Realty Digest A Quirky Collection of News and Information From The Service You Can Trust Team **** May 20, 2006 **** See you again after the Memorial Day Weekend. Meantime, the team will be working every day to help buyers and sellers meet all their real estate needs in D.C., Maryland and Virginia. IN THIS ISSUE: Items of Interest Out and About Quarterly Economic Report The Week's New Listings Items of Interest ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ THE FED CHAIRMAN MAKES IT OFFICIAL: Confirming what home buyers suspected and real estate sales figures have indicated for months, Federal Reserve Chairman Ben S. Bernanke said that the U.S. housing market was showing clear signs of cooling off, reports the Washington Post. Bernanke said the slowdown is "moderate" and "orderly" and pointed to the overall strength of the economy. "We're seeing slowing in sales, slowing in starts. There also seem to be signs that prices are not rising as quickly as they have been for the past few years," Bernanke said in response to questions after a speech in Chicago, Bloomberg News reported. Former Fed chairman Alan Greenspan echoed Bernanke's analysis in a speech to the Bond Market Association in New York. "The boom is over. We can say that with some confidence," Greenspan said. But, he added, "there is no evidence that prices are going to collapse." Greenspan predicted that the U.S. market was more likely to follow the path set by housing markets in Australia and Britain, where "prices just flattened out." HOUSING STARTS DIP MEANINGFULLY: They fell 7.4 percent in April to a seasonally adjusted annual rate of 1.849 million units, according to the Commerce Department. For the year to date, new-home construction was down 0.8 percent from the first four months of 2005. Single-family housing starts were down 5.6 percent in April, and multifamily housing construction dropped 15.1 percent for the month. Issuance of total building permits decreased 5.4 percent from March to April; single-family permit issuance was down 4.0 percent. The pace of multifamily permit issuance dipped 9.4 percent to 482,000 units for the month. "The declines in starts and permits for April reflect a natural pay-back for the weather-related surge in production earlier in the year, as well as builder adjustments to eroding demand and rising inventories," said Chief Economist David Seiders of the National Association of Home Builders (NAHB). "We continue to believe that the evolving slowdown represents an orderly adjustment toward more sustainable levels of housing production, following the record surge in 2005 that was fueled by extraordinary demand for single-family homes and condo units by investors/speculators." He said the NAHB forecast continues to show a 6.1 percent decline in total housing starts for 2006 as a whole, following an equivalent increase last year. RENTERS ARE FACING A MARKET THAT REMAINS TIGHT: Apartment markets showed still further signs of tightening as the improvement in the supply-demand fundamentals continued, according to the National Multi Housing Council's (NMHC) April 2006 Quarterly Survey of Apartment Market Conditions. The survey's Market Tightness Index remained at 83, marking the fourth consecutive quarter in which the index was at least 80 (a level that had never been reached before in the seven-year history of the survey). It was also the 11th consecutive time the index has been above 50 - that is, the 11th consecutive quarter of improving demand (measured by lower vacancy rates, higher rents, or both). Fully 72 percent of respondents reported tighter conditions (the second highest on record), while only 5 percent reported looser conditions. An index reading above 50 indicates that, on balance, conditions are improving; a reading below 50 indicates that conditions are worsening; and a reading of 50 indicates that conditions are unchanged. POOR JERRY SEINFIELD: In 1989 or 1990, the latter being the year his sitcom began, the comedian purchased a two-bedroom apartments on Manhattan's Central Park West with views of that verdant expanse and of Midtown, reports the New York Times. Having moved a block north to a much larger place in the Beresford with his wife of six years, Jessica, and their children, he finally got around to selling the old place in the Bolivar for something over its $2.35 million asking price in March. All the news that's fit to print, eh? PRICES FOR SINGLE-FAMILY HOMES ARE CHILLING: The growth in prices continued to cool in the first quarter, but many metropolitan areas are still showing double-digit annual gains, according to the latest survey by National Association of Realtors. At the same time, metro area condo price appreciation has generally chilled to normal levels. The association's first-quarter metro area single-family home price report, covering changes in 149 metropolitan statistical areas, shows 60 areas with double-digit annual increases and 16 metros experiencing price declines. The national median existing single-family home price was $217,900 in the first quarter, up 10.3 percent from a year earlier, when the median price was $197,600. In the fourth quarter of 2005, the annual rate of home-price appreciation was 13.6 percent. Commented David Lereah, NAR's chief economist: "With the supply of homes picking up very nicely in many areas of the country, pressure is coming off of home prices," he said. "By the time we report second quarter data, I expect most areas will be returning to normal rates of price growth in the single-digit range. Consumers generally can expect normal price appreciation for the foreseeable future, providing solid returns over time." Metro area condominium and cooperative prices, covering changes in 56 markets, show the national median existing condo price was $224,100 in the first quarter, up 5.2 percent from a year earlier. Twenty-seven metros showed double-digit annual gains in the median condo price, and five areas had declines. SALES OF PREVIOUSLY OWNED HOMES ARE ON A DOWN TREND: Including single-family and condo existing homes, sales remained historically high in the first quarter but have experienced a down trend since hitting a record in the third quarter of last year. Even so, 26 states showed increases in sales activity from a year ago, according to the National Association of Realtors (NAR). The latest report on total existing-home sales shows that the seasonally adjusted annual rate was down 2.1 percent from the first quarter of 2005. Twenty-one states and the District of Columbia experienced decline. According to NAR Chief Economist David Lereah, "A steady rise in mortgage interest rates has slowed home sales in higher cost areas, yet job growth in some moderately priced markets is boosting sales in other areas. The net effect is a modest decline in home sales for the nation as a whole, but sales remain historically strong and are providing a solid underlying base for the overall economy." FOR THESE HOMES, THE MARKET IS LIMITED: The second annual edition of Ultimate Homes, which compiles the 1,000 most expensive home sale listings nationwide, says that one offered by – who else? – Donald Trump is at the top of the heap, reports the Seattle Times in Realtors magazine. It's a 75,000-square-foot Palm Beach, Fla., property that the shrinking violet picked up for $41 million at a bankruptcy auction. After minor remodeling - Trump added 12 bedrooms to the original three - the so-called "House of Friendship" now lists for $125 million. In second place is a Bridgehampton, Mass., estate with a USGA-rated, 18-hole golf course, 14 gardens and fish-filled ponds, and an asking price of $75 million. Third, is a $70 million Manhattan penthouse atop the Pierre Hotel that has a $45,000 monthly maintenance fee generously including full use of hotel facilities." At this level, it's not about shelter anymore," says publisher Rick Goodwin. "It's