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A look back at 2013 D.C. real estate

In this article, I’ll review some statistics for D.C. real estate for 2013, and will have something to say to both sellers and buyers in light of those statistics.

First, let’s consider the following graph of active listings vs. sold listings for the last 5 years:

active listings, gay news, real estate, Washington Blade

Average active vs. sold 

The monthly inventory of available homes (active listings) has been declining rather sharply over the last five years (from 3,161 in January 2009 to 1,060 in December 2013), while monthly sales have risen steadily over the same time period (from 273 to 675). Percentagewise, that’s about a 66 percent decline in active listings vs. almost a 250 percent increase in sales. The space between the two lines in the graph indicates the months of available housing. Each 500 homes indicates about a one-month supply of housing for purchase. When there is a six-month supply, we say the market is in equilibrium—neither a seller’s nor buyer’s market. The lower the supply of available homes, the more it becomes a seller’s market. As you can see from the right side of the graph, we barely have a one-month supply of available homes for new buyers, and this has been true all of 2013. So we can say that all of 2013 has been a seller’s market.

The good news for buyers is that we expect there to be a number of new condo projects coming on line on 2014, which will increase the available inventory of homes — as well as a number of foreclosure homes (which have been in limbo in D.C. for almost the last three years) later in the spring. (So potential sellers, you might want to beat the spring competition by listing now!)

Now let’s take a look at comparison just between 2013 and 2014 in the following table (below):

Looking back, the D.C. market was strong in every variable over 2012:

• Total number of homes sold was higher by 14.51 percent;

• Total dollar volume of homes sold was higher by 21.99 percent;

• Average sold price was 6.53 percent higher, at $588,330;

• Median price was higher by 10.23 percent

• Average days on the market decreased by -28.33 percent to 43 days;

• Ratio of sold price to original list price (OLP) was up 2.46 percent to 98.8 percent, which means that home sellers are getting very close to their asking price.

All of these are signs of a continuing seller’s market. But buyers, take heart. There will be more inventory in the spring because of the new condos and foreclosures. And if you go out looking now, you’ll have less competition from other buyers holding back and therefore more selection.

Happy Hunting!

2013 year end market statistics

2013 year end market statistics

Ted Smith is a licensed Realtor with Real Living | at Home specializing in mid-city D.C. Reach him at TedSmithSellsDC@rlathome.com and follow him on Facebook.com/MidCityDCLife, Youtube.com/TedSmithSellsDC or @TedSmithSellsDC. You can also join him at free monthly seminars for first-time homebuyers or monthly tours of open houses in a different neighborhood each week. Sign up at www.meetup.com/DCMidCity1stTimeHomeBuyers/.

08
Jan
2014

Hot housing trends in D.C.

Real estate, trends, gay news, Washington Blade

Some residents are opting to ‘go micro’ while others are finding their money goes far enough to afford an extra bedroom in their condo. (Washington Blade photo by Michael Key)

Spring is finally here but the biggest buzz isn’t about what’s outside but what’s going on inside. Real estate in the District is changing in a major way from size and design to renovations. Here’s a roundup of some of the latest trends a savvy buyer should know about when hunting for a new home in the District.

First, expansion has become a need than a want. Efficiencies were once the popular (and affordable) option when seeking out a new condo. However, more buyers are now springing for that two-bedroom unit. According to Valerie Blake of Prudential PenFed Realty, the market is more affordable than it’s been for a while. Residents are no longer forcing themselves to downsize and are choosing to spring for another bedroom. The extra space can be used for a guest room, office, nursery or combination of the three.

More space isn’t only desirable feature. Those looking for a new condo are no longer primarily interested in condo facilities such as how good the gym is or whether there’s a pool. Instead, Blake notices a trend of residents wanting their own private, larger outdoor space.

D.C. residents also seem to have had enough of picking up the hammer, those who work the local market say. Many buyers are now looking for completely finished properties that require no extra work.

Kevin McDuffie of Coldwell Banker in Dupont Circle says, “People just want to bring their clothes and toothbrush. They don’t want to do their own renovations. They want a finished product.”

Design is always evolving and kitchen design is no exception. Dark cabinets with light floors used to be the “in” trend. However, now the opposite is true. Dark floors with lighter cabinets is the new chic. Many new homes feature this modern design. In general, traditional looks are no longer being used and a sleeker, sophisticated feel is in demand.

