U r b a n T r e k k e r

Harris Teeter Coming to Shirlington

The building is almost completed. Haven't heard (official) opening date yet. Maybe in the summer?

Real Estate Links

Here are the links to selected stories from around the Internet on real estate:

* MBA: Mortgage Application Volume Declines [Calculated Risk]
* Enter County Connector [DCist]
* Thousands With Exotic Home Loans Face Foreclosures [Planetizen]
* America's Obsession With that Green Patch in the Yard [Christian Science Monitor]
* Alley Homes Fight For Respect and Trash Pick Up [Washington Post]
* Slower Home Sales Open Up An Opportunity for Some Buyers [Real Estate Journal]
* Baby Boomers Let It Roll on Real Estate [Realty Times]

On the Market: 1325 Pierce

UPDATE: THE DEVELOPER OF 1325 PIERCE DECIDED TO GO RENTALS INSTEAD OF SELLING THEM AS CONDOMINIUMS. [Website]

Cross posted with New Home Trekker.

Speaking of "limited edition," this development will fit into that category. In fact, their slogan is "Be Among the Few to Own." With 19 condominium residences built, indeed ... there are only a few left.

Pierce 1325 is located on Pierce Street, Ft. Myer Heights neighborhood in Rosslyn area. Ft. Myer Heights area of Rosslyn, is neighborhood with older four to three story apartments and ripe for redevelopment. It is also a neighborhood that connects the major roads, Route 50, Rt. 110, and I-395 -- and metro stops (see map). Only 8 minutes walk to Rosslyn metro stop (orange and blue line) from here. Iwo Jima, Ft. Myer, and Netherlands Carillon, within walking distance. Picture: Ft. Myer Heights [Arlington County]

When you heard about Rosslyn -- many times we associated the area with high-rise office buildings. But, in addition to commercial buildings, the area also offers an interesting mix of type of residentials. Some high rise contemporary condominium buildings, like the Atrium, Belvedere, townhouses here and there, some older buildings from the 40's.. like the ones found in Ft. Myer Heights neighborhood.  Pierce condominium has just recently completed the construction. From what I've seen around the area, it will be the first development for this neighborhood. (note: will talk more about other developments slated for this part of Rosslyn in another post).

From Rosslyn Renaissance:

Rosslyn, Virginia, the eastern anchor of the Rosslyn-Ballston Metro corridor is known to many as Washington, D.C.’s skyline. But to the many who live and work there, it’s much, much more. With its unmatched views and direct access to some of Arlington’s most famous landmarks, such as the Iwo Jima memorial, Arlington House, Arlington National Cemetery, and Roosevelt Island, Rosslyn could be satisfied with simply being one of Arlington’s major gateways. But it’s not. Rosslyn is also home to more than 8 million square feet of office space, over 6,000 households, 2,200 hotel rooms, several urban parks, and many street-level restaurants.

Each residence comes with quality construction features include 4" masonry walls between each residence. Condominium  features include gourmet kitchen standard with granite counters, custom wood cabinetry, and G.E. monogram appliances. In the bathroom, standard features include marble floors, granite bath tops, spa shower attachments and  Whirlpool tub in master bath. These are their standards -- that means, you don't need to purchase an upgrade package, unless you want hardwood floors for your bedrooms.

Most residences here is 2BR/2BA, only a few 3BR/2BA homes available. There are four floor plans to choose from, the smallest 2BR/2BA has 1,142 sq. ft to the largest 1,216 sq. ft. The 3BR/2BA homes have about 1,424 sq. ft of living space.

Homes are priced from mid-$550's to low-$700's. Builder offers buyer's incentives. Each unit comes with one reserved garage parking, which is common in urban area like Arlington. There are a limited number of additional garage spaces available for purchase.  

Residences are available for summer '06 delivery.

* 1325 Pierce [New Home Trekker]

Real Estate Links

Picture: King St. Old Town

Here are the links to selected stories from around the Internet on real estate:

* Market Action Slips Away from Coasts [Washington Post]
* Schemers Beware: The Tax Man is Not Easily Fooled [Washington Post]
* Big Condo Project Lined Up for Seniors [Washington Post]
* Housing Cool Down? No Problem [BBOL]
* Real Estate 'Porn' [BW Hot Property]
* Apartment Rents Expected to Rise 5% [USA Today]
* The Clarendon Builds on Area's Urbanism [Washington Post]
* Housing Cycles Everywhere You Look [Matrix]
* Some Longtime Resident Wary of Growth, Hesitant to Sell [DC Examiner]

Blame It On Flippers

Okay, now we hear that second home market is cooling off. This is a segment of the housing market that is dominated by flippers! Investors who owned properties for speculation. With cheap money (read: low interest rates), flippers aka investors might have borrowed heavily to buy houses that they never intended to live in.. for the purpose of flipping it and make quick bucks. However, when the going gets tough, they might be looking to find a way out to "unload" their holdings -- which according to Barron's, the move could put pressure on the already cooling market even further.

Via Barron's.

" For starters, many second homes have been sold not to serious vacationers but to speculative investors hoping to cash on the national real-estate craze. How else to explain why six out of 10 second-home owners surveyed by the Realtors group own two or more homes in addition to their main residences?

