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

June 17, 2013 By Leave a Comment

Greetings Cribline readers and Happy Father’s Day!

What a beautiful weekend.  Saturday was the first time that I hosted a “sit down” with a group of people interested in learning more about home buying, and I passed on some key tips for gaining an edge in the current real estate market.

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It was a good exchange and there were 10 people in attendance.  It was an opportunity to remind folks not to get too caught up in the price of a house (as funny as that may sound), or too caught up with what the market may or may not do.

The point is that the market takes its twists and turns over time, but over the long run it has always gone up.  And, what people should really focus on is whether they can afford a mortgage and look at how a mortgage payment may cost less than a rental payment.

Due to the tax deductibility of the interest on a mortgage and the low interest rates today, a million dollar home with a basement rental apartment can still often cost less than many one bedroom apartments in DC.

Take a look, for example, at today’s House Pick of the Week at 1313 E Street, NE on Capitol Hill.  This newly renovated 4 bedroom 3.5 bath home  is spacious, open, has parking, and boasts a separate legal rental apartment. It’s listed for $799,900.  It has a rental apartment and see how the main house could cost less than the rental portion of the home below in the To The Point Analysis.

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The main level features original woodwork, exposed brick, a bonus family room, and a bright open floor plan. The upstairs features 3 sun-filled, spacious bedrooms and two modern new bathrooms.

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Other features include convenient off street parking for two cars and just blocks from the H Street corridor, close to Union Station, and Eastern Market.

To the Point Analysis: With 20 percent down on $799,900 of $159,980, the mortgage amount would be $639,920.  At an estimated 4 percent 30-year fixed interest rate, the estimated gross payment would be $3,721/mo.  There is a one bedroom basement apartment that would easily rent for $1,800/mo. lowering the gross payment to $1,921/mo.  After tax deductions, the estimated net payment would be about $1,350/mo.  Wow!  

 

There are 2 honorable mentions this week: 1430 5th Street, NW.  It is a freshly renovated all amenities home steps to the soon to open O Street Market. It’s a 1800 plus square foot 4 bedroom, 2.5 bath home with a chefs kitchen with stainless appliances and granite.  It’s listed for $949,900.

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And, check out 663 Maryland Ave, NE. It’s a 4 bedroom, 3 bath home with potential rental apartment and garage parking. It’s listed for $829,000.

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Again Happy Father’s Day and happy house hunting!!!

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The Cribline Charlotte Pick of the Week – Lake Norman Summer Home

June 15, 2013 By Leave a Comment

Well it’s that time of year when weekend getaways on waterways is the thing to do!!!

And, this week, The Cribline Charlotte took a look around Lake Norman to get an idea of the real estate market on Lake Norman.

And, just this morning hot on the market is this week’s House Pick of the Week.  Take a look at 16815 Lake Shore Drive.  It’s a 3 bedroom, 4 bath fully renovated craftsman home on a double lot with all amenities and views of the water.  It’s listed for $675,000.IS1bxf7oa7jbyk1000000000 IS9hzrpuefr8yk1000000000 IS9x3i1q5idtzq0000000000 ISdsqfo4yiujyk1000000000 ISh3i3nehmxuyk1000000000 ISp9kf5llu5syk1000000000 ISxfmrnrp2epyk1000000000 ISxz5s8er3g0yk1000000000

The kitchen is gourmet with stainless steel appliances and granite counters, and there’s a large stone fireplace which really captures lake vacation getaway living.  And there is water access.

To the Point Analysis: with 20 percent down on $675,000 of $135,000, the mortgage amount would be $540,000. At an estimated 4 percent for a 30-year fixed rate mortgage, the gross payment would be about $3,140/mo.  After tax deductions the estimated net monthly payment would be about $2,100.  

Note: many vacation homes like this are rented out for about the same amount at a weekly rate as the monthly net mortgage payment.

This is a find!

 

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UPDATE: A Cribline Find in Brightwood

June 15, 2013 By Leave a Comment

Last week I featured a 4 bedroom 4 bath newly renovated home in the Brightwood neighborhood that is probably the lowest cost home on the market in DC per square foot (less than $285 per sq. ft).  I just learned that the price has been reduced and now the price per square foot is $271.  This is even more of a find now!!!

