Friday, October 24, 2014



Proudly Offered By: 
Eric Hirshfield 
O. 202.559.9357
C. 202.251.2004

2432 Ontario Rd NW #1
Washington, DC 20009 

Entire Terrace Lvl in Boutique Building.  Spacious 2BR, 2BA w. Parking in Heart of Adams Morgan.  Quiet, tree-lined street, mere steps to~Harris Teeter grocery, nightlife & downtown.~All brand new finishes.~Three walls of windows, your own private french door entrances and TWO BONUS OUTDOOR spaces offer you all the charm & feel of a row house in a condo.   OPEN SUN OCT 26, 1-4PM

Thursday, October 23, 2014

Mortgage Interest Rates Drop to Lowest Level in Over a Year !

Average Interest Rates fell again this week to the lowest level since June 2013, according to the report by Freddie Mac. The average 30-year fixed rate mortgage was 3.92%. Last week, rates fell below 4% for the first time in a few months and this week witnessed a continued slide.  According to the Chief Economist at Freddie Mac, Frank Nothaft, "Fixed mortgage rates continued to fall this week after the yield on 10 year Treasuries dropped to their lowest point of the year. Existing home sales beat expectations in September clocking in at an annual rate of 5.17 million units, up 2.4 percent in August. 

Monday, October 20, 2014

ICYMI: Union Market Development Update

Urban Turf ran a great recap of all the development coming to Union Market.  You can read the full story here but below is a brief summary.

1270 4th St. NE -  The 11 story building will be made up of 420 to 520 residential units.

Theater and Offices at Union Market - The Union Market building itself will add an Angelika Film Center plus about 100,000 SF of office space.

Gateway Market Center - Located at 240 Florida Ave. NE, this building will have about 27,500 SF of retail and 170 - 216 units of housing with a significant amount dedicated to affordable housing.

3rd St. and Florida Ave. - details are still emerging on this one but current plans call for 200 units of housing and 6,000 SF of retail.

Elevation at Washington Gateway - this 11 story, 400 unit building is almost complete and has already started leasing.  Units start at $1,849 if you're interested!

11th Street Bridge Park Architects Selected

The Washington Post revealed the winners of a competition to design a park that will cross over the Anacostia River today.  The Office for Metropolitan Architecture (OMA), based in the Netherlands, and Olin Studio, out of Philly, won the assignment over 40 teams made up of 82 different firms who all competed for the opportunity.

The project is worth $40 million, backed by the DC government and private donors, is set to be a public gathering place over the piers that once held up the 11th Street Bridge before it was replaced.  OMA and Olin's proposal is called Anacostia Crossing and includes plans for a central plaza, an enclosed cafe, an environmental center and other elements that come together to form a sloping X.  The designers have four goals to accomplish with the project:  create economic development, improve public health, connect communities on either side of the river and reengage residents with the river itself.

A partner at OMA's New York office, Jason Long, said the project offers the District a chance to take advantage of the abandoned bones of old transportation routes and use them to create parks, walkways and other civic spaces, much like New York's High Line Park.

Though this tough decision is over, there is much more work that lies ahead.  Most of which will be coming up with the money to build and operate the park.  The DC government has pledged $14.5 million but there is a remaining $10.5 million needed for construction and an additional $15 million for operations funding.

Featured Property: Beautifully Upgraded Condo in the Heart of the SW Waterfront

Proudly Offered By:  Andrew Turczyn 

350 G St SW #519
Washington, DC 20024

1BR/1B/Parking & Storage

Truly Unique Potomac Place Condo - Wood floors throughout, open floor plan, screened-in
balcony, modern kitchen and bath, breakfast bar, park-like views, expansive windows,
ample closets. Garage parking and Private Storage Locker Included! Amenities include:
pool, fitness centers, concierge, business center, Metro 1 Block. Three blocks from new
WHARF Development.

Buying a Condo? What to Look for in the Condo Resale Package

Article By: Andrew Turczyn, Broker 
Purchasing a new home is full of processes – the contract process, the negotiation process, and the contingency & settlement process, just to name a few.  If you are purchasing a condominium you will have an additional process referred to as the Condominium Resale Package Review period.   Here are a few tips of things to look-out for as you review your information.

First of all, know that in most jurisdictions, the buyer is entitled to a Resale Packet review period and certain items are required to be provided.  Technically, the  clock does not start on your review period until you receive all documents and a  complete package. Ask your buyers agent for the specific laws in the area in which you are buying.

Once you receive your Resale Package, there are some key areas you should spend time reviewing:

1.     The Condominium Instruments:  The Condo Instruments are the legal documents that create the structure of the condominium.  Typically, these will include The Declaration, the Condominium Bylaws, the recorded Plats and Plans, and the Rules and Regulations.   One of the most important items in a condominium are Restrictions on Use. For example, are there any restrictions on renting a unit, term of a lease, pet policy, etc. etc. You will want to know about any restrictions BEFORE you decide to move forward with the purchase.

2.     Statement of Fee Allocation: This financial breakdown declares the percentage interest for each unit in the condominium. This will also explain how your monthly condo fee is assessed based on the current operating budget.

3.     Current Budget:  It is imperative to review the current budget for the condominium, as it will list income and expenses for each line item on a month-to-month basis. One of the other considerations in the budget is the amount the Condominium has set aside in reserves.  The reserve account is established to fund future improvements or larger maintenance items such as roof, HVAC, or window replacement.

4.     Proposed Budget: As important as the current financial stability of the Condominium is the projected budget for the future. You are encouraged to review the proposed budget and pay attention to any increase in fees, special assessments, or other financial implications.  If there is any pending special assessment, you will want to discuss this with your buyer’s agent as quickly as possible to review your options.

  Lastly, You are encouraged to seek legal advice should you have specific questions about your Condominium Resale Package. 

Friday, October 17, 2014

Development Update: EastBanc's West-End Site Moves a Step Closer

Courtesy: EastBanc 
The Washington Business Journal reports that EastBanc's redevelopment of the West-End library and Fire Station is one step closer to construction beginning this year. The development, which has been in
the works for the last seven years and has seen multiple changes in scope along the way, will include a new 20,640 SF library along with 7,300 SF of retail space. Above that, the development will include164 market rate units - some condominium and some rental.  The plans also call for a new state-of-the-art fire station.

From the developments website: 

Our vision is not about individual buildings but rather about a neighborhood. As the West End has welcomed residents, hotel guests, and workers who contribute to more lively streets, the neighborhood is still missing a central focal place where community residents can meet for coffee, gather for meetings, or just simply hang out. For the last decade the physical states of the West End library, police facility, and fire station have been visual drags on revitalization so their redevelopment is a real opportunity for us to create a truly special place that ties the neighborhood together.
This place must be designed and developed with an eye that understands this diverse community and its needs – and goes well beyond just replacing the buildings. As always, we envision designing architecturally-exciting buildings that are the talk of the town. Like the West End community, we want the new library and fire station to stand out, instead of just simply blending in. As a package, the new development will be environmentally-sensitive, high-density, mixed-use/mixed-income buildings that can be embraced by everyone. Our streetscapes will add to the neighborhood’s expanding retail mix and will make the pedestrian experience safer, cleaner, friendlier, and more enjoyable.