THE Single Most Important Piece of Information to both Sellers and Buyers
Price – For a Listing and for a Contract of Sale.
Sellers and buyers both rely on their agent’s expertise and research to help them understand today’s market and what are reasonable price expectations. A wrong price can kill a listing or a deal. This single factor is so important. An agent who tries to “buy” a listing by providing or acceding to a seller’s unreasonably high price expectations is not helping his client. Pricing high can negatively impact the house’s real value, and can damage the agent’s standing in the community.
I spend hours on research and data analysis to correctly propose a price range that can work. For sellers, it has to be the best range I can honestly present. My purpose is to reach a list price we can expect to best attract buyers and which will result in the greatest amount of proceeds. I invest this time up front for my seller’s benefit in order to save weeks or months of dissatisfaction with an unrealistically priced home languishing on the market.
For my buyers, understanding comparable sales will help them appreciate and confirm that they are making a good deal, The goal is to get closest to a sale price that reflects the value of the home to my buyer and that the seller will (or should) accept.
One reference point is in statistical market data on comparable properties 1) that have sold within the recent past, 2) that have not sold in the recent past, and 3) that either are actively on the market or 4) are under contract.
The value these reports provide individually is different:
- The “Sold” list shows similar homes that were recently on the market that sold the length of time they were on the market, and their price. This provides a sense of what values are for similar homes.
- The “Expired” list shows the same data on similar homes that were on the market but which did not sell, at least not at the prices at which their owners were attempting to sell them. The market perceived those homes not to have the value to support the price. The listing ran its course and expired.
- The “Active” list reveals the properties a house will have to compete with for a buyer, and the prices at which they are being marketed. This is competition for a seller. The report shows comparable houses now for sale and for how long.
- The “Under Contract” report shows houses priced correctly went under contract to a buyer. These homes “found their market.”
Another value reference is obtained through a professional home appraisal, similar to an appraisal a lender will obtain in determining how much to lend a buyer. A professional home appraiser will produce a thorough, detailed, and certified home appraisal. Armed with a current appraisal (less than 90 days old), a seller can be confident that a buyer’s offer is realistic and is close to that amount will meet with the buyer’s mortgage lender’s approval.
Working thoughtfully through these detailed and systematic steps benefits my sellers and buyers by setting realistic expectations and giving the most accurate ‘value’ information for consideration, and we are prepared to negotiate the best contract.
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 
Picking a Real Estate Agent?
Seven Exceptional Attributes to Look For
Finding an excellent real estate agent or Realtor® can be a challenge. There are many to choose from and they all appear eager to help you. But how do you know which will serve your interests and help you best? There are so many to choose from – but how do you narrow your choices?
Refine your search. Among the many qualities you want to see, consider these too:
- All Realtors® are agents; not all agents are Realtors®. There is a distinction. A Realtor® is a member of the National Association of Realtors (NAR), the state board and the local board, in my case, for example, the Greater Capital Area Association of Realtors, the Maryland Association of Realtors, and the Northern Virginia Association of Realtors. Realtors pay annual dues to all of these boards and are accountable to a high degree of ethical standards, while “agents” are not. Realtors benefit you by taking continuing education classes, networking, using professional support services and resources, and more as a result of their membership status.
- A full-time Realtor can research homes for you, network your properties, preview homes for you and much more throughout the day during normal business hours. A full-time Realtor has the time to attend real estate classes and further/update his or her education to better meet your needs.
- Agents who only work part-time guarantee part-time attention and can hold up the real estate process for you. Sometimes this could mean lack of focus or commitment, or cause losing the buyer of your house or losing your dream home to someone else.
- Agents who are routinely “too busy” or who are doing on-the-job training can’t be wholly devoted to your interests since they have other responsibilities. If you need answers right away, you will have to wait to get them. If you have to constantly deal with their assistant, you may want to consider hiring someone else. Most discount Realtors deal with a lot of homes and will not give full service or personal attention to you.
- Excellent Realtors have strong negotiating skills. Listing agents who defend their commission validate the greater value they provide and will likely also negotiate strongly for you for the highest selling price from a buyer. Those who just agree with whatever you say to get the listing will not tell you what they honestly think and will not fight for your interests. You need a confident expert.
- You must have an expert on how to market your property on the web and who is willing to advertise using current technology and invest significant time online to heavily promote your listing. The internet has changed everything; 85% of home buyers use the internet to research their purchase.
- Committed Realtors vigorously pursue listings and buyers in a tough market or are currently working on real estate deals. Such Realtors are actively aware of what’s really taking place in the current real estate market and of changes affecting the business. An agent’s number of years of experience in the Real Estate field do not say as much about how up-to-date or involved he or she is with current real estate market realities.
