|
  Realty Digest
A Quirky Collection of News and Information
From The Service You Can Trust Team
**** June
3, 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
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
GOVERNMENT INDEX
SHOWS 12.54% ANNUAL PRICE RISE: U.S. home prices were 12.54 percent higher in the
first quarter of 2006 than they were one year earlier, according
to the Office of Federal Housing Enterprise Oversight (OFHEO).
Appreciation for the most recent quarter was 2.03 percent, or an
annualized rate of 8.12 percent. The quarterly rate is about one
percentage point below the rate from the previous quarter and is
the lowest rate since the first quarter of 2004. Commented OFHEO
Acting Director James Lockhart, "These data show average housing
prices still growing stronger than some might have expected.
They do indicate, however, that price growth is moderating in
some parts of the country, particularly in areas where prices
have been rising the most." The District was fifth in price
growth in the nation, appreciating 20.8 percent for the 12
months and 1.5 percent for the quarter, notes the Washington
Post. In 2005, the growth was 23.4 percent. For the wider
region, the average home price increased 21.8 percent and, for
the quarter, 2.4 percent.
UNSURPRISING NEWS ABOUT BABYBOOMERS: They have a higher rate of homeownership than
the national average and one out of four owns more than one
property, according to a new study commissioned by the National
Association of Realtors (NAR). Conducted by Harris Interactive,
a survey of 2,000 respondents indicates that boomers are
optimistic about the future, even though many are not adequately
prepared for retirement. Nearly eight in ten boomers own their
own homes and almost nine out of ten have owned at some point in
their lives; 96 percent believe owning a home is a good
investment. For the portion of baby boomers who have never owned
a home, 85 percent cited financial reasons and 38 percent didn't
want the responsibility. In addition to a higher rate of
homeownership, analysis by NAR shows baby boomers are
proportionately more active in the second home market, owning 57
percent of all vacation/seasonal homes and 58 percent of rental
property. For the segment of boomers who own rental investment
property, 34 percent own multiple properties. Four out of ten
respondents who own a vacation home or seasonal property intend
for it to become a primary residence. Historically, other NAR
survey data show only one in five vacation-home buyers had such
intentions initially. Ten percent of all boomers said they are
likely to buy additional real estate in the next 12 months;
two-thirds of those respondents said they were considering a
primary residence, but 26 percent were interested in land, 19
percent in rental property, 15 percent in a vacation or seasonal
home and 14, commercial property.
LEADING SALES INDICATOR DIPS FOR 3RD STRAIGHT
MONTH: Pending home sales, the leading indicator for
the housing sector, are continuing to ease, according to the
National Association of Realtors (NAR). The Pending Home Sales
Index, based on contracts signed in April, fell 3.7 percent to a
level of 111.8 from an index of 116.1 in March, and is 11.7
percent below April 2005. The April results represent the third
consecutive monthly decline. The index is based on pending sales
of existing homes. David Lereah, NAR's chief economist, said
various housing and economic indicators have been moving in
different directions. "When some measures are up and others are
down, it tells us that we're in a period of transition. Pending
homes sales probably give us the best measure for the overall
direction of the housing market, which is falling from
historical highs," he said. "I see this time of adjustment as
being a trough in home sales that will more or less level out
toward the end of the year."
WILL YOUR CONDO COME WITH A MAITRE D': When Ten Museum Park is completed next year in
Miami, it will feature a high-end restaurant and an exclusive
lounge designed by Michael Capponi, a nightlife impresario best
known for celebrity-studded parties he throws at local hotspots
like Glass and Mansion, according to the Wall Street Journal.
The building isn't a hotel or resort: It's a condominium
development aimed at second-home buyers that will feature 200
units priced from $400,000 to $4 million. As the condo market
cools, some developers are signing on big-name restaurants and
chefs, opening trendy bars and building clubs on the property.
Celebrity chef Todd English says he is negotiating with
developers to open his first Miami restaurant - an upscale
chophouse, he says - next year at Paramount Bay, a condo project
with 346 units that cost between $600,000 and $5 million. The
success of New York City's Time Warner Center, a condo project
that has drawn star chefs such as Thomas Keller, has inspired
its developer, Related Cos., to plan a similar development in
downtown Los Angeles. The project, named Grand Avenue, is slated
to have seven restaurants and a large bar or nightclub. In Las
Vegas, Fifield Realty is adding an upscale steakhouse to its
Allure Las Vegas project and planning to offer room-service-like
delivery to residents. And although Vegas 888 won't open until
2008, its developers are touting its 35th-floor nightclub, where
owners and those who pay a hefty membership fee can sip
cocktails while sitting in a pool and checking out sweeping
views of the Strip. Developers say they're turning to
restaurants and nightlife to set themselves apart from
competitors in an increasingly crowded high-end condo market. In
Las Vegas, developers of three luxury condo projects - including
one that had sold some units - recently scrapped their plans,
citing concern that there wasn't enough demand. In Miami, says
Daniel Kodsi, chief executive of Royal Palm Communities, which
is developing Paramount Bay, there are about 4,000 units that
are built or currently under construction within a few blocks"
of the project. "We wanted to offer something different," Kodsi
allows.
FULL SPEED AHEAD FOR FREDERICK DEVELOPMENT: The Frederick County Board of Commissioners has
approved a hotly contested plan for development in the New
Market area that could bring in as many as 14,000 homes and
40,000 people over the next two decades, reports the Washington
Post. The board approved a framework for development as well as
requests from dozens of property owners in the sparsely
populated New Market area to reclassify about 2,750 acres for
denser residential development. In an election year in which all
five commissioners' seats are up for grabs, the 3-2 decision
followed long-standing divisions between a pro-development
majority and a slow-growth minority on the board. The decision
also capped more than a dozen workshops and four nights of
packed public hearings on the issue during the past 2 1/2 years.
NEW-HOME SALES ACTUALLY RISE: Sales of new single-family homes were up 4.9
percent in April to a seasonally adjusted annual rate of 1.198
million units, following a substantial downward revision to
sales for the first quarter of the year, the U.S. Commerce
Department reported. But year to date, they were down for the
first four months of the year by 11.2 percent from the same
period last year. "The reported rebound in new-home sales for
April certainly is welcome news, although the substantial
downward revisions for the first quarter of the year left the
sales pace well below 2005 on a year-to-date basis," said Chief
Economist David Seiders of the National Association of home
Builders (NAHB). "We continue to believe that the housing market
is cooling down in an orderly fashion from the record pace last
year, largely because of a pullback by investors/speculators.