about creating a property that reflects their success and their personality. Billionaires are looking to separate themselves from mere millionaires." And their personalities obviously are of questionable appeal. BUILDER CONFIDENCE SLIDES INTO NEGATIVE TERRITORY: Rising mortgage rates, deepening affordability issues and the retreat of investors/speculators from the marketplace are prompting single-family home builders to further adjust their perspectives on the new-home market, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for May. The HMI declined six points from an upwardly revised reading in the previous month to hit 45 for the latest report, its lowest mark since mid-1995. Any number over 50 indicates that more builders view sales conditions as good than poor. "Based on historical experience, particularly the 1994-1995 episode, the pattern of movement in the HMI is not inconsistent with the orderly cooling-down process we're projecting for home sales and single-family housing starts in 2006," said NAHB Chief Economist David Seiders. "We expect new-home sales to be off by 12 percent from the record posted in 2005. Single-family starts, supported by large builder backlogs of unfilled orders and reconstruction in the wake of last year's record-breaking hurricane season, should be down by about 7 percent from the 2005 record." DON'T TRY THIS AT HOME: Calling these developments "exciting," the Wall Street Journal notes that siding manufacturers are coaxing customers with new formulations and textures, expensive synthetics that replace real wood or stone, and details like mildew resistance. Among the latest options: imported faux-brick veneers that cost twice as much as real brick and premium vinyl in colors such Peach Dip. Several debuts came in January, at the annual International Builders' Show. CedarBoards, from CertainTeed in Valley Forge, Pa., is made from vinyl grained to look like cedar; a rigid foam backing adds energy efficiency and dent-resistance. (It costs about $2 per square foot uninstalled, about twice as much as traditional vinyl.) Eldorado Brick, irregularly shaped cement-brick veneers from Eldorado Stone in San Marcos, Calif., are hand-finished to look smudged and old, for $4-6 a square foot. Cement-based Cultured Stone ($4.50 to $5.50 per square foot) from Owens Corning in Toledo, Ohio, is molded from real rocks, and then colored with pigments to appeal to designer tastes - even if those hues aren't naturally found in a quarry. One new color, Pheasant, blends khaki, olive, gold and plum. "We fool around with mother nature," says company spokesman Bob Heath. THE BUSHES HAVE MUCH INVESTED IN REAL ESTATE: President Bush and the First Lady had assets totaling $7.2 million to $20.9 million last year, their disclosure forms show, notes the New York Times. Most of their wealth was in real estate and a diversified trust, with a combined value of up to $10 million, the 18-page statement showed. The 1,583-acre Bush ranch near Crawford, Tex., was estimated at $1 million to $5 million, the same range as last year. FORECLOSURES DECLINE IN THE U.S.: The number of properties entering the foreclosure process dropped 10 percent in April from the previous month but was up 33 percent from the same month a year ago, according to an industry report in Inman News. A total of 91,168 properties nationwide entered some stage of foreclosure last month, according to RealtyTrac's April foreclosure market report. The report shows an April national foreclosure rate of one foreclosure filing for every 1,268 U.S. households. "Foreclosure filings have decreased 23 percent over the past two months after shooting up 40 percent in the first two months of the year," said James J. Saccacio, chief executive officer of RealtyTrac. "While the national foreclosure rate is still higher than it was in any month last year, this two-month downward trend indicates that housing markets in most areas of the country have remained strong enough to hold foreclosures in check despite rising interest rates and slowing home-price appreciation." Colorado posted the nation's highest foreclosure rate for the second month in a row even though the state's foreclosure activity decreased 31 percent from the previous month. A total of 3,706 Colorado properties entered some stage of foreclosure in April, a foreclosure rate of one foreclosure filing for every 494 households and an increase of 43 percent from April 2005. VIRGINIA PROPERTY OWNERS CAN ENJOY EASEMENT BENEFITS: Those who place their land in conservation easements are eligible to deduct the value of the easement from their federal income taxes, says the Washington Post. They also qualify for a reduction in local property taxes and a transferable income tax credit, worth 50 percent of the value of the easement, which can be taken over six years. Because the owner may continue using the land, the easement's value is not the same as the property's market value. Instead, it is determined through a complicated appraisal of the lost use resulting from the easement restrictions. It could be a fraction - say 25 percent or 50 percent - of the land's market value. A property with a market value of $10 million, for example, could yield an easement worth $3 million. The owner, in turn, would qualify for a tax credit valued at $1.5 million. If the owner doesn't earn enough income over six years to claim a $1.5 million tax credit, he or she may sell the credit to someone who can. CATALOG HOUSES LURE PRESERVATIONISTS: A small cadre of historians and passionate amateurs are on a mission to identify and protect homes made by Sears, Roebuck and Co., says the Wall Street Journal. About 70,000-100,000 of them were sold through catalogs in 1908-1940. Distressed that the houses are falling victim to the recent boom in teardowns and renovations, their fans are scouring neighborhoods across the country, snapping pictures and sometimes braving snakes and poison ivy to poke around basements and attics for the telltale stamps that mark the lumber in most of the catalog homes. Precut houses ordered from a Sears catalog were shipped by boxcar in 30,000 pieces - including shingles, nails and paint - and assembled by a local carpenter or by the buyers themselves. Styles ranged from the $6,000 elaborate Magnolia to the three-room, no-bath Goldenrod, sold in 1925 for $445. (Outhouses sold separately.) One of the larger Sears models, constructed in Takoma Park, Md., sold last year for about $900,000, according to a local real-estate agent. The mail-order houses, many of which had big porches and were made from high-quality materials like early-growth cypress, were less expensive than architect-designed houses at the time and were often all working-class people could afford. Because they were typically a family's first home - and because they were often a do-it-yourself project for buyers - the houses, enthusiasts say, are emblematic of the American dream. Identifying a Sears isn't like spotting a steel-paneled Lustron, the ranch houses built to ease the housing shortage after World War II. The hundreds of styles Sears offered varied widely, and many of the homes have been altered over the years. Further complicating matters, a handful of other companies such as the Aladdin Co., of Bay City, Mich., and Gordon-Van Tine Co., of Davenport, Iowa, produced mail-order homes closely resembling Sears models. One way to tell a Sears house: a stamp of a letter and a three-digit number on beams, which were marked to facilitate assembly. Measuring the space between studs, or support posts, can be another clue. The studs of older non-Sears houses in the Washington, D.C. area are often 22 to 24 inches apart, compared with about 15 inches in Sears models. Ruler anyone? MASTERCRAFT INTERIORS APPARENTLY MISSED THE BOAT: The furniture store based in Beltsville that specialized in 18th- and 19th-century