Monday, January 24, 2011

Testimonial from a satisfied client


"Adam is a phenomenal agent. He was extremely patient with me and my wife and listened to us during the entire home purchasing process. My wife and I had very specific needs, both financially and in terms of what we wanted in a home. Adam always had time to listen to us and he was very patient during the time it took us to obtain financing. It is very rare to find someone who is this patient in the real estate market. Adam gave us plenty of room to breathe and it paid off for us. He found us a fantastic home and he helped put it under contract in record time. I highly recommend Adam and look forward to working with him for all of my real estate needs." - Michael Litwack

I am here to make your real estate dreams a reality and appreciate your referrals.

Life is good!

Adam
CELL: 301-943-4370
adambashein@mris.com
301-718-4100
www.basheinhomes.info

Adam Bashein
Licensed in MD & DC
Weichert Realtors

Sunday, January 23, 2011

How was the DC real estate market in December 2010? How did it compare to 2009?


GCAAR's Dececmber 2010 Residential Real Estate Market Report is out.

In Washington,D.C. single family homes, there were more signed contracts on homes in December 2010 than in 2009 and overall there were more contracts on homes in 2010 than 2009. This could have to do with buyers wanting to take advantage of the historically low interest rates and sellers being more realistic in both how they prepare their home to sell (in terms of property condition)and adjusting their pricing to the market.

Settlements were down in 12/10 compared to 12/09 but up overall in 2010 from 2009.


The median sales price of homes was up in '10 from '09 by roughly $12k. Buyers might have seen the tide turning in the market,with prices starting to go up,which would explain why more contracts were written in 2010 than in 2009. I always tell buyers that December is a great time to write offers on homes because many sellers psychologically want to go into the following year with their homes at least under contract if not sold.

A single family home is almost always a great purchase in Washington,DC because people of the transcient nature of the area. People often move specifically for jobs,particularly during election years. The benefit of single family homes is that you tend not to have monthly association fees (possible in gated community or townhome). You also aren't subject to rules and regulations of the condo/coop building. You are solely responsible for repairs,but the repairs are your decision to make and you award the contractor(s),where as a condo/coop board might make that decision for you. You also might have less noise from neighbors in a home than in a building. If you are looking at attached/semi-attached row houses,try to visit them a second time (look at it the first time during day when you can walk around the outside)in the evening when people might be home,so you can determine for yourself how quiet or noisy the neighbors are. It is all subjective. I suspect it would be least noisy in a detached home.

As far as condominiums and coops in Washington, DC, contracts were slightly up in 12/10 from 12/09 but down comparing '10 to '09. Settlements were down in 12/10 from 12/09 and also down in '10 from '09. Good news on the Median sales price: up c.$6k from 2009. One of the challenges I see is financing, when the ratio of properties owned by primary residents compared to properties owned by investors is so high that they aren't eligible for FHA loans. FHA loans have been extremely popular the last couple of years because they have only required buyers to make a downpayment of 3.5%. Regarding investment properties,many coops have regulations and restrictions on renting units out. They are concerned that rental units will pull down the property values.

A consistent objection to condominiums and coops that I hear from my clients is that the monthly condo fee is too high. Some buildings include the utilities and taxes in the monthly fee,which drives the monthly rate up. Taxes are almost always included in the monthly fee of coops. Some buildings have concierges..and if a concierge is at the front desk around the clock,that is an expense that even further drives the fee up. Other ammenities that drive the monthly rate up are pools and workout facilities in the buildings. Perhaps communities should consider lowering the monthly fees and have people pay for membership at the community pool and gym. They should also look at the cost and benefit of having a concierge at the front desk. Does this really add value? Is it a want or a need? My condominium building decided to eliminate their concierge a couple of years ago as a cost cutting measure. Many,including myself were upset about this and wondered if it would hurt our property values. It would have been less shocking if owners like me bought our homes when there wasn't a concierge rather than seeing the building eliminate the concierge. Another challenge is that not all condo/coop units come with a parking spot and if you own a car,you need to see if anybody in the building you are considering is looking to rent/sell his/her parking spot, find another garage where you can rent/buy a spot,get a street parking permit or way the pros and cons having your car verses selling it and renting a car when you need it.
Well,the good news is that we did lower our monthly condo fee to make our building more attractive to buyers.