NAHB's current forecast shows about a 13 percent decline in
new-home sales for 2006 as a whole." The inventory of new homes
for sale rose to 565,000 units at the end of April, a 5.8
months' supply at the current sales pace. All of the increase
was for-sale units that were not yet started, representing 20
percent of the inventory level. Units still under construction
were almost 57 percent of the inventory, and completed homes for
sale were 23 percent of the total - about the same as a year
earlier. The median length of time that completed homes for sale
were on the market was four months in April, compared with 4.4
months a year earlier.
WATCH OUT FOR TICS: Investing in tenancy-in-common deals, or TICS,
has become a popular way to avoid paying capital gains taxes,
notes Forbes magazine. But experts say you should do your
homework before putting up money. A TIC deal allows people to
buy a fractional interest in properties. It also benefits
sellers of greatly appreciated real estate who want to avoid
paying hefty capital gains. By rolling their profits into a TIC,
the deal qualifies as a 1031 tax deferred exchange. The sponsor
assembling the TIC deal typically promises participants yearly
payouts of around 6 percent of their capital, on par with a
REIT's yield. But participants get more control over where they
put their money. The riskiest thing about a TIC is its
illiquidity: No established secondary market exists so selling
your stake in the property can be a hassle. Also, there are big
fees to get involved; TIC sponsors charge an acquisition fee,
and broker-dealers collect a percentage of the amount invested.
Combined state and federal capital gains taxes can be as high as
25 percent, which is a factor because taxes are merely deferred,
not eliminated.
IF YOUR BUTCHER BLOCK IS GETTING YOU DOWN, TRY
THIS: Window cleaner. So suggests Steve Reichart,
customer service manager for Bally Block Co., a Pennsylvania
firm that makes butcher-block countertops, according to the
Washington Post. This type of cleaner typically includes
ammonia, so it helps cut through oily residue, which includes
newspaper ink and many types of food that might have spilled and
weren't wiped away completely. If this doesn't do the trick,
Reichart recommends cutting a lemon in half and rubbing the cut
surface over the wood. The acid may lift stains caused by
materials other than newspaper ink that have contributed to
discoloring the wood. If you still haven't achieved good
results, switch chemical directions once again and brush on a
solution of half household bleach and half water, Reichart says.
Bleach can be particularly effective on butcher-block counters
where water has collected and caused mildew to grow. Allow the
bleach solution to sit for 15 minutes. If the wood looks better
but not yet great, repeat the process. Then neutralize the
bleach by rinsing the surface well with a solution of half
vinegar and half water. If none of this works, you will need to
sand.
ELVIS HAD A PINK CADILLAC, BUT HIS HOUSE IS NO
WHITE ELEPHANT: Celebrity psychic Uri Geller was the winning
bidder for a Memphis house where Elvis Presley had lived just as
his career was taking off, according to the Associated Press in
Realtor magazine. Geller says he knew his bid of $905,100 was a
winner last week just as the eBay auction closed because the
radio began playing "Love me Tender." Geller, an Israeli who
lives outside London, is buying the house with two partners:
Peter Gleason, a New York attorney and retired firefighter, and
Lisbeth Silvandersson, a jewelry maker who lives in England.
They plan to restore the four-bedroom home to its original
splendor and bring sick children from Palestine, Israel, and
America to see it. They hope eventually to turn it into a
museum. When Presley lived in the home, he appeared on the Ed
Sullivan show, starred in "Love Me Tender," bought his pink
Cadillac, and posed in his gold lame suit.
NO SHOCK THAT SALES WANE OF PREVIOUSLY OWNED
HOMES: Existing-home sales eased in April on the heels
of a two-month rebound, according to the National Association of
Realtors (NAR). Total existing-home sales - including
single-family, townhomes, condominiums and co-ops - slipped 2
percent to a seasonally adjusted annual rate of 6.76 million
units in April compared with the previous April. "Our leading
indicator for pending home sales was trending lower, and our
forecast model is showing a modest decline for the second
quarter, with sales leveling out before rising in the fourth
quarter," observed NAR Chief Economist David Lereah. "Higher
interest rates are slowing home sales, but we see this as
another sign of a soft landing for the housing sector which
remains at historically high levels." The national median
existing-home price for all housing types was $223,000 in April,
up 4.2 percent from April 2005, when the median was $214,000.
The median is a typical market price where half of the homes
sold for more and half sold for less. Total housing inventory
levels rose 5.8 percent at the end of April to 3.38 million
existing homes available for sale, a 6.0-month supply at the
current sales pace. Single-family home sales dipped 2.0 percent
to a seasonally adjusted annual rate of 5.92 million in April.
The median existing single-family home price was $222,700 in
April, up 4.3 percent from a year ago. Existing condominium and
cooperative housing sales declined 2.7 percent to a seasonally
adjusted annual rate of 839,000 units in April and were 6.3
percent below the 895,000-unit pace in April 2005. The median
existing condo price was $222,000 in March, down 0.2 percent
from a year ago.
WILL YOU SHUT UP ALREADY: Loud neighbors likely will not be a complaint
from residents who live in a new Minneapolis condominium
building developed by Mark Dziuk, reports the Minneapolis
Star-Tribune in Realtor magazine. Each unit will come with
built-in noise-masking devices that can cover up sound from
parties, rush-hour traffic, bass stereo, overhead walking,
vacuum cleaners, and more. Owners will be able to turn the
masking system up and down, much like a dimming system for
lights. The walls and ceilings alone will muffle noise very
well, but Dziuk says he wanted to offer a second level of
control. The system is designed by Orfield Laboratories, an
acoustical consulting lab in Minneapolis. Potential condo
purchasers will be able to test the sound-control abilities in
the unit before they buy. But how?
THREE'S COMPANY, MORE OR LESS: According to new information from the U.S.
Census Bureau, the proportion of households consisting of one
person living alone increased from 17 percent in 1970 to 26
percent in 2005. In 2005, 10 percent of the nation's households
contained five or more people, down from 21 percent in 1970.
During the same time period, average household size declined
from 3.14 to 2.57 people. The agency's tabulations also show 67
percent of the nation's 73.5 million children under 18 lived
with two married parents in 2005. About 20.7 million children
under 18 lived with one parent; 17.2 million with their mother
and 3.5 million with their father.