reproductions has filed for Chapter 11 bankruptcy protection in the face of declining sales and changing consumer tastes, reports the Washington Post. According to documents filed in federal bankruptcy court, the company has $10.6 million in assets. Liabilities total $25.5 million. Revenue fell by $5.2 million to $45.3 million last year. The company was founded in 1977 by Douglas Gomez and his brother Dan at a time when chain retailers such as Crate & Barrel and Pottery Barn had yet to dominate the market. Merchandise Manager Carolyn Gomez said that shoppers' tastes have shifted away in recent years from Mastercraft's traditional styles. She said Mastercraft will be liquidated but gave no timeline. "It's one day at a time," she conceded. ASIAN AMERICANS ARE FAST BUYING REAL ESTATE: Asian Americans have seen the fastest growth in home-ownership attainment since 2000 of any population and their income and credit profile suggests that this growth will continue into the future, according to a new study, says Inman News. Released by the Asian Real Estate Association of America (AREAA) and the UCLA Asian American Studies Center, the research focused on the top 25 metropolitan areas with the largest Asian American populations, including Washington, D.C. In 2004, more than half of the Asian population lived in just three states: California (34 percent), New York (15 percent), and Hawaii (5 percent), the study found. In 2004, Asian Pacific Islanders' home ownership increased significantly to 60 percent but still lagged behind the home-ownership rates of the national (69 percent) and non-Hispanic White (76 percent) populations. In 2002, home-ownership rates for Asian and Pacific Islander (API) naturalized-citizen householders (70.3 percent) were higher than their native-born API householder counterparts (56.5 percent). In 2002, among the naturalized-citizen householders born in Asia, 81 percent of those who entered in 1974 or earlier were homeowners, compared with 66 percent for those who entered in 1975 or later. MORTGAGE APPLICATIONS RISE FOR THE WEEK: Loan application volume for the week ended May 12 increased by 4.6 percent on a seasonally adjusted basis from one week earlier, according to the Mortgage Bankers Association. On an unadjusted basis, the growth was 4.8 percent but volume was down 14.7 percent compared with the same week one year earlier. Seasonally-adjusted, applications to purchase property went up by 2.4 percent from the previous week and refinancings, by 8.4 percent. The refinance share of mortgage activity rose to 35.0 percent of total applications from 33.8 percent the previous week, and the adjustable-rate mortgage (ARM) hit 29.9 percent from 28.5 percent. REAL ESTATE BROKERS AND CONSUMERS SOMETIMES DISAGREE: The largest source of legal troubles involves claims of misrepresentation, accounting for about two-thirds of all litigation, says Laurie Janik, general counsel for the National Association of Realtors (NAR). A misrepresentation must involve a material fact, not just an opinion, she explains. There are three types of misrepresentation: fraudulent, negligent and innocent. While state laws vary, brokers generally have less liability when they unknowingly misrepresent something about a property they are working to sell for their clients. In Wisconsin and Washington, D.C., though, brokers can be held for innocent misrepresentation, Janik says, observing that failure to disclose facts about the condition of a property is a close cousin to misrepresentation. "When in doubt, disclose," she advises. Real estate agency laws, antitrust laws, the federal Fair Housing Act and the Real Estate Settlement Procedures Act are also a potential source for lawsuits. Janik adds that most lawsuits against brokers are brought by buyers. Real estate brokers prevail in about two-thirds of the cases brought against them that go to trial, according to Janik, saying that successful lawsuits against brokers relating to Fair Housing Act violations, breach of fiduciary duties and antitrust violations typically rack up the largest damage amounts. GO FOR THE GREEN: From Saturday, May 20 for the next year, check out the National Building Museum's exhibit called "The Green House: New Directions in Sustainable Architecture and Design," which demonstrates how to incorporate environmentally responsible principles into home building. "It's an advocacy show," coordinating curator Reed Haslach told the Washington Post." For example, one room displays dozens of green materials such as recycled wallpaper, bamboo floors, glass and concrete countertops. "This is a show that says doing something small is a perfectly good thing to do," added lead curator Donald Albrecht. Visit nbm.org and buildinggreen.com for more information. ONCE AGAIN, INDIANAPOLIS IS THE PLACE TO BUY AFFORDABLY: It was the nation's most affordable major housing market for a third consecutive quarter in the beginning of 2006, according to the National Association of Home Builders'/Wells Fargo Housing Opportunity Index (HOI). As slightly lower home prices and higher household income helped offset an upward movement in mortgage rates to keep the index almost flat, nationwide housing affordability remained virtually unchanged from the end of 2005. The HOI rose marginally from its lowest level on record, 41.0 at year-end 2005, to 41.3 in the first quarter of 2006. "Compared to the fourth quarter of last year, the median price of all new and existing homes that were sold during the first quarter of 2006 declined 1.5 percent, while the national median income, as calculated by the federal government on an annual basis, was adjusted upward from $58,000 to $59,600," said NAHB Chief Economist David Seiders. "These factors kept housing affordability from sliding further despite the fact that the national weighted interest rate on fixed and adjustable-rate mortgages rose 18 basis points in the period, from 6.21 percent to 6.39 percent." In the nation's most affordable major housing market of Indianapolis, just over 90 percent of homes sold in the first quarter were affordable to families earning the area's median household income of $65,100. The median sales price of all homes sold in Indianapolis during that time was $113,000 - down from $120,000 at year-end 2005. Also near the top of the list for affordable major metros was Youngstown-Warren-Boardman, Ohio-Pa., followed by Detroit-Livonia-Dearborn, Mich.; Rochester, N.Y.; and Buffalo-Niagara Falls, N.Y., in that order. Los Angeles-Long Beach-Glendale, Calif. maintained its standing at the very bottom of the affordability chart in the first quarter, with just 1.9 percent of new and existing homes sold in the area being affordable to families earning the median household income of $56,200. SOME GROWTH IN REMODELING IS REPORTED: Activity grew moderately in the first quarter of 2006, according to the National Association of Home Builders' (NAHB) Remodeling Market Index (RMI). The current market conditions index increased from 46.6 to 48.1 and future expectations moved from 47.5 to 48.9. The RMI for owner-occupied units grew from 48.9 in the fourth quarter of 2005 to 53.8, while renter-occupied units fell from 40.4 to 36.7 during the same period. In the futures expectation index, owner-occupied units moved from 50.4 to 53.2 and the renter-occupied component decreased from 37.8 to 30.4 for the first quarter of 2006. The RMI measures remodeler perceptions of market demand for current and future residential remodeling projects. Any number over 50 indicates that the majority remodelers view market conditions as expanding. "Though the frenzy in home buying is slowing down, the remodeling spending associated with purchasing a home usually lags behind," said NAHB Chief Economist Dave Seiders. "The run-up in home sales during the past five years will fuel remodeling growth for in the next several years, and the long-term growth looks to be solid as well." MORTGAGE RATES KEEP ON RISING: The 30-year fixed-rate mortgage (FRM) averaged 6.60 percent for the week, up from last week's 6.58 percent and 5.71 percent a year ago, according to Freddie Mac. The 30-year FRM has not been higher since the June 20, 2002, when it was 6.63 percent. The average for the 15-year FRM this week was 6.20 percent, up from 6.17 percent last year and 5.27 percent a year ago. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 6.23 percent this week, up from 6.22 percent. A year ago, that rate was 5.07 percent. One-year Treasury-indexed ARMs were unchanged this week at 5.62 percent. Last year, the average was 4.26 percent. "While financial markets try to decipher the spate of recently released economic reports, mortgage rates drifted slightly higher," said Frank Nothaft, Freddie Mac vice president and chief economist. "The current debate is between rising inflation and slower consumer spending. Until the market finds out which influence will be the strongest, mortgage rates should continue to fluctuate as they have the last couple weeks." IF YOU THINK PRICES ARE HIGH HERE, READ THIS: San Francisco Bay Area home sales sank for the 13th straight month in April as prices slowly reached a new peak, a real estate information service reported, according to Inman News. A total of 8,358 new and resale houses and condos were sold in the nine-county region last month, down 25.1 percent from 11,158 for April last year. Last month's total fell 14.2 percent from 9,745 for March 2006, according to DataQuick Information Systems. Last month was the slowest April since 2001, when 7,193 homes were sold. April's year-over-year decline in sales was the steepest since November 2001, when sales dropped 27.2 percent from one year earlier. The median price paid for a Bay Area home rose to a record $628,000 last month. That was up 1 percent from March's $622,000 and up 7.2 percent from $586,000 for April a year ago. Last month's year-over-year increase was the lowest since August 2003, when the $447,000 median was also up 7.2 percent. The typical monthly mortgage payment to which Bay Area buyers committed themselves to paying was $3,048 in April. That was up from $2,958 in March and up from $2,659 for April a year ago. Adjusted for inflation, mortgage payments are 20 percent higher than they were at the peak of the prior cycle 16 years ago. Indicators of market distress are still largely absent, according to DataQuick. The use of adjustable-rate mortgages has decreased the last four months, and foreclosure rates are coming up from last year's low point but are still below normal levels. Down-payment sizes are stable and there have been no significant shifts in market mix, DataQuick reported. Out and About ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Size sometimes matters When it comes to real estate, the size of an apartment or home often matters more than most consumers realize. They walk inside and instantly sense like or dislike, yet most may well have difficulty articulating the source of their reaction. Some folks feel lost or overwhelmed in the wide open spaces, while others feel claustrophobic in the diminutive ones. Other sources of a home buyer's response tend to be equally emotional; for instance, one of the most common and influential sources will be where the individual grew up, evoking either negative or positive feelings. Nostalgic reminders often are the subconscious motivation that spurs a potential buyer to decide on the spot to make an offer to turn tail. Décor also hugely affects buyers. If that wall covering reminds them of Grandma's, it can inspire rejection or affection. A porch spread across the front of a house may well resonate with happy times spent nibbling iced fresh fruit on a summer's evening. Conversely, it may suggest the torment of mosquitoes that were not denied their own banquet. That dresser in the bedroom may bring back memories of warring parents. Or it may evoke the wafted pleasure of Mom's perfume. So, too, may the workbench, even bereft of hammer and saw, suggest the happiness of helping Dad craft a bookcase. At the same time, it could serve to revive the distaste of having to sand and sand again in the name of bonding. Thus can size be a two-edged sword. In general, the nearly universal inadequacy of space in today's condo conversions pleases no one, whatever his or her childhood experience. Even new buildings tend to stint on square footage, especially for bedrooms but all too often in living rooms, transforming practical furniture placement into an almost insurmountable challenge. The persons who buy such apartments undoubtedly act more out of financial necessity than of unmitigated joy. From different perspectives, a condo in Logan, a single-family home in Cheverly, a detached rowhouse in Shaw and a single-family home in North Cleveland Park each shed light on the size phenomenon in distinctly different ways. Read on to see how and to learn about listings that other real estate agents are selling: In Logan Circle, an apartment in a two-year-old building that originally was designed for rentals. This supposedly one-bedroom condo with open kitchen and the usual granite and stainless accoutrements has a washer/dryer, high ceilings and big walk-in closet through which the owner walks to reach the dual-entry bath from that bedroom. The thing about the bedroom is that only a free-standing wall separates it from the living area, which is less than commodious. Reduced from $435,000, it is listed for $424,900 with a $330 monthly fee that covers no utilities. The unit has been on the market since the end of January – for some reason. Another apartment just like it is for sale just down the hall. Walk, and certainly don't run. A bungalow that has unquestionably beguiling curb appeal on a double lot in Cheverly. With three bedrooms, one bath, attached garage, fireplace, hardwood floors, a full basement, first-rate new kitchen and mature plantings, this house suffers only from the small proportions of its rooms. Some might view the size as cozy rather than small and comfortable rather than confining. Another plus is the attic, for which the owner had commissioned plans for finishing, and those plans will be sold with the property, which is offered at $379,000. On a third of an acre, the house is well worth the price in a neighborhood where detached homes can run to the mid-$400s. In the blocks east of Shaw and north of the Convention Center, a beautifully renovated detached rowhouse just two windows wide sits alone next to a lot that obviously held a dwelling to which it once was joined. Words such as "cute" and "adorable" spring to mind upon beholding the lonely little home, which was been lovingly renovated to contain two bedrooms and two baths. Details such as glass tiles, stainless steel railings, Hans Grohe fixtures, skylights and bamboo floors throughout provide enormous appeal. But this appealing place is low on expanse and perhaps is best considered a condo alternative. Nicely landscaped on its tiny lot, the house represents good value at $574,000. A very large 1938 yellow brick colonial remodeled by Hugh Jacobson on a nearly 11,000-SF lot with an in-ground pool, gorgeous landscaping by Thomas Church, unparalleled privacy and a detached garage in North Cleveland Park. Needing cosmetic upgrading in every room, this house was designed for entertaining. It has a 27'x16' living room, a dining room almost as big, a kitchen the size of some ramblers, glassed-in sun room and, upstairs, four bedrooms, three baths, a deck and a master suite that boasts a full-size dressing room and an 11-foot ceiling. The lower level is expansive, including a 25'x15.5' library with fireplace, cedar closet, assorted other closets and utility rooms, and two full baths, one with a steam shower. Even with all this, the asking