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I met with the realtor and here’s a post about the neighborhood that she wrote recently on her blog:

Most people in DC have heard of Columbia Heights and Petworth, but what about Brightwood?

According to Wikipedia, “the Brightwood Community Association define the neighborhood’s boundaries as Walter Reed Army Medical Center and Aspen Street to the north, 16th Street and Rock Creek Park to the west, Georgia Avenue to the east, and Kennedy Street to the south.”

Did you know Brightwood once had a horse racetrack originally named Crystal Springs Park, then Piney Branch Park, and finally Brightwood Trotting Park?

On the north edge of Brightwood, you will also find the Takoma Recreation Center, with a wonderful indoor swimming pool and a gym.  They even offer Learn to Swim for Adults & Children’s classes, which are reasonably priced.  The Takoma Park Neighborhood Library is also located in close proximity.

The best way to get to and from Brightwood is the 62/63 bus line, which runs from Takoma Park to Federal Triangle, on 5th St.  The Takoma Park Metro is also nearby.

The cardinals and bluejays enjoy the canopy of trees, and neighbors’ gardens filled with annuals and perennials.

- Roshani Kothari, Realtor with an emphasis on Green Homes

 

Take a look at 6019 5th Street, NW.  Like I said, it’s a 4 bedroom, 4 bath detached home with a lot of light and parking for two cars now listed for $599,900.  In The Cribline’s To The Point Analysis, the monthly paynent could be around $1,400/mo. by taking advantage of the rental potential of the basement space with private kitchen and separate front and back entrances.Brightwood3-300x225 Brightwood4-300x225 Brightwood5-300x225 Brightwood6-300x225

Learn more by reading the post from this week.  The home is open today for viewing from 1 – 3 p.m.

Other features of the neighborhood include:

Takoma Farmers Market (1.1 mile)
http://www.takomaparkmarket.com/

Simple Bar & Grill Coming to Brightwood
http://www.popville.com/2013/06/simple-bar-and-grill-coming-to-brightwood/

Schools nearby - https://maps.google.com/maps?ie=UTF-8&q=schools+in+brightwood+dc&fb=1&gl=us&hq=schools&hnear=0x89b7c8619fb642fd:0×4836510669310960,Brightwood,+Washington,+DC&ei=pha5UbCKL8Xj0gGAy4GQBQ&ved=0CMsBEMgT

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A Cribline Find – Check out this 4 bedroom 3.5 Bath Top of the Line Designer Home In Shaw

June 14, 2013 By Leave a Comment

Do you work downtown and want to be able to walk or bike to work while living in luxury?

Check out this find by The Cribline:

It’s a 3 story 4 bedroom, 3. 5 bath top of the line custom designed home in Shaw at 1525 8th Street, NW.  It’s listed for $1,395,000 (check out what this means per month in the To The Point Analysis below).

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This spacious 3,000 plus square foot home features strong attention to detail, has an open flow, and custom hardwood floors throughout.  On the main level, there is an open living and dining area that lead to a very gourmet kitchen with a breakfast bar and separate breakfast nook that open to a large private patio.

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The 2nd floor features 2 bedrooms and one bath, a wet bar and great room with French doors opening onto a balcony.

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The 3rd floor features 2 more bedrooms both with an ensuite bath, and there is a terrace.

This home also has 2 gas fireplaces and is just steps to Logan Circle, Whole Foods, and bustling 14th Street. And, there is parking!!!!

 

To the Point Analysis: With 20 percent down on $1,395,000 ($279,000), the mortgage would be $1,116,000.  At an estimated 4.25 percent interest rate (based on the latest numbers), the gross payment would be about $6,650 per month.  After tax deductions, the estimated net payment would be about $4,650/mo.

 

Happy house hunting!

Check out The Cribline’s House Pick of the Week every Monday.

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Cribline News Flash – Mortgages Rates on a Six Week Upward Trend, Will They Go Back Down? Maybe!!!

