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!

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!  

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.  It 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:

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.  

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…

Local Kitchen and Wine restaurant

Mermaid fountain Ghirardelli Square

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.

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.

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.

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!!!

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!

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!

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.

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!

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.

It 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.

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!

Greetings Cribline readers!

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

Funny 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.

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.

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.

The developer and I

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.

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.

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.

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

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!

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.

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!

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.  

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:

Oysters, leeks, black truffle served with Champagne

Seasonal Transitions of Burgundy Snails

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

Duck and Foie Gras, pineberry and strawberry

Black 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.

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.

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.

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.

I’m Eric Wohlschlegel and I started The Cribline just about 2 years ago in Washington, DC, and this is the fist edition of The Cribline Charlotte House Pick of the Week.

This site was inspired by a renewed friendship with a realtor friend of mine who is from Charlotte, who I had lost track with but ran into during the Democratic convention in your city back in September.

After many discussions and research, I decided to expand the real estate resource  beyond Washington to also include Charlotte as a way to help prospective real estate investors smartly navigate what is often one of the biggest investments someone can make.

The main feature of The Cribline Charlotte will be The House Pick of the Week, and with the help of experts on the ground and others in the community, we will pick a home that we think would make a great place to live, and one that would be a sound investment.

The House Pick of the Week will also include a break down the “real estate math” on the selected property to help readers understand how owning can be better than renting, and how it can also be one of the best ways to build wealth over time.

This week we looked at homes in Dilworth, Briarcreek-Woodland, and Plaza-Midwood.

The House Pick of the Week is 813 Romany Rd in the Dilworth neighborhood.  Built in 1948, this is 3800 square foot, 5 bedroom, 4 bath home that was completely renovated.  It has a gourmet kitchen, a wrap around covered patio with a stone fireplace, a large master suite and it overlooks Latta Park. It’s listed for $1,100,000.

With 20 percent down on $1,100,000 of $220,000, the mortgage amount would be $880,000.  At an estimated 3.5 percent for a 30-year fixed interest rate, the gross payment will be about $4,850/mo.  After tax deductions, the net payment is estimated to be $3,400/mo. 

There was one honorable mention this week. It is a home in the Briarcreek-Woodland neighborhood just on the market. Take a look at: 3145 Commonwealth Ave. It is a 3 bedroom, 2.5 bath bungalow that was remodeled by an HGTV host.  It’s listed for $340,000. The estimated monthly payment with 20 percent down would be around $1,000 aftertax deductions.

Happy house hunting!

Today marks the formal launch of The Cribline Charlotte, NC. We are rapidly approaching the second anniversary of The Cribline Washington, DC (May 29), and momentum has been building significantly. With a lot of hard work and support by a growing number of friends, family, and the Washington community, we now have a readership that has exceeds 22,000 page views a month and growing.

The Cribline serves a specialized readership of sophisticated, upwardly mobile, connected professionals. This site has grown rapidly in a highly competitive marketplace dominated by volume real estate marketers. The Cribline’s purpose is to cut through the noise and provide serious home buyers with the news they need.

The site’s social media traffic and audience engagement clearly demonstrate that its readers are a highly sought after market of willing and able property purchasers. The site’s expert analysis is regularly and widely shared on social media including Twitter, Facebook, LinkedIn, and Yelp, as well as Huffington Post and a dedicated RSS readership.

We are making a mark in the blogosphere apart of our efforts to build an online community to help people understand real estate and how it can be one of the best ways to build wealth. Our Cribline House Pick of the Week is one of The Cribline’s highlights. Every week, based on a tour of homes, we pick what we believe are the hottest homes on the market, we choose one home and break down the real estate math to help people understand how buying a home often costs less than renting. This also is the foundation to helping individuals and families build wealth over the long term (sometimes in the short term).

The Cribline began after years of helping colleagues, my friends, and friends of friends address a multitude of real estate issues such as finding a plumber, a contractor, a realtor, mortgage expert, and so on.

Over the past 2 years, this project has evolved organically, and things just flowed from there. I now have what I call a group of “Approved Vendors” a list of experts and advisors that is growing, to give people a trusted network and a one stop place to “shop” for their real estate needs. This list is made up of only the most trusted people I know in the business and who I have a personal relationship with.

When I began the website I noted that I love real estate and it has been good to me since I bought my first home about 18 years ago. I now have 6 properties. Over this time period, I’ve become knowledgeable about landlording, dealing with repairs, repairmen, and many facets of buying and owning real estate. I know it has been rough out there for many people, and I am proud to say that I navigated some of the rough waters virtually unscathed. Even so, I have made many mistakes along the way, and the spirit of this site is to help pass on some of the lessons I’ve learned and to be the hottest resource for people needing help on what is probably the biggest investment they will make in their lives.

So, how did I come up with Charlotte? I work fulltime in the political field, and real estate is a hobby. Last year, I was attending the Democratic convention in Charlotte, and I serendipitously ran into my realtor from Palm Springs, CA where I purchased a vacation home almost 10 years ago. His name is Todd Wise. I didn’t recognize him at first as it had been many years since I last saw him. But the connection was quickly reestablished. He is originally from North Carolina and had moved back several years ago. During a recent visit to DC, Todd began talking about the market in Charlotte and how Charlottean’s could really benefit from an online community like The Cribline. Todd was running a small business at the time and was just getting his real estate license in the state, in addition to his license in California. After doing some homework, I discovered that it is not only a hot market, but a great place to live. Todd is with Berkshire Hathaway HomeServices. He can be reached at: 760-831-2121

So here we are. We are talking our next step in providing trusted resource and network for the Charlotte community, and Todd has agreed to be the boots on the ground for The Cribline Charlotte.

The Cribline Charlotte, like The Cribline DC, will provide valuable real estate information to the up-and-coming, wealth-building Charlotte community. We will provide guidance about how to become successful investors in real estate by helping individuals better understand how to break down the real estate math associated with home buying.

The Key Features of The Cribline Charlotte will be:

• House Pick of the Week – Our first-hand analysis of the hottest real estate in Charlotte
• Sneak peeks – Advanced looks at real estate gems discovered through input from the community
• Ask The Cribline – A direct link to the website’s top-notch advisors to ask them anything and everything about real estate.
• List of Approved Vendors and Partners This is a resource for readers and it is part of the growing community of trusted advisors of The Cribline. Each vendor has The Cribline seal of approval.
• Real Estate Math – A point-by-point demonstration of how to make your home work for you as an investment, and often, how to live for less than what someone would pay in rent.

To that end, please visit our site and welcome our newest community.

Happy house hunting! Eric