Hill Slowinski • Real Estate: Blog

A Diamond in Nature's Setting

F. Hill Slowinski, JD, SFR (W.C. & A.N. Miller Realtors, A Long & Foster Co.) — Sat, 24 Jul 2010 07:07:41 -0400

In Brookmont, at the C&O Canal

111 Valley Road, Bethesda, MD 20816 MLS # MC9375221

Offered for $675,000 Virtual Tour

Open House: Sunday, July 25, 1-4 PM

In nature's setting with all the upgrades! Along the Chesapeake & Ohio Canal National Historic Park (near Lock 6), close to High Island in the Potomac River near Little Falls, the old tow path, hiking and biking trails, and the Old Conduit Road. Former home to two Olympic Kayakers. Reno-vated kitchen and bathrooms, refinished floors. Rock patios, pathways, stairs, and terraces surround this diamond in Brookmont - ½ mile to shopping, and 1 mile to the DC line.

Located in the Brookmont community known for its affinity to nature, hiking, kayaking, and outdoor appreciation, this home is within throwing distance to the access to the National Park along the Potomac River. The home was built in 1928 in a natural hillside setting.

This two bedroom, two full bath Colonial includes the open living room with large windows, brick wood-burning stove/fireplace with flagstone hearth. The breakfast area and kitchen look out to tree-height views of the park. The new kitchen is highlighted by granite counter-space, new cabinetry, new appliances, and a country pantry.

The second level back door opens outside to a gracious stone patio, stone retaining walls, terracing and natural gardens, and sweeping stairways to lower level terraces and garden areas.

Renovations and updating were made during 2006-2008. The hardwood flooring throughout the house has been refinished to its natural tones, and the windows have been replaced and updated.

For more information, see: www.HillSlowinski.com.

_________________________________________

F. Hill Slowinski, JD, REALTOR^®in DC, MD, and VA
W.C. & A.N. Miller Realtors, A Long & Foster Company
Exclusive Affiliate of Christie's Great Estates, Top 1% Long & Foster Agents, President's Club 2008
Consultant, Luxury Real Estate, Sloans & Kenyon Auctioneers and Appraisers
4701 Sangamore Road, Bethesda, Maryland 20816
Tel: 301-229-4000 Fax: 301-229-4015
Direct: 301-320-8430 · Cell: 301-452-1409
Email: HSlowinski@LNF.com · Web Site: www.HillSlowinski.com
Weblog: http://HillSlowinskiRealEstate.com

Home Sale Contingencies Returning to Purchase Contracts

F. Hill Slowinski, JD, SFR (W.C. & A.N. Miller Realtors, A Long & Foster Co.) — Sun, 18 Jul 2010 06:13:20 -0400

Buyers and Sellers Cooperating for Terms to Work

As the market for the purchase and sale of residential properties continues to stabilize and return to normal, we are beginning to see more sellers accepting offers to buy their homes subject to the sale of the buyers' homes, this after a period where such contingencies were few and far between. Even though these contingencies add to the complexity of offers, this arrangement works to the benefit of both buyer and seller to seal a deal and can be very satisfying and cooperative, so long as both parties adhere to the strict details in the home sale contingency provision.

Attention to timelines ("Time is of the essence") and procedural requirements is critical in ensuring these arrangements succeed. For example, buyers must have their homes listed by a broker within three days of the ratification of the contract, and at a price that is very realistic and attractive to the market. The contract the buyer eventually receives on his home must be free of all contingencies other than financing within the specified timeframe to satisfy the home sale contingency terms. Meanwhile, sellers are permitted to accept back-up contracts in the event the initial contract becomes void.

The combination and realization of these transactions will take more time since there is additional scheduling and detail coordination along with the usual process requirements of yet another transaction. With careful planning and oversight of experienced agents, achieving the desired outcome, though, can meet the objectives of, and fulfill the dreams of, all the parties to the deals.

Several Washington DC Areas Among “Best” Places

F. Hill Slowinski, JD, SFR (W.C. & A.N. Miller Realtors, A Long & Foster Co.) — Sun, 18 Jul 2010 06:00:07 -0400

Maryland and Virginia Among Highest for Technology, Business Friendliness

CNN Money.com and CNBC.com just released their 2010 lists - Top Earning Towns, Best 100 Small Cities to Live,and CNBC for Top States for Business- and The Washington Post announced the area's education level.

