To Buy or Not To Buy…

Tue, 24 Aug 2010 17:12:53 +0000

So many times when the media writes about what to do or not on a particular topic, the ship has already sailed. I think this time the ship has just pulled up anchor…Recently numerous publications are probing whether or not it is the right time to buy real estate. Fear of a double dip recession and the expiration of the 8K federal tax credit has clouded the discussion in the Washington area. We are blessed with one of the largest employer in the world, the US Government, a wonderful climate and a very livable city, but there are other reasons why the time is right to buy real estate in the DC area.

Consider this: While the market over the past few years got hot from the real estate boom, it produced some of the highest quality real estate that I have seen in my 25 years of owning, operating and investing in real estate. Factor in the extraordinarily low interest rate combined with competitive sale prices and sellers and developers see market opportunity. I have personally witnessed the surge in developers and owners jumping back into the market and building again. My conclusion is that now is the time to buy real estate before prices begin to rise.

This summer, the market has seen a rise in parents that traditionally backed the first home purchase for their children. A combination of an unpredictable stock market, low interest rates and irresistible values has brought “kiddy condos” back in style. Additionally, investment focused buyers are calling on a regular basis. They want livable but underrated property that they can add value through improvements. These buyers have the logic that if the markets grow, then it’s a bonus!

I’m sure there are many of you out there who think about the money that could have been saved if parents purchased a condo back in their college days rather than wasting all that money on lousy college housing. Or a long term renter may ponder why they have to pay so much money towards rent every month and get nothing in return. Now might be the right time to take the step towards owning real estate.

While I don’t have a crystal ball to predict the future, I do have 25 years of owning, operating and selling real estate and my gut say’s it’s time to buy!

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Credit Hangover?

georgette — Fri, 04 Jun 2010 15:21:00 +0000

Most people keeping track of real estate predicted that after the First Time Homebuyer Tax Credit would expire, sales would dwindle as well. This tax credit was initially enacted in 2009 and extended for buyers who had a binding sales contract by April 31, 2010. The credit offered $8,000 for first time homebuyers and $6,500 for repeat buyers who met the provided guidelines. The sale of new homes was definitely on the rise across the board and provided a much needed boost to the economy. When the tax credit was extended in November 2008, many buyers on the fence about purchasing a new home jumped in and began their search in earnest and sent their real estate agents out in front of them to go find something.
While the atmosphere portrays a slow future, UrbanLand Company’s Realtors and clients have seen otherwise, especially over the recent weeks. UrbanLand Company’s Broker, Gerard DiRuggiero, has seen “…a healthy pick-up of sales activity across the board. We are also pleased to note a continued steady pace of traffic at Open Houses, as well as a spike in attendance for UrbanLand events.” Realtor, Georgette Daher, agrees, “At the last two Open Houses for The Chelsea Condo, we had over a dozen visitors at each and had four ratified deals within two weeks.” (The Chelsea Condo is a nine unit boutique building in the Columbia Heights neighborhood.)
Continued sales activity would not only benefit the economy, but home values as well. Although the tax credit was incentive for buyers to get into the market and help boost the economy, competitive pricing has also been a driving force behind this surge. Now the questions remains if prices will remain low enough for new buyers to get into the real estate realm AND if there will be enough inventory to support the demand. Stay tuned…

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Another Brick in the Wall…Pink Floyd on The Floridian

georgette — Mon, 10 May 2010 21:56:45 +0000

Pink Floyd founder Roger Waters was here in D.C. projecting a quote by President Dwight D. Eisenhower on buildings around town Friday and Saturday night. Let me say that again, because it bears repeating: Roger Waters, the guy who wrote "Wish You Were Here," is using a laser light projector to display a line from President Ike's Cross of Iron speech. The quote's a decent one: "Every gun that is made, every warship launched, every rocket fired, signifies in the final sense a theft from those who hunger and are not fed, those who are cold and are not clothed." Ike had more District-appropriate sound bytes: "There are a number of things wrong with Washington. One of them is that everyone is too far from home." And while it might be a bit minimal for Waters's purposes, it's another Ike saying that I like: "Who's been counting my fish?" I can only presume these light installations are an advertorial for Waters's "The Wall Live" tour, which will stop at the Verizon Center (though not until October 10). People of Eisenhower's generation grew up listening to Pink Floyd, so that explains the affinity. But what about these buildings? Can any readers out there ID them? Sorry, Waters, but Yoko Ono beat you to this one.

New Development in DC?

Fri, 07 May 2010 13:43:09 +0000

What type of development will we see in DC over the next 12 months? Early this year my phone began to ring and it was a pleasant surprise. My developer clients were asking if I had any listings for small buildings or land parcels that could be developed into condos. The major question investors and developers tackle with constantly is if prices have come down enough for buyers to be motivated to buy a new condo. The other side of the issue is if the sellers of land parcels are realistic about the value of their property and price or sell accordingly.

While we have seen many parts of the real estate market hit rock bottom, I was beginning to see progress in the right direction. What followed over the next several months was somewhat of a meeting of the minds. Developers and sellers were able to sit at the same table and work together to hash out a deal that produced a product that was priced right. The recovery of the small developer is underway and my guess is the larger one will follow the well worn path these entrepreneurs travel as they have done before. Here are a few transactions that UrbanLand Company has done that encourages me about the future of DC condo development:

-SOLD small lot on 8th Street for 5 units just off of U ST.

