Park Potomac Place-Luxury Highrise Garage Condo Living!
Yesterday my wife and I previewed the condos at Park Potomac Place. Prices range from $682,900 to $1,121,900 with condo fees starting at $690.00 to $951.00 a month. Park Potomac Place has easy access to Montrose Road, I-270 and the area’s many main thoroughfares. It is also convenient to fine dining, anchored by a Harris Teeter and Kimpton Hotel & Spa coming soon. The community is anchored by specialty boutiques, golf courses, cinemas and Strathmore Hall exhibits and performances. It is close to the C & O Canal and also has a community nature trail and easy walking distance to Cabin John Park.
The building has an elegant lobby with beautiful finished limestone flooring, grand staircase, sitting area and staffed front desk with concierge. I loved the private fitness center including cardiovascular equipment with individual flat screen TVs and state-of-the-art strength equipment. Park Potomac Place has a large circular pool and adjacent arbor. Expansive landscaped courtyard, with grill area, arbor and water wall feature. There are private suites for overnight guest, spacious clubroom with fireplace, wet bar, catering kitchen, and a dining/conference room. Each unit includes controlled-access underground parking.
Some of the high-end luxury appointments are included in the sales price and have been selected and coordinated by one of the area’s most exclusive design teams, with a wide variety of cabinet, flooring, granite, marble or natural stone baths and Viking, Bosch and Sub-Zero appliances. Custom upgrades also include crown moldings, designer backsplashes, fireplaces, and window coverings.
Contact me to tour these luxurious condos!
The Luxury Residential Market Could Feel the Strain if the Commercial Market Collapse in 2010
On 1/11/2010, DS News ran an article on the expected collapse of the commercial real estate market in 2010. Here are some excerpts:
According to the Emerging Trends in Real Estate 2010 report, issued by the Urban Land Institute and PricewaterhouseCoopers, most investors will recognize massive losses in the commercial real estate market. Value declines will eventually total 40 to 50 percent of market highs, and surveys in the report indicate 2010 will be the worst time for investors to sell properties in the report’s 30-year history.
“A lackluster economic recovery characterized by problematic job growth will hamper the pace of any real estate market resurgence,” the report said.
Richard Parkus, Deutche Bank commercial real estate analyst, believes this is just the tip of the iceberg. He predicts enormous losses and a large number of banks failing as a result of the declining commercial real estate market.
As tenants go bankrupt, downsize, or invoke their escape clauses, commercial real estate property owners have begun to feel the serious effects of the economy. By the end of 2010, the national vacancy rate is expected to reach 18.5 to 19 percent, the highest recorded since 1986.
A lack of tenants causes a lack of cash flow, and this makes it difficult for commercial property owners to make their impending balloon payments. as a result, some property owners may face foreclosure.
How does this affect the luxury residential market? As you know the investors, brokers, developers, tenants (business owners), and other players in the commercial market are often potential buyers and sellers of luxury homes. Even in markets that are generally stabilizing or improving in 2010 this could mean trouble in the upper tier.
Questions You Need To Ask When You Buy A Condo!
Before you buy a condo you should get the answers to the following questions from the Condo Association. In the process, you’ll learn how responsive-and organized- its members are. You’ll also be alerted to potential problems with the property.
1. What percentage of units is owner-occupied? What percentage is tenant-occupied? Generally, the higher the percentage of owner-occupied units, the more marketable the units will be at resale.
2. What covenants, bylaws, and restrictions govern the property? What grandfather clauses are in place? You may find, for instance, that those who buy a property after a certain date can’t rent out their units, but buyers who bought earlier can. Ask for a copy of the bylaws to determine if you can live within them.
3. How much does the association keep in reserve? Plus, find out how that money is being invested.
4. Are association assessments keeping pace with the annual rate of inflation? Smart boards raise assessments a certain percentage each year to build reserves to fund future repairs. To determine if the assessment is reasonable, compare the rate to others in the area.
5. What does and doesn’t the assessment cover? Does the assessment include common-area maintenance, recreational facilities, trash collection, and snow removal?
6. What special assessments have been mandated in the past five years? How much was each owner responsible for? Some special assessments are unavoidable. But repeated, expensive assessments could be a red flag about condition of the building or the board’s fiscal policy.