Condos and coops are a great alternative to single family homes if you don't want to be responsible for mowing lawns,shoveling drive ways and sidewalks. Furthermore,you share expenses with the community when a part of the property,including a roof needs to be replaced. Further more,the property manager supervises the work for you and is looking out for your interests ,where as in single family home individuals have to interview,hire and supervise the work being done on the home. And,you have no one to share the expenses with.

If you are in the market to buy a condominium or coops,actually read the assocation documents,which is one of the contingencies in the sales contract. You want find out if any repairs will be coming up in the next year or two that will result in an assessment. You also want to look at the rate in which condo fees have gone up or down. Look at the ration of primary residents to investors and the rules about renting your unit out. My other suggestion is if you have been considering a 1 bedroom home but could afford a 2 bedroom home or a 1 bedroom home + den, give thought to doing so. Also,if a home comes with a parking spot,the parking spot will add value to your home when it is time to sell or rent. If your life situation changes a 1 bedroom home can very quickly feel too small. As far as selling your home down the road,there are a lot more 1 bedroom units on the market than 2 bedroom/1 bedroom + den homes. That being said a 1 bedroom home is good to buy and hold for investment purposes when you move out.

All markets are different. If you want to talk about the specific market you live in,are considering buying in,let me know. I am here to help. And,I always have time for your referrals.

Adam
CELL: 301-943-4370
adambashein@mris.com
301-718-4100
www.basheinhomes.info
Licensed in MD & DC
Weichert Realtors

Wednesday, January 19, 2011

Through networking with others in your industry,you can be more of a consultant to and better serve your clients.



Never under estimate the value in networking with your "competitors"...and don't view them all as competitors. I endeavor to to find out as much information as I can for my client prior to showing the home (and when time doesn't permit after meeting with my client),so I can better serve his or her needs and provide valuable "insider" information.

I just had a conversation with an agent whose Bethesda condominium listing I am showing (among other homes today) and got information that could go far improving the "saleability" of the home. According to her,one bedroom closet is so big that you can add a bath...the condo association has approved other units doing this and making their condominiums 2 bedrooms and 2 baths with 1 master (when their homes used to be 2 bedroom,1 bath units). Furthermore,she referred me to a contractor who has done this renovation to several units and is "the expert"...which is important when having major work done in a condominium building.

I find this amazing on TWO FRONTS:

First,the condo fee for this building INCLUDES WATER and if one adds a bath to his or her home,then he or she is likely to increase the use of water (which would increase the condo building's water bill). To that point,I am sure if the condominium building is diligen and reviews bills annually (along with the new projects the building might undertake that require further assessing owners),they adjust the following year's condo fees for each unit due to increasing (or in the less likely scenario decreasing)expenses.

Second,I am surprised the listing remarks don't say anything along the lines of "room for potential second/master bath". That's a great value and could further entice buyers, in a similar matter where buyers are further enticed to see listings that have offices/dens that could be another bedroom. But,to that point,that is one reason I am hear writing. To help you through my networking with other agents.

I am excited to show this home to my new client and,selfishly, to see it for myself!

Let me know if I can help you or your friends fulfill their real estate dreams.

I am looking forward to seeing this condo unit today.

Make it a great day!

Adam
CELL: 301-943-4370
adambashein@mris.com

Licensed in MD & DC
301-718-4100
Weichert Realtors
basheinhomes.info

Make it your own home or investment property! Sought after 3 bedroom first floor condominium unit in Silver Spring!



New listing at University Towers (U,T,), a high rise condominium building in Silver Spring, MD. Actually University Towers consists of 2 high rise buildings and is just across the street from the Kemp Mill Estates Subdivision. From University Blvd. You turn onto Arcola Avenue and the buildings are on your left.

Fabulous location! Just down the street from a shopping center that has grocery stores,a pharmacy,banking,multiple dining offices and more. You are also near parks. If you work in DC or Virginia,the home is also very near I-495. If you don't have a car or your car is in the shop? There currently is a ride on bus stop on Arcola Avenue across from the condominium buildings,with one direction toward Wheaton Metro and the other direction toward Downtown Silver Spring.

This 3 bedroom,2 full baths with abalcony and parking spot is a Coldwell Banker
(MC7514066 )listing, and located on the first floor of the "1111 building" and the asking $85k. According to tax records, the unit is 1266 square feet. It is also a corner unit.
Amazingly, at this price the home is not currently listed as a short sale or a foreclosure. While it is a 1st floor unit,you are above ground level when you go out to the balcony. The hnit also comes with a parking spot and U.T. has an abundance of parking. If you enter the building from the Arcola Avenue side,there,once you get inside there are no steps. You go through the hallway and turn to your left. If you enter the building from the University Blvd side,you pass the 24 hour concierge and go up 2 steps before turning right and heading toward the unit.