Bethesda, MD has the highest median family income in the US, according to CNN Money.com. Ellicott City/Columbia, Maryland is named by a CNN survey as #2 Best Small City to Live in the country, up from #8 in 2008, with its grand homes, a lovely 18th-century downtown, lots of restaurants, wide range of housing, tons of parkland, and a major music venue. It's also an economic powerhouse with a jobless rate at just 5.2%.

Also named by CNN as high on the list were Gaithersburg, MD (# 25), Centerville, VA (#30), Rockville, MD (#31), and Alexandria, VA (#41).

CNBC named Virginia as #2 overall of the top states for business, bumped out if its 2009 #1 slot by Texas this year. Maryland remained in its #27 position overall, same slot as 2009. In individual categories, Maryland ranked #8 in Technology and Innovation, and Virginia #2 in Business Friendliness, same as in 2009.

In addition, the Washington DC area has the best-educated population in the nation, as reported in The Post.

See: http://money.cnn.com/magazines/moneymag/bplive/2010/snapshots/PL2718116.html

See: http://www.cnbc.com/id/37516043/

See: http://bit.ly/9Wzfun

See: http://www.washingtonpost.com/wp-dyn/content/article/2010/07/14/AR2010071405751.html

Home Buyer & Seller Seminar Series

F. Hill Slowinski, JD, SFR (W.C. & A.N. Miller Realtors, A Long & Foster Co.) — Thu, 10 Jun 2010 09:30:29 -0400

SELLERS: Why Your House WILL Sell When Others Don't;
BUYERS: How to Prepare For, Find, and GET the Home You Want

FREE SEMINARS and WORKSHOPS

Navigating today's dramatically changing real estate market can be challenging. Add to that the complexities of buying or selling a home and you have the makings for a whole lot of confusion. These free seminars will give you the tools, resources and information needed to make the best decisions for one of your biggest investments.

Here are the dates for the upcoming seminars. Each seminar will be held from 11:00 am-12:30 pm at the Cabin John Park Volunteer Fire Station located at 8001 River Road, Bethesda.

June 12 - Seller Seminar • June 26 - Buyer Seminar

July 10 - Seller Seminar • July 24 - Buyer Seminar

September 11 - Seller Seminar • September 25 - Buyer Seminar

October 9 - Seller Seminar • October 23 - Buyer Seminar

SELLER'S OUTLINE: Sell Your House This Year: Why Your House WILL Sell When Others Don't
Description: Tips, advice and suggestions to help your home outshine the competition in today's buyer's market. Topics covered include:

The Seller's Role:
· Getting your property market-ready
· Understanding buyer expectations
· Seven pitfalls to avoid
Your Agent's Role:
· Up-to-the-minute market conditions
· Marketing Do's and Don'ts
· Leveraging relationships
· Pricing strategies for value
Making the Sale:
· Attractive buyer financing options to consider
· Flexible negotiations
· Win-Win results

BUYERS OUTLINE: Buy Your Dream Home This Year: How to Prepare For and Find THE Home you Want
Description: Tips, advice and suggestions to help you succeed in geting your next home in today's buyer's market. Topics covered include:

The Buyer's Role:
· Getting your financial profile ready
· Understanding seller expectations
· Seven pitfalls to avoid
Your Agent's Role:
· Up-to-the-minute market conditions
· Buying Do's and Don'ts
· Leveraging relationships
· Comparing strategies for value
Making the Purchase:
· Attractive financing options to consider
· Flexible negotiations
· Win-Win results

For more information please contact

“THE ROOST”: Experience a Renowned Tilghman Island Cottage!

F. Hill Slowinski, JD, SFR (W.C. & A.N. Miller Realtors, A Long & Foster Co.) — Wed, 16 Jun 2010 09:25:07 -0400

A rare chance to own "THE ROOST" cottage, your personal Tilghman Island escape!

Click here for VIRTUAL TOUR ON YOU TUBE

This delightful, 1950 cottage-style home has been upgraded throughout. Cozy and light, with many windows and skylights, the property is located on approximately quarter acre just overr the bridge at the entrance to Tilghman Island on the Eastern Shore of Maryland. The home is minutes to St. Michaels and is close to several marinas, art centers, library, bookstore, museum, a couple of markets, shops, and the post office.

