Cribline News Flash – Mortgage rates trend higher

May 23, 2013 By Leave a Comment

Freddie Mac today released the results of itsPrimary Mortgage Market Survey(R) showing that fixed mortgage rates went up again for the third consecutive week.  The rates still remain low compared with last year.

News Facts

  • 30-year fixed-rate mortgage (FRM) were 3.59 percent for the week ending May 23, 2013, up from last week when it was 3.51 percent. Last year at this time, the 30-year FRM was 3.78 percent.
  • 15-year FRM this week was 2.77 percent, up from last week when it was 2.69 percent. A year ago at this time, the 15-year FRM was 3.04 percent.

May 23, 2013

The breakdown:

For a 30-year fixed rate, every $100,000 borrowed at 3.59 percent means that the monthly principle and interest payment would be about $359.00/mo.
For every Million dollars borrowed that would be $3,590/mo.

Tax deductions for interest would shave about 20 to 30 percent off of that amount making the final net payment approximately $240/mo. net for $100,000 borrowed, and about $2,400/mo. net for every million dollars borrowed.

You’ll have to add in the down payment, taxes and insurance on top of this mortgage.

Happy house hunting!

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A Cribline Find – Fix Automobile Dents Fast and Cheap

May 23, 2013 By Leave a Comment

Dear Cribline readers… and owners of automobiles!!!

Ok, so I was over 80 days past the date that the auto sensor first light up on my car alerting me to take my car in for a scheduled maintenance.

The sensor while a good thing for my car is an inconvenience for me!  Like many of you, I work full-time and my schedule is pretty crammed. So, squeezing in time to take my car in is just not at the top of my list.

But finally, one day, I bit the bullet and brought it in.  When I showed up for my appointment I asked “my car guy” if there was anything I could do about the quarter sized ding on the passenger side door caused by my mom who opened the door accidentally next to a fire hydrant during a Cribline tour of homes last Summer.  It was actually my fault, since I shouldn’t have pulled up next to one.  We were moving fast though in effort to fit in as many open houses as possible.

And, while I just tried to ignore it and pretend it wasn’t there, often, when picking up a friend, they would point out the ding!  It was usually the first thing people noticed. I continued to ignore it until my service appointment where I learned that there was someone who could fix it… and for cheap!

Enter Richard Routson from Dent Masters.  He is the lead master technician at Dent Masters of Arlington. For you car junkies, Routson placed 6th in The Dent Olympics, at the international Mobile Tech Expo in Florida. He has worked on everything from Toyota Corollas to Rolls Royces and has been in the business over the past 10 years. Some unique cars Richard has repaired include, a classic Ferrari once owned by Muhammad Ali and a stainless steel Delorean DMC.Richard Routson

For small ding or a larger dent you can pay between $150 to $500. You can literally have a quarter sized ding like I did and in less than an hour have it completely fixed!  I was really amazed!
And, while this blog is devoted to real estate, most people who own houses also own cars, and I thought this information would be useful.  I had the impression that I would have to take my car to a body shop and it would cost thousands of dollars to replace the entire door panel.  That isn’t the case.  Take a look at this cool video. Richard works miracles!  And, he does it with no sanding, no matching paint, no fillers.

So if you have a dent or a ding, do yourself a favor and check out DentMasters:

Richard Routson

Certified Master Technician

richard@dentmasters.com

Dent Masters

Direct: 301-758-6088

www.dentmasters.com/arlington.html

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The Cribline House Pick of the Week – San Francisco Food and Real Estate Porn

May 20, 2013 By Leave a Comment

Greetings Cribline readers from San Francisco!

It’s a stunning day today.  And knowing about the tragic storms going through the South and Midwest, I wanted to send my condolences to those who died and their families as well as those who lost their homes and who were injured.

As I was told during my visit, San Francisco is also a city known for unpredictable weather given its location on the Pacific Ocean, but today was one of the ideal days for this city.  People were out in droves, especially given the Bay to Breakers event taking place–an annual footrace that takes place on the third Sunday of May drawing tens of thousands of people from the Bay area. The name reflects the fact that the race starts at the northeast end of the downtown area a few blocks from The Embarcadero (adjacent to San Francisco Bay) and runs west through the city to finish at the Great Highway (adjacent to the Pacific coast, where breakers crash onto Ocean Beach), according to Wikipedia. The event is well known for many participants wearing costumes, and a few engaging in varying degrees of public nudity. It is San Francisco after all!IMG_6657IMG_6621

I was out in this very European and lively city for a work event, which started last Wednesday, and I extended my visit through the weekend as I have a cousin and several friends who live in the city.