WHEN CLEANING YOUR HOME, BE CAREFUL: Otherwise, the process can be very hazardous to
your health, Realty Times reminds readers. So says a new study,
four years in the making, produced for the California
Environmental Protection Agency by the Department of Civil and
Environmental Engineering at the University of
California-Berkeley and the Indoor Environment Department of the
Lawrence Berkeley National Laboratory. "While effective cleaning
can improve the healthfulness of indoor environments, this work
shows that use of some consumer cleaning agents can yield high
levels of air pollutants, including glycol ethers, formaldehyde
and particulate matter," the study finds. Of concern are
products that contain ethylene-based glycol ethers and terpenes,
compounds extracted from plant oils to infuse cleaners and air
fresheners with that fruity, lemon, pine, or other "clean"
scent. The study says terpenes mix with ozone in the air and
generate formaldehyde, a known carcinogen. Of 21 unnamed
household cleaners, especially those with "fresh scent" claims,
six contained the glycol ethers and 12 contained terpenes.
Researchers purchased general-purpose degreasers and cleaners;
glass and surface cleaners; anti-bacterial sprays and
deodorizers; floor cleaners; furniture cleaners and polishes and
air fresheners. A host of unwanted health effects can ensue
after using the products ranging from mild respiratory
irritation to acute asthmatic and allergic reactions. Advice
from the researchers: Beware of marketing that comes with
unsubstantiated claims of environmental superiority or "green"
claims and go for scent-free cleaning agents; follow use
instructions; clean with adequate ventilation; rinse cleaned
surfaces, remove paper towels, sponges and mops from the cleaned
area, and rinse sponges and mops before storing; and avoid the
use of ozone generating air cleaners, especially in the presence
of cleaning products and air fresheners that contain
ozone-reactive constituents.
OR TRY THIS TO MINIMIZE HOME ODORS: To make your home smell nice, the Washington
Post suggest that you: perk a pot of coffee; pop some bread in
the toaster; simmer herbs, citrus or spices on the stove; throw
open windows and doors; put fabric-softener sheets in the
wastebaskets and drawers; use furniture polish; or spritz
bathroom towels with perfume. But stay away from those glycol
ethers and terpenes (above), okay?
RESIDENTIAL CONSTRUCTION SPENDING DECLINES: The rate of private construction spending on
residential projects dropped 1.1 percent from March to April and
rose 7.1 percent compared with April 2005, the U.S. Census
Bureau says, according to Inman News. The seasonally adjusted
annual rate of total construction spending in April 2006 was
about $1.2 trillion, a 0.1 percent drop from the revised March
estimate and 8.5 percent above the April 2005 estimate.
Residential construction was at a seasonally adjusted annual
rate of about $657.1 billion in April.
IT WAS WHIRLWIND SEARCH, BUT MANDY PATINKIN FOUND
IT: And it was practically in his backyard, reports
the New York Times. The star of the CBS series "Criminal Minds"
and Tony-winning actor in "Evita" spent nine days looking at 53
residences from Brooklyn to the Manhattan's Upper West Side
before finally settling on a $1.695 million co-op with three
bedrooms and 1,750 square feet. The place is 20 or so blocks
from the 2,400-SF rental he and his wife actress Kathryn Grody
have shared for 28 years. "It'll be a slow move, and we've got
30 years of stuff I have to weep over," said Grody.
MORTGAGE VOLUME IS TRENDING DOWN:
Mortgage loan application volume decreased by 1.9
percent on a seasonally adjusted basis for the week ended May 26
from one week earlier, according to the Mortgage Bankers
Association. On an unadjusted basis, the decrease was 2.6
percent. Compared with the same week one year earlier, it was
down 22.4 percent. Seasonally adjusted, purchase applications
were off by 0.2 percent, and refinancings dropped by 4.8 percent
from the previous week. The refinance share of mortgage activity
decreased to 34.9 percent of total applications from 35.7
percent the previous week, and the adjustable-rate mortgage
(ARM) share grew to 30.7 percent from 30.5 percent. The ARM
share is at its highest since Jan. 27.
UNFORTUNATELY, IT'S NOT QUITE HAPPENING HERE: At a party in Fort Lauderdale last month, guests
in clingy cocktail dresses grooved on stage with singer Wyclef
Jean and even tried to pull off his black-and-baby-pink striped
tie, reports the Wall Street Journal. A week later, in Las
Vegas, party-goers attended a reception hosted by actress Pamela
Anderson, who was surrounded by a small army of models dressed
in black bikinis, white hard hats, tool belts and yellow "Do Not
Cross" construction tape. A week or so ago, a half dozen invited
guests attended an exclusive Manhattan screening of "The Devil
Wears Prada" with the movie's star, actress Meryl Streep, among
others, before attending a dinner and charity auction of
clothing worn in the movie. The latest dispatches from the
Hollywood glamour circuit? No, it's real-estate developers
wooing real-estate brokers and potential buyers of high-end
condominiums and hoping to reduce the backlog of high-priced
luxury condominiums before rival developers can flood the
slowing sales market with even more new properties. In Fort
Lauderdale, Las Vegas and Manhattan, an estimated 167,600 luxury
units are due to hit the market in coming months. Developers say
the parties are a bargain considering the prices of the condos,
and they generate far better returns than dropping the prices of
units does.
IF YOU'RE RENTING, THIS IS SOMETHING YOU NEED: A recent survey of renters commissioned by
Trusted Choice found that most Americans who rent their homes
don't have insurance that would cover their losses in the event
of burglary, fire or other unexpected occurrences, according to
Realty Times. Based in Alexandria, Trusted Choice is the
consumer marketing brand for 6,000 independent insurance
agencies and brokerage firms across the country. The survey of
more than 2,000 adults was conducted in mid-May by ICR, an
independent research firm. Madelyn Flannagan, a spokeswoman for
Trusted Choice, said the survey "uncovered a persistent lack of
awareness or understanding about property and liability risks
faced by renters." Two-thirds of those surveyed don't have
renters' insurance. There are 35 million Americans who rent
rather than own their own home, according to figures Trusted
Choice obtained from the National Multifamily Council. Coverage
for renters is widely available throughout the United States,
with the average annual premium about $20 per month for about
$20,000 of property coverage and $500,000 of liability coverage,
Flannagan said.
IT'S A GOOD CAUSE: A design show house with decorative and faux
finishing by more than 100 artists is open for tours through
June 15 in Arlington. Tickets are $20 in advance and $22 at the
door, benefiting Habitat for Humanity in New Orleans. The
address is 1457 N. Longfellow St., and hours vary. Visit
fauxhouse.com for more information.
ALL THE COMFORTS OF HOME: While home sales across the U.S. are slowing,
there is one residential segment that appears to be picking up:
Urban dwellers are purchasing condominiums for their cars and
motorcycles, says the Chicago Tribune in the Wall Street
Journal. These individual units are much more than just a
parking space: They may come air-conditioned, will shield your
vehicle from the elements, and may even include security and
concierge services such as tune-ups, washing and waxing and
having photos taken of your vehicle. One car-condo developer is
opening projects in North Miami and Fort Lauderdale and plans to
expand to Las Vegas, New York, Orlando, Fla., and Scottsdale,
Ariz. Units range from a 620-square-foot condo for $150,000 to
an 1,800-square-foot condo for $400,000. Buyers consider the
condos both as a piece of real estate and as an investment, the
Tribune relates.