- A great Realtor will always look out for your best interests and has time for you. Find out how many listings and buyers the Realtor has and how often he will communicate with you. Ask for references or testimonials from previous clients. Google him and read their websites and blogs for accurate information. Check with the local real estate association to see licensing status and if any complaints have been filed.
- Avoid those who will overprice just to get the listing. Have each agent justify a specific price and what supports that price. If the recommended listing price sounds too good to be true, it probably is. Some agents will suggest a high dollar amount just to get you to list, while others may under-price a home just so it will sell quickly.
Overall, the most important consideration is to work with someone you like and has a personality that works well with you. If you are not comfortable with the person representing you, the stressful process of buying a home becomes more stressful. Work with someone you like, someone you feel you can trust.
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
Washington, DC Market Second Quarter 2010
Prices, Inventories Provide Reasons for Optimism
Market Summary
Fueled by the expiration of the Federal Homebuyer Tax Credit, a strong spring market boosted combined year-to-date sales of single-family homes, condominiums, and cooperatives to a 36% increase over 2009 at the end of the second quarter.
The inventory of available homes and units began its typical seasonal decline, falling 3% from May to June and is now 7% below June of last year. We are now statistically closer to a buyer’s market than to market equilibrium or a seller’s market.
Prices are down slightly for single-family homes and up slightly for condos and co-ops. This actually is the opposite of what is happening in the national market, with home sales and effective inventories in better shape for homes than for condos/co-ops. The slowdown in May probably delayed an expected increase in prices perhaps to 2011, but some neighborhoods are already starting to see prices move up a bit – certainly not to 2005 levels – but up slightly from 2009 prices.
Single Family Homes
At the end of the second quarter of 2010, sales of single-family homes were 38% ahead last year with the highest second quarter total since 2005. Year-to-date settlements were up 61% for homes priced under $300,000. Sales of homes priced between $400,000 and $500,000 were up by 50% and homes over $1,250,000 were up 44%. All price categories showed volume gains over 2009.
The inventory of available homes fell 2% from May to June, even while the number of new listings increased by 16% over June of last year. This is the first time the end-of month inventory fell since February, and it usually drops further in July and August as fewer homeowners brave what is thought to be (sometimes incorrectly) a slower summer market.
With a decline in inventory and increase in sale, the effective inventory fell slightly to 3.31 months, an indication of the strength of the single-family market in the District. Homes between $600,000 and $900,000 have an even lower number of 1.92 months, with buyers in this price range often competing for well-priced properties. At the end of the second quarter, average single-family home prices were down 2%. Median prices were down by 4%.
Condominiums and Cooperatives
The condo/co-op market has been on a roller coaster ride since April sales reached a three-year high. In May, buyers pulled back and in June rebounded with a 41% increase in pending sales. The end of the second quarter found sales 11% ahead of the same point last year. Units under $150,000 were up by 78%, units between $900,000 and $1,000,000 up by 40%, and units between $1,250,000 and $1,500,000 up 50%.
At the end of June, there was 4.77 months of condo/co-op inventory. With the swing in sales totals over the last three months, the effective inventory has also varied widely as well — from the low for the year of 3.13 months in April to the high of 6.96 months reached the next month in May. June’s 4.77 months is higher than the 3.77 months of a year ago. Units between $400,000 and $600,000 have an effective inventory of just over 3 months, while units over $1,000,000 are at 8.67 months.
Average condominium and cooperative prices are up by 1% over 2009 year-end, while median prices are up 3%.
Outlook
Sales fell sharply in May, as buyers interested only in the tax credit left the market, but recovered in June as inventories fell and buyers cautiously reentered the process. While the up-and-down nature of the second quarter is cause for concern, there are reasons for optimism in the summer and fall markets.
After Labor Day inventories can start to build rapidly, and it is important to end the summer at a low enough level that the September increase is manageable in the fall market. With low inventories in certain neighborhoods, sellers sometimes miss opportunities that are more attractive in summer months by waiting to list in a more competitive fall market.
With a 38% year-to-date increase in sales over 2009, it might be surprising to see prices fail to keep up with the market’s recovery, but the last market rebound that occurred in the mid-1990s also saw price increases trail a bump in sales by more than a year. The flux in the condo market since April is a cause of concern, but with prices holding firm and inventories falling, the prospects for a good summer market are bright.
Data from the Greater Capital Area Association of REALTORS and adapted from the DC Housing Report, by Fred Kendrick
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
A Diamond in Nature’s Setting
In Brookmont, at the C&O Canal
111 Valley Road, Bethesda, MD 20816 MLS # MC9375221
Offered for $649,000 Virtual Tour (SOLD!!)
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
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.
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
Several Washington DC Areas Among “Best” Places
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
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
“THE ROOST”: Experience a Renowned Tilghman Island Cottage!
A rare chance to own “THE ROOST” cottage, your personal Tilghman Island escape! Click Here for YouTube Video
(LEASED!!)
