DC Real Estate News: August 2009

There are some places in Washington DC that are unique.  Neighborhoods that have a huge appeal and retain their value.  That being said; while the market in Washington DC is doing well - it's hardly a "boom".

One neighborhood which I have had the privilege of working quite a bit in this year is Capitol Hill.  I have sold two properties there recently and have negotiated a couple of others - which didn't work out (yet).

About 10 days ago, one of these deals was a "newish" condo on the edge of Capitol Hill.  Well the neighborhood is not "really" Capitol Hill - but it's close!  Or at least that's what the listing agent wants us all to believe.  So when we based our offer on the recent comparable sales in the building (within the past 90 days) - all we got was a flat counter offer of "Full Price".  

Full WHAT?  Full price?  This isn't a unique condo. It's nice - but it's not the only one in town.  It's not really "in" Capitol Hill.  It's not "brand" new.  Not only that but - it's August!  You know - August; where real estate sales in DC tend to slow to a morbid crawl because 1/2 the dang city is on recess (thats vacation for those of who who don't work for Congress).

In fact; the Capitol Hill neighborhood has been one area where sellers *think* they can get 100% of list price - and some do.  The truth of the matter is that sellers get about 95% of list price (compared to about 92% in DC as a whole).

But a word of caution - when you get a good offer - TAKE IT.  Don't be silly and counter with a FULL PRICE offer.  It sends a huge message to the buyers.  The message sounds a lot like "screw you".

(Of course this condo is STILL on the market - and until they decide they want to "work" with a buyer - it will be on the market a very long time).

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800   Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100 * Washington DC 20016

Here are the Properties that sold in this Washington DC Neighborhood:  July, 2009
Type of Property      #BR/Baths        List Price           Closed Price     # Days on Market
      

Condo                         2/2                $549,900            $520,000               415*
Condo                         2/2                $545,000            $525,000               402*
Condo                         2/2                $555,000            $530,000               393*
RowHouse                   2/2                $689,000            $651,990               305
Condo                         2/2                $899,900            $837,500               200
Condo                         1/1                $260,000            $260,000               107
Condo                         1/1                $479,000            $475,000               131
Condo                         2/2                $379,000            $370,000                75
Condo                         1/1                $234,900            $227,500                121
Condo                         1/1                $349,900            $335,000                 92
Condo                         1/1                $399,999            $391,000                 65
Condo                         2/2                $389,900            $385,000                 83
Condo                         2/2                $789,900            $775,000                 38
Condo                        1/1.5              $415,000            $399,000                 93
RowHouse                   4/4.5              $1,599,000        $1,515,000             68
Condo                         1/1                  $414,900            $415,950              52
Condo                         0/1                  $199,000            $199,000              23
Condo                         1/1                  $429,000            $417,500              29
RowHouse                   4/2                  $845,555             $808,000             259
Condo                         1/1                  $369,900             $367,000              54
Condo                         1/1                  $314,900             $314,900              39
Condo                         2/2                  $509,000             $505,000              27
Condo                         0/1                  $259,900             $240,000              40
Condo                         1/1                  $475,000             $462,500              45
Condo                         2/2                  $309,500             $305,000              14
Condo                         1/1                  $359,900             $353,900                5
RowHouse                   2/2.5                $997,300            $930,000               29
Condo                         2/2                   $799,900            $733,000                5
Condo                         1/1                   $269,555            $270,000                62
RowHouse                   3/2.5             $1,100,000          $1,090,000               24
Condo                          2/2                   $319,900          $317,000                19
Condo                          0/1                   $162,500          $171,000                  1
Condo                          1/1                   $193,500          $195,000                  5
Condo                          1/1                   $326,900          $326,000                 38
Condo                          0/1                   $179,000          $168,000                 23
RowHouse                    2/2                   $693,000          $695,250                 10
Condo                          1/1                   $324,900          $325,000                  5
RowHouse                    2/2.5                $799,000          $819,000                  7
Condo                          2/1                   $325,000          $336,052                  5
Condo                          1/1                   $285,000          $285,000                  0
 
AVERAGE                                                                    $494,935                   90

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800   Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100 * Washington DC 20016

Here is the breakdown as of August 4th, 2009

The number of properties on the market has taken a large drop; which is typical for the summer season in the DC Metro area.  Sales and inventory tend to be at one of it's lowest points in the month of August.  We should see things pick up again in September and October.