MORTGAGE RATES CONTINUE TO INCH UP: The 30-year fixed-rate mortgage (FRM) averaged
6.67 percent for the week, up from last week's average of 6.62
percent, according to Freddie Mac. Last year at this time, it
was 5.62 percent. The 30-year FRM has not been higher since the
week ended June 13, 2002, when it averaged 6.71 percent. The
15-year FRM this week was 6.26 percent, up from 6.23 percent
last week and 5.20 percent last year. The 15-year FRM has not
been higher since the week ended May 24, 2002, when it averaged
6.28 percent. Five-year Treasury-indexed hybrid adjustable-rate
mortgages (ARMs) were 6.26 percent this week in comparison with
6.21 percent the previous week and 5.10 percent the year before.
One-year Treasury-indexed ARMs averaged 5.68 percent this week,
up from last week, when it was 5.61 percent. At this time last
year, the one-year ARM averaged 4.26 percent. It has not been
higher since the week ended August 17, 2001, when it was 5.71
percent. "The Fed released the minutes of its most recent FOMC
meeting, which showed that some members were concerned about
inflationary pressure. This caused the bond market yields to
rise and brought about market speculation that the Fed may hike
rates sooner than had been expected," said Frank Nothaft,
Freddie Mac vice president and chief economist. "All this
combined to nudge rates up again this week. Higher mortgage
rates will coincide with a cooling housing market. Although our
forecast is for slightly higher rates, the rise will be gradual
and orderly over the year."
SOME MINORITIES AS QUALIFIED AS WHITES PAY MORE
FOR LOANS: African-American and Latino borrowers with the
same credit scores as white borrowers are 30 percent more likely
to get higher-cost subprime loans, which charge even higher
interest rates than most subprime loans, according to a new
study, reports Inman News. Released by the Center for
Responsible Lending, (CRL), a nonpartisan research and policy
organization, the study examined 50,000 subprime loans made all
over the country, combining this data with information from an
earlier study. "African-American and Latino families are paying
a premium for home loans because of the color of their skin,"
said Hilary Shelton, director of the Washington bureau of the
National Association for the Advancement of Colored People. The
study concluded that African-American borrowers were 31 percent
more likely to receive a higher interest rate on a subprime
fixed home mortgage and 15-16 percent more likely to pay more
interest on an adjustable-rate mortgage on a home purchase than
equally qualified white borrowers. Latinos were 45 percent more
likely to get a higher-interest fixed-rate loan if they were
seeking a subprime loan and 29-37 percent more likely to pay
more for an adjustable-rate mortgage on a home purchase,
according to the study. The CRL was able to create an
apples-to-apples comparison of borrowers, using credit score,
loan-to-value ratio, down payment, income documentation and
other risk factors.
Out and About
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Some sellers
still haven't gotten the message
Consider the seller of a Logan
Circle condo in one- or two-year-old loft building. Not the
favorite of Realtors, of course, she is offering the one-bedroom
apartment For Sale Buy Owner (FSBO). That may be the reason she
has overpriced the unit so startlingly. Or so a real estate
agent might flatter himself or herself into believing.
First, a description. The square footage is obviously incorrect
in the public record, but it looks to be about 750. This is your
typically sleek condo with open glam kitchen that has stainless
everywhere and Italian cabinetry; track lighting; exposed ducts;
12-foot ceilings; maple floors; a master bath with limestone
tile, double sinks, custom cherry cabinets and whirlpool tub; an
L-shaped space near the kitchen that the seller is calling a
den; and a powder room. A garage parking space conveys.
The owner paid $442,165 for the place when the market was still
hot - last August. It appears that the parking space may not
have been included, and its value then and now approaches
$50,000. So what's the asking price today? In the memorable
words of Maxwell Smart, would you believe $599,900? That comes
to almost $800 per square foot. HEY, LADY, IT AIN'T GONNA
HAPPEN!
Whew! That feels better. Now for some of the other recently seen
properties listed by other agents:
- In Mount Pleasant, a three-bedroom,
one-and-a-half-bath condo in a pet friendly building with
garage parking. Among this apartment's assets are two
fireplaces, two levels, central air conditioning and a large
private deck on the second floor with great views. Among
its minuses are the amount of closet space, the oppressively
low ceiling in the outdated kitchen, and the generally
diminutive room sizes. But the price of $549,000 with $385
monthly fee for the 1,200-SF unit is right on target.
- A Wakefield red brick colonial that
has a spacious main level, except for the smallish kitchen,
a decent rear yard that is unfortunately divided in half by
a driveway, an unfinished full basement, and an attic with
pulldown stairs. This home has numerous issues: No powder
room on the main floor; a dual-entry bath with period
black-and-white tile for the master bedroom, which has one
small closet; and a hall bath with mint-green tiles for the
three other bedrooms, one of which is knotty pine. There is
a pleasant Florida room off the living room, but the real
problem with this house is the décor. Buyers will have
trouble seeing past a dining room that is solidly
traditional across the foyer from a living room that is
shockingly retro; a kitchen with forest-green cabinetry,
older appliances and laminate countertops; and walls painted
deep hues at every turn. With a $959,000 asking price, this
house has just gone under contract, surprisingly.
- In Dupont Circle, a two-unit attached
rowhouse with a total of four bedrooms, three full baths,
two half baths and two alley parking spaces. It's not a bad
property, but it doesn't impress because the owners have
gone overboard with fussy Victorian details in their décor.
Other defects include room size, baths and kitchen in need
of improvement and flow that feels choppy in no small part
because of the ever-changing floor heights. When the
strongest asset is the expanse of multi-tiered decks at the
rear, it is obvious that the price of $1.195 is too high.
- A Town of Chevy Chase center hall
colonial with a master suite, two additional bedrooms and a
hall bath on the second floor. The two extra rooms that are
technically not bedrooms in the finished attic are merely
serviceable. On the main floor, the rooms are well
proportioned, the sunroom is inviting, the spacious late 90s
kitchen has been thoughtfully designed, and the two decks
look over a nicely landscaped rear yard. The so-called
"playroom/recreation room" downstairs is perhaps usable but
less than welcoming. The price of $1.55 million for this
1926 dwelling is within reason.