A neighborhood that’s becoming a trend in its own right is the waterfront in Southwest. Chris Heller of Coldwell Banker says this spot is one of the best places to move these days. He says the River Park building (1301 Delaware Ave., S.W.) sat for years with empty townhouses and apartments. Now, many units are going under contract. Heller attributes the interest to the location.

“It feels like living in a suburb over here. There’s a new Safeway and restaurants. But the Metro is only two blocks away. It’s the best of both worlds.”

Bucking the trend of seeking more space are younger buyers, some of whom are seeking “micro units.” These units are even smaller than efficiencies. Many have been included in buildings on 14th Street and in the U Street corridor. Young professionals seek these micro units because they are easy to manage and clean. They are used solely for the purpose of sleeping. Nowadays, Heller says, entertaining isn’t done inside the home the way it used to in the past.

“People don’t hold dinner parties that often anymore if at all,” Heller says. “They entertain their guests in the city in restaurants and bars. There are so many places to go now that there’s isn’t a need for space to entertain anymore.”

These micro units are about 278 square feet and can run as low as $99,000.

Clean, modern and ready for move-in seems to be the consensus among those looking to purchase in the District. It’s something many of us can agree with — the less work the better.

 

Apartment updates

 

U Street Corridor

 

The Cardozo, a 28-unit condominium residential building, is planned for the corner of 11th and V streets. Units are planned to be small, ranging in size from 615-750 square feet. The six-story building will have underground garage parking.

JBG plans to build two buildings with five stories of residential units including ground floor retail and one level of underground parking. One building is planned to run from 8th to 9th Street and the other will be to the east.

Louis at 14th is planned for the west side of 14th street south of U Street. The nine-story building will house 267 units with 30,000 square feet of street level retail. Amenities include a movie theater, yoga room, rooftop pool and 24-hour concierge.

 

Logan Circle

 

Developer Brook Rose has proposed a rental complex on the 1400 block of Church Street. The building would include 29 micro-unit studios and six one-bedroom apartments for a total of 35 available units. Eight stories high, the complex would incorporate the existing row houses on the street.

The Fortis Companies plans to build a 33-unit apartment complex by converting the National Alliance of Postal and Federal Workers in Logan Circle. An additional two floors would be built for either condos or rentals. The units would range in size from 600-1,700 square feet.

Habte Sequar has built the Aston, a development consisting of 31 condominiums, 18 parking spaces and 3,000 in ground floor retail on 14th and R streets. This building is sold out.

The Irwin, a five-story residential building, has been planned for a vacant lot on 14th Street south of Rhode Island Avenue. Units are planned to be small ranging from 500-600 square feet. Condo amenities would include a large internal courtyard, fitness center, bicycle storage, 20 parking spaces and a common roof terrace.

 

14th Street Corridor

 

Douglas Development is building a seven-story residential building on the southeast corner of 14th and Florida Ave.; 30 units are planned for the building.

Community Three plans for a residential building with 18 condos with ground floor retail. The six-story building would have condos around 600-1,400 square feet including a penthouse on the top floor.

The Corcoran is a seven-story condo planned for a current Zipcar parking lot on 14th Street. The 40-unit condo building would include ground floor retail.

CAS Riegler has redeveloped the Lionel Train Store (1324 14th St., N.W.) into a five-unit condo building. Units are around 1,000 square feet. Pricing runs from $600,000-$850,000. The building is sold out.

04
Apr
2014

What D.C. landlords, tenants should know about TOPA

TOPA, Real estate, trends, gay news, Washington Blade

Pursuant to D.C.’s Rental Housing Conversion and Sale Act of 1980, commonly known as TOPA, D.C. residential tenants are provided with certain special rights.

By DAVID A. RAHNIS

Pursuant to the District of Columbia’s Rental Housing Conversion and Sale Act of 1980, as amended (D.C. Law 3-86, Section 42-3401.01 et seq. 2001, commonly known as “TOPA”), D.C. residential tenants are provided with certain special rights.

Before the owner of a tenant-occupied housing accommodation can sell the accommodation, the owner must first provide the tenant or tenants with the opportunity to purchase that residence.  In essence, owners of residential property in D.C. who rent the property to tenants own their real estate subject to tenant TOPA rights. TOPA applies to multi-unit apartment buildings and to “single family accommodations”, which includes single-family homes and condominium or cooperative apartment units.  TOPA does not apply to hotels, motels or other structures used for transient occupancy.