Make no mistake,although the home is aggressively priced,you would need to do some work on the home immediately prior to move in,starting with the floors,
which need to be replaced. The home has original cabinets and counters that are not clean. I would suggest replacing the counters and look into the cost of upgrading the cabinets. The entire home needs Fresh coat of paint.

If you haven't been in a 3 bedroom condo unit at U.T., the master bedroom has 2 closets and a private full bath. There is a second full bath in the hall for the other 2 bedrooms and guests. Generous living room/dining room area. In the entry foyer is a huge walk in closet.

I would definately suggest bringing a contractor, if you aren't a contractor yourself to get his/her opinion on the work that needs to be done and a budget figure for the work. The last renovated 3 bdrm unit at U.T ( #305 ) sold for
$157,900 and there is currently one on the market (6th floor) asking around $150k, that is in good condition. So you might want to look at both homes to weigh the pros and cons of purchasing a home that needs to be fixed up and a home that is priced significnatly higher---but at what I believe is market price. If you can come out ahead financially fixing up the home instead of buying a fixed up home at a higher price,than this is a great opportunity. So look at the cost of renovating the unit and that you will need to pay the condo fee,currently at $1086/month while the work is going on. Perhaps you can try and negotiate with the seller about the condo fee because you can't move in,but don't be surprised if they say no because of the low list price. The only objection I see is if you don't wish to have a first floor home.

If you are an investor or thinking about buying an investment property,the last 3 bdm units at U.T. rented for $1800. If you buy this home with cash, you could probably have POSITIVE CASH FLOW (perhaps even w/ mortgage) within a few months of fixing up the home of about $700/month,based on the current rental market activity! I would guess based on the improvements the buyer of this home goes forward with and based on the contractor's schedule,the renovation could be a 4-8 week project. So you could move in as an owner rather quickly,considering the property condition.

From an investment point of view,factoring in the time for renovating,listing and then finding a renter for your home within a month of home being move in ready at $1800 (and you can try to get higher rate of course),you could have a POSITIVE CASH FLOW by the 5th to 6th month of your tenant renting.

While the condo fee is high, the condo fee does include utilities (excluding cable). U.T. is a full service building,currently with a 24 hour front desk,a party room,on site engineers. There is also a community pool.


If you/someone you know is interested in a fixer upper home or investment property,let's talk about the market. I am here to help 301-943-4370.
I always have time for your referrals.

Life is good!

Adam
CELL: 301-943-4370
adambashein@mris.com
301-718-4100
LICENSED IN MD & DC
www.basheinhomes.info
Weichert Realtors

information deemed to be accurate but not guaranteed.

Friday, January 7, 2011

Top Real Estate Producer,thanks to you.



I appreciate you following my blog,contacting me for your real estate needs and referring me with confidence to your family,friends and colleagues.

I am wherever you want to be in Metro DC.

Adam
CELL:(301)943-4370
adambashein@mris.com
(301)718-4100
www.basheinhomes.info
Adam Bashein
Licensed in MD & DC
Weichert Realtors

Thursday, January 6, 2011

Boutique 3 level 2 bedroom condominium unit in Georgetown



Welcome home to 3222 CHERRY HILL LN NW #D, located in the heart of Georgetown, in Washington, DC. It is listed through Prudential Carruthers Realtors;MLS #DC7461625. This boutique condo building was designed by Arthur Cotton Moore designed and is known simply as ‘Georgetown’, because of the location.

If you take metro,get off at the Foggy Bottom/George Washington University Station. The condo is about 9 blocks from there. If youare driving, I suggest parking on K Street, NW unless you can find parking on Grace Street, NW. Go North on Wisconsin Ave, NW, turning left onto Grace Street, NW, then an immediate left onto Cecil Place, NW and turn onto Cherry Hill, NW. You could also approach the condo building by turning from M Street, NW onto Wisconsin Ave, NW, then turning right onto Grace Street, NW and continuing.

Awesome location! This home is within a block from this property -- Washington Harbor, C&O Canal, Shops of Georgetown Park, Eagle Bank, Dean & Deluca, Ritz Carlton, movie theaters and more.