- In American University Park, another
center hall colonial, this 1940 version with a smallish
windowed kitchen that could use just a bit of sprucing up,
three bedrooms and two baths upstairs, a nicely finished
fourth bedroom plus office space in the attic, and a lower
level with period knotty pine, high ceilings, enough light
and tiny maid's quarters. Lacking, however, is a powder
room on the main floor. Reduced from $919,000 to $889,000
after three weeks on the market, this 2,550-SF property
should sell soon.
- A Columbia Heights loft-like condo
near Meridian Hill, or Malcolm X, Park. This sprawling,
two-bedroom, two-bath apartment in a pet-friendly building
that was totally renovated four years ago covers 1,550
square feet. It has a surfeit of style, high-priced kitchen
and laundry appliances, breakfast island, wine coolers,
smart layout, unappealing private deck, fancy finishing in
the baths including Euro shower, and parking. On the market
since the end of the March, the price was reduced $50,000
last month to $799,900, which may prove to be reasonable.
- In Logan Circle, an inviting
two-bedroom, two-bath condo in an 1877 Victorian building
that was renovated and converted in 1998. The kitchen with
regulation granite and '90s black appliances is half open to
the living room and also boasts space for a table. Ceilings
are 11 feet high, the washer/dryer is high efficiency, the
master suite is spacious with a walk-in closet and little
balcony overshadowed by surrounded buildings, there is crown
molding, and this P.N. Hoffman production shows very well.
Encompassing nearly 1,400 square feet but lacking parking,
the apartment is well priced at $750,000, especially
compared with the example at the top of this narrative.
- A handsome six-bedroom 1933 brick
colonial on a 15,000-SF lot on an exceptionally busy street
in the Town of Chevy Chase. This home shows beautifully,
with spacious rooms, up-to-date kitchen, improved master
suite with walk-in closets and stylish bath, gorgeous fenced
rear garden that has a slate patio, attached one-car garage
and a sunroom with access to a private patio. The family
room downstairs is unexceptional but nice enough. Given the
size of the property, it is worth the $1.85 million price at
which it is offered.
- In
Kalorama, a two-bedroom plus den condo with parking in a
1905 building with enormous curb appeal. The kitchen was
renovated, and the living area is well laid out, but the
existence of only one bath in this 1,268-SF apartment is a
distinct liability. Although it is possible to add a bath,
the $725,000 list price with $428 monthly fee that excludes
utilities is pie in the sky.
D.C. Market Update
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Prices slip along
with sales activity
Condos and co-ops
Issuance of April statistics was delayed last month, perhaps
because the technology understood that they might depress
sellers. For owners of condos and co-ops, the news could not be
thrilling. The supply of apartments added to the market swelled
by 31.6 percent over the previous April, sales fell by 18.4
percent, and the total number of listings still in search of
buyers rose by 283.8 percent. For the year to date, the sales
slump amounted to 12.3 percent.
With regard to new listings, they increased by at least
double-digit percentages at all price levels but the lowest (up
to $150,000), the highest (over $1.5 million) and one in
between, ($200,000-300,000), which fell 22.3 percent to 94. By
far the biggest concentration of listings was between $300,000
and $500,000, which accounted for 333 of the 704 that went on
the market during April. In April one year ago, that middle
category had 229 apartments added to the market. As for active
listings at the end of the month, the steep growth that occurred
between December and March shows signs of leveling off, though
the total of 1,443 properties still available was higher than in
the previous 12 months. Still, increases in the triple digits as
high as 446 percent ($200,000-300,000), 411 percent
($300,000-400,000), 317.2 percent ($400,000-500,000), 297.9
percent ($500,000-600,000) and 394.4 percent ($600,000-700,000)
speak to a cooler market.
The declines in sales to 354 from 434 in the prior April
evidenced weakness between $200,000 and $700,000 but gains at
$150,000-200,000 (up 19.4 percent to 37 units put under
contract) and between $700,000 and $1 million; however, the
higher end sales amounted to only 22 condos and co-ops. Although
there were losses above $1 million, the bases at each price
point were just a handful. Sales volume was lower than it was in
March but higher than it has been since October.
The rate of absorption was a pallid 19.7 percent, falling below
20 percent for the first time in recent memory. In March it was
23.2 percent of the apartments available for sale. In February,
it was 21.4 percent.
The big news for sellers and buyers alike is prices, which now
have fallen from an average of $426,576 last year to $414,053.
The median also has slackened, from $375,000 in 2006 to
$365,950.
Single-family homes
For sellers of single-family homes, the good news is that April
saw an increase of a mere 1.2 percent in new listings compared
with the previous April. Underneath that average, however, lay
growth at all levels above $500,000 (for instance, 118.8 percent
between $1 million and 1.25 million) with the exception of
$700,000-800,000, which decreased by 22.1 percent to 60.
Offsetting the growth were declines across the board below
$500,000 – for example, 14.2 percent, to 97, for homes offered
at $300,000-400,000.
Having risen steadily since December, the number of active
listings at the end of month rose to barely the 12-month peak
reached in March. Active listings totaled 1,221, or 121.6
percent more than in the previous April. The biggest price level
was 235 homes (up 121.7 percent) still seeking buyers. Except
for double-digit increases between $1 million and $1.25 million
and over $1.5 million, every category above $200,000 registered
triple-digit gains. Below $200,000, the supply dropped from 23
at the end of April 2005 to 8 this year.
In all, 421 homes found buyers versus 523 a year earlier, off
19.5 percent. With 25 ratified contracts, sales volume above
$1.5 million was even with the prior April. It was up 80 percent
between $1.25 million and $1.5 million, to 18, and 27.3 percent
between $1 million and $1.25 million. Yet it sank in the double
digits at every other price level with the exception of
$300,000-400,000, where the decline was 4.8 percent.
Year-to-date sales activity slipped by 16.2 percent to 1,492
homes that went to contract as the result of decreases at every
price point but $500,000-600,000, which went up 2.5 percent, to
164.
The market absorbed 25.6 of the available properties,
unremarkably different from 26.8 percent in March and 25.8
percent in February.
But prices have dropped from $628,179 last year to an average of
$598,974. In 2006, the median was $489,000; now it is at
$465,000.
What it all means
The vaunted "soft landing" is no longer approaching; it has
arrived. With huge inventory gains for apartments, condos and
co-ops will continue to move more slowly, far more slowly, than
they did last year. Yet the relatively few in the higher prices
ranges can be expected to find buyers with some success. For
single-family homes, the highest levels can be expected to do
better than those below $900,000 or $1 million. But nothing
priced according to last year's market will go to contract
without a difficult negotiation. As sellers' expectations begin
to fall in line with buyers' realities, a balanced market that
favors neither buyer nor seller is starting to seem feasible.