Under TOPA, prior to the sale of a housing accommodation, the owner must send, by first class mail, a written offer of sale to each tenant and the Mayor of the District of Columbia.  The bona fide offer of sale must contain the asking price, a statement that the tenant has the right to purchase the accommodation, the material terms of the sale as well as certain specific representations.  An owner of an accommodation may not request a waiver of the right to receive an offer of sale.  The D.C. Department of Housing and Community Development publishes TOPA tenant notice and offer of sale forms on its website.  The forms vary depending upon whether the property owner already has a third party contract in place and how many units are included within the housing accommodation.  In most cases, notices to tenants occur after an owner has already reached an agreement with a third party purchaser and the sale terms have been established.  The timeframes during which the parties are required to take action vary depending upon the type of housing accommodation involved.

In the case of a single-family home, condo or coop unit, upon receipt of the written offer of sale, the tenant has 30 days to provide a written statement of interest to purchase the property to both the owner and the mayor.  If the tenant fails to timely provide a written statement of interest, the tenant’s rights under the offer of sale will expire.

If the tenant does submit a written statement of interest to purchase, the tenant has a minimum of 60 days from the date of submission to negotiate a contract of sale with the property owner.  The negotiation period may be extended if the owner fails to furnish the tenant with specific required information. TOPA also provides the tenant with not less than 60 days from the date of contracting to secure financing. Under certain circumstances, the owner may be obligated to provide the tenant with an extension of time to obtain financing.  Furthermore, the tenant has a separate 15-day absolute right of first refusal to match any third-party contract to purchase the accommodation, which right cannot be waived. This means, for example, that the 60-day negotiation period described above may be extended by 15 days if the owner enters into a contract with a third party during the negotiation period.

If the owner has not sold or contracted for the sale of the accommodation within 180 days from the date of a valid offer of sale, the owner must once again comply with the requirements of TOPA, including the issuance of a new offer of sale to each tenant and the mayor. Also, it should be noted that if an owner contracts to sell the accommodation to a third party at a purchase price more than 10 percent less than the price offered to the tenant (or for other terms which constitute not bargaining in good faith), the owner is required to provide a new offer of sale to the tenant and the mayor.

TOPA contains additional tenant protections.  For example, tenants are not required to demonstrate their financial ability to actually purchase the accommodation prior to entering into a contract.  In addition, TOPA allows tenants to assign their rights to purchase to a third party (e.g., a developer).

However, there are several exceptions to the applicability of TOPA. An inter-vivos transfer between spouses, parent and child, siblings, grandparent and grandchild or domestic partners is not considered to be a “sale” subject to TOPA. Also, a transfer of legal title into a revocable trust, without actual consideration for the transfer, and where the transferor is the current beneficiary of the trust is not considered to be a “sale” under TOPA.

The TOPA statute is specific with respect to the parties that need to be notified and the timing of each notice. Moreover, TOPA states that third-party purchasers are presumed to act with full knowledge of these extensive tenant protections. Residential property owners, buyers and tenants all need to be aware of TOPA’s requirements in order to assure that all parties’ expectations are met when leased residential property is sold in D.C.

This is part of a series of monthly articles by Jackson & Campbell on legal issues of interest to the LBGT community. Jackson & Campbell is a full-service law firm based in Washington with offices in Maryland and Virginia. If you have any questions regarding this article, contact David A. Rahnis at 202-457-1673 or drahnis@jackscamp.com. If you have any questions regarding our firm, please contact Don Uttrich, who chairs our Diversity Committee, at 202-457-4266 or duttrich@jackscamp.com. The contents of this article are intended for general informational purposes only and should not be considered legal advice.

16
Jun
2014

‘H’ stands for ‘Hot’ on H Street

Atlas Theater, gay news, H Street, Washington Blade

The Atlas Theater (Photo public domain)

As the temperatures climb again, take a moment — and perhaps a streetcar, soon — to the nearby H Street corridor in Northeast Washington. Thanks to the continued promise of the new light-rail line connecting Union Station to Anacostia, many new dining and entertainment options are becoming available in this hot area. Entertainment, restaurants, and even an indoor bocce court now line this once less-glamorous street.

The most famous of places on H Street is perhaps the Atlas Theater. The Atlas Theater is home to the Joy of Motion Dance Studio and regular performances. Next door, The Rock & Roll Hotel is another recent spot for hot entertainment, housing a dance party every week, many popular DJs and a “drink to play, play to win” spelling bee.

Toki Underground is a new eatery that spices up the dining scene on H Street. D.C.’s first restaurant serving Taiwanese ramen, dumplings, and Asian-themed cocktails, Toki is a new hot spot for those looking for a unique dining experience. Be sure to try their pork cheek ramen with the homemade srirachi chili sauce.

