Bonny Wolf, NPR commentator and author of the book "Talking With My Mouth Full"
@ National Harbor
Q:What's your favorite food TV show or host?
A:"I like 'Top Chef.' They're serious about food, and have personality."
FINDING RENTAL DIGS to please both halves of a couple almost always poses a challenge. Add an 85-pound Rottweiler to the equation, and the hunt can get a little, well, hairy. District residents Paul Bhorjee and his girlfriend, Jennifer Berger, solved their conundrum by renting a two-bedroom loft-style condo in Northwest Washington — with Gretel the pooch in tow. "It's rare to find a building of any size that's pet-friendly," Bhorjee says.
The pair are part of what Grant Montgomery, vice president of real estate research firm Delta Associates, colloquially calls a "shadow market." That's because rental condos are an un-trackable portion of the market held "in the hands of a thousand different owners." If that sounds a little Wild West for your sensibilities, rest assured: Most condo renters' living experiences align fairly seamlessly with that of an apartment building.
A management company serves as liaison for Bhorjee and Berger and handles all the details, from rent payment to maintenance requests. As a result, they've never had contact with the condo's owner but reap the benefits of the building's amenities, courtesy of the owner-paid condo fees, which include an exercise room, in-unit laundry machines, common lounge areas and a rooftop deck with a hot tub.
NOBODY LIKES TO be called a dummy. But the authors of "Home Buying for Dummies" would probably be the first to tell you it's better to admit when you're a little clueless about the real estate market than to later be saddled with debt because you bought a place you couldn't really afford.
"No one is born knowing how to buy a home," write Eric Tyson and Ray Brown, the co-authors of "Home Buying" ($22, Wiley), which was released in its fourth edition this spring. They encourage buyers — especially first-timers — to take a holistic approach to shopping for a new pad. Consider how buying real estate will impact every aspect of your life, from your weekly latte budget to your commute to work, the authors advise.
In light of the recent changes in the home-buying market, such as tightened rules for lenders and falling home values, a cautious approach seems particularly smart. But Tyson says he and Brown have been preaching patience all along.
"We're proud of the fact that since the first edition of the book, we've counseled people to save a decent down payment amount and not take on risky mortgages and loans," says Tyson, whose Web site, Erictyson.com, covers financial and housing news. "You've got to look at your overall personal financial situation, and get that in order first."
We asked Tyson to share more of his must-know tips for newbies.
» EXPRESS: Everyone's saying it's not as easy to buy a home today as it was in the past. Can you explain why?
» TYSON: There's certainly more of a supply of homes to choose from today. When people talk about the difficulty, they're referring to the financing end of it. If you don't have a high credit score and you don't have enough money saved for a down payment, you are going to have a tougher time finding affordable financing.
But people need to keep in perspective that despite the fact that real estate in most parts of country has declined in value by a fair amount, real estate is still a good long-term investment — that has not changed. Because prices have come down and interest rates are so low, housing is the most affordable it's been in a long time.
Continue Reading "Get Smart About Real Estate: Eric Tyson" »
CAPITOL HILL
Condo: Bryan School Lofts
1315 Independence Ave. SE, #3
» $519,000: A few blocks northeast of Eastern Market, this airy 1,250-square-foot loft condo — housed in a 1906 elementary school converted by Jim Abdo into 20 luxury units — will make creative reuse buffs geek out. Enter through stone columns with the original "Girls Entrance" carved above the door, then head downstairs to the corner unit, a warm space with 13-foot ceilings, some exposed brick walls, cherry floors and Italian granite counter tops. An added perk: The reseller is a handyman builder who made custom upgrades such as a walled-off bedroom nook, tiny wood-burning fireplace and pendant lighting. An open floor plan leaves endless possibilities for arranging (and, er, minimal privacy). Storage unit and uncovered parking spot included. (Listed through Urban Pace Fine Homes.)
U STREET CORRIDOR
Condo: The Flats at Union Row
2125 14th St. NW, #224
» $509,900: This ship-like fortress of a contemporary mixed-use condo building — complete with Yes! Organic Market — is docked a block north of the nexus of busy 14th and U streets. The new 1,135-square-foot condo offers "loft-style" nine-foot unfinished ceilings and exposed ductwork but also a snug pentagon-shaped bedroom and den behind closed doors. If the cove-like den had windows and a bigger closet, the place could be called a two-bedroom. Nearly floor-to-ceiling windows face east and open onto handsome landscaping and an inviting terrace. Residents can grab free coffee from the lobby lounge on the dash out each morning and unwind after work on the eighth-floor terrace, cozied up to the gas fireplace while peering down on the courtyard below. (Listed through PN Hoffman Realty, LLC.)