My cousin and his girlfriend introduced me to a great spot called Beretta in the Mission district.  This place has a great mixologist who served up a refreshing cocktail called the Kentucky Mule (bourbon, lime, ginger, martinique).  For our meal we improvised with a self-styled tasting menu of specialty brick oven pizza, mushroom truffle (funghi and truffled panna) risotto and artichoke risotto with lemon and pecorino romano.  And to top it off, we had a generous scoop of panna gelato with extra virgin olive oil & sea salt (to die for) and bonet-chocolate gelato with amaretti & caramel (also amazing)…. Whew!  The only thing to make this evening more decadent was to swing by Buena Vista on my way back to the hotel where it was recommended that I try the Irish Coffee.  I wound up sitting next to a delightful couple both PhD’s from Stanford. This truly is a city for foodies… and smart people!  IMG_6592

On evening three, I went with a friend to Garcon, also in the Mission.  My cousin’s girlfriend knows I love French cuisine and recommended it.  It too was great.  We started off with raw oysters, shared a bottle of Sancerre, and I had to work hard not to inhale the pork molasses brined pork tenderloin with white cheddar grits, bacon, artichoke and mitake (like I did the oysters). This venue was warm, sophisticated, yet friendly.  We even spent some time talking with the chef Arthur Wall who recommended the pork entree.

While you might start to think that this is a food blog, between the wonderful meals and exploring the city, I did make a point to explore the world of real estate in what is probably one of the most expensive markets in the country.  Like Washington, San Francisco’s real estate scene is hot.

Take a look at 540 DELANCEY St #301, which is this week’s House Pick of the Week.  81315868_0It is one of sixteen fabulous live and work condominium lofts originally built in 1892 and completely renovated in 1997.  It’s a little over 1,200 square feet, and is a one bedroom, one bathroom end unit featuring high ceilings, exposed brick, metal siding and exposed wooden and metal beams that dramatically accentuate the interior and exterior space. The unit also has an open and contemporary kitchen and an updated bath, both with Silestone countertops and Hansgrohe fixtures. It’s just on the market for $899,000. How can you not want to live here.  Take a look:

81315868_2_0 81315868_3_0 81315868_4_0 81315868_5_0 81315868_7_0 81315868_10_0

 

To the Point Analysis: With 20 percent down on $899,000 of $179,800, the mortgage would be $719,200.  At an estimated 3.5 percent 30-year fixed rate, the gross payment would be about $3,978/mo.  After tax deductions the monthly payment would be about $2,800/mo.  Add $463/mo. for the HOA and you have a final payment of $3,263/mo.  It would be a challenge to find something this nice and this size to rent for this price.

Honorable mention:  Check out 4531 20th St located in highly desirable Eureka Valley neighborhood.  It’s a 3 bedroom, 3 bath with stunning panoramic 2-level views. It’s listed for $1,195,000.  407852_2 407852_7_1 407852_15_1 407852_16_1

This home is perfect for entertaining and has floor-to-ceiling windows in the living room. There’s also an eat-in gourmet kitchen with Sub-zero & Bosch appliances and opens onto a private south-facing patio.

The Master en-suite has double sinks in the bathroom and ample closet space. The unit also comes with a 1-car parking space, storage, and laundry.

Happy house hunting!

Here are some other pictures of SF to leave you something to hang onto…

IMG_6618 IMG_6619IMG_6624 IMG_6645Local Kitchen and Wine restaurant

IMG_6663Mermaid fountain Ghirardelli Square

 

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Cribline Charlotte House Pick of the Week – May 19, 2013

May 19, 2013 By Leave a Comment

Greetings Cribline Charlotte!

On the cultural scene, there was the Waxhaw’s Spring Fest, the FESTA ITALIANA, Charlotte’s Italian food, wine and cultural festival, and the Crosby, Stills & Nash concert tonight at Ovens Auditorium. It shows that there are plenty of options for weekend fun in Charlotte.