Casual and comfortable, with water views of Knapps Narrows from the boatyard across the street, and in a quiet neighborhood at the entrance to the island, this recently renovated, pristine cottage is an excellent retirement, investment, or second home. It is perfect for a family, retreat, or vacation home, or just right for a weekend sanctuary or pied-a-terre.

Renovated throughout, this three bedroom, two full bath cottage entices you with a delightful front sitting room. The living room includes built-in bookshelves, a TV/DVD with a fully installed surround sound system, limestone wood burning stove, and air conditioning. The fully equipped kitchen also provides generous cabinetry and table space. The laundry area with washer and dryer is in a separate rear room.

Roses border the front of the home and the backyard lawn is shaded by a huge maple tree, just waiting for the family picnic table and for summer lunches. There is a large one-car garage and private and protected gravel drive.

This home has a history of generating rental income. It is available with or without furnishings (separately listed).

See the cottage rental website at: www .TilghmanCottage.com

OFFERED FOR: $289,000, TA7345203

For more information, see www.HillSlowinski.com

Characteristics of Real Estate Auctions

F. Hill Slowinski, JD, SFR (W.C. & A.N. Miller Realtors, A Long & Foster Co.) — Sat, 05 Jun 2010 10:59:29 -0400

An Alternative to Brokerage

As consultant to clients who wish to explore all the available avenues for the disposition of real estate, I occasionally am asked what are the characteristics and benefits of the traditional brokerage vs. the marketing method in support of an auction.

Briefly, a transaction conducted in traditional brokerage is a negotiation that occurs over a period of time, with a seller and buyer bargaining and eventually coming to agreement on all terms, conditions, contingencies, prices, and schedule for settlement. Auctions, on the other hand, are deliberate and competitive interactions among all willing buyers to offer a price for the seller to accept, without negotiation of all the other terms, conditions, contingencies, and settlement date. Those terms are pre-established by the seller and set forth in a property information package.

• Three types of residential auctions: Absolute (no minimum or reserve); Public Minimum (published and made known to buyers), and Reserve (confidential minimum amount set by the seller).

• Seller benefits: Quicker sale; maximum advertising exposure; maximize buyer participation; maximize dollars; no contingencies; property sold in as-is condition; buyer pays all documentary stamps and transfer taxes; commission free to seller in most auctions.

• Buyer benefits: Auctions are fun; bidding process is open and fair; buyers buy at their prices; decision to bid is reinforced by the immediately preceding bid; buyers compete on a level playing field with other buyers because terms and conditions are the same for all.

If you think this alternative might be right for you, call me and I'll help you make an informed decision. For more information, contact me to talk about whether thisthis is an approach you could consider.

F. Hill Slowinski, JD, REALTOR^®in DC, MD, and VA
W.C. & A.N. Miller Realtors, A Long & Foster Company
Exclusive Affiliate of Christie's Great Estates, President's Club 2009
Consultant, Luxury Real Estate, Sloans & Kenyon Auctioneers and Appraisers
4701 Sangamore Road, Bethesda, Maryland 20816
Tel: 301-229-4000 Fax: 301-229-4015
Direct: 301-320-8430 · Cell: 301-452-1409
Email: HSlowinski@LNF.com · Web Site: www.HillSlowinski.com
Weblog: http://HillSlowinskiRealEstate.com

Majestic 1913 Victorian in Cleveland Park, DC: New Listing!

F. Hill Slowinski, JD, SFR (W.C. & A.N. Miller Realtors, A Long & Foster Co.) — Sat, 15 May 2010 10:41:39 -0400

3420 Porter St., NW, Washington, DC 20016 - Available for the first time in 65 years.

Offered for $1,350,000.
MRIS# DC7336115.
Open House 5/16, 1-4 PM

This classic 1913 Victorian is filled with character and charm and is located in the heart of Cleveland Park. It features large sun-filled rooms, high coffered ceiling, handsome stone fireplace, gleaming hardwood floors, freshly painted throughout, original architectural details, and terrific space and storage areas. Its four levels include six large bedrooms plus a second floor library with fireplace, separate garage, and private landscaped rear garden.

With its orientation on the hillside, this is one of the more admired homes in historic Cleveland Park. The majestic 1913 pebbledash Victorian retains its original details and a very open feeling starting with its romantic wide front porch overlooking Porter Street.