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 over the bridge at the entrance bridge 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: $274,000, MRIS #TA7345203
For more information, 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
Characteristics of Real Estate Auctions
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 this option is right for you.
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
3420 Porter St., NW, Washington, DC 20016 – Available for the first time in 65 years. — SOLD!!
Offered for $1,350,000. MRIS# DC7336115.
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)
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
FREE Home Buyer & Seller Seminar Series
SELLERS: Why Your House WILL Sell When Others Don’t;
BUYERS: How to Prepare For, Find, and GET the Home You Want
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 me:
F. Hill Slowinski, JD, SFR, 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
Classic 1926 Takoma Park Bungalow — All Renovated and Ready!
7717 Garland Avenue, Takoma Park, MD 20912 — MRIS# MC7318585, Offered for $578,000 $561,000 – SOLD!!
Experience the charm of timeless character and new renovations in keeping with its surroundings and history. This home has been upgraded and improved by an assiduous owner who has done it all and made every space functional. Move in and enjoy the warmth of a deceptively large home with three finished levels, four bedrooms, three full baths, exceptional storage areas, extended garage and a deep yard on a quiet street.
YouTube Video CLICK HEREFrom the front yard, enter from the wide front porch to the formal living room, or from the side driveway through the wrap-around screened porch to the new kitchen entrance.
The main level features 9’ ceilings, open living room with large windows and a wall of book shelving, brick wood-burning fireplace, spacious dining room, two large bedrooms with closets and ceiling fans, and a full bath. A new kitchen integrates easily into the bungalow character, with butcher block counters, painted wood panel cabinets, hand-painted Mexican tile backsplash, new appliances, a country pantry, hardwood flooring, and a breakfast alcove with table-and-bench seating (which convey).
New hardwood stairs lead from the Italian tile side entrance foyer to the second floor. This level includes a windowed office or sitting area, large bed-room with skylights and tons of storage, another bed-room, and a newer full bath.
The lower level has a pine paneled recreation room with laundry, and a three-room guest suite (former 2 bedroom apartment) with full bath. This level opens outside to a gracious flagstone patio and new flagstone driveway walks, and deep green lawn and garden area.
The shared driveway services a shared two-car garage with a deep extension. There is storage galore throughout the home in all areas and on all levels.
Garland Avenue is convenient to dining, shops, restaurants and offices, and Metro transportation. Walk Score: 71, Very Walkable. (see www.walkscore.com)
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
Magnificent Mt. Vernon Estate on the Potomac River FOR SALE
4003 Belle Rive Terrace, Alexandria, VA 22309 ▪ FOR SALE: $2,799,000 NOW $2,487,000
Belle Rive Estate
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)
- George Mason’s home, Gunston Hall (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. Motivated Seller, looking for an Offer!
CLICK HERE FOR THE VIRTUAL TOUR
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
Major FHA Changes Expected to Take Place in Early 2010
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.
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
Washington, DC Market: 2009 Review and 2010 Outlook
Positive Trend Reverses Declines Since 2004
Hill Slowinski
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.
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
Sparkling Potomac Home Offers Village Convenience and More!
Potomac Village Convenience! — SOLD!!
10209 Gary Road, Potomac, Maryland 20854
Offered for: $849,000 MRIS #MC7428778
This very well-cared for home is conveniently located in a close-in an established Potomac Village neighborhood which also includes several large upper-bracket properties. It is a beautifully refinished four-bedroom, two full bath and one-half bath split-level home on five levels. The large lot (27,000 sq. ft.) has an open rear lawn area which backs to a wooded lot for added privacy and room to expand!
This home is less than ½ mile of Potomac Village, with shops, drug stores, banks, restaurants, markets, and other businesses, and access to the nearby C&O Canal National Park along the Potomac River. The home was built in 1956 and has many updates and upgrades and a recently added large sunroom.
The next level features three spacious bedrooms, all with newly refinished hardwood floors and generous closets. All rooms have ceiling fans for added comfort. The third level up has a very large bedroom with sunny east facing dormer windows and storage space. The top level is a large floored attic storage area.
Renovations and updating made in recent years include new paint throughout, new chimney lining in all three flues, new stove, new microwave, new water treatment system. The hardwood flooring throughout the house has been refinished to its natural tones.
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 2% Long & Foster Agents, 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
HOMES WORTH BUYING, HOMES WORTH OWNING
Written by Hill Slowinski
October 6, 2010 at 10:37 PM
Posted in Current Comment
Tagged with 10209 Gary, Hill Slowinski, Hill Slowinski Real Estate, Homes worth buying, Homes worth owning, Maryland, MC7428778, Potomac, Potomac homes, real estate agent, Slowinski Realtor, W.C. & A.N. Miller, www.HillSlowinski.com, www.sloansandkenyon.com