South of M Street – Market Update & Inside Scoop!

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1080 Wisconsin Avenue NW – Georgetown Park Residences 
Tilton Bernstein Management
Key features:
• 100 units
• Four active one-bedroom units priced $375,000 - $509,000 – Two are short sales
• History of assessments
• Front desk, pool, parking (deeded & rental), secure building, above mall, higher fees
• Perfect M St. & Wisconsin Ave. location
Scoop:  Great staff & board, keep an eye on increasing fees and/or moving forward assessments.

3225 Grace Street NW – Canal House  
Tilton Bernstein Management
Key features:
• 30 units, many duplex and/or loft properties
• Sister building to Georgetown Park Residences
• Boutique private garage
• Two units are currently under contract, one of which is my listing. Unit 107 is for sale - $489,000.
Scoop: Recent large point re-tuck brick façade assessment; project now completed, building looks great.

Papermill Court NW  
Zalco Management
Key features:
• 101 units
• Low fees
• Strong association
• Four sales this year - I just listed and sold three of the four properties in the past 4 months…selling in 6, 22, 12 days respectively. Most units convey with deeded parking. There is a community pool, no plans for special assessments.
Scoop: FHA approved town-home style condominiums. When priced & presented well, the properties tend to sell quickly and for a higher price per foot than other similar buildings/associations -- solid all the way around.

3299 K Street NW – Papermill on the Potomac 
Bernstein Companies Management
Key features:
• 30 units
• Low fees
• 3 Sales in the building this year
• Directly in front of the new waterfront park
• I just settled unit 302 last week. 1 bed/bath, 800sqft., w/parking $455,000
Scoop: Although the residential section dates back to the 80’s it does not feel like it. The building appears much more like new construction. Low fees & on-site deeded parking. Select upper level units have panoramic views that are second to none.

1015 33rd Street NW – Flourmill 
Tilton Bernstein Management
Key features:
• 52 units
• Canal front building
• No units convey with deeded parking -Discounted rental parking is available on-site.
• Five Flourmill properties sold in 2011 - I was the listing or buyer's agent for each transaction.
Scoop: The building has an extensive brick point re-tuck project coming near-term. This will definitely dig into their cash reserves.  In addition, increased fees and assessments will likely be in play. On the plus side, the building will be a stunner when completed – nestled directly in between the C&O Canal and Potomac River, the location is tough to beat.  The Flourmill sits 50 yards away from 3303 Water Street at $1,000+ a foot. Unit views vary significantly throughout the building.

1077 30th Street NW – James Place 
Zalco Management
• 78 units
• Front desk
• Garage parking
Scoop: Great building in need of some basic updating. Good news, they have plans in place to do just that. Recently I met with the board president to provide feedback on their architect renderings/plans. I definitely like what I see; furthermore the association should be in a position to do the extensive renovation with limited financial impact to the current owners. In my opinion, this will dramatically change the building. There is nothing being offered for sale at the moment. With that said, I’ve got three clients in the building with near-term plans to sell – a one-bedroom, a two-bedroom, and another very large two-bedroom property.

Quick & general notes on South of M St. Real Estate:

Newer game-changing additions to the area include: House of Sweden, 3303 Water Street, Ritz-Carlton, AMC movie theatre and the Georgetown Waterfront Park. Simply put, the area has been transformed over the past ten years. Area inventory remains VERY low. Some national banks have been hesitant to lend due to the area’s commercial component. Almost all lenders are now requiring a supplemental flood insurance policy. I guess when you live in a fun, vibrant & waterfront area…it comes with the territory!

Thank you for checking out today’s video blog post. If you know someone that would appreciate this site or information, consider forwarding the email or link. Also, for those on Facebook, a “like” would be greatly appreciated! As always, if you need assistance with anything related to real estate, just let me know.

Why Buying Now Holds the Secret to Years of Lasting Happiness in Your Life

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Almost anyone can buy a home – and these days, most everyone wants to, given the historically low mortgage rates and the very low home prices.  But buying in a way that proves successful on a long-term basis, however, is what differentiates those who end up with lasting happiness and prosperity throughout their life from those who just own a big house.  Since doing anything for the right reasons is a far better approach, it’s a valuable lesson to understand what your motivation should be for buying a home.  In this article, we outline the difference between buying for the sake of having material possession versus buying to enjoy life and provide for your family.

Whether you are a first-time homebuyer considering a new home, someone who has suffered a short sale but are ready to rebuild and become a homeowner again, or an investor – this message applies to you.

Why Buy Now?

Click on this link to see how interest rates have fared during the last several months, few years, a decade and longer.  The further back you go, the more astounding today’s rates seem.  For many of us in the real estate industry the current rates that hover around the 3s and 4s (percentage points) are unprecedented!  