The home is generous and spacious with well-proportioned rooms. Flow is excellent for entertaining, from the gracious entrance foyer, through the living room with its fieldstone fireplace, to the dining room with coffered ceiling, which opens to the brick patio and exceptional private rear South garden.

Situated in the heart of Cleveland Park midway between Wisconsin and Connecticut Avenues, the home is near top public and private schools, very close to fine shops and restaurants, and in the best Cleveland Park location. Walk easily to restaurants, parks, libraries, theaters, schools, and shops.

This rarely available home offers its original woodwork, high ceilings, and central air conditioning. It is deceptively spacious with almost 3,000 sq.ft. of living space, and it is offered in "As Is" condition.

CLICK HERE for more information. (Brochure, photos, YouTube Virtual Tour, and much more)

Magnificent Mt. Vernon Estate on the Potomac River: FOR SALE

F. Hill Slowinski, JD, SFR (W.C. & A.N. Miller Realtors, A Long & Foster Co.) — Mon, 22 Feb 2010 19:01:40 -0500

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

Major FHA Changes Expected to Take Place in Early 2010

F. Hill Slowinski, JD, SFR (W.C. & A.N. Miller Realtors, A Long & Foster Co.) — Wed, 17 Feb 2010 21:05:01 -0500

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:

Financial soundness of the FHA insurance fund - ensuring that its capital ratio returns above 2 percent,
Fulfilling its mission of serving borrowers not adequately served by the private sector and
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.

New Good Faith Estimates, HUD-1 Form Provide Benefits to Borrowers

F. Hill Slowinski, JD, SFR (W.C. & A.N. Miller Realtors, A Long & Foster Co.) — Wed, 20 Jan 2010 16:02:25 -0500

New RESPA Regulations, HUD-1 Effective January 1, 2010

Changes under the Real Estate Settlement Procedures Act provide some improvements to borrowers, making it easier to compare loan terms and committing lenders to stick with their quoted fees.

The new Good Faith Estimate (GFE) will be uniformly used by all lenders so that borrowers will be able to compare settlement charges and loan terms being provided by different lenders. Lenders will be committed, for the most part, to honor the estimates provided. The new GFE will represent all the costs of the entire transaction. The costs are not specified as to whether those costs are borne by the buyer or the seller. The GFE will not include taxes, insurance, homeowner association or condo fees, as those are separate from the loan. It is expected that with the loan transaction information, buyers will be able to make better informed choices among lenders.

The HUD-1 will be synchronized with the GFE and will show the figures from the GFE on the final settlement sheet. The new GFE is likely to encourage greater consumer shopping for home loan products.

Washington, DC Market: 2009 Review and 2010 Outlook

F. Hill Slowinski, JD, SFR (W.C. & A.N. Miller Realtors, A Long & Foster Co.) — Wed, 20 Jan 2010 14:48:37 -0500

Positive Trend Reverses Declines Since 2004

New sales contracts in 2009 for residential properties were 21% ahead of 2008. The number of properties on the market at the end of 2009 was 25% lower than the end of 2008 -- a five month supply. This is a market which most housing economists feel is in balance between buyers and sellers.

Falling property values opened the door for a new group of homebuyers who had been priced out of the market for several years. Average and median sales prices of single family homes, still well below 2008 prices, are affected by the larger than usual percentage of home sales at lower to moderate prices, bringing the average and median down. For condominiums/coops, where sales are about even, the reverse is true, thereby inflating those numbers.

Single-Family

Fueled by huge increases in the low end of the market, sales of single-family homes finished the year 23% ahead of 2008 in number of settlements and 28% ahead in number of total pending sales. As a result, sales of homes priced below $200,000 were up an incredible 262% over last year. Sales of homes between $200,000 and $300,000 had a 32% gain, while homes priced from $400,000 to $600,000 were up 16% over 2008.

In 2009, 57% of sales under $200,000 were foreclosures while only 9% of the homes sold over $200,000 were listed as foreclosures.

Sales of homes priced above $800,000 were down 9% for the year, with sales over $1.5 million down 12%. In the upper brackets, in December pending sales of homes above $1.25 million were up 54% over 2008 and homes between $600,000 and $800,000 saw a 119% increase. Overall, pending sales in December were up 27% from last year.