Reaching that point will take months.
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
2210 WASHINGTON AVE #102A
$295000
Bedroom(s): 1
Full Bath(s): 1
As only an agent would write: "Rock Creek's best renovation with
rarely available private patio. Beautifully renovated kitchen
with granite counters, gorgeous custom-designed slate bath with
frameless shower door, spectacular setting backing to parkland,
this condo feels like a home!!! A MUST SEE! Hardwood floors,
washer/dryer in unit. NOT a first floor unit, raised private
patio! 1 block to park, deli, gym, cafe, & more."
MLS#: MC6069253
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.OH 6/4 1-4."
MLS#: DC607118
WASHINGTON
1701 16TH ST NW #232
$319000
Bedroom(s): 1
Full Bath(s): 1
As only an agent would write: "Historic Chastleton is being
reno't & going COOP. Fab opportunity. Will be on lokbox June 2
by 5pm. Nice flat, big rooms facing South onto R st.little
details like arched Gothic windows. The underlying mort of
75,699.is subtracted from the sale price. REtxs122/mo,OP ex
386.63/mo, Un mort571.81/mo.thats the cc fee breakdown."
MLS#: DC606720
ALEXANDRIA
1200 BRADDOCK PL #103
$325000
Bedroom(s): 1
Full Bath(s): 1
As only an agent would write: "Beautiful well-maintained
light-filled first floor unit! Gorgeous kitchen featuring
grainte countertops and ceramic floors. Located in a luxury
condo building where you can walk to Braddock metro and Old
Town. Owner has reserved parking space #133. Building amenities
include pool,club room, sauna and exercise room."
MLS#: AX606676
WASHINGTON
3105 12TH ST NE
$350000
Bedroom(s): 3
Full Bath(s): 2
As only an agent would write: "3 BR, 2 BA home located in the
heart of Brookland, blocks from the metro and the business
district. Great home with living room, dining room, kitchen.
Sleeping porch on both main level and upper level. Full bath in
the finished basement. Hardwood floors throughout. Tree-lined
backyard for lots of shade. Needs some work and being sold in
"as is" condition."
MLS#: DC6065754
WASHINGTON
3690 38TH ST NW #F240
$359000
Bedroom(s): 1
Full Bath(s): 1
As only an agent would write: "Top floor unit. Bright. Walk to
bus and sbway. W/D in unit. Deep closets. Shows well. Sold
strictly "as-is.""
MLS#: DC6067198
BETHESDA
7420 WESTLAKE TER #1111
$365000
Bedroom(s): 2
Full Bath(s): 2
As only an agent would write: "Lovely condo in luxury high-rise
building w/swimming pool, tennis, exercise room & front desk
service. Great location near park, lake, Montgomery Mall,
shopping, restaurants, theaters, downtown Bethesda, close to
Metro, 495, I-270. Balcony w/panoramic view, large 2 walk in
closets, kitchen w/pantry, breakfast bar & build in toaster
oven. Washer/ dryer in the unit. Condo fee covers all
utilities."
MLS#: MC6071448
WASHINGTON
2410 20TH ST NW #204
$369900
Bedroom(s): 1
Full Bath(s): 1
As only an agent would write: "OPEN SUN 6/4 FM 1-4. Wonderful
older bldg with great character hugs Rock Creek Park and is
walking distance to Adams Morgan & Dupont Circle. The perfect
pied a terre!! Interior designer/owner has made extensive custom
upgrades -European-style kitchen w/granite counters,
washer/dryer combo, Viking range, new cabs and stnls stl
appliances. Totally redone bath w/marble flooring & vessel
sink."
MLS#: DC6072231
ALEXANDRIA
1600 PRINCE ST #506
$374900
Bedroom(s): 1
Full Bath(s): 1
As only an agent would write: "Loft-like living w/in 2 blks King
St Metro & Whole Foods * Full walls of windows offer great
cityscapes from BR, LR, Kit * New Maple hardwoods thruout *
Replaced Windows & SoftView shades * Closet organizers in 9ft
closets * Recessed lights * 1 pkg space conveys but can be
rented @ $120 per mo * Maytag W/D *Smooth-top stove * Fresh
paint * * Low $140 condo fee"
MLS#: AX6072752
WASHINGTON
610 3RD ST SE #7
$389950
Bedroom(s): 1
Full Bath(s): 1
As only an agent would write: "Brand new condos in newly
converted historic building located directly across from
Garfield Park. Prime location. Gourmet kit. w/stainless steel
appliances, granite counters, wood floors, large windows, lots
of light, W/D, pet friendly, low condo fees. Condo Assn. will be
registered by middle of June. Taking reervations now. SELLER
OFFERING UP TO $5000 CLOSING CREDIT to qualified buyers."
MLS#: DC6067586
ROCKVILLE
10201 GROSVENOR PL #621
$398500
Bedroom(s): 2
Full Bath(s): 2
As only an agent would write: "A beautiful, spacious, corner 2
Br, 2 Ba,with balcony, new kitchen, new windows, breathtaking
views, 2 exposures, 3 walk-in closets, indoor garage space and
more. 24 hour desk, pool, fitness rm, party rooms and steps to
Private Metro Access and Strathmore."
MLS#: MC6066335
WASHINGTON
1715 15TH ST NW ## 29
$399000
Bedroom(s): 1
Full Bath(s): 1
As only an agent would write: "Unique three-level 1BR/1BA
townhouse condo in Bishop's Gate.First level has stairway w/closet.Main
level-living/dining combo,galley kitchen, HWF, W/D.Upper level-Lg
BR w/walk-in closet, remodeled bath, skylights.Storage space
conveys w/unit.Walk to Dupont/Logan metros, shops &
restaurants!"
MLS#: DC6067941
WASHINGTON
1115 O ST NW #1
$425000
Bedroom(s): 1
Full Bath(s): 1
As only an agent would write: "Renovated Large 1BR/1BA Condo
with Granite Counters, Wood Cabinets, Stainless Steel
Appliances, Gas Fireplace, Immaculate Bath, Wood Floors, alarm
system and in-unit full size Washer/Dryer. Walking Distance to
Convention Center Metro. In the heart of Logan Circle."
MLS#: DC6067442
WASHINGTON
511 SHERIDAN ST NW
$449000
Bedroom(s): 3
Full Bath(s): 2
As only an agent would write: "Dressed to Impress! Wonderful
semi-detached is one of the most luxurious around. SS KIT with
HUGE island, open liv/din, Brazillian Cherry HWFs, finished
basement, huge master. 3rd BR perfect for office. SELLER may
ACCEPT/REJECT ANY OFFER."
