DISTRICTRE.COM NEWSLETTER

DC Real Estate News From The Isaacs Team

DC real estate market data

Washington DC Market Update

New Condo & Co-Op Market Data

In Washington, DC, the median sold price for Condo & Coop properties for June was $462,500. This represents a drop of 0.4% compared to May 2017 and an increase of 4.5% from June 2016. The average Days On Market in June was 31 days,  which is 2% lower than the 5-year June average of 32 days. There was a 3.1% month-over-month increase in new contracts with 465 New Pendings; a 0.5% MoM increase in All Pendings (new contracts + contracts carried over from May) to 580; and a 6.3% increase in supply to 730 active units.

How did your neighborhood and home type fare?

mortgage lending

Fannie Mae Loosens Lending Guidelines

Fannie Mae Loosens Lending Guidelines

Starting on July 29th, the DU 10.1 release makes the following changes:

  • 50% Maximum Debt-To-Income ratio (DITI)
    • 50% DTI requires very high credit scores + post-closing cash reserves
  • One year’s tax return sufficient for most self-employed borrowers to qualify
  • The following disputed trade lines are not required to be resolved:
    • Disputed Medical collections

There may be additional changes and conditions. Check with your lender to see how they affect you.

TOPA Bill Seeks To Curb Abuse

New TOPA Bill Seeks To Curb Abuse

Ward 1 Councilmember Brianne Nadeau has proposed legislation to exempt single family homes used as primary residences from a portion of the Tenant Opportunity to Purchase Act.

TOPA was enacted in 1980 law to provides tenants with right of first refusal when the property they rent is listed for sale. Current law allows tenants to sell their rights to third parties. Abuses of that practice have led sellers and listing agents to term TOPA ‘legalized blackmail.’

The bill would prevent tenants from selling/assigning rights on the specified property type and shorten the time period these tenants have to act on their right of first refusal.

Co-sponsors of the bill include Councilmembers Grosso, Cheh and Allen, along with Council Chairman Mendelson. The DC Association of Realtors supports the legislation.

Here’s a copy of the bill. A public hearing is set for September 21st.

DC Real Estate Tools Home Search

Learn About Capital Gains Taxes

What Do You Know About Capital Gains Taxes?

Profit from selling an asset is called a capital gain and these profits are typically taxed. This includes the sale of a residence. You may qualify to exclude up to $250k of the profit as an individual and up to $500k if you file a joint return. Find out if your home sale is subject to Capital Gains tax.

Flips

Why Are "Flips" Worrisome?

Why Are “Flips” Worrisome?

Beware: The house you flip for may be a dog, not a unicorn. And that’s giving dogs a bad name. “Flips” are homes that have been purchased by a rehabber and “improved” for quick resale. Unfortunately, a good number of flippers focus more on cosmetic aspects of the home and less on its structural integrity or soundness of electrical, plumbing and mechanical elements. Their goals are speed and profit, not care and concern. And that’s the good news. Some unscrupulous DC and NVA flippers have been caught drywalling over serious structural issues that later became homeowner nightmares. While some flippers do a good job, flips are an area of great concern and should be approached with extreme caution. Their popularity has exploded in DC in the last decade, as have the number of serious construction issues and lawsuits. With little regulatory oversight for permitted and unpermitted residential construction in DC, bad behavior can be commonplace. Remember, anyone can decide to start flipping houses, whether they are qualified or not. Permits may or may not be pulled, and in our experience, DCRA inspections are often ignored. Often the properties are held in an LLC to limit liability, so there may be limited legal recourse if you experience problems. Flips are classified as renovations rather than ground-up construction, so they’re subject to spotty DCRA permitting and inspection rather than the much more rigorous building code new projects are expected to adhere to.

DC Construction Permit

DCRA's New Online Permit Site

Get Your DCRA Permit Application Submitted Online

DCRA has upgraded its Online Construction Permit system to allow applicants to obtain permits online from start to finish. No further need for those fun trips to the DCRA office! Included are permits for intermediate and complex jobs. Simply upload plans through the ProjectDox system, pay, and obtain your new permit copy. Questions? Check out the  OCPI User Guide.

Nobu at 2501 M

2501 M & Nobu

2501 M Now Selling in West End

An ‘ultra luxury’ condominium at the edge of West End DC, 2501 M is now offering its first units for sale. The 8 story building at the corner of M and 25th Streets, adjacent to Francis Field, will house 59 new condos in addition to the existing units on the upper three floors known as the Westgate Condominium. The ground floor retail space is reserved for the eagerly anticipated Nobu restaurant, slated to open late this year or in early 2018.

