Morning Real Estate Review

Column: Historic preservation and contemporary renovation collide in Cleveland Park  (The Washington Post) Is historic preservation sometimes detrimental to neighborhoods, especially when it comes to renovating?

Housing exuberance led by 'glamorous cities' (Bloomberg) Schiller, found of Case-Schiller index, says there is a new risk of "speculative fervor".

Suspected mortgage fraud filings down 31% (HousingWire) Compared to the same quarter from this past year, suspected mortgage fraud filings are down by 31 percent. An abnormal spike occurred in the first three quarters of 2011.

Secondary loan market still weak (The Washington Times) Since Fannie Mae and Freddie Mac are now government-owned mortgage giants, there remains little incentive for a strong secondary loan market.

For rent by owner: Legal landmines for landlord (The Washington Post) While renting out an apartment, there are a number of somewhat obscure laws potential landlords should aware of.

Morning Real Estate Review

Half of those living under someone else's roof are 24 to 35 (HousingWire) Half of persons living under someone else's roof are 24 to 35 years old, mostly for economic reasons (45.3 percent of this group are living in poverty, according to the Census).

May saw best housing sales in D.C. since 2005 (The Washington Times) Sales are dramatically higher than they were simply one year ago. Not only are more selling, but more are selling faster. Good news all around for the Washington area.

Tax rules for renting out your vacation home (The Wall Street Journal) Summer's here, so it's a good time to review the tax rules connected to renting out your vacation home.

Historic Preservation Review Board and solar energy clash (The Washington Post) The HPRB has disallowed solar energy because of the panels' visibility from the street.

HiRISE WINDOWS Sheds Light on Window and Door Renovation

Sponsored Announcement 

 For many condominium and co-op owners, the first signs of trouble might be subtle – increased dust on the windowsill, noticeably more street noise, but before long comes the realization that a window or patio door needs replacing. HiRISE WINDOWS is a locally owned company whose professionals often find themselves meeting with condominium boards, groups of owners or property managers at exactly this point. 

Specializing in window and door replacement throughout the Washington area, HiRISE is renowned for solving problems that are due to age, wear or poor installation. HiRISE has carved a niche in the business with a steadfast dedication to the highest level of customer service.

 Founded by self-described former techie, Kevin Vincent, the business was born after he left a successful career in software and technology and took a job with a window replacement company. In short order, he saw the void in customer service and decided he could do better.

 From obsolete aluminum windows in high rises to historic iron-frame windows in Georgetown, HiRISE meticulously identifies the right solution, always to AAMA standards, and with an eye towards improving energy efficiency and enhancing livability. As one client said, “The recently installed windows and balcony door [from HiRISE] are just fantastic. It's so quiet and peaceful that I feel as though I have a brand new apartment!”

www.hirisewindows.com

Bright and Bold: Shaw Apartments Nearly Complete

McCullough Construction, LLC, will soon complete construction of one of the more colorful apartment buildings in Washington D.C.  Bailey Park, located at 625 Rhode Island Avenue in Shaw, was designed by Suzane Reatig Architecture, and includes an unusual color scheme and Trespa panels, rare in American architecture.


The 32,125 s.f., 4-story apartment building will hold 16 units in place of the 4 townhouses torn down in advance of construction, and 2 will be reserved exclusively for tenants making less than 80% of the AMI (area median income), with 14 of those being rented at market rates.

More noticeable, however, is the now complete façade of background grey with three bright accent colors: carmine red, ochre and purple.

“They picked some very interesting façade colors,” said project manager Seamus McCullough. “We’ve gotten some complements. It definitely grabs your attention as you walk down Rhode Island, let’s put it that way.”

The building’s façade is made of aluminum windows, architectural concrete masonry and Trespa phenolic wall panels for screening rain.

“[The panels] are supposed to be extremely durable and hold up to weather and sun for a lifetime,” McCullough said. “There’s no caulk in the joints, so it’s an open system.”

“It has a roof deck with four individual patio areas,” McCullough said, as well as a green roof.  “From the inside, one of the nicer features is the amount of natural light,” McCullough said. “in most of the units, you don’t even need the lights on during the day.”

Ground broke on the project on Sept. 26, 2011, and completion is expected at the end of July.  “We expect to turn it over by July 15, at the very latest,” McCullough said.

Washington, D.C. real estate and development news

Morning Real Estate Review

Foreclosure machinery creaks back to life (Washington Post)  After years of paying little attention to the process, banks are starting to take a closer look at the process of foreclosing.

Trade groups lobby against new green building rules (Washington Post)  The plastic, vinyl and chemical industries take issue with new rules proposed by USGBC.  The updated standards would eliminate some of their products for LEED building certification.

Housing economists predict better times for the market (HousingWire)  Economists from several real estate associations expect the housing market to improve over the next year.

House sales hampered by appraisers who fail to recognize appreciation (Washington Post)  Increasing numbers of real estate agents find appraisers aren't keeping up with the market.

Your Next Place

This condo might be on the first floor, but it's nicely elevated above street level, so you can literally look down on the rest of the world, to match how you figuratively look down on the rest of the world.  What, you think we didn't notice?  You should see what we say about you on gchat.

This very large two bedroom/two baths unit has everything you could want in a house, much less a condo; a beautiful living room with exposed brick, a huge bay window and gas fireplace, a gourmet kitchen with granite counters, and island, and stainless steel appliances.  The master bedroom suite boasts a huge walk-in closet to store all your clothes or hide in if an axe murderer breaks into the place.  Recessed halogen lighting and hardwood floors throughout, and it comes with rental parking prepaid through 2015!  (Man, I really am a commitment-phobe; even the thought of staying with the same parking space for three years gave me chills.)

And it's ideally situated just off 14th street, so you're a stone's throw from some of the best bars and restaurants in the entire city.  From riding a bike full speed while vomiting to throwing an entire pizza onto the windshield of a taxi to jumping off a second story patio to impress a girl (surprise, she wasn't impressed), I don't think there's a block of 14th between O and W Streets on which I haven't engaged in some serious late-night foolishness. And if there's a better endorsement for a neighborhood, I certainly can't think of it.

1433 R Street NW #2
2 Bedrooms, 2 Baths
$699,000

Washington D.C. real estate news

Morning Real Estate Review

Despite recent growth, many Washington DC houses still underwater (Washington Post)  32% of homeowners in the DC area remain underwater, according to a new report.

Washington D.C. property values shrink 10% over last 2 years (Washington Times)  According to a report from DC's Chief Financial Officer, property values shrunk by 10%, costing the city $100m in tax revenue.

No buyers market for first-time home shoppers (CNBC) Buying isn't just competitive in Washington D.C., other markets are facing investors with plenty of cash.

Housing recovery happening, in some places (Wall Street Journal)  While the nationwide market caused a crash all around the country, different regions are exiting the housing crisis at varying levels and at different times.  The DC area is up a mere .3% in price appreciation over the past year.

Housing may actually add to GDP this year (HousingWire) Having taken away from GDP growth for the past 5 years, housing may actually contribute, though it will probably account for 2% of the economy, a third of what it was before the crash.