MLS#: DC6066663
WASHINGTON
1824 NORTH CAPITOL ST NW #1
$449900
Bedroom(s): 2
Full Bath(s): 2
As only an agent would write: "Not your typical condo!French
doors lead to unbelievably large landscaped patio-loads of
light,space & character-end unit turreted Grand Victorian. Close
to downtown & 2 metros*Granite & Stainless,wine fridge,nice
fixtures,master bath w/ double sinks & whirlpool tub, loads of
storage!Easy street parking*Owner is lic agent.OPEN SUN 6/4 1-4p
AND THURS 6/8 5-8p"
MLS#: DC6072706
WASHINGTON
2729 ORDWAY ST NW #5
$469000
Bedroom(s): 2
Full Bath(s): 1
As only an agent would write: "Updated one bedroom with loft (or
guest area) in Ordway Gardens: conveniently located near shops,
restaurants and the Cleveland Park METRO. Wow! Washer/dryer,
Parking space, and pet friendly. OPEN HOUSE ON SUNDAY, JUNE 4
FROM 1 TO 4 PM. Seller may accept or reject any offer."
MLS#: DC6072128
ARLINGTON
4862 10TH ST S
$475000
Bedroom(s): 2
Full Bath(s): 2
As only an agent would write: "ALL BRICK TH,3 FIN L, 1 CAR
GARAGE & 2 PERMIT PARKING & 2 GUEST PASSES FOR ON ST. PARKING
AFTER 6pm HARDWD FLRS, RECESSED LIGHTS, 2 MASTER SUITES
W/VAULTED CEILINGS, 2.5 BA.,GREAT KITCHEN W/UPDATED
APPLIANCES,CHERRY CABINET,BREAKFAST AREA,w/SLIDING GLASS DOORS
TO LOVELY PATIO, '05 PREMIUM WINDOWS & CARPETS, FIN LL REC RM
W/GAS FRPL, MANY UPGRADES. "
MLS#: AR6065740
NORTH POTOMAC
4 CHERRY BLOSSOM CT
$529900
Bedroom(s): 3
Full Bath(s): 3
As only an agent would write: "OPEN SUN 6/4. Immaculate
brick-front garage TH tucked away on private court. Approx. 2650
SF on 4 lvls incl: custom painting, detailed moulding; 9-ft. &
vaulted ceilings; hdwd floors in foyer, LR & sep DR; remodeled
gourmet kitch w/ center island cooktop, ceramic tile floor &
breakfast area w/ French doors to private deck; MBR w/ vaulted
ceiling, dramatic owner's loft & Super bath; w/o LL RR & FB."
MLS#: MC6068777
WASHINGTON
1654 BEEKMAN PL NW #C
$550000
Bedroom(s): 2
Full Bath(s): 2
As only an agent would write: "2BR, 2.5 BA 2 LEVEL CONDO
TOWNHOUSE WITH FRONT&BACK PATIOS...SHOWS WELL...WASHER/DRYER,WOODBURNING
FIREPLACE, BUILT-IN SHELVES, TABLE SPACE KITCHEN...2 UNASSIGNED
PARKING PASSES...CONVEYS IN AS-IS CONDITION.NOTE: TAXES
CURRENTLY ON SENIOR/HOMESTEAD RATE"
MLS#: DC6067435
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."
MLS#: DC6072074
ARLINGTON
4728 29TH ST S #A1
$565000
Bedroom(s): 2
Full Bath(s): 2
As only an agent would write: "New hi effic. HVAC 10/05, ALL
windows replaced-less than 3 years old, ALL new electrical
outlets, covers & switches. All new lighting fixtures within
last year,Up bath renovated w/new ceramic tiled floor/vanity
1/06. Down bath renovated w/new ceramic tile & vanity 5/06. Kit.
remodeled with Silestone counter 9/05, glass tile backsplash
9/05, & ceramic tile <3yrs.All carpet new in late 05."
MLS#: AR6073079
KENSINGTON
5010 CUSHING DR
$575000
Bedroom(s): 3
Full Bath(s): 2
As only an agent would write: "DON'T JUDGE A BOOK BY ITS
COVER!!! This home has so much to offer, and is located in very
popular G.P.Estates, within a short walk to Grosvenor Metro,
MARC train, shopping, parks and schools. Hardwood floors, a
beautiful new kitchen with granite and SS appliances, and the
best surprise: a great addition with a new deck! OPEN SUNDAY 6/4
1-5PM."
MLS#: MC6071566
ALEXANDRIA
423 CLAYTON LN
$596000
Bedroom(s): 3
Full Bath(s): 2
As only an agent would write: "Well maintained by orig owner!
Off I395/I495, 1 blk to bus, 1 mi to Van Dorn Metro! Covered &
tiled entrance, 2 car garage & 2 car drive! Soaring ceilings!
Kitchen & FR combo, stainless sink & refrig., center island/bar,
bay window dining nook, French door to deck! Lighted ceiling fan
in FR & 3 BR! 2 full & 2 half BA! LR & DR crown mould & chair
rail! RR with gas FP! Flower beds! Misc pre-wires!"
MLS#: AX6068730
ROCKVILLE
16521 JILRICK ST
$599900
Bedroom(s): 5
Full Bath(s): 2
As only an agent would write: "WOW THIS A SOLID BUILT MOSTLY
BRICK FOUR LEVEL ON A HUGE PREMIUM LOT WITH LARGE DRIVEWAY AND
TWO CAR GARAGE LEVEL FENCED BACK YARD WITH LARGE SHED DAYLIGHT
WALK OUT BASEMENT AND ADDITIONAL LARGE IN GROUND BASEMENT LOTS
OF SPACE LARGE KITCHEN WITH NEW APPLIANCES FRESHLY FINISHED
HARDWOODS ON MAIN AND UPPER LEVEL FOUR LARGE BEDROOMS UP AND 5TH
BR OR DEN IN DAYLIGHT LOWER ALL PERFECTLY MAINTAINED!!"
MLS#: MC6066781
WASHINGTON
1330 TEWKESBURY PL NW
$599999
Bedroom(s): 4
Full Bath(s): 2
As only an agent would write: "Stunning Brightwood colonial,
home features: 4BR/2FB, hardwood flooring throughout, updated
kitchen & baths, finished basement, fireplace, huge 4th BR in
attic, detached garage, alarm sys, new brick steps and walkway
and new security doors nestled on quiet street."