For those seeking a more casual scene, enjoy H Street’s local Belgian-inspired restaurant and bar, Granville Moore. The lengthy beverage menu will have you coming back again and again to try the delicious cocktails. Make sure to try the mussels, which executive chef Teddy Folkman made to defeat Bobby Flay in an episode of “Throwdown.”

Vendetta, a bocce bar and tavern, offers its guests the chance to do the ultimate – throw balls and drink. Guests can even hold private parties where they serve more balls – meatballs.

If balls are your thing, also be sure to try the H St. Country Club, which offers a renowned menu with scrumptious Mexican food, as well as a large rooftop deck and the only miniature golf course in D.C. The weekend brunch also features bottomless mimosas, which no one should ever turn down.

Venturing a few blocks away from H Street is Union Market, featuring pop-up shops, restaurants and local produce. Many events are starting to encourage patrons, such as book signings, mixology seminars and gospel choir brunches. And don’t forget to check out Dock 5 for a potential event space. The 13,000-square-foot area can accommodate up to 1,500 people.

H Street is continuing to grow and will be bigger and better with the introduction of the D.C. streetcar. And just when can we expect to be joyriding on this streetcar?

Mayor Gray has promised it will be just a matter of months before the long-awaited line opens for business. Whether you use it to just get to work, or to enjoy a unique bar or restaurant experience, be sure to venture to H Street for great food and fun.

Phillip Ray is a Realtor with the Bediz Group (formerly Dwight and David Group) at Coldwell Banker Dupont. Reach him at 202-570-8822 or Phillip@dwightanddavid.com for advice on buying or selling in Dupont, H Street and beyond.

15
Jan
2014

Spring market finally blooms

spring, flowers, gay news, Washington Blade

With improving weather comes renewed hope for a busy real estate market. (Washington Blade photo by Michael Key)

Yes, it has been in hiding! We’ve been waiting for the 2014 spring market to emerge. It did not rush out of the gates in January as it did in 2013. In contrast, the 2014 market is slowing emerging from its cocoon with the “heat” still on in some price points and in certain neighborhoods.

If a well-maintained home in a popular neighborhood is priced appropriately, it will sell. The D.C. market is much more active than it is in the remainder of the metro area, but overall activity is down for a variety of reasons.

Federal workers and contractors are still unsure after the slicing and dicing of the federal budget and program cuts. Many new rental buildings are luring potential buyers to lease by offering “free month” packages and low initial rental rates. The pace of gentrification in the District is slowed only by the scarcity of properties to buy, renovate, and resell.

Even the changeable metro weather has played a part keeping us at home by the fire with Netflix. Yet, we’ve heard that other metro area markets are on a fast pace. Chicago, Boston and Atlanta are reporting that their markets have now caught fire.

Do not despair however, as there is promise of a strong spring market. The trees are starting to bud, daffodils are blooming and the tulips are emerging. It reminds me of my first D.C. spring arrival, having travelled from gray, cold Boston on an overnight train. I stepped out of Union Station and felt like Dorothy when she abruptly landed in Oz. It was alive with color, not black and white.

Blue skies, green grass, and tulips were everywhere and it had the magical feeling of Munchkin Land and the Yellow Brick Road. I felt certain the yellow brick road would lead me to a wonder-filled life in metropolitan Washington, D.C. and it did.

This is how I feel about spring and the 2014 real estate market. We have been drifting through the first quarter in shades of white, black and gray. The colors of spring are about to burst with refreshed life and all those in search of new beginnings will feel the need to find a new home.

Rates are not extremely low but they are not high either.  Federal employees will begin to feel more confident. Those who have delayed moving will feel that urge again. We just need the mental relief of a sunny sky and nature to run its course, kick starting a great real estate year.

Sue Goodhart is the top-producing agent at McEnearney Associates in Alexandria and is licensed in D.C., Maryland and Virginia. Reach her at 202-507-7800 or sue@ suegoodhart.com.

04
Apr
2014

Online photos critical to buying process

online photos, gay news, Washington Blade

Agents would be wise to showcase current, accurate images of properties.

I recently escorted a client through a condominium that featured a stacked washer/dryer combination standing in the breakfast room, a floor-to-ceiling living room wall of gold-veined mirrors and the pièce de résistance: a 1980s black, acrylic, jetted bathtub that comfortably seats four.

With all that to ponder, it was my client who said, “Wait. This place doesn’t look like the pictures I saw online.” And she was right.