7. How much turnover occurs in the building? This will tell you if residents are generally happy with the building. According to research by the National Association of REALTORS, owners of condos in two-to-four unit buildings stay for a median of five years, and owners of condos in a building with five or more units stay for a median of four years.
8. Is the condo building in litigation? This is never a good sign. If the builders or home owners are involved in a lawsuit, reserves can be depleted quickly.
9. Is the developer reputable? Find out what other projects the developer has built and visit one if you can.
10. Are multiple associations involved in the property? In very large developments, umbrella associations, as well as the smaller association into which you’re buying, may require separate assessments.
Beautiful NV Wynterhall in Perry Hall, MD.!
This NV Home features 4 Bedrooms, 4 Full Baths, and 1 Half Bath. This property is a must see for $515,000. This home features luxury appointments throughout such as, a double door front entrance leading to a spacious 2 story foyer. There are columns throughout create an open floor plan.There is a gourmet kitchen with granite counters, butlers pantry and a 2 story family room off the kitchen. Front and rear staircases on the main level for your ultimate convenience. The upper level features double door entry to a spacious master suite that features a sunken master bath and so much more. Take a look at the photos below. If you would like to view this Beautiful home located at 9414 Ryans Way contact me at 410-977-7176.
Take the Stress Out of Homebuying!
Buying a home should be fun but it can be a little stressful. As you look for your dream home, keep in mind these tips for making the process as peaceful as possible.
1. Find a real estate agent who you connect with. Home buying is not only a big financial commitment, but also an emotional one. It’s critical that the agent you chose is both highly skilled and a good fit with your personality.
2. Remember, there’s no “right” time to buy, just as there’s no perfect time to sell. If you find a home now, don’t try to second-guess interest rates or the housing market by waiting longer- you risk losing out on the home of your dreams. The housing market usually doesn’t change fast enough to make much difference in price, and a good home won’t stay on the market long.
3. Accept that no house is ever perfect. If it’s in the right location, the yard may be a bit smaller than you had hoped, but the kitchen is perfect. Make a list of your top priorities and focus in on things that are most important to you. Let the minor ones go.
4. Remember your home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself-room size, kitchen, etc.- that you forget about important issues as noise level, location to amenities, and other aspects that also have a big impact on your quality of life.
5. Plan ahead. Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate home insurance, and consider a schedule for moving.
6. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be costs. Don’t leave yourself short and let your home deteriorate.
7. Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big financial commitment. But it also yields big benefits. Don’t lose sight of why you wanted to buy a home and what made you fall in love with the property you purchased.
I wish everyone a Happy Holiday!
8 Tips for Your Home Search
1. Research before you look- Decide what features you most want to have in a home, what neighborhoods you prefer, and how much you’d be willing to spend each month for housing.
2. Be realistic- It’s OK to be picky, but don’t be unrealistic with your expectations. There’s no such thing as a perfect home. Use your list of priorities as a guide to evaluate each property.
3. Get your finances in order- Review your credit report and be sure you have enough money to cover your down payment and closing costs. Then, talk to a lender and get pre- qualified for a mortgage. This will save you the heartache later of falling in love with a house you can’t afford.
4. Don’t ask too many people for opinions- It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own.
5. Decide your moving timeline- When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? All of these factors will help you determine when you should move.
6. Think long term- Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in this home for a longer period? This decision may dictate what type of home you’ll buy as well as the type of mortgage terms that will best suit you.
7. Insist on a home inspection- If possible, get a home warranty from the seller to cover defects for one year.
8. Get help from a Buyer’s Agent- Hire a real estate professional to represent you. Not the listing agent who represents the seller.
Some First-Time Home Buyers are Scrambling to Meet The Deadline for The $8,000 Tax Credit!
The $8,000 tax credit is a blessing formost first-time home buyers and could become a curse for the one’s that don’t make the deadline. Today is Oct. 26th, if a buyer doesn’t have a ratified contract in process the odds of a buyer making it to settlement by the Nov. 30th deadline is going to be very unlikely.