The inventory of available homes at the beginning of 2010 is 28% below 2008 EOY inventory. The effective inventory was 4.3 months, well below the 2008 year-end number of 7.57 months. Inventory has continued to fall to the point where some neighborhoods and price ranges are suffering from a lack of inventory.

The year ended with the average home price down 17% from 2008 and the median price down 18%.

Condominiums and Cooperatives

Sales of condos and co-ops ended with a 9% gain over 2008. Condo/co-op sales also had a large increase in the lower end of the market, with units priced below $150,000 up 66% from last year. There were also advances in the upper end of the market as sales of units between $800,000 and $1,000,000 jumped 59% over last year, while sales of units over $1.5 million were up 20%. There were also 13% increases in the $300,000 to $400,000 and the $500,000 to $600,000 ranges.

The year ended on a mixed note for condominium and cooperative sales in December. The year ended with 6.26 months of inventory, down from the 9.57 months at the end of 2008.

The total inventory of available units ended the year at the lowest point in four years, 22% below the same point last year. This indicates new condos introduced to the market over the last few years has finally been absorbed, and with very few new condo projects scheduled to come on the market in the next year, the signs are good for a strong 2010 in the DC condo market.

2010 Outlook

The gains for moderate priced homes were possible because of increased affordability and the availability of financing under the FHA and Fannie Mae/Freddie Mac up to $729,750. Conversely, sales of homes above this limit were affected by the lack of available financing and strict down payment and credit score guidelines.

Looking ahead to the single-family market in 2010, low inventories and increased sales (hopefully combined with increased availability of credit) should bring a moderate increase to home prices for the first time in two years. It is more likely that prices for both homes and condos/co-ops have declined by at least several percentage points this year but that this decline is close to bottoming out.

Price trends always trail those of unit sales by up to a year; so with sales starting to increase it is likely that prices will follow sometime by the middle of next year. But gains for both sales and prices are most likely to be in line with the moderate recovery projected for the overall economy.

_________________________________________

2009-2010 Home Buyer Tax Credit Summary

F. Hill Slowinski, JD, SFR (W.C. & A.N. Miller Realtors, A Long & Foster Co.) — Tue, 10 Nov 2009 19:54:32 -0500

Current Program Extended and Revised; Expanded to Repeat Home Buyers

Despite the many rumors, projections, and hopeful expectations presented in the press in very recent weeks, the final legislation for the tax credit afforded home purchasers has several new features and requirements that distinguish this program from the one which is due to expire November 30.

Here are important requirements of the new plans, signed into law November 6.

The $8,000 First-time Home Buyer Tax Credit

The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.
The tax credit applies only to homes priced at $800,000 or less.
The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

The $6,500 Move-Up/Repeat Home Buyer Tax Credit

To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $6,500.
The tax credit applies only to homes priced at $800,000 or less.
The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010 However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

DC Property Tax Law Changes

F. Hill Slowinski, JD, SFR (W.C. & A.N. Miller Realtors, A Long & Foster Co.) — Mon, 19 Oct 2009 20:51:35 -0400

Vacant Property Tax, ‘Economic Interest Tax' on Co-operatives

Focus Now On "Blighted" -- But Wait For Final Release

From October 1, 2008 to September 30, 2009, the District of Columbia taxed vacant properties at $10 per $100 of assessed value (rather than the residential tax rate of $.85 per $100 assessed value) , unless property owners applied for one of several exemptions within 30 days of the property becoming vacant. As of October 1, 2009, DC has changed its focus to ‘blighted' property, not merely vacant property. However, since DC has not released the relevant amendments and legislative language to the public, owners should continue to treat their ‘vacant' property as requiring a vacancy exemption or risk being re-classed at the higher tax rate.

Co-operatives Sales and Transfers Now Taxed

In another change, buyers of co-operatives in Washington had been exempt from paying transfer and recordation taxes because ownership of shares in a co-operative corporation was viewed as a security interest and not ownership of real property. This change is effective October 1, and the DC government has begun charging an "economic interest tax" on the sale and transfer of co-operatives. The rates are 1.1% on co-operatives with a market value of less than $400,000 and 1.45% for co-ops valued at $400,000 and higher.