After the photos had been taken, the living room furniture had been rearranged, one of the stainless appliances had been swapped out for a white one and a colorful étagère had been moved from the cramped kitchen to the dining area.

Most real estate agents see far too many houses in the course of a week to remember them all by their photos. When I’m showing a property, I concentrate on the client, looking to see if her eyes light up with glee or his nose crinkles in a visual expression of “Yuk.”

It used to be that agents had time to preview properties before showing them and eliminate some that might raise the eyebrow of a client who had made it clear which positive or negative features were deal breakers.

With a fast-paced market, we must rely more on the online photos and agent descriptions than ever before. We hope that our colleagues use professional photographs to show the property’s best features and give reasonable descriptions in the 400-character space available, but a visit to the home is still a critical part of the buying process.

I like to think I plan property tours efficiently, reviewing listing information to find those that match the parameters set by my clients, scheduling viewings in close proximity or along a circular route, and building in time for bathroom breaks, stops for water or snacks, traffic logjams and parking challenges.

Still, there are time wasters, dangerous situations and comic interludes inherent in the showing process. Here are some of my most memorable experiences.

• The showing instructions read, “The lockbox is located on the lower railing on the left side of the condo by the garage entry, around the corner and down the alley from the main entrance.”  Huh?

• The six keys in the lockbox are all unmarked and the front doorknob requires two hands, 10 minutes of jiggling and a spritz of WD-40 to unlock.

• While you’re going in the owner’s cat gets out and you spend 30 minutes (and at least 50 scratches) trying to get him back into the house, only to be told by the listing agent that a) it’s OK if he goes out or b) the seller doesn’t have a cat.

• The door handle is set to auto lock and you find yourself boosting your client over a back fence to get out or calling the front desk of a condominium for help as you contemplate a dive over the side of the building while stranded on the roof deck.

• The seller has forgotten that you made an appointment and greets you at the door wearing only a towel around his waist and a soap-on-a-rope.

• The buyers lose track of their children and while you are showing them the kitchen, their 12-year-old plummets from the attic through the ceiling and into the breakfast room feet first.

• A framed photograph of the seller and friend at the Mr. Leather Chicago contest, dressed appropriately for the occasion, inspires a lively discussion.

• You find that a mother raccoon has recently given birth in the chimney and that a family of squirrels has made a nest (and a meal) out of the insulation in the attic.

• You refer to the secret “playroom” outfitted with pillows, candles, handcuffs and a riding crop as “The Meditation Room” around your buyers’ children.

• You complete a showing and find that someone has made a T turn-around into the driver’s door of your new car and has left a blank note under the windshield.

Some things you just can’t plan for; you just have to heave a sigh and roll your eyes. But please, sellers, once you have your photos online, don’t change your décor. We need to know we’ve come to the right place.

Valerie M. Blake is with Keller Williams Capital Properties. Reach her at 202-246-8602 or at Valerie@DCHomeQuest.com. Each office is independently owned & operated. Equal Housing Opportunity

20
Jun
2014

The homeowner’s guide to exercise

kitchen, cleaning, gay news, Washington Blade, exercise

Cleaning your house burns a surprising amount of calories. (Photo by iStock)

If you’re like many of us, you made a New Year’s resolution to lose weight and get in shape.  You threw away the bags of chips in the pantry, gave the rest of the Christmas cookies to the neighbor kids and vowed never again to walk down the ice cream aisle at Harris Teeter. You even brought the treadmill up from the basement so you could exercise while watching “Flowers in the Attic.”

Yes, your intentions were admirable (as were mine), but then that comfy sofa started calling your name, Jillian Michaels became even more annoying and you couldn’t resist ordering extra pizza and nachos for Sunday’s Super Bowl game.

To those of you who love working out at the gym, playing Ultimate Frisbee with your pals on a cold Saturday morning or jogging around the National Mall, I salute you. But if you’re like me, always the last person picked for a team from elementary through high school, the humiliation of public exercise and lack of sports ability still takes its toll many years later.

Most experts agree that you need to burn 3,500 calories to lose a pound of fat, so it’s hard enough for people on the chocolate chip pancake diet just to stay even, but we forget about the everyday things we do that can contribute to weight loss. Here’s what I suggest.

Get up in the morning. In the 10 minutes it takes to make your bed, you burn 27 calories.  Brush your teeth to burn 34 more and style your hair for 20 minutes to burn another 72.

Clean the house. Spend 20 minutes washing dishes – by hand, no cheating – to burn 63 calories, then get to the real work. Thirty minutes each of dusting, vacuuming, mopping floors, washing windows, doing the laundry and ironing will yield a 773-calorie deficit. But also consider the additional benefit – the 30 extra minutes spent running up and down the stairs doing all this for the 245-calorie burn.

