In the Loop

Watergate hotel sold to PB Capital

This news is from last week. (How did I miss this?) Sales is not final yet, because it's still under contract.

GE real estate problem

GE not a buy, ye, what's their problem? Their real estate holding is a drag.

"What's different now is that players such as GE that didn't take too many risks will find themselves stuck in the quagmire of excess space, falling rents, and tighter credit even after demand picks up. While rental rates and property values should turn around in 2011 and 2012, analysts figure GE's portfolio may suffer at least until 2014. "There is a dramatic lag effect," says C. Stephen Tusa Jr., an analyst at JPMorgan Chase (JPMC). "They are going to take their lumps." He estimates GE's properties will lose $8 billion in value through 2012."

[via BusinessWeek]

I-495 Beltway in Tysons Corner Closure

Between midnight on Friday the 25th to 5 am. Here's the map.

Multiple contracts pecking order

Since multiple contracts have become the norm in this market, esp. leading up to Nov. 30th deadline. A colleague told me her buyer contract was one among 32 contracts for a single home foreclosure in the $300's range! Hellooo..

So, the pecking order: 1) CASH (is king), 2)Conventional loan, 3) FHA, and 4) VA. Though, sometime stroke of luck do show up, like showing a large EMD drawn from a gov credit union helped...my buyer's win the bidding war.

Smart strategies for shopping mortgages

The ups and downs of Fed's rates announcement would create the winner or loser mortgages.

IRS is going after your mortgage deductions

Expect to see more digging from the IRS:

According to the TIGTA report, the IRS had their computer match up filed tax returns with Form 1098s from 2004 and 2005 showing residential mortgage interest paid by individuals. There were hundreds of thousands of 1098s that had no corresponding tax return on file...

Less density for Tysons (than originally planned)

This will be interesting to watch. Fairfax County planners want to cut back Tysons Task Force recommendation.

McMansions no longer the trend

Since fewer buyers qualify for larger loans, builders have cut back on size of homes. Smaller homes save money on energy bills, too.

Short sale is a better approach than foreclosure

According to a report, short sales could be most effective approach in loss mitigation. 

Larger view here.

Racing against the Nov. 30 deadline

Time is of the essence. Tips for beating against the clock.