Written by Express contributor Katie Knorovsky
Photos courtesy Bryan School Lofts, the Flats at Union Row
WHEN NATASHA SMITH moved from Florida to Washington nearly two years ago, she dealt with many of the adjustments that come with a major relocation. But one change she wasn't willing to undertake was shelling out thousands of dollars for rent every year. So, Smith, 25, crashed at her older sister's house in Clinton, Md., while she embarked on a yearlong quest to buy a condo.
Her search came to an end in mid-April when she closed on a two-bedroom condo in Hyattsville near the Metro station. And it ended on an unexpected high note: The new first-time home buyer federal tax credit unveiled in February as part of the economic recovery act essentially repaid her $8,000 in cash.
"Toward the end of my search, I heard about the $8,000 tax credit, and that gave me more incentive to finally go through with something," says Smith, an advertising and sales coordinator for the American Resort Development Association. "It definitely sped up my decision."
Smith's condo is one of a projected 160,000 home sales to be stimulated by the new tax credit, according to the National Association of Home Builders. That number includes 101,000 first-time buyers eligible for the credit and another 59,000 existing homeowners who will be able to trade up because a rookie buyer purchased their home, the NAHB said.
Continue Reading "Reap New Rewards: First-Time Home Buyers Receive Tax Credit" »
THE LIFE OF A first-time condo buyer today is not an easy one. A newbie could spend weeks, maybe months, attending open houses, dealing with real estate agents and mortgage officers and piles of paperwork — and all while our nation's financial system is in the worst shape since the Great Depression. Many new buyers are understandably nervous about making such a big purchase now: "What if I lose my job?" "What if the market falls further?"
Responding to these insecurities, real estate firms have begun to promote new safeguards. Long & Foster Real Estate started offering insurance in April that would pay up to six months of a homebuyer's mortgage in the event of a layoff. Drees Homes, which builds townhomes and single-family residences in Frederick and Laurel, has created a similar program.
Still, there are plenty of reasons why a rookie buyer might hesitate to sign a contract. Maybe financing falls through at the last minute, or by the time you've gotten your mortgage, the value of your home has plummeted. Maybe you just lost your job. Maybe you want to buy that townhouse, but you're just ... worried.
But there are plenty of ways to protect yourself — contingency plans smart buyers can use to back away from property they no longer want, and methods they can use to get more for their money. Learn these tips well and use them responsibly.
» The Inspection Contingency
Most contracts work like this: Before going to the final closing, the buyer pays the seller a percentage of the condo's value as "earnest money." This isn't a down payment (which is typically much more money), but just a way for the buyer to signify, "I'm serious about this purchase." The seller gets to keep that money if the buyer then decides to walk away — unless certain contingencies are met.
Continue Reading "Safety Nets For Novices: Tips for First-Time Condo Buyers" »
LOGAN CIRCLE
Condo: Citta 50
1450 Church St. NW, #504
» $425,000: This 711-square-foot one-bedroom, one-bathroom condo is in a new 27-unit building tucked just behind brisk 14th and P streets on a (relatively) calm street lined with warehouses-turned-condos. The kitchen comes stocked with granite counter tops, stainless steel appliances and a breakfast bar, but serious cooks need not apply, due to limited counter space. Nearly floor-to-ceiling windows in both the bedroom and main room invite natural light and views of Church Street — not to mention the terrace of the neighbors a level below. The main room lends itself to separate-but-snug living and dining spaces; the bedroom offers a walk-in closet. (Listed through RE/MAX Realty Services.)
COLUMBIA HEIGHTS
Condo: The Magdaline
1354 Elucid St. NW, #203A
» $438,500: Wedged between the main drags of Columbia Heights and U Street, this 885-square-foot two-bedroom, two-bathroom condo begs for small get-togethers, with a wide-open living room that merges into an L-shaped kitchen complete with wine fridge. Recessed lighting, stone counter tops and solid cherry floors and cabinets richen the aesthetic; garish gray-and-white-striped marble bathrooms cheapen it a notch. Both bathrooms feature Jacuzzi tubs and windows. The large master bedroom has floor-to-ceiling windows — which jut a little uncomfortably close to the sidewalk out front — as well as a small side balcony and a closet. (Listed through Long & Foster Real Estate Inc.)