The Washington, DC Real Estate Market 2009, Through September

F. Hill Slowinski, JD, SFR (W.C. & A.N. Miller Realtors, A Long & Foster Co.) — Mon, 19 Oct 2009 20:25:55 -0400

Third Quarter Results Show Prices Stabilizing, Confidence Building

Led by a surge in single-family sales, new contracts for all residential properties jumped a very impressive 38% from last September. Nine months into 2009, combined sales are 13% ahead of those at this point in 2008 and the gap between the top of the market in 2004 and now has narrowed to 28%.

There was a slight (2.4%) increase in the number of properties on the market at the end of this September from the same point last year; but with the increase in sales, the effective inventory of homes and units on the market today is down to 3.7 months (higher for condos and co-ops than for single family homes) as compared to 4.9 months in September of 2008.

The average sales price of single family homes, condominiums and cooperatives declined slightly from mid-year but the decline was small enough (in the 2.5% range) to suggest that we may be approaching the bottom.

Single Family Homes

There was a sudden sharp upturn - up 40% from last September -- in the number of new single family contracts in September. Year-to-date, new contracts were up 21% from a year ago with these gains largely coming from homes priced under $800,000 (over 80%). Home sales are lagging above $800,000 and particularly those over $1,250,000.

Rather surprisingly, fewer new listings came on the market this September than a year ago and with stronger sales the inventory is down nearly 19% from this time in 2008. Some potential sale homes may have been diverted to the rental market for a year or two (See recent articles at: HillSlowinskiRealEstate.com and HillSlowinski.com). This has left only a 3.4 months supply of homes currently for sale, which is lower than it has been for years.

Average sale prices are presently off 16% from the end of last year but they are down only 1% from mid year. Median prices are down a similar amount from 2008 but they were actually up a fraction from the end of the second quarter in June.

Condominiums and Cooperatives

New contracts on condominiums and cooperatives rose 35% over September of 2008. The largest increases over last year were in the $200,000 to $300,000 range (up 48%) and the $500,000 to $800,000 range (up 52%).

Through nine months of 2009, contract activity on condos and co-ops is up 5% from the same point last year. Most price categories show slight losses or gains from 2008. The most activity for the year has been in the $300,000 to $400,000 range (28% of the market) and that range is ahead of 2008 by 12%.

The inventory of available units at the end-of-September is 13% lower than at the same point last year. The effective inventory actually went up slightly to 4.17 months. The average price of a condo/co-op in the District is even with 2008 prices at this point, while the median price is down 1%.

Summary

All of this strongly suggests that the decline in single family home prices is nearing an end, but it will take months, probably into next year, before we begin to see even small gains. With sales apparently on the upswing we can anticipate seeing prices stabilize by late this year or early 2010 but price increases are likely to be modest, at best, after that. Sales were stronger than any other month this year and all the way back to June of 2005. Favorable interest rates and concerns that the first-time buyer subsidy may not be renewed certainly contributed to this, but the strength of this upturn certainly indicates at least some improvement in consumer confidence about our local housing market.

Open House and a NEW PRICE: Grand Darnestown (MD) Estate, Sunday 10/4, 1-4 PM

F. Hill Slowinski, JD, SFR (W.C. & A.N. Miller Realtors, A Long & Foster Co.) — Wed, 24 Jun 2009 03:14:00 -0400

I will hold an Open House this Sunday for this beautiful Darnestown estate

NEW PRICE: Offered for $1,249,000 $1,099,000!!- 13520 Deakins Lane, Darnestown, MD 20874 (outside Potomac off Seneca Road between River Road and Esworthy Road).

Just imagine! 8.25 bucolic acres just outside Potomac is the site of this 1964 Colonial with an elegant marble foyer, 11′ ceiling in living room with fireplace, dining room with fireplace, paneled library, 2 Master bedrooms (one on main level). It features a newer gourmet kit with large breakfast room with a fireplace and an adjacent family room. Floors have been refinished. Recreation room has a new floor!

The grounds include a trellis covered side patio with herb gardens, flagstone patio for entertaining overlooks back pasture with barn or additional equipment garage and greenhouse.

The estate includes approximately 5 acres of woodland with a stream and approximately 3 acres of side pasture with run-in. (Appraisal: 3/09, $1,270,000)

-Hill Slowinski

WC & AN Miller Realtors, A Long & Foster Company

4701 Sangamore Road, Bethesda, Maryland 20816

Cell: 301-452-1409 Direct: 301-320-8430 Ofc: 301-229-4000

Email: hslowinski@longandfoster.com or Hill@HillSlowinski.com