Mind the kids. How much time do you spend carrying a baby on your hip? One hour equals 302 calories burned. An additional hour of playing with your child at the park consumes another 327.

Walk the dog. A 30-minute walk will help you and your dog burn 143 calories. Have more than one dog? Walk them individually.

Go to work. Driving for an hour consumes 172 calories, so some might say that commuting is actually good for you.

Decorate and renovate. My favorite home stager is in great shape and it’s no wonder, since 60 minutes spent rearranging the furniture will burn 540 calories. Take an hour to paint that spare bedroom, something that’s been on your To Do list for six months, and you’ll burn 409 calories. A 30-minute home repair garners 184 more.

Do weekend chores out of doors. There’s an outdoor chore for every type of weather. Take 30 minutes each for the following tasks and feel the burn: raking leaves (164), shoveling snow (245), mowing the lawn (178), tending the garden (222) and washing the car (184).

Have a party. Go grocery shopping for an hour for a 286-calorie burn (no nibbling along the way, please) then cook dinner for half an hour when you get home for another 108. When your friends arrive, play an hour of bridge to lose 130 calories, tickle the ivories during a 30-minute sing-along for 113 more and finish off the evening with an hour of dancing to your living room Wii console for 486.

Go to bed. Finally, sleep for seven hours and burn 530 calories.

Now, for those of you who have been waiting for me to mention it, sex does indeed enter into the picture; however, 10 minutes of foreplay only burns 20 calories and 20 minutes of, er, follow-up, surprisingly only burns 115, so when your best friend tells you he burned 1,000 calories having sex last Saturday night, be impressed. I know I am.

Valerie M. Blake can be reached at 202-246-8602 or Valerie@DCHomeQuest.com. Each Keller Williams Realty office is independently owned and operated. Equal Housing Opportunity.

22
Jan
2014

Housing type vs. housing ownership

housing type, real estate, gay news, Washington Blade

Armed with a better understanding of the difference between housing type and housing ownership categories, you should have a clearer sense of how to focus your search for a new home.

With the variety of housing terms floating around, it’s often confusing to renters and buyers to say just what it is they are looking for. So here’s a guide to two categories that are often confused:

housing type, gay news, real estate, Washington Blade

Housing type refers to the architectural configuration of a desired home. In DC, the MLS service (MRIS) designates various housing types. Apartments (sometimes called flats) are typically living spaces all on one floor in multi-unit buildings.  Apartment buildings are categorized by the number of stories: garden buildings have from 1 –4 stories, mid-rise buildings have from 5 – 8 stories, and high-rise buildings have 9+ stories.

Attached housing types include rowhouses, townhouses, fourplexes, and duplexes (not an exhaustive list). Rowhouses are usually 2-story living spaces (may include a basement) that are connected with shared side walls. Townhouses are typically 3- or even 4-story living spaces that may include a basement rental apartment (in older townhouses) or a ground-floor garage and office (in newer townhouses), also attached in a row like rowhouses.  Fourplex and duplex houses typically only share one common side wall; in the case of fourplexes, there is also an upstairs/downstairs barrier between the units.

Detached houses share no common walls or floors/ceilings with other houses, and may even have additional buildings on the property—like an exterior garage or toolshed.

Ownership refers to the legal status of a house. Here the big divide is between rental housing and owned housing, whether the ownership is for the whole property (fee simple) or whether it is for partial ownership (co-operative or condominium). There is often confusion between the latter two, so here is a good way to distinguish them: In a housing co-operative (or co-op), you own a proportional share of the corporation that owns the building; in a condominium (condo), you actually own the real property constituting your house.

Now let’s combine housing type and housing ownership categories. It’s possible to rent any housing type. However, not all owned housing categories can be combined with all housing types.  For example, it’s only to purchase detached house or duplex on a fee simple basis. Any other type of multiple-unit housing requires a different form of ownership. Typically, smaller clusters of the same housing type (rowhouses, townhouses, fourplexes, duplexes, even detached houses in an enclosed community) use a condominium form of ownership, and  condominium ownership is also common for apartment buildings.

In contrast, typically only multi-unit apartment buildings use co-operative ownership. For example, many of the co-operatives in Washington are former rental apartment buildings, e.g. the buildings along Connecticut Avenue in Woodley Park and Cleveland Park. In next month’s article, I’ll talk more about the differences between condominiums and co-operatives, and the relative advantages of each.