For The Cribline Charlotte, fun comes mainly in the form of house hunting.  It’s what we love!  And, following this week’s review of new homes on the market, there was one particular property that stood out!  Check out: 1628 Morningside Dr.  It’s a 3 bedroom, 2.5 bath classic Craftsman with a spacious open floor plan perfect for entertaining in the Midwood neighborhood.  It’s listed for $439,000.2153917_0

The kitchen is gourmet and includes granite counters, stainless steel appliances and wonderful cabinets.  Other features include a downstairs master suite, 2-story great room, gas log fireplace & a bonus loft.  There is also parking for 3, and an outdoor kitchen and stamped concret patio.

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To the Point Analysis: With 20 percent down on $439,000 of $87,800, the mortgage would be $351,200.  At an estimated 3.5 percent interest rate (you may be able to get a lower rate as the market has been fluctuating a bit over the past 2 weeks), the gross monthly payment would be about $1,943/mo.  After tax deductions, the net payment would be about $1,350/mo.  Not too bad compared with what you might pay in rent for something much smaller.

Happy house hunting!  And, stay safe in this stormy weather.

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Cribline Sneak Peak – Full Renovation 3 bed/3bath in LeDroit Park

May 17, 2013 By Leave a Comment

Greetings Cribline readers!

Check out what just came on the market… this gem in LeDroit Park at 316 Elm Street, NW.  It’s a fully renovated Italianate 3 bedroom, 3 bath row house. It’s listed for $697,500.  And, when you see how the real estate math works below in To The Point Analysis, you may be shocked by how affordable it is compared to renting!!!

DC8083421_0

This home has an open floor plan, central staircase, great modern kitchen, new wood floors, exposed brick, skylights, and recessed lighting.  It’s perfect for entertaining!

DC8083421_1_0 DC8083421_2_0 DC8083421_9_0

There is also a private patio and possible parking.

To the Point Analysis: With 20 percent down on $697,500 of $139,500, the mortgage would be $558,000.  At an estimated 3.5 percent interest rate, the gross monthly mortgage would be about $3,000/mo.  After tax deductions the estimated net payment would be about $2,100.  Not to shabby when you compare it with what you might currently pay in rent!

Happy house hunting!

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Cribline News Flash – Mortgage Rates Up Again

May 16, 2013 By Leave a Comment

Freddie Mac today released the results of itsPrimary Mortgage Market Survey® showing fixed-rate mortgages were higher this week on signs of stronger consumer spending.

30-year fixed-rate mortgage were 3.51 percent this week, up from last week when it was 3.42 percent. Last year at this time, the 30-year was 3.79 percent.

15-year FRM this week was 2.69 percent, up from last week when it was 2.61 percent. A year ago at this time, the 15-year FRM was 3.04 percent.

May 16, 2013

The breakdown:

For a 30-year fixed rate, every $100,000 borrowed at 3.51 percent means that the monthly principle and interest payment would be about $351.00/mo.
For every Million dollars borrowed that would be $3,510/mo.

Tax deductions for interest would shave about 20 to 30 percent off of that amount making the final net payment approximately $240/mo. net for $100,000 borrowed, and about $2,400/mo. net for every million dollars borrowed.

You’ll have to add in the down payment, taxes and insurance on top of this mortgage.

Happy house hunting!

 

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Cribline Charlotte House Pick of the Week – Great 4 bedroom, 2 bath Craftsman on Normandy Road

May 13, 2013 By Leave a Comment

Greetings Cribline Charlotte!

Happy Monday on this sunny 70 degree day!

We are definitely in full Spring and hayfever seems to be taking a hold of many people I know. It is the price some of us pay for the beautiful flora and fauna that makes this such a beautiful city.

I hope you all had a nice Mother’s Day.

Jumping right into this week’s House Pick of the Week, we looked at homes in the neighborhoods of Carrington, Stone Creek Ranch, and Myers Park.

While all of these are great neighborhoods, we selected 2719 Normandy Road in Myers Park as this week’s pick of the week.  It’s a delightful and homey craftsman 4 bedroom, 2 bath listed for $699,000.

2152203_0It features an open floor plan and hardwood floors throughout. The kitchen is new and gourmet and includes granite counters and stainless steel appliances. There’s also a great built-in dining area.  Upstairs, there are 4 bedrooms, including a very generous sized master suite.

2152203_3_0 2152203_4_0 2152203_5_0 2152203_10_0

There is also a deck that blends into a great backyard, and there’s a carport and one car garage. The roof is new, and the home is walking distance to MP Schools, MPCC and great dining on Selwyn Avenue.