price of $2.95 million is wholly unrealistic. In Dupont Circle, a two-bedroom, two-bath detached dwelling little bigger than a dollhouse. Although nicely renovated with glass tiles, exposed brick walls, nice patio and refinished old floors, this home lacks parking in a neighborhood in which it is vital. More important, the kitchen with its trendy, though impractical, concrete counters is downstairs in what was the basement; the dining and livings rooms are upstairs. But the table-space kitchen covers a vast space that undoubtedly requires marathon endurance to cover the distance between the stainless refrigerator and both stove and sink. The $749,000 listing price is asking a lot, but the place is already under contract. A six-bedroom, three-bath 1909 attached four-level home with detached two-car garage in Garfield. On the market for nearly a month, this home has a lovely back porch, high ceilings, well-proportioned rooms, good flow, a 1970s kitchen, and one bath on each of the two upper floors for the three bedrooms on each of those floors. Everything needs to be updated, the basement is more or less underground, and the garden is way above average. It is offered at $1.25 million, which is off the mark, all things considered. In Mount Pleasant, an adequate two-unit attached rowhouse building in 1979. The ceilings upstairs in the two-level unit will prompt you to duck, but the house is otherwise habitable. The kitchen has been moderately renovated, there is a skylight and the stacked washer/dryer has been literally jammed into an open space unattractively at the top of the stairs. As for the English basement, it is a one-bedroom legal rental unit that supposedly will fetch $1,500 a month. There is parking for one car and perhaps rental parking for a second one. The asking price of $685,000 is within reason. A three-level attached rowhouse at the extreme eastern border of Columbia Heights. With three bedrooms, three and a half baths, a two-sided fireplace between the living and dining rooms, new hardwood floors, this residence was totally renovated in 2004 with a fair sense of style. The lower level is full height but half below grade, and the two baths upstairs seem misplaced, though they do feature a whirlpool tub and European-type shower. Facing the grounds of the Old Soldiers Home, this house with only street parking is almost fairly priced at $549,900. In Foxhall Village, a delightful three-bedroom rowhouse. The main level boasts hardwood floors, a bright sun room, a recently updated kitchen with stainless steel, and a fireplace. The back porch overlooks a lovely bricked back yard and is perfect for entertaining. The nicely and colorfully finished lower level with full bath could rent for $1,000 a month. Close to Georgetown, this inviting home is listed reasonably at $759,000. A single-family home in Brookland with a lot of potential. Extremely well maintained by the same family for 40 years, this smallish three-bedroom, and two-bath residence needs some updating and a price reduction of at least $35,000. It is on a cul-de-sac and surrounded by other well preserved homes and individual gardens. Just a few blocks from the Brookland metro and 12th Street stores, this house is listed at $435,000. In Glover Park, a single-family Federal. The front yard has great curb appeal. The deep, colorful backyard too is inviting. And the location great. But everything else needs to change: The two bedrooms are overwhelmingly small; the bathrooms need serious updating; and the kitchen needs to go. It is listed at $589,985. A three-bedroom, two-and-a-half-bath single-family home with an unfortunately long flight of stairs in Chevy Chase, D.C. With sort of a fourth bedroom, a back porch that begs for a summer evening party with friends, candles and good food, hardwood floors, airy ambience and clean, open layout, this home has been on the market for more than a month at $845,000. In Brookland, a very sad efficiency apartment with only 372 square feet. The interior of the building is depressing at best and the unit itself requires an overhaul. Its western exposure and low $131 monthly fees are the only assets going for it. Originally listed at $159,000 and now $149,000 after three months, this unit has to be offered in the lower $100,000s if it is going to find a buyer.   Quarterly Economic Report ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Job growth, mortgage rates pull the market in opposite directions   In its Economic and Market Watch Report, Metropolitan Region Information Systems (MRIS), which operates the Multiple Listing Service, clearly documents the changes that have transformed the area's real estate market from frenzied to balanced in the first quarter of 2006. Economists with the National Association of Realtors (NAR), which always paints the rosiest picture, provide upbeat analyses and forecasts that are nonetheless restrained and, perhaps, reassuring in the report. Economist Ken Fears makes a strong, though hardly novel, case for low monthly mortgage payments having underpinned the boom of recent years. With 10 percent down, a $200,000 home would cost the purchaser $1,468 in monthly mortgage payments if the interest rate for the loan were 10 percent. If the rate falls to 5 percent, that payment would be only $955. "Affordability rises in this case, so people can buy a larger home or save the difference," Fears observes. "Over time, demand will rise and the price of the home will be bid up until the monthly payment on it is nearly the same as before the rate change. The new price is roughly $308,000, or a 50 percent increase in the home price for a 50 percent decline in rates." This economist notes that in the wide area covered by MRIS, the average price has climbed by roughly 73.8 percent since 2000 and the average monthly payment has risen by approximately $545. "How will buyers continue to afford homes as prices rise?" Fears asks. "Luckily, the growing economy continues to create more jobs and grow incomes. NAR Research expects job growth to continue at a healthy clip, rising 1.6 percent in 2006 and 1.4 percent in 2007." More important, the trade group's economist says incomes are expected to increase 3.7 percent this year and 4 percent next year in contrast to 1.5 percent last year. "Rising employment will help to increase the pool of persons looking for housing, while rising incomes will help to offset the eroding power of rising mortgage rates." Senior Research Forecaster Lawrence Yun adds immigration to the mix. He says strong demand and higher prices in Las Vegas, Phoenix and Washington can be attributed "in no small part" to strong immigrant populations." He cites a Philadelphia Federal Reserve Bank study showing that home prices in immigration-heavy neighborhoods rise much more slowly than in other neighborhoods in the local region. "That is, the 'there goes the neighborhood' reaction may be at work as established residents flee an area," he says. However, Yun says home prices in any metro region with a high number of immigrants in general rose at a significantly faster clip than those metro regions with little immigration. "More people translates into more housing demand," he declares. Referring to 2.6 percent job growth in the first three months of this year in this region, Yun says higher mortgage rates have reduced affordability at the same time. "Home sales, as a result, are being pulled in different directions," Yun maintains. Although sales were 9 percent lower than the first quarter last year, home prices have continued to increase because, he says, "few are forced to sell in a job creating environment. " He forecasts the likelihood of the local economy catching the tide of growing strength in the national economy. "Home sales are expected to definitively turn positive once interest rates stabilized while jobs get added," Yun says. "The forecast is for 8 