Meanwhile, armed with a better understanding of the difference between housing type and housing ownership categories, you should have a clearer sense of how to focus your search for a new home.

Happy hunting!

Ted Smith is a licensed Realtor with Real Living | at Home specializing in mid-city D.C.  Reach him at TedSmithSellsDC@rlathome.com and follow him on Facebook.com/MidCityDCLife , Youtube.com/TedSmithSellsDC  or @TedSmithSellsDC. You can also join him on monthly tours of mid-city neighborhood Open Houses, as well as monthly seminars geared toward first-time home buyers. Sign up at meetup.com/DCMidCity1stTimeHomeBuyers.

11
Apr
2014

Don’t forget your pets when remodeling

pets, gay news, Washington Blade

There are many ways to make your home more comfortable for dogs and cats.

With nearly 50 percent of the U.S. population owning at least one dog or cat, it’s no wonder many homeowners take their pets into consideration when it’s time to remodel. In fact, there are numerous things homeowners can do to make their homes more comfortable and functional for their four-legged housemates. Some of our top pet remodeling requests at BOWA include:

Doggy Showers: Often located in a family foyer or garage, tiled barrier-free doggy showers are an increasingly popular option. Special designs with little or no curb and a hand-held sprayer at a lower level make easy work of rinsing off muddy paws after a romp in the backyard or giving Rover a full bath. Many even opt to use custom-painted tiles featuring their own pet’s breed and other themed graphics.

Feeding Stations: Depending on your needs and the allowable space, a feeding station can get pretty elaborate. Consider a custom shelf built into kitchen or family foyer cabinetry, with cutouts for bowls and a nearby storage area suitable for large bags of food, treats, toys and leashes. To take it a step further, we have had clients install a water line and faucet with an automatic water attachment – as their pets drink, the bowl is automatically refilled.

Hidden Litter Boxes: Many choose to hide an unsightly litter box in some type of enclosure, whether it’s a purchased freestanding piece or a specially designed area in custom cabinetry with a whimsical cat-shaped cutout entry. Family foyers are a common location, but with a bit of carpentry work, you may be able to provide Fluffy access to the garage or another out-of-the-way location.

Pet Doors: Since they first entered the market, pet doors have come a long way. Now with styles that fit into French doors, panels that fit in screen doors, some that (believe it or not) accommodate pets up to 220 pounds, and infrared and magnetic key options, pet doors are a great way to give your four-legged family members access to the great outdoors. Some people even choose to create special doors inside the home allowing access to a room even when the “people door” is closed.

Sleeping Areas and Hideaways: Humans are not the only ones who enjoy retiring to the peaceful sanctuary of their bedroom — so do pets. Consider creating a built-in bed or crate area in your laundry room or family foyer where your companion can curl up for an afternoon nap or escape from the hustle and bustle of company.

Reality TV: Give your pet their own version of “reality television” in the form of a window seat or low windows that give them a view of what’s going on outside. Just like teenagers, pets can entertain themselves for hours on end by just staring at “reality TV.”

Most importantly, if you decide to stay in your home during a remodeling project, there are many things that can be done to make the environment more safe and comfortable for your pet. For example, signs can be posted to make sure certain doors remain closed and caution is used when entering particular rooms. Also, extra care should be taken to ensure hazardous materials are picked up from accessible construction areas to protect curious pets.

We understand that for many homeowners, pets are important members of the family. With a bit of careful planning and clever design, you can bring those unique pet-friendly features that will truly integrate your four-legged friends with the rest of your beautiful home.

Josh Baker is the founder and co-chair of BOWA, an award-winning design and construction company specializing in luxury renovations, remodels and additions in the greater Washington, D.C. area. BOWA has more than 25 years of experience and has been honored with 170 local and national awards. For more information, visit bowa.com or call 703-734-9050.

27
Jun
2014

Mid-City in winter

Mid-City, Logan Circle, gay news, Washington Blade

The big Mid-City winners in this category were zip code 20005 (Logan Circle) and 20004 (Penn Quarter). (Photo by AgnosticPreachersKid; courtesy Wikimedia Commons)

The books are closed on January 2014 real estate stats and, in general, it was a better month for market activity than January 2013. So let’s take a look at the numbers:

 

Mid-City, gay news, Real Estate, Washington Blade

Mid-City statistics

First, comparing median sold prices, Mid-City properties saw growth in median sold prices for January 2014 over January 2013 — $576,101 over $511,841. These figures are higher for both Mid-City and D.C. overall in either year; additionally, Mid-City median sold prices have a greater increase year over year than D.C.—by 12.6 percent compared to 11.6 percent for D.C. The big Mid-City winners in this category were zip code 20005 (Logan Circle) and 20004 (Penn Quarter), with 63.3 percent and 53.9 percent increases respectively. However, because these two zip codes had so few solds in January (a total of eight), it might be more accurate to designate zip code 20010 (Columbia Heights, Mt. Pleasant) as the winner with 28 solds and a 35.3 percent increase. The big loser was zip code 20003 (Capitol Hill, Navy Yards) with a -2.8 percent decrease in median sold prices over January 2013.