June 13, 2013 By Leave a Comment

Freddie Mac  today released the results of its Primary Mortgage Market Survey® showing fixed mortgage rates climbed higher for the sixth straight week following a solid employment report for May. Since beginning their climb last month, the 30-year fixed-rate mortgage has increased over half a percentage point, according to Freddie Mac.

30-year fixed-rate mortgage was 3.98 percent for the week ending June 13, 2013, up from last week when it averaged 3.91 percent. Last year at this time, the 30-year FRM was 3.71 percent.

15-year rate this week was 3.10 percent, up from last week when it was 3.03 percent. A year ago at this time, the 15-year FRM was 2.98 percent.

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The breakdown:

For a 30-year fixed rate, every $100,000 borrowed at 3.98 percent means that the monthly principle and interest payment would be about $398.00/mo.
For every Million dollars borrowed that would be $3,980/mo.

Tax deductions for interest would shave about 20 to 30 percent off of that amount making the final net payment approximately $280/mo. net for $100,000 borrowed, and about $2,780/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 every Monday!

Happy house hunting.

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A Cribline Find – Renovated & Spacious Detached Home In Heart Of Brightwood, Under $285/ Square Foot

June 12, 2013 By Leave a Comment

Dear Cribline readers!

Once in awhile we come across A Cribline Find. It could be a home, a restaurant, a new recipe or most recently it was Dent Masters – a very affordable auto/dent repair service in Arlington. Check out the blog here!

Just today I came across a home in the Brightwood neighborhood that is not only stunning, but spacious and one of the most affordable homes on the market today per square foot. It is 6019 5th Street, NW.  It’s a 4 bedroom, 4 bath detached home with a lot of light and parking for two listed for $625,000.

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The home is more than 2,200 square feet and was just renovated.  One unique feature which I think is a huge benefit is that every bedroom has a private bath. The second floor has two en-suite bedrooms and the top floor loft is also en-suite.  The home also has new hardwood floors, a living room with a fireplace, a kitchen with granite counters and stainless steel appliances that lead to a spacious deck, perfect for entertaining.

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And, the lower lever could also be rented as a studio or perfect for an Au Pair with its own kitchen and front and rear entrances.  See how this could allow the owner to live for close to free!  Check out the To The Point Analysis below.

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Check out the floor plan pictures:

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This find is also blocks from Takoma Recreation Center with a free Indoor Swimming Pool & Gym, and one mile to the Takoma Park Metro or a 15 minute walk.

To The Point Analysis: With 20 percent down on $625,000 of $125,000, the mortgage amount would be $500,000. At an estimated 4 percent interest rate the gross monthly mortgage would be about $2,900/mo.  If the basement was rented for an estimated $1,000 a month (our estimate) then the gross mortgage would be lowered to about $1,900/mo.  After tax deductions of about 30 percent, the estimated net payment would be about $1,350 per month.  That’s just a little more than what the studio space would cost!!!!  And, that’s under $285 a square foot.  That’s a great deal!!!!!

You could also take out a second mortgage so that you put down 10 percent in cash (about $62,500) and borrow $62,500 at a higher interest rate (probably somewhere around 5 percent for a fixed period of time).  This would be what most lenders call an 80-10-10.  Eighty percent is borrowed under a primary mortgage, 10 percent is a second mortgage and 10 percent is in a cash down payment.  This would still provide the 20 percent total necessary to avoid paying mortgage insurance which could add about $100 to your monthly payment for every $100,000 that you borrow. The 80-10-10 loan would add about $335.00/ mo. to your gross payment.  And, after tax deductions, your net final payment would be $1,565/mo.

This is a find!

Happy house hunting!

 

 

 

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The Cribline House Pick of the Week – Back on the Ground in Washington

June 10, 2013 By Leave a Comment

Greetings Cribline readers after the last two weekends reporting from Paris and London on real estate and other travel notes.

This week, the Cribline tour bagan with an inspection of Frager’s Hardware after a 4 alarm fire destroyed the nearly 100 year old institution on Capitol Hill last week.

It was sad to see the destruction, although we are optimistic about the future and look forward to seeing Frager’s back and stronger than ever.  You can help upport rebuilding the store and its employees through two not-for-profit organizations, Capitol Hill Community Foundation and Celebrate Capitol Hill.