percent decline in home sales in 2006 followed by a 2 percent rise in 2006. Home prices will increase 5 percent in 2006 and then another 5 percent in 2007." In his commentary, NAR Chief Economist David Lereah agrees, unsurprisingly. "There have been no bubbles bursting, as predicted by so many academics and Wall Street analysts during the past several years," he says, adding that the last time a bubble burst was in 1990-91 in Boston, where there was a sharp recession. Boston lost 15 percent of its labor force and the months' supply of homes soared to a remarkable 16. "Something had to give," Lereah continues. It was prices, which tumbled for the next four years. His assessment is that the health of expanding local economies differentiates D.C. and other regions from Boston. "With job creation and income growth, households will continue to have the wherewithal to purchase property even in cooling local markets," the chief economist says. "That is a perfect recipe for a soft landing." District of Columbia The average price fell from $558,000 in the last three months of 2005 to $508,100 in the first three months of this year. At the same time, the number of apartments and single-family homes on the market climbed from 2,559 to 3,628, the number of homes sold dropped from 2,063 to 1,606, and the average number of days on the market rose from 29 to 45. Zip codes with the highest prices were 20007 ($871,600), 20008 ($750,500), 20015 ($732,100) and 20016 ($798,100). The lowest prices were in zips 20019 ($232,300), 20020 ($253,800) and 20032 ($207,100). From first quarter to first quarter, the zip with the greatest price increase was 20020, which rose 28.8 percent. Zip 20019 was close behind at 21.5 percent, and the 20036 zip went up 20.85 percent. Posting the biggest reductions were 20006 (down 15.97 percent) and 20012 (14.4 percent). A total of 219 properties was sold in zip 20009 during the first quarter, followed distantly by 20002 with its 174 sales. The next most active zip was 20011 with 145 homes sold. Volume declined almost across the board; the exceptions were in 20012, which soared 31.82 percent; 20002, up 37 percent; and 20032, up 10.3 percent. Sales declined by percentages as high as 39 percent (zip code 20001), 37.1 percent (20003) and 36.3 percent (20016). With regard to days on the market, the longest was 77, for zip code 20006, where only two properties found buyers at an average price of $225,000. Zips with more than 60 days on the market were 20004, 20007, 20017, 20024, 20032 and 20037. In all zip codes but 20015, sold prices tended to be a point or two below asking prices. In 20037, the sold price was, however, 96.1 percent of the list price. Montgomery County Comparing the fourth quarter of 2005 and the first quarter of 2006, the average price tapered off from $515,400 to $507,400. The number of homes on the market swelled from 3,374 to 5,128 as the number of homes sold slipped from 3,691 to 2,776 and average days on the market went from 28 to 42. The priciest zip codes were 20815 ($1,053,200); 20839 ($1,199,500); 20854 ($1,237,400); 20862 ($1 million); and 20868 ($1 million). The least costly zips, in the mid-$300,000s, were 20866, 20874, 20876, 20877, 20879, 20886 and 20906. The 240.6 percent price increase from the first quarter of last year in 20839 was the largest by far, but it derives from only two sales. (And they averaged 90.6 percent of the asking price.) In 20818, five sales led to a 36 percent rise. Prices generally went up since the 2005 first quarter, but they fell in 20816 (down 2.8 percent); 20817 (3 percent); 20855 (3.2 percent); 20860 (11.4 percent); 20876 (1.8 percent); and 20896 (3.3 percent). More properties found buyers in zip code 20874 than in any other, but the total of 286 was 9.5 percent lower than the year before. Only two other zips had sales volume above 200; they were 20878, with 218, and 20906, with 207. Year-to-year increases in activity was highest in 20837 (up 40 percent), 20842 (50 percent) and 20886 (32.3 percent). A single million-dollar home both in zips 20862 and 20868 took 131 and 152 days, respectively, to go under contract. (The one in 20862 finally sold at 83.3 percent of the asking price.) However, no other zip codes came close. In 20886, the days on the market averaged 86. It was 57 days in 20816; 95 in 20839 (on two sales); 56 in 20854; 86 in 20882; and 67 in 20896. Only in zips 20851, 20868, 20876 and 20912 did sold prices meet or exceed asking prices. Arlington County Prices went down on average from $579,300 in the fourth quarter last year to $559,500 in the first quarter, while the number of homes on the market surged from 831 to 1,261 and the number of homes sold fell from 704 to 616. Days on the market increased from 24 to 42 between the two quarters. The county's most expensive zip was 22213 ($696,300), followed closely by 22205 ($685,400) and 22201 ($627,300). The least expensive was 22206 ($413,300), but 22209 was $426,800. Prices between first quarters rose by as much as 13.19 percent (13.2 percent) and fell by as much as 8.08 percent (22209) but mostly rose in the single digits. The only other decliner was zip code 22205 (down 4.6 percent). Most of the county's sales occurred in 22204, which had 125 properties go under contract. Not far behind was 22201, with 109 and 28.2 percent growth compared with the same quarter of 2005. Other big gainers were 22206, up 24.3 percent to 87 units sold, and zip 22213, up 45.5 percent to 16. Sales activity in 22209 plunged 46.2 percent, to 42; the drop was 30.2 percent in 22202, to 30. The only remarkable exception to average days on the market was in 22213, where the time was 19 days. In every zip code, sold prices were a couple of points lower than asking prices.   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 401 EVARTS ST NE #402 $295000 Bedroom(s): 2 Full Bath(s): 1 As only an agent would write: "Space, light & tree-top views combine to make this skylit top-flr apt exceptional & an exceptional value! Tot reno. TSK w/ maple cabs, SS appl, granite counters; CAC, hdwds, combo W/D; xtra storage, its own pkg space & low fee. EZ Red Line access. Pets allowed. Nr CU, Gallaudet, Hosp Ctr. Photos at ServiceYouCanTrust.com. Seller req Capitol Title to close." MLS#: DC6048580 WASHINGTON 4100 W ST NW #212 $309500 Bedroom(s): 1 Full Bath(s): 1 As only an agent would write: "Fabulous 1BR, 1BA condo w/parking in Glover Park. Freshly-painted living area, freshly-stained Parquet wood floors, decorative trim work, and plenty of closet space. Ceramic-tiled kitchen features newer appliances and pass-through. Separate storage space #43 in building conveys. New w/w carpeting throughout building.This is a must-see!" MLS#: DC6048728 ALEXANDRIA 204 SKYHILL RD #4-204 $319900 Bedroom(s): 2 Full Bath(s): 1 As only an agent would write: "Crate & Barrel gorgeous. Beautiful Pergo floors in liv rm & dining rm. This unit is exquisite. Beautifully decorated and a real delight to see. Divine balcony caps off this terrific space. This is a huge unit w/all goodies-double sinks in bathroom, lots of windows, newer dishwasher in big kitchen. Well maintained" MLS#: AX6050321 WASHINGTON 42 15TH ST NE #42 $349900 Bedroom(s): 1 Full Bath(s): 1 As only an agent would write: "Location, location, location! Perfectly positioned one bedroom townhouse like condo unit within a short stroll of Lincoln Park, metro and the Nationals at RFK Stadium!! This pretty unit features a gorgeous new kitchen, hardwood floors, wood burning fireplace, plantation shutters + a lot of closet/storage space. Break out the sunscreen - you are just steps away from the community pool!" MLS#: DC6049458 WASHINGTON 2500 Q ST NW #231 $363000 Bedroom(s): 1 Full Bath(s): 1 As only an agent would write: "SPACIOUS-one of the largest-1 bedrm 1 ba units in this "Best Addresses" building. Foyer opens into the liv rm, w a wall of windows & lawn/garden