Hill Slowinski • Real Estate: Blog: February 2010

4003 Belle Rive Terrace, Alexandria, VA 22309   ▪   FOR SALE: $2,799,000  

Belle Rive Estate  VIRTUAL TOUR -- CLICK HERE

Although this riverfront estate on almost an acre on the high Virginia banks of the Potomac River south of Washington is now in service as an elegant private residence, its uncommon security attributes and reinforced construction make it suitable for a variety of exclusively executive or sensitive functions.  The home is located on one of the five farms owned and operated by George Washington. 

The design of the home and its orientation over the Potomac River were influenced by the architecture of Frank Lloyd Wright,  overlooking the river from all corners and several exterior decks and balconies above the main level patio.  Experience virtually the same impressive views of the Potomac River that George Washington had from his home at  Mount Vernon, which is located ~1 mile up river.  

Dramatic panoramic 180˚+ vista of the Maryland shoreline and protected federal parkland: 

Opposite East Shore:  

Piscataway Park (National Park Service) and

Fort Washington Park (National Park Service) 

Virginia West shore: 

Mount Vernon (north) and

Fort Belvoir Military Reservation (south)

Gunston Hall, George Mason's home (south) 

For owners who view security as a business decision, the strategically fortified environments include a subterranean central core complex of rooms with protected access and communications, suitable for secure storage of records, valuables, or arms.  The building includes the usual alarm and security systems with cameras and motion detectors.  The home's solid brick, block, and steel construction and its below-ground lowest level lend themselves to use as a dedicated safe room for executive, military, diplomatic, or embassy potential. 

A central core could be retrofitted with a four-level dumbwaiter.  The open fourth level has been used at various times as a chapel, conference room, recital hall, business center, reception area, and art gallery with a large rooftop deck including separate enclosed external circular stairwell for catering and supplies delivery. 

Its location is well within 5 minutes response time from the Fairfax County Sherriff's office and 2 miles from the fire department.  

General Information:  Over 11,000 square feet, five bedrooms, five and one half baths, enormous master bedroom suite on main level with bath and walk-in closet, gourmet kitchen, breakfast bar, balconies and decks including a roof top deck.  Wonderful space for entertaining or conferences.  Must be seen!  Full riparian rights convey.  Property is offered either furnished or unfurnished. 

 FOR FURTHER INFORMATION:

F. Hill Slowinski, JD, Consultant, Sloans & Kenyon Luxury Real Estate

7034 Wisconsin Avenue, Chevy Chase, Maryland 20815 

Cell: 301-452-1409  Direct: 301-320-8430  Ofc: 301-634-2330 

Email: Hill@HillSlowinski.com or RealEstate@SloansandKenyon.com

Web sites:  www.HillSlowinski.com  ▪  www.HillSlowinskiRealEstate.com  ▪  www.SloansandKenyon.com

MRIS: FX7254991 

Mortgage Insurance Premium, Credit Scores, and Seller Contribution Affected

On January 20, 2010, FHA announced major changes to ensure its long-term financial soundness. FHA is trying to balance three fundamental objectives:

1. Financial soundness of the FHA insurance fund - ensuring that its capital ratio returns above 2 percent,
2. Fulfilling its mission of serving borrowers not adequately served by the private sector and
3. Facilitating the recovery of the housing industry and the over-all economy.

FHA has carefully balanced the need to make financial reforms with the need to keep FHA insurance available to a large segment of consumers. This is evident by retaining the 3.5 percent minimum down payment requirement and allowing the up-front mortgage insurance premium to be financed. FHA announced changes in the following areas:

• The upfront mortgage insurance premium (UFMIP) will increase to 2.25 percent up from 1.75 percent. (Effective April 5, 2010)
• Borrowers with a credit score below 580 will be required to have at least a 10 percent down payment. The minimum down payment will remain at 3.5 percent for all other borrowers.
• FHA will seek legislative authority to increase the annual premium (currently capped at .55 percent). Over time, increasing the annual premium may allow FHA to reduce the upfront premium.
• Seller concessions will be reduced to 3 percent from 6 percent.

Buyers are advised to be aware of these potential changes as they prepare to make offers on new purchases, as timing in the contract process is important.

Also, remember, to take advantage of the First Time Homebuyer Tax Credit, contracts must be ratified by April 30, 2010 and settled by June 30, 2010. There is no extension of this program being prepared at this time.