoW! Spacious and Light filled.The center staircase is skylit w/original stained glass. Two Car Parking in Rear.” MLS#: DC6080602 WASHINGTON 6314 28TH PL NW $969000 Bedroom(s): 4 Full Bath(s): 3 In the listing agent’s inimitable words: “Spacious and exquisitely renovated on more than 1/3 acre, secs to Rock Creek. Gorgeous split level 4BR, 3 updated BA. Open spaces for entertaining, elegant crown molding, incred. bonus room, WBFP, warm hdwd flrs, and a brand new cooks kitchen with custom tile and cabinets are just a few of the highlights.Must see this special house!!” MLS#: DC6084306 POTOMAC 11406 CEDAR RIDGE DR $999500 Bedroom(s): 3 Full Bath(s): 3 In the listing agent’s inimitable words: “Stunning, elegant, designer's dream home ready to move in. No detailed spared. Soaring ceilings, custom built-ins thoughout, mind-blowing-state-of-the-art stereo/AV equipment. Flat screen TV's mounted just where you need them- EVERYWHERE! Entertain on the large deck, serve cocktails on the custom bar w/stools. All furniture can be neogiated. Unbelivable opportunity!” MLS#: MC6083640 WASHINGTON 3620 QUESADA ST NW $1050000 Bedroom(s): 5 Full Bath(s): 4 In the listing agent’s inimitable words: “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 6/25 1-4.” MLS#: DC6081105 POTOMAC 9424 TURNBERRY DR $1140000 Bedroom(s): 4 Full Bath(s): 3 In the listing agent’s inimitable words: “Rarely available all-brick 4-level Avenel townhome at a spectacular price! Spacious; Bright with many updates! 4 bedrooms/3.5 baths; new granite in kitchen; new Jenn-Aire cook-top; new tile; Expansive Master Bdrm w/sitting room adjacent to beautifully tiled 2nd floor balcony; fully finished 4th floor (office/playroom); Bright finished W-O lower lvl w/court yard patio. June 22-25.” MLS#: MC6083497 WASHINGTON 1817 BELMONT RD NW $1799000 Bedroom(s): 5 Full Bath(s): 3 In the listing agent’s inimitable words: “Spectacular renovation of 4-story 1910 rowhouse w/ elaborate period details & millwork. 4 BR/2.5BA up - separate lower level rental unit. Stunning home with dark HW flrs, formal LR & DR, both with WB FP. Gorgeous commercial grade kit w/ marble counters. Fantastic MBR & MBA. Library/Ofc. Carriage hse & Gar prkng. Fabulous block & LOCATION.” MLS#: DC6092181 BETHESDA 5429 MOHICAN RD $2325000 Bedroom(s): 5 Full Bath(s): 5 In the listing agent’s inimitable words: “EXPERIENCE THE WORK OF A MASTERFUL ARTISAN. ELEGANT, UNDERSTATED RESIDENCE w/ALL THE AMENITIES EXPECTED PLUS! DESIGN CONCEPTS, ARCHITECTURAL DETAILS, CONSTRUCTION QUALITY, EXCLUSIVE APPOINTMENTS & SYSTEMS RENDER IT EXCEPTIONAL, IN A CLASS ALL ITS OWN.” MLS#: MC6087005 ALEXANDRIA 200 FAIRFAX ST S #12/13 $2950000 Bedroom(s): 3 Full Bath(s): 3 In the listing agent’s inimitable words: “Luxurious three bedroom condominium on two levels offering state-of-the-art kitchen, fabulous family room/great room, baths for each bedroom, 2 fireplaces, generous storage, wet bar/pantry, 2 assigned garage spaces, dual zoned HVAC and the most remarkable views of Alexandria and the Washington/Maryland skylines.” MLS#: AX6094847 POTOMAC 9225 FOX MEADOW LN $4250000 Bedroom(s): 5 Full Bath(s): 6 In the listing agent’s inimitable words: “It's a Classic!! Fabulous home on prestigious street in "close-in" Potomac. High ceilings, gorgeous mill work and raised panel moldings. lots of fireplaces and builtins. Very large public and private rooms.Exercise and steam Rms. Beautifully landscaped 2+AC lot with pool/guest house-very private setting,spa & putting green.” MLS#: MC6091474 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