view, sep din rm, all so light & airy. Updated kitch, wood flrs, shows beautifully. Condo fee includes all utilities. Common areas being redone-a real plus. 24 hour dsk, rooftop deck, all services, sooo conv to Georgetown & Dupont." MLS#: DC6049883 ALEXANDRIA 501 SLATERS LN #1214 $385000 Bedroom(s): 2 Full Bath(s): 2 As only an agent would write: "Breath-taking sunrise & sunset views from this spacious (1168 sq.ft.) 2BR 2BA 12th floor end unit with CEDAR closet & views of the Potomac. Luxury waterfront hi-rise mere minutes to Nat'l. Airport & DC, boasts pool overlooking the river, state-of-the-art gym, sauna, 24-hr front desk, convenience store, ample parking, & the bike path out your back door." MLS#: AX6051306 WASHINGTON 1300 MASSACHUSETTS AVE NW #406 $395000 Bedroom(s): 1 Full Bath(s): 1 As only an agent would write: "Wonderful 1BR+Den/1BA unit at the Desoto! High ceilings, wood floors, recent renovation of kitchen and bathroom with modern/high-end materials and fixtures, incl. Kitchenaid stainless appliances, marble counters, custom cabinets. Master bathroom w/sep. shower/tub. Low fee includes everything!" MLS#: DC6050022 TAKOMA PARK 29 PHILADELPHIA AVE $399900 Bedroom(s): 2 Full Bath(s): 2 As only an agent would write: "Tastefully remodeled 2+ bed, 2 bath cottage with sparkling sunroom, updated kitchen, & garage. Move-in ready. Historic District with parks, cafes, library and Metro close. Shows Well. Contact Bill Landesz or Theresa Immordino, co-listors, for more info. Financial information sheet & approval letter required.Offers if any before Thursday 2PM." MLS#: MC6051028 GERMANTOWN 13511 HAMLET SQUARE CT $409990 Bedroom(s): 3 Full Bath(s): 2 As only an agent would write: "GORGEOUS 3BR & 2.5BA, 4LEVEL TOWNHOME WITH GARAGE!!! FULLY FINISHED BASEMENT WITH FIREPLACE & WALKOUT TO FULLY FENCED YARD. SPACIOUS FAMILY ROOM AND BEAUTIFIL DINING ROOM! HUGE EAT-IN KITCHEN WITH TILE FLOOR AND ALL APPLIANCES WITH WALKOUT TO YARD. KING-SIZE MASTER BEDROOM WITH WALK-IN CLOSETS & PRIVATE FULL BATH. LARGE SECOND AND THIRD BEDROOMS. PERFECT LOCATION...CONVENIENT TO EVERYTHING!!!" MLS#: MC6052358 WASHINGTON 200 WEBSTER ST NW $425000 Bedroom(s): 4 Full Bath(s): 1 As only an agent would write: "AWESOME, SPACIOUS 4BR, 1.5BA CLASSIC HOME. Enjoy sitting on 1920's front porch. Feel warmth upon entering Grand Foyer. Fall in love w/ French Drs opening to large, cozy LR. Entertain family in Formal DR. Enjoy reading book in Sitting Rm/Den & MORE: Galley Kitchen, 2 Huge MBRs, Mud Room, New 1/2 BA in Bsmt, Updates in FB, Newer Privacy Fence, Garage, Huge Bkyd, Space for Rec in Bsmt. Open Sun, 1-4p" MLS#: DC6052666 ARLINGTON 3830 9TH ST N #604W $428000 Bedroom(s): 2 Full Bath(s): 1 As only an agent would write: "GREAT FLOOR PLAN ON THIS 2 BDRM, 1.5 BATH CONDO. CUSTOM PAINT, NEW OAK HARDWOOD FLOORS, CROWN MOLDINGS, TRAY CEILING IN LR/DR, TILE FLOOR IN WHITE KITCHEN W/ CORIAN COUNTER TOPS, KOHLER SINK W/ MOEN FAUCET. FULL SIZE WASHER/DRYER, DEEP SOAKING TUB, WALK IN CLOSET. DOWN STAIRS IS A SUPER GYM AND THE POOL IS JUST ACROSS THE WAY. IT'S A PERFECT 10." MLS#: AR6052837 SILVER SPRING 10105 GREENOCK RD $440000 Bedroom(s): 3 Full Bath(s): 2 As only an agent would write: "OPEN SAT 5/20 & SUN 5/21 1-4PM! Super Sweet Cottage with arched doorways, hip & fun faux paint, custom fireplace, repl windows & h/w floors. Bright LR w/ stone FP, fam. rm w/ new oak floors, built-in cab's, shelves & window seat. Updated kit w/ granite counters, ceramic flrs & newer apps. Huge deck overlooking gorgeous shrubs & gardens." MLS#: MC6055208 WASHINGTON 3531 39TH ST NW #B-500 $450000 Bedroom(s): 2 Full Bath(s): 2 As only an agent would write: "Large corner unit with many windows & some nice touches: built-in bookcases, crown moulding. New stove & refrig. in Kit. Newer heat pump & HWH; New W/D, Shutters/blinds on windows. But it needs some inspired updating. Perfect for someone with good ideas who wants to personalize their space! RESERVED PARKING SPACE AVAIL # B-15 FOR $25,000. Good space for a good price! OPEN 5/21" MLS#: DC6055241 ARLINGTON 4420 36TH ST S $460000 Bedroom(s): 2 Full Bath(s): 2 As only an agent would write: "***A TOUCH of OLD TOWN in Fairlingotn!***CHARMING Clar 1 NESTLED in FABULOUS Arbor court!(lowest condo fee)OPEN KITCHEN w/TRAY CEILING,NEW CABINETS! OPEN GRASSY KNOLL in FRONT and 'PARK' w/PRIVATE GREEN SPACE in rear!(PLUS a BRIDGE) Very quiet, yet WALK to BRADLEE!COBBLED BRICK PATIO,NEW HEAT and AIR,'98,NEW WINDOWS '03 .RESERVED SPACE, too.COME HOME to YOUR OWN FAIRLINGTON RETREAT!" MLS#: AR6051416 WASHINGTON 910 7TH ST NE $475000 Bedroom(s): 5 Full Bath(s): 3 As only an agent would write: "Looking for a great opportunity? This is it. Seller has got all the approvals, paid architecural plans, for an amazing rennovation. 3 bedroom 2.5 bath owners space with two car garage approval. 2 bedroom rental unit on lower level. All steps to the H street corridor." MLS#: DC6051292 WASHINGTON 1401 17TH ST NW #406 $550000 Bedroom(s): 2 Full Bath(s): 2 As only an agent would write: "OPEN SUNDAY 5/21 1-3. Wonderul corner unit with wall of windows. All new kitchen w/ SS appliancess, oak cabs, & granite counters. Lovely white-oak floors, full sized W/D, good closets + extra storage, with parking avail for $45k extra in garage. Outside pool, pet friendly. Sellers will pay spec assmt if levied w/in 3 mos for some exterior brickwork. Prefer quick closing, sellers have found HOC." MLS#: DC6050183 WASHINGTON 1433 S ST NW #3 $574000 Bedroom(s): 2 Full Bath(s): 1 As only an agent would write: "This unique 2BR 1 1/2BA duplex is one of 3 residences in this charming European style townhome located on a beautiful tree-lined street. This unit has a southern front exposure w/unique windows and has a nice view of the houses on the street. There is a potential for a roof deck. It is pet friendly and has a very low condo fee. l parking space in back is included & right in the heart of the city!" MLS#: DC6051211 WASHINGTON 2126 CONNECTICUT AVE NW #48 $590000 Bedroom(s): 2 Full Bath(s): 1 As only an agent would write: "Welcome to this wonderfully updated classic residence the the 1908 Dresden - featured in "Washington's Best Addresses." This nicely laid-out 2 bedroom, 1 bath home features a gorgeous kitchen with maple cabinets, stainless GE Profile appliances, quartz counters, and stylish updated bathroom. W/ Tenants Rents for $2600/mo. Open House 5/21 1-4" MLS#: DC6048731 ARLINGTON 1305 TAYLOR ST N $599900 Bedroom(s): 2 Full Bath(s): 1 As only an agent would write: "Super little bungalow within walking distance of Ballston Metro has charming yard with lots of roses. Longtime owners has raised their family and are leaving the area. Over the past ten years, roof, windows & HVAC has been replaced. Oil tank is NOT underground. Hardwoods under carpet throughout main level. Driveway for off-street parking. Open Sun, 5/21, 1-4pm." MLS#: AR6055232 WASHINGTON 1542 1ST ST NW $599999 Bedroom(s): 3 Full Bath(s): 3 As only an agent would write: "3 BR/3.5 BA Circa 1909 Townhome was completely renovated in 2006. It has been enlarged and has been newly renovated from the roof to the recently dug-out basement. Boasting high ceilings, state-of-the-art Kitchen, hardwood floors on the 1st and 2nd floors, and wood-like (Pergo) flooring in the basement. Many upgrades, front porch, skylite. Patio with privacy fencing, and more. This is a must see!" MLS#: DC6055179 WASHINGTON 1701 KALORAMA ROAD NW #212 $606900 Bedroom(s): 1 Full Bath(s): 2 As only an agent would write: "Stunning 2BD/2BA located in the heart of Adams Morgan, Washington DC's hottest location. True loft style living including; twelve foot ceilings, exposed brick walls, hardwood floors, granite countertops, stainless steel appliances and picture windows. Open floor plan perfect for entertaining. Parking included in price! Brand new Harris Teeter located right across the street." MLS#: DC6047798 ROCKVILLE 