The danger is that if enough of those investors decide the market has peaked, they could trigger a selling frenzy throughout the second-homes market. That, in turn, could add to the pressures in the main housing market. After all, second homes now account for a full 40% of all homes sold in America."

On the positive side, if you look at the chart, DC region is not there. DC is not the kind of place where people buy vacation homes here. It's more on live-here type of folks. Though, there are flippers out there, but a large percentage of homes here are still owner occupied.

* The Big Glut [Barron's]

Table: Barron's Online

Buyers Market Gaining Traction

All housing indicators showed that the once hot market has cooled. Sales of existing homes fell 2% last month. Half of the country sales were cooled off while the other half of the country sales heating up. Places where sales were hot are in Texas, Ohio, South Carolina, North Carolina, Georgia and Utah.

What's scary though..according to David Lereah, NAR's chief economist, for April, the number of unsold homes hit a record of 3.38 million units that represented a 6-month supply.

READ WHOLE STORY

* Sales of Existing Homes Drop in April; Price Increases Slow [USA Today]

Memorial Day W'end Links

Here are the links to selected stories from around the Internet on real estate:

* Leaders Plan for Fort Belvoir Jobs Influx [WHG]
* Top Demand in Prince George's [WHG]
* Practical Things to Remember When Home Shopping [Realty Times]
* Homeownership: The Great Equalizer [Realty Times]
* Inflation Rises Above Fed's Comfort Zone [Examiner]
* Who Needs A Property Survey? [CNN/Money]

PS: I'm going to be off for a couple of days.. taking a break :) Will be back blogging again Tuesday, May 29, 2006.

Feds Gotta Do Their Balancing Act

The Feds have to do some balancing act, according to USA Today. If they're not careful with balancing the interest rates, it could hurt (layers of) the housing industry really.. really bad.

Via USA Today.

As mortgage rates rise in response to the Fed's boosting of short-term rates, the central bank must be careful not to overshoot and tamp down demand too fast. Rising rates and slowing growth in home prices also make it more difficult for consumers to refinance out of adjustable-rate mortgages (ARMs) or to meet rising payments when their mortgage interest rates adjust higher. Already, defaults are rising in some areas of the country, including pricey California areas.

Further, a slowing housing market increases rental rates. In the Labor Department's formula for calculating the consumer price index, rents are a big chunk of what's called "core inflation," a measure that excludes food and energy. Higher core inflation, in turn, spooks bond and stock traders, who fear an outbreak of inflation, putting more pressure on the Fed.

The Fed must balance rising inflation, high commodity prices and a strong job market on one hand against a declining housing market and scattered signs of slower business growth on the other.

Greenspan must be happy now.. that he got out of as Fed's chief at the right time :) It's now the responsibility of the Bernanke to guide us through this challenging time.

* Housing Market Hangs in Fed's Balancing Act [USA Today]

Broadcast Center One for Shaw

Broadcast Center One

Radio One, plans to move their studios from Lanham, MD and build their new studios in the neighborhood. They plan to invest $90M into Broadcast Center One, the proposed mixed-use project. Via Washington Post.

Developer Chip Ellis shows off a grassy vacant lot in the District's Shaw neighborhood where passersby will be able to watch broadcasts through the window of Radio One's new studios. He walks by the shuttered Howard Theater, where he'd like to see a restaurant with a stage for live acts, and the vacant Wonder Bread factory, which he thinks would make great studios for artists and music video producers.

"We want to make this a real entertainment hub," Ellis said. Others have long held such a vision of revitalization for a neighborhood that was once a thriving center of black culture and commerce. Now, Ellis and his well-financed backers think they can make it happen.

They plan to build a $100 million, mixed-use project next to the Shaw-Howard University Metro stop along Seventh Street NW between S and T streets. It would include a 100,000-square-foot office building for Radio One Inc., which plans to move its headquarters from Lanham. Just as the plaza at Rockefeller Center in New York lures visitors with a view of NBC's "Today" show, Ellis wants his development built around a plaza with a window on Radio One's shows.

In addition to the studios, the plan would include 21,000 sq. ft retail space in which 10% will be allocated for affordable rentals and 202 residential units (condominiums) with 25% of the units allocated for affordable housing. The condos will be priced from the $400's to over $500's. There's been some concern on the retail part because it might force out current tenants who are paying low-rents now. Even though, there's plan for affordable rentals.. not sure if the offer is good for an indefinite time, though.

* Developer Has the Past in Mind for Shaw [Washington Post]
* Shaw DC Community News and Information

Real Estate Links

Historic Building in DC

Here are the links to selected stories from around the Internet on real estate:

* New Home Sales Jump, but Inventory of Unsold Homes Rises to Record [USA Today] 
* Lower Mortgage Rates Don't Spur Loan Demands [USA Today]
* Ashford to Buy Marriott Crystal Gateway for $107M [Washington BizJournal]
* Open-House Blog: Buyers' Gain Advantage in the Housing Market [Real Estate Journal]
* Condo Developers Add Clubs, Restaurants to Attract Buyers [Real Estate Journal]
* Task Force: Tear Down Area Building [Examiner]
* The Changing Face of Dulles [Examiner]
* Real Estate Can Be Trendy (Every 18.3 Years) [Matrix]
* Two New Reports Show Housing Exuberance is Waning [MND]
* Building Places People Want and Can Afford [CoolTown Studios]