While this was a somber moment in the tour, viewing hot properties in this booming town of ours was uplifting.  And, today, we stopped off at Union Market for coffee – This market is very cool and another example of resurgence in our city.   We then hit the road starting on Capitol Hill, cutting clear across the city to the Hawthorne neighborhood, over to Petworth, then concluding in Bloombingdale and LeDroit Park.

Compared to London and Paris where the last 2 House Picks of the Week were featured, for our Capital city, prices seem very reasonable.  And there are some great homes fresh on the market. One such home is this week’s pick: 7025 31st Street, NW in the Hawthorne Neighborhood close to the boundary of DC and Maryland.

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It is a beautifully restored 5 bedroom 4.5 bath 5,800 plus square foot home listed for $1,598,800.  There is a grand entrance, open space gourmet kitchen, formal living and dining areas, spacious deck and 3 bedrooms on the main level. And, there are 2 in-law or nanny suites in the lower level which could make for great rentals on Airbnb.  Off the top, these suites could each rent for anywhere between $1,600 and $1,800/month. See how this could impact the bottom line mortgage payment below in the To The Point Analysis.

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The house was originally built in 1960 and was expanded and renovated about 7 years ago with an eye for maintaining the home’s historic integrity while adapting it with modern amenities.  It is a one of a kind home with over 11,000 square feet of gardens and 2 car garage.

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To The Point Analysis: With 20 percent down on $1,598,800 of about $319,760, the mortgage would be $1,279,040.  And, at an estimated 4.25 percent rate (rates ticked up again last week), the gross payment would be about $7,600/mo.  If both of the lower level suites were rented on Airbnb for example, that could absorb about $3,200/mo, lowering the gross payment to about $4,400/mo.  Tax deductions would shave another roughly 30 percent 0r about $1,300/mo. leaving a final net mortgage of  $3,100/mo.

Happy house hunting!

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Cribline News Flash – Interest Rates Climb Higher for 5th Straight Week

June 6, 2013 By Leave a Comment

Freddie Mac today released the results of its Primary Mortgage Market Survey® showing fixed mortgage rates went up for the fifth week in a row based on concerns that the Federal Reserve may slow its bond purchases amid a strengthening economy. This marks the first time the average 15-year fixed-rate mortgage has gone above 3 percent since the week of May 24th of last year, according to Freddie Mac.

30-year fixed-rate mortgage was 3.91 percent for the week ending June 6, 2013, up from last week when it averaged 3.81 percent. Last year at this time, the 30-year FRM was 3.67 percent.

15-year FRM this week was 3.03 percent, up from last week when it averaged 2.98 percent. A year ago at this time, the 15-year FRM was 2.94 percent.

June 6, 2013

The breakdown:

For a 30-year fixed rate, every $100,000 borrowed at 3.91 percent means that the monthly principle and interest payment would be about $391.00/mo.
For every Million dollars borrowed that would be $3,910/mo.

Tax deductions for interest would shave about 20 to 30 percent off of that amount making the final net payment approximately $280/mo. net for $100,000 borrowed, and about $2,780/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 every Monday!

Happy house hunting.

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A Cribline Find – Cheap Dent Repair for Your Auto

June 4, 2013 By Leave a Comment

Dear Cribline readers:

Two weeks ago we posted a Cribline Find: Richard Routson fromDent Masters.  Even though, The Cribline focuses on helping people navigate real estate in Washington and Charlotte, we are also building a community of trusted advisers.  And, just about everyone who owns a home owns a car.

Richard Routson is a master auto repair technician who removed a small dent on my car about a month ago.  I thought is would cost thousands and I would need to take out an insurance claim.  Nope!

For $150, the passenger side of my door is brand new… It’s amazing.  And, there was no paint matching or sanding involved. It’s like magic and it’s cheap.

Check out these before and after pictures of this Mini Cooper – one of his latest projects:

Mini Cooper 1aBefore

Mini Cooper 1bafter

It really is amazing! Check out how it works here!

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

Also, check out The Cribline’s House Pick of the Week every Monday, “like” us on Facebook and follow us on Twitter.

