Construction continues on The Shaw Condominiums located next door to the historic Howard Theatre. Developed by Monument Realty, The Shaw will include 69 one and two bedroom condominiums featuring high-end finishes, 9 ft ceilings, floor-to-ceiling windows, and balconies / terraces with select units. The property will offer garage parking, rooftop terrace with shared amenity space, and approximately 7400SF of retails on the ground floor. Sales are expected to begin later this year.
If you are in the market for a condominium, one of the important questions to ask BEFORE you decide to write an offer is the current investor ratio in the community. Sometimes referred to as "Non-Owner Occupied", investor-owned condominiums are typically rented out to tenants and thereby considered non owner-occupied. In most cases, Fannie Mae guidelines require at least 50% of condominium units be owner-occupied in order to provide traditional financing. Exceptions can be made but the approval process can be a lengthy process and potentially delay your settlement.
The best advice for a potential condominium purchaser is to inquire about the investor ratio from the listing agent or management company before preparing your offer. In situations where…
In our current competitive real estate market, buyers are often looking for strategies to strengthen their offer in the hopes that the sellers accept their proposed terms. Most often, escalation clauses and limited contingencies are recommended in preparing your offer. However, there is another tool you can consider - - Post Settlement Occupancy Agreement (commonly referred to as a "Rent Back")
Here's how it works... the property goes to settlement as scheduled but the sellers remain in the property for a specified amount of time and at a mutually agreed upon daily rate. The sellers provide a security deposit with the settlement company that is returned to them at the end of the rent back period and upon a clear walk-through.
If the buyer has…
1. Know Your Score
One of the most important factors in your loan application will be your credit score so it is best to review your credit report before you speak with a lender. Once you have access to the report, review it carefully for any mistakes or unpaid accounts. You will want to address any credit issues early in the process. Multiple factors impact your score including payment history and the amount of credit being used compared to your available credit limit - or your credit utilization ratio.
2. Know Your Numbers and Organize Your Documents
In order to get pre-approved, the lender will require specific information to verify your assets and liabilities and it will be an easier process if you have everything prepared in advance.…
Limited inventory continues to be the theme among most DC neighborhoods during the 1st Quarter of 2018. The average days on the market indicator increased slightly from the 4th Quarter of 2017 but still very strong fundamentals overall.
Just in the time for the Spring 2018 Market.... We released our Home Buyers App for both Apple and Google devices. Search all properties for sale in DC, MD, and VA while creating custom searches, search nearby listings, and map with custom drawing tools. Best of all, you can communicate with your agent in real-time about the homes you love. Download the FREE app today.
Construction continues on the much-anticipated, The Bower Condominiums, by PN Hoffman and Forest City. The only "for sale" condominium development currently under-construction at The Yards, the 11-story project will include 138 condominiums ranging in size from studios to 3BR Penthouses. According to the development website, units will feature 9' ceilings, wide plank wood floors, Mecho shades, floor-to-ceiling glass, Bosch kitchen appliances, and Italian cabinets. Community amenities include a roof top lounge with terrace, fitness studio, and 24/7 concierge. Delivery is anticipated late 2018.
Already planning your spring garden or home renovation projects? Take advantage of the Capital Remodel and Garden Show this weekend at the Dulles Expo Center in Chantilly, VA. The show is open 10AM-9PM on Friday and Saturday and 10AM-6PM on Sunday. Visitors can tour Five Featured Gardens that include water features, garden accessories, and lush greenery and flowers. Guests can also purchase items at the Flower Market by Merrifield Garden Center that will feature fresh flowers, plants, and house decor.
There are a number of speakers and exhibitors scheduled throughout the show. Click here for a complete list of exhibitors, presenters, and events. You can also purchase tickets online and save $3! Enjoy the show.
Excavation work continues at The Perla Condominiums located on the site of the former Scripture Cathedral Church at 9th and O Street NW. The 66-unit LEED Gold property, developed by Four Points LLC, will feature 9 foot ceilings, floor-to-ceiling windows, chef-inspired kitchens with Italian cabinetry, and luxury baths. Residents will have access to garage parking with electric charging stations, private storage, and a skytop lounge with fire pits. Anticipated prices start in the mid-600's with sales beginning in early 2019. Check out floor plans and project renderings by clicking here. #perladc