Here are the number of homes on the market including the number of homes that were taken Off (EXPIRED) the market last week. 


 

Washington DC

Single Family:     Actives: 1651 (Down 72 from last week)      Expired: 70       Under Contract: 657 (Down 28)

Condos:              Actives: 1266 (Down 70 from last week)      Expired: 54       Under Contract: 512 (Down 25)  

 

Arlington County

Single Family:     Actives: 433 (Up 2 from last week)               Expired: 6           Under Contract: 195 (Down 18)

Condos:              Actives: 486 (Down 4 from last week)          Expired: 12         Under Contract: 176 (Down 14)

 

Prince Georges County

Single Family:     Actives: 5063 (Down 150 from last week)      Expired: 179        Under Contract: 2102 (Down 36)

Condos:              Actives: 775 (Down 29 from last week)          Expired: 32         Under Contract: 147 (Down 1)

 

Montgomery County

Single Family:     Actives: 3083 (Down 80 from last week)         Expired: 66        Under Contract: 1982 (Down 117)

Condos:              Actives: 1167 (Down 36 from last week)         Expired: 29        Under Contract: 480 (Down 8)

 

It is important to see the number of homes taken "Off" the market.  While many of these homes will return to the marketplace a week or two; seeing a listing "expire" means that the seller and agent thought or expected the home to be sold by now.

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800   Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100 * Washington DC 20016

Here are the Properties that sold in this Washington DC Neighborhood:  July 2009

Type           #Bedrooms/Baths          List Price         Sold Price        Days on Market

Condo                 2/2                       $739,000          $705,000                234

Co-op                 0/1                        $189,000        $177,000                245

Co-op                 0/1                        $179,000        $174,000                110

Co-op                 1/1                       $289,000          $285,000                 108

RowHouse          5/4                     $1,195,000        $1,850,000              332

Condo                 2/2                       $750,000         $730,000                   82

RowHouse          2/2                       $675,000        $679,000                   76

Condo                 1/1                       $385,000         $380,000                   95

Condo                 2/2                       $499,000         $480,000                   89

Condo                 1/1                       $399,900         $385,000                   53

Condo   4/4    $1,100,000         $1,050,000      53

RowHouse          3/2.5                     $689,900          $595,000                  55

Condo                 2/2                       $649,000          $630,000                  38

Condo                 2/1.5                    $429,000          $420,000                  31

Condo                 1/1                       $424,900          $420,000                  17

Condo                 1/1                       $349,000          $342,000                  29

RowHouse           8/4                     $1,375,000        $1,300,000                11

RowHouse           4/3.5                  $1,138,000        $1,100,000                 6

RowHouse           3/3.5                  $1,199,000        $1,095,000                 96

Condo                  1/1                      $274,000           $279,000                 12

Co-Op                  0/1                      $225,000           $215,000                  11

Condo                  0/1                      $259,900           $249,000                  13

Condo                  1/1.5                   $499,000           $495,000                   9

Condo                  2/2                    $1,500,000         $1,500,000                 0*

Condo                  1/1                      $369,900            $365,000                 6

Condo                  2/3                    $1,778,500          $1,778,500                14*

Condo                  2/2                       $475,000            $472,500                 6

Condo                  1/1                      $380,000            $365,000                  4

Condo                  1/1                      $399,900            $454,000                  3

Condo                  1/1                      $274,900            $315,000                  5

*This area includes parts of NW DC, Between K and U Street/Florida Ave and 16th to 23rd Street.