For active listings, Mid-City had a greater percentage increase in the number of properties on the market—from 387 in January 2013 to 463 in January 2014—for an increase of 19.6 percent in available properties in comparison to only a 5.4 percent increase for DC overall. Again, the big Mid-City zip code winner was 20010 (Columbia Heights, Mt. Pleasant) with a 78.3 percent increase in active listings, while the big loser was again zip code 20003 (Capitol Hill, Navy Yards) with a decrease of -34.8 percent in the number of active listings.

Average days on the market is one indicator of the “speed of the market” and a general index of the seller’s market: the fewer the number of days on the market, the more the market is considered to be a seller’s market. Here, D.C. showed an -18.5 percent decrease in average days on the market, while Mid-City experienced a 35.3 percent increase. This means there were more properties on the market for a longer time in January 2014 over January 2013 in Mid-City, but fewer in D.C. overall. However, to put this all in perspective, there must be a six-month supply of homes on the market for it to be considered a “balanced” market between sellers and buyers. Dividing the average days on the market by 30 to obtain the number of months of supply of available homes, we can see that both D.C. overall and Mid-City have approximately a two-month supply of homes on the market—making it clear that we are still in a seller’s market.  (However, this figure is up from the fall season, when homes moved so quickly off the shelf that there was less than a one-month supply.)

Identifying winners and losers in this category depends on your point of view: if you are a seller, a lower number of days on the market is better because it means that there is less competition for your property; if you are a buyer, a greater number of days is better because it means you have more options from which to choose and sellers may be more willing to negotiate. So, for this category, winner/loser zip codes for sellers are 20002 (H Street, Atlas District, Trinidad) with a decrease of average days on the market of -66.1 percent over January 2013 and 20005 (Logan Circle) with an increase of average days on the market of 205.4 percent over January 2013. For buyers , the winner/loser zip codes are just the opposite: your buying options increased in zip code 20005, while they decreased in zip code 20002. Looks like the H Street district is heating up.

The final comparison is sold price/original list price. Here, what’s being compared is how big a percentage of the original list price sellers are getting. The higher the percentage, the more we are in a seller’s market. The D.C. market has been in the 90+ percentage range for the last five years—even through the modest real estate decline we experienced in the District. Bargains are few and far between in D.C., and this is something that newcomers trying to buy a home here frequently learn the hard way by losing a number of their first offers. In this category, there wasn’t much different between D.C. overall and Mid-City from January 2013 to January 2014: Both experienced a .7 percent increase in the ratio of sold price to original list price, with the Mid-City ratio of 98.5 percent being 1.4 percent higher than D.C.’s 97.1 percent. (This means that Mid-City homes sell for closer to asking price—surprise!) In this category, the big winners—at least from a seller’s perspective—were zip codes 20004 (Penn Quarter) and 20005 (Logan Circle), with 4.5 percent and 3.4 percent increases over January 2013. It’s worth pointing out that zip code 20005 had a sold price/original list price ratio of 101.3 percent. This means that Logan Circle properties are selling for more than their asking price—even in the dead of winter. How is that possible? It means that 20005 properties are receiving multiple contract offers.

And the big loser in this category?  Zip code 20007 (Georgetown/Burleith, Glover Park), with a -1.6 percent decrease in the sold price/list price ratio to 95.1 percent. However, at a median sold price of $885,674, that’s hardly “loser” status.

Happy Hunting!

Ted Smith is a licensed Realtor with Real Living | at Home specializing in Mid-City DC. Reach him at TedSmithSellsDC@rlathome.com and follow him on Facebook.com/MidCityDCLife, Youtube.com/TedSmithSellsDC or @TedSmithSellsDC. You can also join him at free monthly seminars for first-time homebuyers or monthly tours of open houses in a different neighborhood each week. Sign up at meetup.com/DCMidCity1stTimeHomeBuyers/.

12
Feb
2014