Cherry Hill Lane is a wonderful, quiet and historic street.

Rarely will you find a 3 level condominium unit (it is not a townhome), with bedrooms on 2 separate floors and the 3rd level completely designed for entertaining! According to tax records, the unit is 914 square feet, but it feels bigger because of the 3 unique living areas. The $400/month condo fee is lower than any other 2 bedroom condo/coop currently active on the market and within a quarter mile radius of this home.

If you are into contemporary and having a home that is almost a “one of a kind”, then this could very well be the home for you. In my opinion, this is a home that literally everyone goes into will either fall in love with or hate because of the layout. In either case, because of its uniqueness, I think it is a must see and would encourage you to contact me to see it.

The condominium unit is in a garden style building, which means it is 4 levels building. The unit itself is on the 2nd, 3rd and 4th level. No units are on the 1st level. The 1st level is the building entrance. There are 2 key door entrances to the building; one where you can use an elevator and one where use steps.

You enter the condominium unit on the 3rd floor of the building, which is the 2nd level of the home. As you walk through the entry foyer, you’ll notice the hard wood floors and your eyes will probably lead you to the cedar wood doors including the “French glass doors” to the first bedroom. A coat closet, washer/dryer unit and full are in the entry foyer. There are hard wood floors and recessed lights through much of the unit.

In first the bedroom there are built in shelves and an abundance of windows for natural light. There is room for a twin bed…a queen or king bed might not fit (staging would have helped here). The only negative is the view of the next building, which is a function of where the building is located as well as a function of being a garden style building with other buildings surrounding it.

The second bedroom, which I would probably use as an owner suite/master bedroom is up the contemporary spiral staircase. It has almost a “loft like” feel. There is a full bath in this bedroom, built-ins and very similar windows to the first bedroom.

One unique selling feature of this home is the privacy one can have if he or she has roommates/guests sleeping over. It is similar in one respect 2 level condo and coop units, where the loft/2nd bedroom/office is often on the 2nd floor.

What really makes this a rare condominium unit is the 1st level, which is completely dedicated to entertaining. Often in condos and co-ops the kitchen and living room/dining area are on the same level of at least 1 bedroom.

There is a more “traditional” if you will, wood staircase to the first level of the unit. To your left is the kitchen which is small but nicely updated Many of the cabinets have glass front doors, as well as in cabinet lighting and under cabinet lighting to make the kitchen shine. Kitchen is nicely updated with granite counters and has ceramic flooring.

On the other hand, the living room/dining room area is huge and great for entertaining. It features hard wood floors, a wood burning fireplace and has a large window. If you, your roommate or guest feels like going upstairs to hang out, relax, sleep or have privacy while the party goes on.

It would have been a bonus if the first level was designed with a powder room. The only other negative feature of this area may be that it is not on the main level or at least there would be a second entrance into the home on the same level as the kitchen, so you don’t have to go down stairs every time you return from the super market. But the designer accounted for this by using a more traditional staircase to the kitchen and living room/dining room level.

This is truly a unique home, which I think is a must see. You will either love it or hate it. I doubt anybody would be indifferent about it. If you want one level living, then this is wrong home for you, but if you like the idea of separate living spaces, this could be the perfect home for you. With the location and style of home, I think it would also make a great investment property, whether you live in one room and rent the other room out or if you rent the entire unit out.

The home is priced aggressively, currently asking $428k. The current asking price for 2 bedroom homes within a quarter mile radius of this home STARTS at $543k. The condo fees are also higher than these homes, which is $400/month. 2 of the units only have 1 bathroom, while this unit has 2 full baths. In the last 6 months the average sale price of 2 bedroom condos and coops within a quarter mil radius of this home is $554,000, while the median sold price is $754,414. To further emphasize the value of this home, nearby there is currently an updated 1 bedroom, 1 bath condo for sale asking over $500k.

So, why is this condo priced so aggressively compared to the market and its “current competition”? I think it is because as I have said in a couple different ways that this home has a very unique that people are either going to love or hate. The home itself is nicely upgraded and well kept. It is centrally looked, but people might object to not having a better view from the unit. Also, because of the number of investors in this condominium building, the home is not currently approved for FHA financing. So, the sellers have lowered the asking price of this home in order to try and attract more buyers.

If you or somebody you know is interesting in further discussing or looking at this home, please let me know. I always have time for your referrals.