** Unit part of new building with multiple units for sale.  Days on Market may not be accurate.

Maybe it's the rain today - or maybe it's the humidity or maybe - just maybe it's me.  Not enough coffee before leaving the house perhaps?

My morning was more productive than usual for a Sunday morning.  Usually it's shower, coffee, dog walk then off to meet clients.  Today it was dog walk, coffee, laundry, a touch of house cleaning (can't have the maid come Tuesday to a dirty house), then shower.

So off to Target (pronounced /tar jay/  -it's French, not really, but back to my story...   I go for the normal things, Motrin, dryer sheets, and laundry soap - I get to the checkout with $100 worth of stuff.

One woman in front of me is paying - then it happens - some "woman" steps in front of me with an exchange and the cashier rings her up first!  I say - "I was in line before her."  The cashier just looks at me and said; well she just has an exchange.  "Yes - but I was here first."  The cashier just ignores me, rings up the woman and then rings me up.

No "I'm sorry" or apology of any kind.

OK, Jim I said to myself - it's not a big deal - let's go get more caffine!

So off to Starbucks I go.  After 2 passes around Dupont Circle, I find my parking spot and go into Starbucks, briefcase in hand.  Coffee and blogging - why not?

I order my drink, pay, then wait and wait and wait.  I finally say; Do you have mine?  -of course they don't.  The barista asks; "What was it?".  I tell her.  She makes it and says; "Here you go."

'Here you go?' !  She saw me wait for over 10 minutes and she she couldn't even' "oops - sorry" or something?  GEEZ !!!

So then - of course with the rain starting to fall - no seats to sit.  So I stand waiting for a table to open up.  Two other groups also gather around after me waiting for a place to sit.  When a man gets up to leave I head for the table and a young lady heads to cut me off and sit down.

-Was she blind?  Could she not see me waiting? What the hell?!

I bluntly said - "I HAVE BEEN WAITING 15 minutes.  I am sitting HERE.

I guess I didn't expect her to apologize for the near table theft and of course I didn't get one.

These same things happen in our business.  Clients seldom apologize for running us all over town only not to buy a home or change their mind about meeting Saturday to see homes.  Realtors seldom apologize for not returning a call or email or running late for an appointment.

Why can't people be a little nicer?

...This Sunday RANT - brought to you by.....  RAIN....  Cloudy, ugly day off with RAIN...

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800   Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100 * Washington DC 20016

I recently had a listing that was nearing the end of our contract terms.  I told my office manager that it was expiring and it would be coming off the market at that time.

I was asked; "You aren't going to get the listing extended?"  "No" was my simple reply.  In fact I had a whopping 3 listings this summer come to the end of the contracts; all of which had not sold.

Now all my other listings have sold this year with little to no problem.  So why not these three?

PRICE.

It's plain and simple.  I had 3 listings whose owners refused to meet the market price and wanted to price their homes in a range they "wanted".  Well wants are not equal to market price.

I do not "collect" listings.  I sell them.  If they don't sell - there are usually a few reasons.  The #1 reason is price.  Now there are ways to get that price - and ways not to get that price - but if you want to have the highest priced home in the neighborhood - it better be the BEST home in the neighborhood.  Otherwise - forget it.

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800   Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100 * Washington DC 20016

The House Appropriations Committee approved a bill to extend the temporary conforming loan limits in high-cost housing markets through the end of September 2010.  

A conforming loan is one that meets the standards of loan guidelines of Freddie Mac and Fannie Mae. Right now the conforming loan limit in certain high-cost areas of the U.S. have a cap of  $729,750, depending on location. The cap is 125% of the area median home price. 

This is great news for the DC Metro area; as this keeps many home buyers from needing to take out a Jumbo mortgages; which typically has a much higher interest rate than a conforming loan.

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800   Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100 * Washington DC 20016