To the Point Analysis: With 20 percent down of about $140,000, the mortgage would be about $560,000.  At an estimated 3.5 percent interest rate for a 30-year fixed mortgage, that would be a gross monthly payment of about $3,000.  After tax deductions, the net monthly payment would be about $2,100.

Happy house hunting!

 

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The Cribline House Pick of the Week – Mother’s Day Edition

May 13, 2013 By 1 Comment

 

Greetings Cribline readers!

What a perfect day for house hunting, and Happy Mother’s Day to all the mother’s out there!

IMG_6543Funny comic from Cribline Approved realtor Marian Marsten Rosaaen

Today’s Cribline House Pick of the Week tour follows what was a wonderful dinner get together with my friend’s Sheryl and Eric on Saturday night.

Just about a year ago they asked me to dinner to talk about buying a home.  They said that they were considering buying a place in about a year and wanted my help in breaking down the real estate math in order to determine whether it made sense for the to invest in a home rather than rent.

During that dinner, on the back of a napkin, I explained what a mortgage would be in the price range they were considering and the next day they followed up asking for a recommendation for a realtor and a mortgage broker. The numbers spoke for themselves. It was clear that owning was going to be a better option than renting, especially with interest rates being so low. That’s what we do at The Cribline.

About a week later I received an email from Eric telling me that he and Sheryl bought a house.

Last night was my first time actually visiting them in their new fully restored historic home in Old Town.  And, let me just say, it is beautiful.  And, the gourmet meal prepared by Eric was over the top.  It included 3 kinds of steak (ribeye, Kobe, and dry aged), domino potatoes, creamed spinach, and fresh berries for desert.photo (5)

Thank you guys!

Now onto the pick of the week. This week, there were 2 neighborhoods that we focused on: Bloomingdale and Capitol Hill.  And, it really was a toss up this week!  So much so that there are 2 house picks of the week. Both are on Capitol Hill: 1533 East Capitol, SE and 614 F Street, NE.

The home on East Capitol (close to Lincoln Park) is a carefully renovated detached 4 level 5 bedroom and 4.5 bath home situated on a beautifully landscaped corner lot.  It’s listed for $1,100,000.987735_2

The open kitchen is gourmet, designed by a chef, and has a subzero and white marble counters.  There is a formal living a dining room, and a sun room with great built-ins.

IMG_6545The developer and I
 987735_10 987735_8

There are pocket doors, a fireplace, a lot of light and great architectural details.

The second floor contains 4 bedrooms and 2 baths including the large master ensuite.  On the top floor is an open attic/playroom perfect for kids.  On the lower level there’s a large au-pair suite.

987735_17

There is a back slate patio, and a new garage. There’s also plenty of off street parking on the property which is very unusual.

To the Point Analysis: With 20 percent down of $220,000, the mortgage would be $880,000.  At an estimated 3.5 percent interest rate, the gross payment would be about $4,868/mo.  After tax deductions, the estimated net payment would be about $3,400/mo.  This is a find!

 

The F Street Victorian classic row home is newly renovated and is 5 bedrooms and 3.5 baths, including a ground level 2 bedroom stunning rental unit that will cover about $500,000 of the mortgage. It’s listed for $1,195,000. You may be surprised how low the final mortgage payment will be given the income unit.

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This home features brick exposed walls, huge skylights, Brazilian cherry hardwood floors, Travertine tile, crown molding, recessed lights, Bose surround sound, a gourmet kitchen with SS appliances, and built in wine fridge.614_F_ST_NE_65136_025_4242013RS 614_F_ST_NE_65136_035_4242013RS

The upstairs has 3 bedrooms and 2 baths. The master is an ensuite.  614_F_ST_NE_65136_041_4242013RS 614_F_ST_NE_65136_045_4242013RS

There’s also a beautiful garden and back patio space. 2 car garage.

To the Point Analysis: With 20 percent down on $1,195,000 of $239,000, the final mortgage would be $956,000.  At an estimated 3.5 percent interest rate the gross payment would be about $5,288/mo.  After deducting about $2,000 for the rental apartment (that’s what it was renting for most recently), the gross payment would be about $3,288/mo.  After tax deductions the net payment would be about $2,300/mo. Now, that’s a sound investment.

Happy house hunting!