Many title companies and mortgage companies I have spoken with are swamped trying to meet the deadline. I am hoping that the deadline gets extended but no word yet. Just a lot of speculation. A few words of advice to any buyer trying to meet the deadline.
1. Talk with your agent and lender once or twice a week for progress reports. You don’t want anything to fall through the cracks.
2. Make a check list of things you must do and get them done quickly.
3. If the lender or the processor contacts you about information they need from you get it to them immediately.
4. If your settlement or closing date is scheduled for Nov. 30th try to move it up a day or two (check with your agent or lender). If you can avoid the last day that would be great!
5. If you are just writing you offer on a property you must accept that you might not make the deadline. Your lender will try but most will not guarantee Nov. 30th.
The month of November will be a little crazy for some just hang in there the end results could be worth it!
Always Know Your Numbers!
In today’s world 85% of consumers starttheir home buying search for properties on the Internet. Many potential home buyers whom are referred to me will give me a list of properties they have been looking at on the Internet and some time they have actually driven the area and viewed the properties from the outside. While I applaud the dedication and seriousness of the clients most have not been prequalified and “know their numbers.”
The first step in the home buying process for everyone no matter the price range is to get prequalified so you know your numbers. Especially in this market. Lender guidelines are changing sometime daily.
These are the numbers you should always know before you start your home search;
1. What is my qualification amount?
2. What is my estimated interest rate?
3. How much down payment and closing cost do I need?
A lender can provide this for you in the form of a Good Faith Estimate in writing. I will not show houses to clients who do not know their numbers. If you request a Good Faith Estimate from a lender and he or she refuse to give you one I would proceed with caution. I can also assist you in obtaining one. So get a Good Faith Estimate and take some of the stress out of the home buying process.
And always KNOW YOUR NUMBERS!
Community Development Block Grant Program (CDBG) $5,000 for Closing Costs and Down Payment Assistance
Baltimore City’s Community Development Block Grant Program started this month. The program provides funding that can be used as closing cost and downpayment assistance. Only first-time home buyers with family incomes of 80 percent or below the area median income qualify for the program.
Community Development Block Grant Program 2009 Income Limits are:
1 person $44,800
2 person $51,200
3 person $ 57,600
4 person $64,000
5 person $69,100
6 person $74,250
7 person $79,350
8 person $84,500
What are the benefits?
$5,000 down payment and closing assistance structured as a 5-year loan forgivable 20 percent per year. Buyer must contribute at least $1,000 towards purchase and must use the property as the principal residence. The home must be inspected by a member of the National Association of Home Inspectors or the American Society of Home Inspectors. The home must be free of any flaking, peeling or chipping paint insider and outside, and the home inspector must document no unstable paint surfaces. Closing on the property must occur within 90 days of the contract date. Loan is forgivable over 5 years.
This program is similar to the Baltimore City ADDI Program that started is October 2008 but ran out of funds by January 2009. The ADDI Program was assisting with $10,000 towards closing costs and down payment. Hopefully this program will last longer. Contact me for updates and availability of the funds.
What is “Rescoring!”
If you have paid your bills on time but your credit report says you haven’t, your mortgage lender might be able to fix your report fast. Typically, the three credit bureaus each require at least 30 days to investigate and make changes to your credit report. But if you are in the process of applying for a mortgage, your lender might be able to get the changes made in just a few days. It’s called “Rescoring.”
Rescoring is a service offered only to mortgage lenders by independent credit reporting agencies, which compile information from the three credit bureaus (Equifax, Experian, and TransUnion). The independents can work with the Big Three, fix errors, and then recalculate your credit score. If your score can go up, even a little, after the errors are fixed, you could save thousands of dollars on your mortgage interest.
The key is that rescoring works only on real errors. If you have a low score because you don’t pay your bills on time, then you can’t rescore. You must demonstrate to your lender that you have a legitimate error on your report and provide proof, such as payment records. If your lender does decide you have a legitimate case, you will have to pay up to $150 to have the rescoring done.
Rescoring is really an emergency maneuver. If you are planning to apply for a mortgage, you should get a copy of your credit report first. Go to www.annualcreditreport.com. You can get one free report each year from each of the credit bureaus. You will have to pay to get your score.