The Secret to Lasting Home Buying Success
But here is the big secret to lasting health, happiness and yes, even wealth:  if you buy your home for the right reason, you will be able to live happier in it.  Buying your home based on whether or not you can afford the monthly payments is a big mistake.  Buying your home with the intent to be able to pay it off as soon as possible so that you can live free of a mortgage payment – THAT is success!  Imagine what you can do with all that extra cash each and every month.  You can treat your family on vacations, buy a new car every few years, pay for the kids’ college and live guilt-free as you build your wealth while at the same time living happily, in a paid-off home.  

Can Anyone Buy a Home Using This Principal?

Yes!  As long as you buy a home that is within the realm of your capability to manage it, then you can buy a house.  I do not suggest investing in a property that is bigger than you need or better than you need, just so that you can keep up with the Joneses.  By choosing a property that you can realistically pay off within 20 years instead of the 30-year term that you will most likely get for your mortgage, you are doing yourself and your family a huge favor.  This is a concept that nationally syndicated radio talk show host and financial expertDave Ramsey highly advocates.  In a bad economy or even worse economic conditions than today’s, the Joneses would find themselves looking at a short sale or foreclosure while you and your family would count on securely living in a mostly or fully paid off home.

Why Is This Principal So Spectacular?

As simple and rudimentary as it is, buying a home and going into debt within your means is a concept that is becoming more and more obsolete.  Where here we are talking about choosing a home that is reasonable and not overboard, most people believe that buying a home based solely on the monthly payment amount and the seeming affordability of that payment, without regard for anything but how big the house is.  Though very basic and nothing new, the simple idea that one should buy within their means with the full intent to pay off the mortgage as soon as possible is one that will open up many new doors in the future.

The Single Best Way to Shorten Your Loan Term

Even if you do not earn a very large paycheck, the key to paying off your mortgage sooner and to shave off years (not to mention tens of thousands of dollars) from the term is to chip away in small increments, month after month after month.  By making extra payments, no matter what amount you can handle, you will be tackling your principal impacting the amount you owe in a significant way.  To demonstrate just how significant the time and monetary savings are by doing this, input your estimated or existing mortgage payment information into this calculator that factors extra payments and shows the entire repayment schedule.  

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You cannot afford to miss this opportunity to free yourself and your family from what could be years of mortgage captivity if you get locked into future, much higher rates or worse – unable to secure a mortgage on a home.  For more information or a customized consultation, visit your Realtor.

How to Make a Buyer WANT Your House! Staging your house, before it’s too late and you lose the sale

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If you’ve shopped for a home, chances are you’ve come across one that you really wish you hadn’t visited in the first place. True, houses for sale ought to have a certain “lived in” quality to them, because they are to be lived in after all, but the art of tactfully balancing just the right amount of homeliness with neutrality is not so simple. You need to know what you’re doing when you prepare to set up your house and show it to potential buyers. We’ve put together some great tips for home-sellers so you can get the same results you’d get by hiring a professional staging company.

Fix Up the Place

One of the biggest mistakes homeowners make before putting their house up for sale is to neglect areas in the house that need attention. Folks, don’t leave that faulty step unrepaired, only for a potential buyer to step on, slide off of or worse, get injured on – FIX IT! You might think potential buyers won’t notice but they are walking around on your premises like hawks, noticing each little detail. The good news is that they are noticing the first-rate stuff too, so as long as you have the home’s amenities in order and other major areas in tip-top condition, you should be in good shape. Here’s how:

Get Rid of the Clutter

If you want to successfully sell your house, you need to get those potential buyers to imagine they already live there. Too much clutter, hobby-oriented items or personal possessions that most people may not be able to identify with, can easily get in the way of that vision. Organize things in stylish storage bins or better yet, have a garage sale before the open house and get rid of unwanted stuff. You have to move soon anyway, why not kill two birds with one stone? A clean and organized home will seem like a clean slate to buyers, who can then see themselves moving in without much hassle and settle in effortlessly.

Stay Neutral

Skip the tie and dye sofa cushions, shaggy 70s rug and don’t light incense on the day of your open house. While you’re at it, don’t fill the space with gender-specific things either. Buyers should walk into a neutral ground – literally. Light to medium colors, preferably in beige tones, are the simplest way to pull buyers’ attention away from other personal aspects of your home that they may not be able to identify with. Beige goes with almost anything so if someone considering purchasing your home can imagine their things in the space, then you’ve just crossed one of the most major hurdles in home-selling – making a buyer identify with the home.

Make It a Modern, Inviting Environment

If you don’t already have them, invest in a few modern decorative accessories to improve the look of your space while lending an air of style and taste and making it more enticing. It doesn’t have to take much but depending on how you set it up, you can enhance a given space with a few simple additions and deletions. Take your over-crowded study and rearrange the bookshelf to display only a few strategic but essential books, like a leather-bound set of encyclopedia or some literature classics. In the same way, leave a few children’s toys in a child’s room but be sure to display them tastefully.

Put a Few Finishing Touches in Place

The idea is that you want your house to be sold – and you probably want it sold fast. If you are careful to respect the people who are visiting your space to decide whether it’s the right one for them, then you are doing something that a lot of homeowners neglect to consider. Taking down a piece of controversial artwork that may make a potential purchaser uncomfortable could be the one bargaining chip that could make or break the sale. Arranging for all those who currently live in the home to be away during the open house and while showing the house being dressed in a way to present a good impression are also great ways to tip the scales in the right direction.