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Cribline News Flash – Mortgage Rates Tick Up after 6 Weeks of Trending Lower

May 9, 2013 By Leave a Comment

Freddie Mac today released the results of its Primary Mortgage Market Survey(R) which showed the average fixed mortgage rates reversed its downward trend for the first time in six weeks.  Freddie cited April’s better than expected employment report as one of the factors in a tick up in rates.

News Facts

  • 30-year fixed-rate mortgage was 3.42 percent for the week ending May 9, 2013, up from last week when it was 3.35 percent. Last year at this time, the 30-year FRM was 3.83 percent.
  • 15-year FRM this week was 2.61 percent, up from last week when it was 2.56 percent. A year ago at this time, the 15-year FRM was 3.05 percent.

May 9, 2013

The breakdown:

For a 30-year fixed rate, every $100,000 borrowed at 3.42 percent means that the monthly principle and interest payment would be about $342.00/mo.
For every Million dollars borrowed that would be $3,420/mo.

Tax deductions for interest would shave about 20 to 30 percent off of that amount making the final net payment approximately $240/mo. net for $100,000 borrowed, and about $2,400/mo. net for every million dollars borrowed.

You’ll have to add in the down payment, taxes and insurance on top of this mortgage.

 

Check out The Cribline House Pick of the Week to see how owning a home can often cost much less than renting!

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The Cribline House Pick of the Week – Anniversary Celebration Salon Dinner Edition

May 6, 2013 By 1 Comment

Dear Cribline readers:

I have long thought that Washington, D.C. isn’t just a government town, or federal city… it’s a city of people… dynamic people from all over the world and many different walks of life… a true melting pot.  And, the mixture of diversity among its citizens gives our great city a brain trust that may be unmatched, and this can be observed not only in the halls of Congress and the world of politics, but on our streets in the form of new, diverse and innovative restaurants that are popping up everywhere.

And tonight, in commemoration of The Cribline’s 2nd anniversary and the launch of Cribline Charlotte, we teamed up with Iron Chef trained culinary master Jon Taub for a Salon dinner to bring together some of the people who have really helped shape our community.  And, it’s evenings like this that really emphasize how fortunate we are to have such talented people among us.  Thank you to our special guests which included: Alan Ring (Partner Bub and Pop’s), Suzanne DesMarais of Keller Williams, Zachary Bodine of First Home Mortgage, Peter Cherukuri, Chris Frates, Lisa Sylvester, Jim Brandell, Kim Luk, Molly Weaver, and Richard and Kath McGreggor.  IMG_6469

We had 9 courses with wine pairings. And, what can I say?  It was a Cirque du Soleil of the culinary arts of mouth watering proportions.  We even started the evening with a taste of a hoagie Italian sandwich to die for a signature item at Taub’s Bub and Pop’s restaurant at 1815 M Street, NW downtown.  This evening’s dinner was a first peek at one of Taub’s concepts that he plans to pursue in the near future featuring a tasting menu.  Here’s a sampling:

IMG_6454Oysters, leeks, black truffle served with Champagne

IMG_6463Seasonal Transitions of Burgundy Snails

IMG_6467Textures of Beef Burginon French red wine (finding out the name… it was a hit)

IMG_6464Duck and Foie Gras, pineberry and strawberry

IMG_6468Black Cherry, chèvre, pistachio

Wow!  Wow! I will have a hard time getting this evening out of my head.  Thank you Jon, Arlene, and Alan and team!

Now onto the House Pick of the Week.  This week, it was a toss up between a Capitol Hill home or a home in Petworth.  We settled on Petworth at 314 MISSOURI Ave NORTHWEST.  It’s a 4 bedroom, 3.5 bath fully renovated home just on the market.  It’s listed for $549,000.DC8072631_0

The home features a chef’s kitchen with stainless steel appliances, granite counters, and recessed lighting. The basement is fully finished and has plenty of natural light.DC8072631_1_0

The master bedroom has an ensuite and numerous other details including custom cabinets.  This home is close to the metro, includes off street parking and garage space.DC8072631_10_0DC8072631_11_0DC8072631_17_0DC8072631_24_0DC8072631_28_0

To the Point Analysis: With 20 percent down of about $110,000, the mortgage would be about $439,000.  And at an estimated 3.35 percent interest rate for 30 years, that would be a gross mortgage payment of about $2,400/mo.  After tax deductions the net payment would be about $1,700/mo.

This is a great find!  Happy house hunting and please share with your friends the new Cribline Charlotte.

 

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