Life is good!

Adam
adambashein@mris.com
CELL: (301)943-4370
301-718-4100
www.basheinhomes.info
Adam Bashein
Weichert Realtors
Licensed in MD & DC

Information deemed to be accurate, but not guaranteed.

Wednesday, January 5, 2011

Updated 3 Level home in Foggy Bottom, DC with private bath in each bedroom!



Welcome home to 2314 L Street,NW. A very well kept 3 bedroom,semi-detached home in Foggy Bottom,Washington DC. MLS #dc7448925. The home is spacious and a great alternative if you have outgrown your condo/co-op living and/or would prefer the privacy of a semi-detached home.

This 3 level brick home with hard wood floors was built in 1980 and is in a prime location,with a "walkscore" of 98/100(walkscore.com). It is near Foggy Bottom Metro,many restaurants,coffee shops,convenience stores and shopping (including Trader Joe's). It also near such place as the World Bank,George Washington University,George Washington University Hospital. I was also personally intrigued by this Keller Williams' listing home because it is almost directly across the street from my first home in Washington,DC. I used to live in a condominium unit at 2201 L Street, NW. I also loved the location because it was near but not in the midst of "the business district".

It is also a perfect home if you and your guests have cars.Street parking is hard to find and so some people whose homes don't come with a parking spot rent garage spots,which is extra money for somebody to budget each month. A unique feature of this home is its 2 off street parking spots!

As you enter the home through the side entrance,if you walk down the hall toward your left is the washer dryer and powder room. Going forward you enter the updated table space kitchen,which has granite counter tops,newer cabinets and updated appliances. If you feel like eating outside or just catching fresh air,there are sliding doors from the kitchen to a flagstone patio with wood trellis. Back inside
and across the hall is a larger dining area for entertaining.

On the second level of the home is a large family room,which features a fireplace. If you ever needed a fourth bedroom,this room has a closet and I believe would qualify as a legal bedroom. Across the hall is bedroom number 1, a good size room which has a private updated full bath.

On the third level of the home is the second bedroom and third bedroom/owner suite...both are good sizes and again have their own private full baths.

In summary,all 3 bedrooms have private full baths! That is quite hard to come by.

If you want/need office space,there is a foldout ladder leading to the attic. I would suggest insulating the area and adding lighting, to make it a great living space. There is also additional storage space in the attic.

This home's asking price was recently reduced to just under $800k. There is no condo fee or H.O.A. fee. Speaking of condo fees,if you have been searching for 3 bedroom condominiums in Foggy bottom/West End area that are currently active on the market,you will notice the average list price is over a million dollars plus the monthly condo/coop fee.

Overall,I think the home is in an amazing location and is in very good condition. The unique features of this home, specifically the flagstone patio,separate dining and living room, plus private baths in each bedrooom make this home an amazing value and will grab the next buyer's eyes when he/she is ready to sell. And, don't forget 2priceless off street parking spots!

The home is at a price point where I believe it will soon get an offer. Don't miss this great opportunity. Call me today.

For more information about the home please see the link below. If you or yours is interested in looking at this home or talking about the market,please let me know.

http://www.adambasheinsellshomes.com/DC/WASHINGTON/20037/homes-for-sale/2314-L-ST-NW-54541531

Life is good!

Adam
adambashein@mris.com
CELL:301-943-4370
301-718-4100
www.basheinhomes.info
Licensed in MD & DC

information deemed to be accurate but not guaranteed.

2010 home sellers who Made Money when selling their homes



According to a 2010 survey by the National Association of Realtors, on average, home sellers who purchased their homes 8 years ago realized a 24% gain when they sold (sold price 24% higher than the price they paid when they purchased the home 8 years ago). Sellers who owned their homes for 10-15 years saw an average gain of 40% when they sold. Every market varies.

If you or someone you know is thinking of selling your home,contacte me today for a free pre-market analysis of your home.

After evaluating your home,I will create estimated "net sheets" for you to see how much money you will earn on the resale of your home at different price points. While these net sheets are only estimates,they give you a pretty good idea of what your gain will be. I can also refer you to real estate settlement companies to dicuss what the net proceeds from selling your home will be.

Life is good!

Adam
adambashein@mris.com
CELL: 301-943-4370
301-718-4100
www.basheinhomes.info
Licensed in MD. & DC.
Weichert Realtors