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The Cribline House Pick of the Week – From Sunny London (How Much Would a Nice Flat Cost Ya Edition)

June 1, 2013 By Leave a Comment

Greetings from London!!!

It is the final day of a 2 country European tour before heading back to Washington.  Last weekend it was Paris.  This weekend London!  Like Washington, both are Capital cities and very charming. I came for a week holiday to tour, to eat well, soak in some culture, and to visit friends. And, my time on the ground has been an adventure and full of wonderful serendipities.

I arrived in London on Wednesday and hit the ground running.  I have been staying at the St. Martins Lane Hotel, a chic boutique accommodation near Covent Garden and Leicester Square in the center of London, with some of the nicest staff of any hotel I have ever stayed. Understated, but elegant! The neighborhood is filled with coffee shops, boutiques, the Covent Garden market, street musicians and entertainers, etc…

991037_10200383473323062_909710997_oCovent Garden

I have been able to walk just about everywhere including hot spots like the Houses of Parliament, Big Ben, Buckingham Palace, and the London Eye.  I was told that the best view of these landmarks is at the Me hotel from it’s famous rooftop terrace (it opened about a year ago).  So, last night a friend and I went for a nightcap after dinner.  Try the espresso Martini. Everyone was drinking one (or two), and I overheard someone say that it is as good in London as in Mykonos where the drink is apparently quite famous. It really was an incredible view overlooking the Themes and central London.

990911_10200389518514188_633693091_oA top the Me hotel overlooking the Themes espresso martini in hand

I’ve also been fortunate to find sun in this town known for grey and drizzly weather, and I’ve had several wonderful evenings with friends at some of the poshest restaurants including: Balthazar, The Terrace on Holland Street, Hakkasan (modern Cantonese fare), and MoMo, a fabulous Moroccan restaurant on Heddon Street just off of the famous Regent Street in the West End.  An interior designer friend of mine introduced me to it and I recommend the Chicken Tangine as an entree, although everything was delicious.  There is also a great selection of wines from around the world, a warm atmosphere, and plenty of people watching.

Tonight I am off to see the final performance of Peter and Alice with Judi Dench – a story about Alice in Wonderland meeting Peter Pan. It’s playing just across the street from my hotel.

972860_10200383593686071_833407186_nNoel Coward Theater – Last performance of Peter and Alice

There are loads of theater and pubs on just about every corner.  Tonight, as a last hurrah, I’ve been invited to go out to a club after the show.  It is Saturday night here after all!

And, for the Cribline tour?  When has there been time to explore real estate in London?  Well fortunately, just today at lunch my friend Ronnie (thank you) pointed me in the right direction to the neighborhoods of Farringdon and Clerkenwell which became the focal point of my search for the House Pick of the Week.

These are 2 new up and coming areas due in part to a new cross rail system currently under construction, and these spots are also known for having the hottest music and media scenes in town. You can also find the award-wining and very trendy Hoxton Hotel close by known for drawing cutting edge and creative travelers, weekenders, and locals.

Here’s what I found for sale following my search: It’s a 2 bedroom flat for £959,000 (about $1,464,000) on Garret Street.  It’s just on the market and is this week’s House Pick of the Week!  London is one of the most expensive cities in the world, and this should provide some perspective on prices compared with Washington.

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This apartment is a split level loft set on the ground floor of a converted former bed factory. It features exposed brick, 1,356 square feet of space, an open layout, a super cool bathroom, and underground parking. It also has storage, and it is centrally located in Clerkenwell, and also known for many converted warehouse lofts.

Check out the floor plan (click on image for a larger view): cee488872fd3c2ecd6fabd7d65a1f4b5a5266f00

To the Point Analysis: There are no tax deductions on mortgages in the UK, but rates are about the same as the U.S. but they don’t usually have a 30-year fixed term.  They are more typically amoratized over 25 years and fixed rates can vary over 2, 3, 4, 5, and sometimes 6+ years.   The longer they are fixed the higher the rate.

So with about 20 percent down, the estimated monthly payment based on a 5 year fixed rate at about 3.4 percent (estimated rate as of today), the monthly payment would be about £3,700 or about $5,650/mo.

Happy international house hunting!

 

 

 

 

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