Written by Express contributor Katie Knorovsky
Photos courtesy Citta 50, The Magdaline
WHEN DALE DENTON, 53, bought a vacation home at Maryland's Deep Creek Lake, she didn't have a huge budget for redecorating. That's one reason she contacted Yuppie Decor, a Shirlington-based business that's open by appointment only, to score some items for her new getaway.
"They've got an eye," she says of owners Aaron and Shannon Hase, who breathe new life into old furnishings via bold paint jobs and fabrics. Denton purchased two chairs from them she would have never looked at twice in their original state.
"They had some chairs I would refer to as a 1970s Mediterranean nightmare," says Denton, who manages the Julia Gray showroom at the Washington Design Center. "In their original life, they were probably done in, I'm guessing, a really buttery cream color, and they probably had some cheesy gold trim on them. Yuppie Decor took those chairs and made them stark white. Suddenly, something that was completely unattractive became attractive, and the exaggerated shape in white became architectural almost in its look."
Sometimes all it takes is a little bit of paint or some TLC to make something old feel new again. And sometimes that great table or dresser you find at a thrift shop, yard sale or consignment store can move right into your home as is.
Plenty of people have had a penchant for vintage furnishings for years. It might be the thrill of the hunt or an interest in collecting that drives their secondhand shopping. But as the state of the economy leads to all sorts of belt-tightening, more and more people are taking a new look at old pieces.
Continue Reading "Secondhand Inspiration: Add Personality with Vintage Furnishings" »
PATRICIA EBRAHIMI CLAIMS her first staging job was when she was 12 years old, when her mom said she had to share a room with her sister. A few rearranged beds and a room divider later, Ebrahimi realized she had a knack for bringing out the potential in a space through creative design.
In 2005, Ebrahimi started professionally staging homes in the D.C. market and founded the Rockville-based business Show-Smart! to help homeowners make their properties more attractive to potential buyers.
"Everyone looks better elegantly dressed than naked — unless you're a swimsuit model — and that's the same for real estate," she says.
Ebrahimi says sellers need to accent the best features of their property — a great layout, floors, renovated kitchen, lots of storage space or a master bathroom, for example — and play down the negatives. It's about neutralizing the space to appeal to the broadest set of buyers, so don't take it personally.
Continue Reading "Keeping Up Appearances: Making Your Home Sale-Ready with a Staging Pro" »
WE STOOD AT the Home Depot paint-mixing counter in an exasperated stalemate, paper samples of "Village Square" and "Toffee Crunch" shades clenched in our fists.
Then she said it. "I ... hate ... you." Her voice was flat and even, as frustration culminated in those three words. Then, to the horror of the salesman helping us, Tracey burst into tears.
Uh-oh. Maybe living with my sister wasn't such an inspired idea.
It was May 2008 and we were two weeks away from moving into the two-bedroom condo we'd bought together in Clarendon. How was I going to survive living with my younger sibling of three and a half years if we couldn't agree on how many gallons of paint we needed for our pad? But the contracts were signed, the mortgage loan ratified — I looked at Tracey and knew there was no turning back.
Of course, if I'd consulted roommate and sibling relationship experts before signing the lease, they would've predicted potential disaster.
"Our relationships with our siblings are very passionate ones," says Dorothy Rowe, a psychologist whose book, "My Dearest Enemy, My Dangerous Friend" ($18, Routledge), focuses on the dynamics of sibling relationships. "We care enormously about what our siblings think of us: their praise, their approval," Rowe says. "At the same time, we're scared of their criticism. If you've grown up together, your sibling knows just what to say to upset you, tease you or really hurt you. It's a very complicated relationship that doesn't get simpler as you get older."
Continue Reading "Roomies? Oh, Brother: Why Some Siblings Are Opting to Live Together" »
INSIDE THE BELTWAY, lobbying can be an art form.
Inside District condominiums, the lobbies can be artwork.
Without a front yard to make a first impression, condo lobbies become the landscaping and signal the value of what's inside to potential buyers.
A swanky lobby can be a status symbol and a selling point. It can add to a pad's property value — and its price tag. In the same way your wardrobe can reflect your personality, a grand entrance can make a fashion statement for your home.
"When you put on a nice suit versus a pair of jeans, does it change the way you feel?" asks Eric Inman of Hickok Cole Architects (1023 31st St. NW; Hickokcole.com), which has designed dozens of housing developments in the District, including the Kenyon Square condos in Columbia Heights. "Design is the same way."
We scoped out four winning entries in Washington condos.
Continue Reading "Lobbying for Attention: Luxurious Condo Lobbies" »
Addison Road