16913 GEORGE WASHINGTON DR $619950 Bedroom(s): 5 Full Bath(s): 2 As only an agent would write: "WHAT A PRICE ON THIS MINT CONDITION 5 BEDROOM BRICK FRONT COLONIAL WITH LOFT THAT SHOWS VERY WELL,NEW KITCHEN APPLIANCES AND CORIAN COUNTER TOPS-BUILT IN MICROWAVE, FENCED LANDSCAPPED LOT WITH PATIO,REPLACEMENT WINDOWS, NEW CARPET,SHOWS VERY WELL,LOTS OF ROOM,MAIN LEVEL OFFICE OR STUDY.CROWN MOLDING IN LARGE LIVING AND FORMAL DINING ROOMS EXCELLENT OPPORTUNITY.UPDATED CAC/FURNACE/HWH" MLS#: MC6057053 WASHINGTON 1439 MARYLAND AVE NE $639900 Bedroom(s): 4 Full Bath(s): 3 As only an agent would write: "Quintessential-semi-detached Capitol Hill colonial updated to today's stds w/ the charm & architecture of the past. The gourmet kit. boasts stainless steel appl., cherrywood cabinets, granite countertps & island w/ cooktop. You'll gasp at the hardwd flrs, generous sized BRs, Updated BAs & bonus finished walk-out LL. H St Development Plans Available upon request." MLS#: DC6053410 BETHESDA 7238 SWANSONG WAY $645000 Bedroom(s): 4 Full Bath(s): 3 As only an agent would write: "Fantastic 3 level end unit TH in sought after Devonshire community Immaculate bright & cheerful 4 BR incl lg master suite 3 full 1 1/2 BA Great eat in kitchen. So many upgrades! Hardwood and tile throughout first floor, Great kitchen with new appliances.Large Living Room and step up to Formal Dining Room. Organized closets.Just off 270/495 across from Mont.Mall." MLS#: MC6049211 ALEXANDRIA 818 BASHFORD LN $659000 Bedroom(s): 3 Full Bath(s): 2 As only an agent would write: "Lovely, 3 level, fully upgraded END UNIT TH in convenient Nethergate. 3 Levels of Hardwoods, Updated Kitchen with Maple Cabinets, Center Island & Breakfast Bar,and Bright Bay Window. Gorgeous NEW, Marble Baths with Custom Vanities, Main Level BR Suite with it's own Bath. Georgetown Style Private Patio. Cozy Family Room off of Kitchen. 2 Fireplaces. 2 Parking Spaces" MLS#: AX6048511 WASHINGTON 1415 10TH ST NW #1 $689000 Bedroom(s): 2 Full Bath(s): 2 As only an agent would write: "FABULOUS FEDERAL ROW HOUSE WITH 2 LOFT SPACES, Unit #1 approx. 1400-1500sqft, Unit 2 approx. 1300-1400sqft & LG storage area. NEWLY RENOVATED, EACH UNIT FEATURES 2BR/2BA WITH CUSTOM APPOINTMENTS THROUGH-OUT. FROM THE CHEF'S KITCHENS TO THE SPA-LIKE BATHS, THESE LUXURIOUS SPACES ARE THE DEFINITION OF MODERN, URBAN LIVING." MLS#: DC6049706 WASHINGTON 329 11TH ST SE $699000 Bedroom(s): 2 Full Bath(s): 2 As only an agent would write: "Yes, it's the Yellow House!Let the dog run & grow your green thumb!Commanding Corner Lot Classic w/serene side porch overlooking huge landscaped yard.Open living/dining w/fpl,HWD,Wet Bar.New Granite Kitchen Counters. 2 bdrs,2bth,Den/Office.Secluded rear patio.Close to Eastern Mkt,Barracks Row & Metro. Seller reserves right to accept/reject any offer,any price.Open Sunday 2-5pm." MLS#: DC6056045 WASHINGTON 3622 PATTERSON ST NW $725000 Bedroom(s): 3 Full Bath(s): 1 As only an agent would write: "OPEN SUN 1-4. Classic Chevy Chase style, great light, wood floors, built-ins, period details, extra room on 1st level, big but cozy eat-in K, deck. 3BR, 1.5BA. Very convenient to Metro, schools, shops & parks. Owner reserves right to accept/reject any/all offers. Good condition but Sold AS-IS." MLS#: DC6056503 WASHINGTON 4962 BRANDYWINE ST NW $749000 Bedroom(s): 3 Full Bath(s): 2 As only an agent would write: "Delightful brick colonial home, filled with charm !!! Inviting front porch, spacious LR w/FP. Sep DR. Fresh paint/designer colors. Hardwood floors. New Kit. Light, bright lower lvl family rm w/custom built-ins. Lovely level lot w/deep fenced backyard. Attached garage." MLS#: DC6048714 ARLINGTON 5629 20TH ST N $764500 Bedroom(s): 4 Full Bath(s): 2 As only an agent would write: "Great cond. 2 level brick rambler*4BR,2.5 BA(4th BR egress not legal size)*updated kitchen opens to DR*rear deck*large lower level=family room w/fp,sm. den,rear entrance,COMPLETELY NEW full bath,"other room"(4th BR?!)*true walk to both Lee Harrison & Westover shops/rest,parks,library*large front/side yard*exactly 1 mile EFC metro*sought after school pyramid Tuck/Swan/York*move-in ready*bring offer" MLS#: AR6050407 ALEXANDRIA 15 MYRTLE ST W $799900 Bedroom(s): 3 Full Bath(s): 1 As only an agent would write: "CHARMING, RESTORED COLONIAL W/GARAGE*RENOVATED THROUGHOUT- ONE OF ROSEMONT'S PRETTIEST STREETS*LUSTROUS HDWD FLOORS, NEWLY REFURB KIT W/GRANITE COUNTERTOPS/NEW APPLIANCES *WASHER/DRYER*COZY FIREPLACE*SKYLIGHTS*LARGE FRONT PORCH/PATIO/POND-PERFECT FOR ENTERTAINING*PREMIUM 1&1/2 LOTS-GREAT EXPANSION POTENTIAL*WALK TO METRO/OLD TOWN/ SHOPS/RESTAURANTS*TRULY EXCEPTIONAL-MOVE-IN CONDITION*" MLS#: AX6051453 TAKOMA PARK 812 DAVIS AVE $850000 Bedroom(s): 5 Full Bath(s): 3 As only an agent would write: "Better than new! Owners worked w/ builder and added upgrades galore. A beautiful home in exquisite condition. This is your dream kitchen, gorgeous granite compliments creamy cabinetry opens to fam rm w/ FP and glass door to deck - ideal floor plan for how we live today. Brand new (2006)finished LL. Rocking chair front porch, big flat backyard. Open Sun 5/21, 1-4." MLS#: MC6055892 WASHINGTON 1117 10TH ST NW #WING 4 $864900 Bedroom(s): 2 Full Bath(s): 2 As only an agent would write: "EXCLUSIVE QUINCY COURT WING #4. THIS UNIT OCCUPIES THE ENTIRE 4th FLOOR OF BUILDING. LARGE 1650 SqFt. 2BR, 2BA CONDO WITH EVERY UPGRADE OFFERED INCLUDING ALL STAINLESS STEEL APPLIANCES AND MAPLE HARDWOOD FLOORING! **GARAGE PARKING INCLUDED IN SALES PRICE*** OPEN HOUSE SUNDAY, 5/21/06 1-4pm" MLS#: DC6051541 ARLINGTON 4919 25TH ST N $899000 Bedroom(s): 4 Full Bath(s): 3 As only an agent would write: "An absolute Must See!!!Fabulous expanded and renovated 4 bedroom 3 bath Cape w/kitchen family room addition, Open floor plan, stainless, granite, vaulted ceiling, mud room w/side entry. Master Suite, high-end products through-out, all new windows, new dual-zone heat/ac. Charming neighborhood. Owner has found HOC. Don't miss it! owner/agent." MLS#: AR6048293 WASHINGTON 2019 13TH ST NW $1035000 Bedroom(s): 4 Full Bath(s): 3 As only an agent would write: "STUNNING 4BR/3.5BA BAYFRONT VICTORIAN (W/1BR/1BA IN-LAW SUITE) COMPLETELY RENOVATED IN 2004 W/OPEN FLOORPLAN. EXPANSIVE LIVING & DINING RMS. W/EXPOSED BRICK WALL & HARDWOOD FLRS. GOURMET EAT-IN CHEF'S KIT. W/SS APPLS. & GRANITE COUNTERS. MSTR. SUITE W/BATH ENSUITE & LARGE WALK-IN CLOSET. OUTDOOR DECK, L/L IN-LAW SUITE & GATED PARKING. STEPS TO U ST!" MLS#: DC6052759 WASHINGTON 6915 32ND ST NW $1295000 Bedroom(s): 4 Full Bath(s): 3 As only an agent would write: "This home is so beautiful, it shines! Inside and out, the owner has cared for it meticulously. Grand formal rooms. Morning RM, breakfast nook, home office - all bonuses! Wood floors on main & upper lvls. Updated kit & baths, all electrical outlets & lights upgraded. 2 fp. The yard is absolute perfection. Honestly - this house is GORGEOUS, a perfect 10! " MLS#: DC6047238 BETHESDA 7116 HEATHWOOD CT $2375000 Bedroom(s): 5 Full Bath(s): 4 As only an agent would write: "Fabulous colonial on 1/2 acre in close-in Bethesda! Beautifully landscaped front & back yards, 2 story foyer opens to huge LR, den/office, gourm kit & adj FR w/FP! Sep DR w/views of back gardens, luxurious master suite w/2 walk-in closets & huge bath! 3 add'l BRs & 2FBs up plus fin LL w/BR, bar & light-filled rec rm w/sliders to back garden patio!" MLS#: MC6056852 WASHINGTON 2929 49TH ST NW $8000000 Bedroom(s): 4 Full Bath(s): 6 As only an agent would write: "New price! Incredible opportunity to own app. 3 acres in WEsley Heights. Development potential or buy and have an oasis in the city. This is now being offered as a whole package or separeately. The house, Accilimaton and its more than 1/2 acre parcel for $4,000,000 and the 2 acre parcel fo 4,000,000. Purchase togther or separately." MLS#: DC6056893 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