-SOLD 6 lots in Eckington Sold in an all cash transaction.

-SOLD four unit building in Capitol Hill.

-A possible merger with a developer and owner of a 4 unit Victorian gem in Eckington near NY ave METRO.

Stay tuned or calls us for the latest!

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Sneak Peak at Dupont Beauty!

georgette — Tue, 27 Apr 2010 16:33:20 +0000

UrbanLand Company is proud to present this gem of a building in the highly sought after DC neighborhood of Dupont/U Street Corridor.

Located at 1929 16^th Street NW, Durant Manor is just blocks away from coffee shops, boutiques, cafes, lounges and the U Street Metro.

This 8 unit boutique building will offer 6 one bedroom and 2 two bedroom residences starting at $350k.

Fabulous views, large balconies, exposed brick and hard wood floors are only some of the features you can expect to see in each unit at Durant Manor.

These won’t last long!

Be the first to see these fabulous residences by contacting Erin Hundley to schedule a personal hard hat tour: ehundley@urbanlandcompany.com or 317-430-0866.

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Fantastic Conversion in Convention Center!

georgette — Fri, 16 Apr 2010 22:46:42 +0000

The developers for The Wilson House Condominium made a savvy decision to convert a 750 square foot studio into a one bedroom with a bonus dream patio. After UrbanLand Company broker, Gerard DiRuggiero, and listing agent, Georgette Daher, gave the developer a competitive market analysis and budget for the improvements, the sellers moved forward with the plan. Construction is almost completed at The Wilson House unit and the finished product is quite a sight.

The Wilson House is an eight unit boutique Victorian condo building in the Mount Vernon neighborhood on 1oth St between M and N St NW. It is situated on a tree-lined street, within blocks of Metro.

Contact Georgette Daher @ georgette.daher@gmail.com for a hard hat tour today!

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DDOT Hosts Meeting For The Sherman Ave Corridor Project

georgette — Tue, 13 Apr 2010 00:04:18 +0000

The District of Columbia Department of Transportation hosted a meeting on April 8, 2010 to inform the public about the final designs for The Sherman Avenue Corridor. The stretch of improvements will include Sherman Ave. between Park Road and Florida Avenue. The project will make the Corridor look and feel more residential, as well as making the area more appealing. The final plans include planting many trees and shrubs along the corridor, upgrading street lights and traffic signals. Designs also show the Corridor will be more pedestrian friendly by widening the sidewalks, updating the wheelchair ramps, and re-painting the cross-walk lines.

This will be a great improvement for the community and future developments that will come to the neighborhood. Among the community are the current residents at 907 Euclid, which is a recently converted condominium right off Sherman Avenue, that was completed by The Neighborhood Development Company (NDC). The construction is slated to be complete by December ‘11. Track the progress of the project at DDOT’s website at http://ddot.dc.gov/ or on the UrbanLand Company blog!

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More Development To Come In Eckington

georgette — Fri, 02 Apr 2010 22:57:06 +0000

UrbanLand Company sells six lots in the Eckington neighborhood in an all cash transaction setting the stage for a twelve unit development. Gerard DiRuggiero, the broker for UrbanLand Company, commented that “the lots we just sold are believed to be the original site where the Iwo Jima Monument was made. This will add a bit of lure for our new condo buyers in this rapidly developing part of the city.” DiRuggiero went on to explain that he has seen a big comeback with his developer clients inquiring about purchasing land to build small to medium size condo projects. In his professional opinion, he expects this trend continue as the condo inventory shrinks.

Check back on www.urbanlandcompany.com to track the status of this new development!

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Sweet Smell of Spring

georgette — Wed, 17 Mar 2010 02:06:29 +0000

Yet another apparel designer brings a fragrance line to the market this spring. Coach, known for its quality leather goods, introduces its first woman’s fragrance, “Coach The Fragrance,” and it’s sure to be a hit! Beautifully packaged with its signature logo on an elegant bottle, this fragrance will also be accompanied by a line of accessories. The accessories line will feature “fragrance print” designs with images of the bottle on handbags, scarves, jewelry, and even a “bowtie bikini” and “cellphone lanyard.” This hot new scent has more of a floral note; warm, sweet and more vanilla. (Notes include: green mandarin, guava, violet petals, water lily, genet flower, honey, orange flower, mimosa, jasmine, sandalwood, amber wood and vanilla). I just picked up a bottle for our “Fragrances of the World” event at our office this Thursday evening (March 18) from 6-8pm…

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Floridian Roars Back With 20 Deals in 20 Days

georgette — Mon, 15 Mar 2010 14:12:44 +0000

The Floridian roars back on the market with 20 deals in 20 days. Since the Grand Opening of the Floridian, UrbanLand Company has seen alot of traffic at this two tower complex. The night of the Opening, 250 people flooded the halls of the building, open units and roof deck, all trying to take a peak at the hot project on U St. With units at competitive prices and top of the line finishes, buyers have taken notice and as a result, there have been 20 deals over the past three weeks. There have been two Open Houses since then that have brought in a steady amount of traffic and interest. With Spring in the air and the tax credit deadline around the corner, it is definitely a good time to buy at the Floridian. For the latest news and updates, check out the Floridian’s Facebook page @ http://www.facebook.com/pages/Washington-DC/Floridian/367210634917?ref=ts

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