Spring Home Buying Part 1

Spring is a great time to purchase a new home in the DC area.  Over the next few weeks, I will be sending you different articles that will help you with your spring home search.

A recent article in The Atlantic walks you through some of the main considerations in buying a home, and take a realistic approach to home buying.  Everything from deposits, to whether you should consider a fixer upper or new construction, and much more!

For example, it states many people believe you only need a 3.5% deposit - do you know how much you need?  Read the article and you may be surprised (link below).  This article is a must read for anyone considering purchasing a home.

I have a great team in place to help you with your home buying needs, including excellent mortgage consultants, home inspectors, contractors, and me - your neighbor and sales agent.

Call or email me today to begin your new home search.

 http://m.theatlantic.com/business/archive/2012/03/getting-ready-to-buy-a-house/253927/

David Corson
Coldwell Banker Residential Brokerage
1606 17th Street, NW
Washington, DC  20009
(202) 674-1671 Cell
(202) 387-6180 Office
David.Corson@cbmove.com

Lower Limits for Veterans Affairs (VA) go into effect December 31st

Friday VA released a change that is effective December 31.  The maximum VA loan is decreasing from the current maximum of a little over $818k to a new maximum of $625,500 with 0 down.  

VA loans above $625,500 will still be available but they will require a 25% down payment for anything over the amount of $625,500.  As an example if the sales price is $725,500, the down payment would be $25,000.  This is the same as what has been done for loans above $818k.

Washington home prices up 5.7% since August

As reported in the Washington Business Journal, the average home price in the DC area is up 5.7% since August, compared to the national average of .06%.  Compared to last year, DC was only up 2.3%, so this is good news for people selling their homes. 

For those who wish to purchase a home, there are still some great deals out there, especially in Petworth, Ledroit Park, etc.  If you would like to know more about these areas, email me at david.corson@cbmove.com.

For more on this article, visit the Washington Business Journal.

New French Restaurant from Philly coming to the Old Shirt Laundry at 14th and Q

What was once the Old Shirt Laundry will now become a new french restaurant at 14th and Q Streets, NW.  This rapidly developing area is growing faster than any other area in the city, with some saying it will become the next Georgetown (more like restaurant/condo row).

Parc Deux Restaurant Partners LLC has filed for a liquor license application, shedding some new light on this former laundry building.  The company is from Philadelphia, and has as one of its restaurants the famous Parc Restaurant. 

The property is to be open for breakfast, lunch, and dinner and will have a total occupancy of 275.  This french style bistro will be a large restaurant, one of many opening on 14th Street.

Do you think this will be a good addition?

To read more from the Prince of Petworth, click here.

JBG Buys More Land in the U Street Area

The development company, JBG is everywhere in the U Street area.  From 14th and S with it's new condo project, to Atlantic Plumbing on 8th and V, to the new hotel site at 13th and U, to the new project at 14th and U, JBG is adding nearly 800 residential units and almost 80,000 square feet of retail.

Now the developer giant has recently purchased the three parcels of land along Florida, between 7th and 9th Streets, NW.  The highest bidder of the WMATA land at $10.2M, JBG is looking to add 250 residential units and up to 25,000 square feet of retail space to this area.

With all of these projects happening in the U Street/Shaw area, population growth will expand at an alarming rate over the next 5 years.  The increase in retail and convenience will most likely cause property values to sky rocket. 

Let's hope most of the people moving to the area don't have cars.  For more information on the Florida Avenue parcels, click here.

Utopia Project at 14th and U

Looks like we are more apartments and retail space coming to the corner of 14th and U Streets, NW.  The 9 stories high building will have about 220 apartments and 30,000 square feet of retail space. 

Many of the retail tenants along U Street (Coppi's, Utopia Bar, DC Noodles, etc.) and 14th Street (Chicago Dogs, Footlocker, Taco Bell, etc) will be closed but are slated to return once the project has been completed.  McDonald's will remain open since they have a long term lease.

Beginning in 2008, the project has floundered due to lack of financing but now they have that settled, the project is under way again.  JBG is the developer, the same company who now owns Atlantic Plumbing, the parcels at 8th and Florida, and the new condo project at 14th and S.

Of concern is the design of this large building and how it will blend in with the surrounding neighborhood.  Let's hope this project adds to the diversity of the neighborhood and doesn't take it away in the end.

Visit The Washington Business Journal for more information.

H Street NE, new Giant and Streetcars

The ever developing H Street corridor in NE continues to expand.  A new development just broke ground last week on the 300 block of H Street, NE, which will be home to a new Giant (a 42,000 square foot store), 215 housing units, and all of this will be completed by 2013. 

The streetcar project is well under way, but won't be ready until 2013.  While the tracks have been laid and the streetscape project is just about complete, DC announced it won't be ready to run the program until 2013.  DC is now in negotiations with Amtrak to use the area under the "Hop-Scotch Bridge" as storage for the streetcars, followed by construction of the storage facility.

Looks like 2013 is going to be a big year for the H Street Corridor!