MLS#: DC6065318
ARLINGTON
1530 KEY BLVD #104
$669900
Bedroom(s): 2
Full Bath(s): 2
As only an agent would write: "PUT QUITE SIMPLY; A SPECTACULAR
HOME IN A FANASTIC LOCATION&BUILDING! UNIQUE 2 LEVEL LUXURY
ROSSLYN CONDO -GORGEOUS HARDWOODS THROUGHOUT, 11"FT. CEILINGS,
COMPLETELY RENOVATED KITCHEN W/ CORIAN,MARBLE FLRS,MAPLE
CABINETS,NEW APPLIANCES. EASY STROLL TO METRO&POPULAR
ATTRACTIONS OF GEORGETOWN,CLARENDON,ETC. AMENITIES INCLUDE
ON-SITE GYM,POOL,TENNIS,DRYCLEAN,COMM ROOM,EXTRA STORAGE,24 HR
DESK."
MLS#: AR6072433
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
3640 JENIFER ST NW
$795000
Bedroom(s): 4
Full Bath(s): 2
As only an agent would write: "Open Sun 6/4 2-4PM! BIG, BOLD &
BEAUTIFUL. 4BRs,2.5BAs + a delicious mix of old & new.Fab French
Drs, magnif Fpl mantle, marv multi-paned windows, romantic front
porch(perfect for a swing),wonderful wd flrs,fun fnshed basmt
w/wine rm,lrg kit w/copious counter space,delightful deck,yummy
yard & garage.Wlk to Metro,shops,rests"
MLS#: DC6070344
WASHINGTON
1515 MARION ST NW
$799000
Bedroom(s): 3
Full Bath(s): 2
As only an agent would write: "Gorgeous and Brand New! Master
Ste w/ dual shower. Flooded w/ light. 2 skylights. Spacious
living room opens to back patio. Gas fireplace. Fab new kitchen,
custom cabinets. Hardwds. 2nd flr-carpet. 2nd bath w/ spa tub.
Unfin. basement w/ plumbing. 3 blks to METRO. Lots of closets.
Seller reserves right to accept/reject all offers. Sold "as is"
but in Excellent! condition. Open 6/3 1-3pm, 6/4 1-4pm"
MLS#: DC6070608
ARLINGTON
2337 VAN BUREN CT N
$869000
Bedroom(s): 3
Full Bath(s): 3
As only an agent would write: "EXCEPTIONAL 4 LEVEL END UNIT TH 3
BLOCKS TO EFC METRO. STUNNING IN EVERY WAY! DESIGNER COLORS,
HRDWD FLOORS ON ML, STEP DOWN LR, DR W/FLOOR-TO-CEILING BAY-WINDOW,FAM/RM
W/GAS FP OFF KIT W/ MAPLE CAB, GRANITE, BAR COUNTER,SS VIKING DW,
GAS COOKTOP,BRFST NOOK W/ SEATED BAY WINDOW. ENTIRE 3RD LEVEL
MASTER SUITE W/ 3-SIDED GAS FP,LUX BATH, 2 W/I CLOSETS 2 BRS ON
4TH LEVEL.REC/RM W/ FULL BA + YARD."
MLS#: AR6067791
WASHINGTON
3430 P ST NW
$895000
Bedroom(s): 3
Full Bath(s): 1
As only an agent would write: "Enjoy Georgetown living in this
charming Victorian home on a pretty block in the upper west
village. Double parlor offers 2 fplcs w/mantels,wood
floors,plantation shutters, high ceilings& door to brick patio.
Kitchen w/ W/D and PRm complete the 1st flr.Skylight brightens
stairway to UL w/ lrg BR w/ bay window, 2nd BR, full bath, and
small BR or office w/ blt-in bkshelves.LLFin storage. OH 6/4
2-4"
MLS#: DC606816
CHEVY CHASE
4821 WELLINGTON DR
$899000
Bedroom(s): 3
Full Bath(s): 2
As only an agent would write: "DOESN'T GET MORE METRO DESIRABLE
THAN THIS FABULOUS RESIDENCE W/STYLE GRACE & UPDATED SPACE IN
MILLION$$$LOCATION AT LESS THAN $MIL$ PRICE! BOASTS 3BR/2BA/FP
GARAGE, FENCED BACK YARD & PRIVATE PATIO, HIGHLY FUNCTIONAL PLAN
W/OPEN KIT, LARGE ROOMS AND ABSOLUTELY MOVE-IN CONDITION.OPEN
SAT & SUN; COME SEE AN URBAN DWELLER'S DREAM HOUSE"
MLS#: MC6068415
WASHINGTON
644 INDEPENDENCE AVE SE
$999000
Bedroom(s): 4
Full Bath(s): 2
As only an agent would write: "Elegant Victorian Bayfront
replete with crown moldings, gorgeous woodwork,original
fireplaces in formal living room & dining room,hardwood floors.
Four bedrooms,two full baths,delightful enclosed rear garden
patio with fish pond & fountain. Eastern Market, coffee shops,
Restaurants, Barracks Row, the Capitol & Metro all close by.
Brokers Open Friday 6/2 6-8pm.Start showing Fri.10am"
MLS#: DC6070710
WASHINGTON
4000 CATHEDRAL AVE NW #221B
$1100000
Bedroom(s): 2
Full Bath(s): 2
As only an agent would write: "Sophisticated, spacious & unique
unit created by joining two apts. Gracious foyer, large
step-down liv rm, banquet-sized din rm, chef's kit, solarium/bkfst
rm, spa-like mst bath, great storage, beautiful millwork,
arches, hdwd flrs, high ceilings. Agent must accompany."
MLS#: DC6073196
WASHINGTON
1831 KALORAMA RD NW
$1850000
Bedroom(s): 5
Full Bath(s): 2
As only an agent would write: "Magnificent 1899 Romanesque bay
front row house with amazing character. Approx. 6,000 interior
square feet on five levels, seven fireplaces, incredible
woodwork and detail, totally remodeled chef's kitchen with
six-burner Viking range and Subzero refrigerator, garage
parking."
MLS#: DC6068269
WASHINGTON
2809 CHESTERFIELD PL NW
$2450000
Bedroom(s): 5
Full Bath(s): 4
As only an agent would write: "Wonderful Forest Hills classic
stone & clapboard with embassy sized rooms--spectacular
landscaped yard with over 29,000 sf fronting on Chesterfield &
Davenport. Kitchen open to family room, large master suite with
bath en-suite. 5 br, 4.5 ba, 2 car garage."
MLS#: DC6071510
To see photos, more information and scores of other listings
by all agents who are
members of the Metropolitan Regional Information Systems, please visit our website
at http://www.ServiceYouCanTrust.com, then use the quick search panel in the left navigation
bar or click the "Search Properties"
link at the top of the page. To view details on a particular
home listed above please note the MLS number.
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
     
|