It’s very simple. You need to make the potential buyer feel right at home from the get-go. If from the moment they walk in and smell cinnamon cookies baking makes them wish this was already home – then you’re already two steps ahead and can call the open house a success! Of course, a signature on the dotted line is where the real success lies and as long as the buyer feels at home, chances are that if everything else lines up – the sale is a winner!

Take advantage of historic interest rates but choose your lender carefully.

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In the past, most contract purchasers would simply request rates and fees from a couple of lenders. From there, determine the “apples to apples” bottom line expense and select the least expensive route...and just like that, 30 days later the funds are waiting at the settlement table. Unless you are a 100% perfect candidate, that is no longer how it works in today's lending environment.

Are you self-employed? Are you buying a condo? Is your income 1099? Is your credit a bit shy of perfect? Has your income varied significantly over recent years? Buying new construction? If the answer is yes to one or more of these questions then it’s even more important to dig-in and better understand your lending options. To be clear, it does not mean you can’t get a loan. In fact, there are some very attractive loan opportunities in the marketplace today. It just might take a little more due diligence than if you were a straight-forward W-2 employee with perfect income, assets & credit.

National lenders, local lenders, portfolio loans, private banking…each will have their own set of loan products (conforming, non-conforming, jumbo, FHA, ARM’s etc.) and underwriting guidelines. Furthermore, these products & guidelines can and do change often. One lender can easily reject a purchaser while the next is prepared to settle without delay. The key is to find the proper match, competitive rates & fees, and most importantly…a lender that will be there successfully at the settlement table.

If you know someone who would appreciate this site, please forward it on. If you have questions about lending or need a good referral, just let me know. All the best, Michael.

3 Simple Tips to Sell Your Property

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The challenged market these days makes it very difficult for homeowners to get their houses to sell. A few years ago, it was more than enough to put up a listing and let the home sell itself. But now, during a time when in most markets inventory levels exceed six months or more, it is no wonder that people need as many tools as possible to help the process along.

Factor in that you are competing directly with your neighbors also vying to sell their homes and you really have to get an edge somehow. In this article, there are three smart ways to make sure your home sells and does so within a reasonable time.

Accurate Pricing Sets the Precedent for Successful Selling

It used to be that it was all about location. You know the famous phrase: “Location, location, location!” but in today’s tip, it is not so much about location as it is about price. Simply put, your price advertises your motivation. If you are a homeowner who refused to budge on a selling price despite getting no offers even after the property has had over 90 Days On Market– maybe it is time to rethink your strategy. Similarly, homeowners who price too low give off the impression that there must be something wrong with the property.

It is important to price accurately and realistically. Study the prices of similar homes sold in the same area. Consider a consultation with a Realtor to obtain in-depth studies and reports that demonstrate a wider scope of statistics that will help you set your price. Examples of things that may affect your price are the amount of tax, the age of your community development, whether or not it is located near a commercial zone, etc.

Making Sure Your Home is Dressed to the Nines Attracts More Buyers

Sure in the dating scene we need to look our best if we want to “sell” our look and get people interested. Houses are not much different. If you dress up your home to perfection, set it up in a way that will have potential buyers “oohing” and “aahing” over features that are highlighted because of the way you have it arranged, you’re in great shape.

Many people have no idea how to stage homes, so there are professional stagers that can come out and help you set up your home and make it display ready. Keep in mind that the standard you should maintain is similar to that of a design magazine. Imagine that a professional crew will photograph your home, so you need to make sure there is no clutter and personal items are put away.

Being Accessible To Show Your Home Shows You Are Serious About Selling

These days buyers are much more savvy than they used to be. They know they have the upper hand with inventory levels as much as they are nowadays and with the amount of competition some sellers have to face in today’s challenged real estate market. So making your home available to show, as per the convenience of potential buyers, can really make a significant difference in your success rate.

There are several factors to keep in mind when your house needs to be shown. First, declutter the space and remove all personal artifacts that might hinder potential buyers from envisioning themselves in the home. Second, make sure there are no pets or signs of pets left behind as this can be a put off for those people who do not have pets or who might have allergies. Third, invest some time to ensure there is sufficient curb appeal. Buyers should begin to fall in love with the home starting from the moment they see it, throughout their time inside and on the way out.

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If you want to sell your home then you will have to consider things from both sides of the fence. What amount is it that you need to sell the home for in order for it to make sense? What would buyers be willing to pay based on other properties sold in the area? How attractive is the space? Could it become home for the people that are showing some interest? Finally, are you around to make the home available for serious buyers who don’t have time to waste? Are you wiling to accommodate requests to see the home at times that may not always be the most convenient for you? Selling success, while largely depends on the market and trends dictated by other buyers, will also largely depend on how you – the seller -- set the precedent.