KIPLING HOUSE Barracks Row DC

Kipling House

Kipling House Starting Sales

Kipling House is a 4 story, 48 unit condominium  constructed across two lots previously used as a parking lot and auto service station. Kipling House is located between Potomac Avenue and Barrack’s Row in the Capitol Hill neighborhood of Washington DC. Sales start in early summer 2017

THE BOWER CONDOMINIUM YARDS PARK DC

The Bower

The Bower is Under Construction

The Bower is a new 138 – 142 unit luxury condominium housed in a 10 story mixed-use building in the Navy Yard neighborhood of southeast DC. The project is currently under construction.

1309 Q Street #1

1309 Q Street #1 Just Sold

Just Sold by The Isaacs Team LLC

1309 Q Street #1 is a huge two bedroom + den, 2.5 bath residence one block from 14th Street in Logan Circle. Features include a massive, light living & entertaining floor, 10′-12′ ceilings, vintage hardwood floors, two fireplaces, chef’s kitchen, exposed brick stairwell, powder room, private outdoor space & secure parking. Sold at $1,325,000.

1808 Corcoran Under Contract

Under Contract in Zero Days by The Isaacs Team LLC

1808 Corcoran is a stylish two bedroom, two bath residence 2.5 blocks from Dupont Circle. Features include a full finished basement, charming patio garden and fun finishes. Listed at $935,000.

2020 Lofts

2020 12th #702 Just Sold

Just Sold by The Isaacs Team LLC

2020 12th #702 is a one bedroom + Den, one bath condo a block from U Street Metro. Features include a cityscape view, dedicated dining area and upscale finishes. Sold at $540,000.

925 H Street NW #411 Entry

925 H Street #411 Listed at City Center

Listed at City Center by The Isaacs Team LLC

925 H Street #411 is a one bedroom, one bath luxury residence at City Center. Enjoy the best of amenities in one of DC’s most convenient and exciting locations! Listed at $649,900. without parking and $699,900. with parking.

1111 25th Street #304

1111 25th #304 Listed at The Atlas

Listed at The Atlas by The Isaacs Team LLC

1111 25th Street #304 is a one bedroom + den, one bath, 835 Sf condo at The Atlas in desirable West End. Live in the center of everything, steps from Trader Joe’s, surrounded by high-end retail and restaurants, blocks from Dupont Circle and Foggy Bottom, just across the bridge from Georgetown. Listed at $550,000 with secure underground parking.

3900 Watson Place B1E

3900 Watson Place #B1E Listed at 3900 Watson

Listed at 3900 Watson by The Isaacs Team LLC

3900 Watson Place #B1E offers two spacious bedrooms, two baths, 1250 Sf of living space and a large balcony overlooking green space. This light and open co-op sits on five acres of lush landscape in upscale Observatory Circle. The community is located adjacent to Glover Archibald park, a short commute to Georgetown, West End and Dupont Circle. Convenient to Wisconsin Ave. retail, including Whole Foods and Cathedral Commons. Listed at $437,900.

DC Development

Washington DC Development

What’s Going Up in the District?

Washington DC is bursting with new construction, a boon for frustrated condo buyers who are encountering tight inventory in the resale market. The WestLight released their first luxury condo offering in November, Elysium Logan is beginning pre-sales on their luxury condo project off 14th on Rhode Island Avenue, 2501 M construction is progressing in West End, and The Adele will begin pre-sales in early 2017. There are many new DC real estate development projects, from boutique to large-scale, in various stages of development throughout the District. See what’s going up in your neighborhood!

TOOLS FOR BUYERS & SELLERS

Tools, articles, data and more!

BUYING NEW CONSTRUCTION

Learn about buying new homes

DISCOVER DC NEIGHBORHOODS

Where do you want to live?

BUY SMART.   SELL SMART.   HIRE SMART AGENTS.

CONNECT

Serving the neighborhoods of Northwest DC, Northeast DC, Southeast DC and Southwest DC including Dupont Circle, Logan Circle, Crestwood, Capitol Hill, H Street, Kalorama, Mount Pleasant, Columbia Heights, Georgetown, West End, Burleith, Foggy Bottom, Shaw, LeDroit Park, Bloomingdale, U Street, Penn Quarter, Mt. Vernon Triangle, Palisades, Chevy Chase, Friendship Heights, Barnaby Woods, American University Park, Observatory Circle, Forest Hills, Woodley Park, FoxHall, 14th Street Corridor, U Street Corridor, Meridian Hill, Hill East, Barracks Row, Eastern Market and portions of Northern Virginia including Arlington, Alexandria, McLean, Great Falls, Fairfax, Vienna and Falls Church.
Get in Touch