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

Envirofacts: Checking Community Where We Live

The topic of regulated sites around where we live, is actually part of the courses I'm taking. Didn't know for a fact, that there are sites around us, mostly businesses that are regulated by EPA. Granted that EPA sometime don't do what they're supposed to do -- enforcing the regs..still the information they provided is useful, especially this is something that we all should be concerned of: our environment.

For a test case, I check EPA database to see what businesses, facilities around where I live (22101) actually 'regulated.' The data provided by EPA gives us the information whether the business or facility can discharge water, if toxic being reported, if they are hazardous waste handlers (like a gas station), etc. It also gives you more info if they are under the EPA 'the superfund' report. Via EPA.

Superfund is a program administered by the EPA to locate, investigate, and clean up the worst hazardous waste sites throughout the United States. Before Superfund, Americans were less aware of how dumping chemical wastes might affect public health and the environment.

How many times when it comes to buying a house -- buyers are not asking the right questions about the surrounding environment? I'm guilty, too .. as a professional, because of not being proactive :-) 

In my neck of the woods, I found that there are 51 sites under 'EPA watch.' Some of them are gas stations, a few dry cleaners, and a variety of facilities, including the CIA HQ. The best part of the data is you can view the map.

To check the envirofacts for your neighborhood, click here.

Potomac Town Center

It's been a while since the last time I posted a story on New Homes Trekker. A new gated community, The Potomac Club, sits on a 200-acre of lot within walking distance from the future of Potomac Town Center.

Potomac Town Center is a 95+ acre of mixed-use development in Woodbridge between Opitz Road and Dale Boulevard, sets to open in the spring of 2008.

According to Washington Post, "...construction is under way on Potomac Town Center, the much awaited Woodbridge project designed to narrow the county's luxury deficit..." The Town Center is a mixed-use project has already been approved by Prince William County for mixed-use development of up to 1.7 million square feet, in which Wegmans (140,000 s.f), Macy's (180,000 s.f), Borders (23,000 s.f) will be among the 'star' list of retailers that will be the 'anchor' for the town center.

There are two packages for the residential development. Package A, is for 232 units over the main street retail, that is located in the heart of the town center. And package B, 268 units are spread out between two self-contained buildings. Add all of these new units slated for the community -- and total it with other the new homes being built along the busy Route 1, Richmond Highway.. you'll see why the county is put a one-year moratorium on new homes! Oh..and the county just raised the fees builders have to pay. The cost to pay to slow the growth.

The site is away from the nearest train station, Rippon Landing VRE station. This is not a transit-oriented-development. You know -- I think we need to see more live/work/play communities planned for the future of PW county. That means, the county needs to attract more employers that will open up shops and provide jobs for the area. Okay, BRAC is coming.. but, that won't happen until 2011/2012. In the meantime, 'traffic nightmare on I-95' will continue...

Real Estate News Roundup

" Have a safe and happy Memorial day weekend. "

. . . . . . . .

* Special Handling Markets Special Houses [WHG]
"When Bruce Ruble put his South Arlington home on the market a couple of years ago, he was struck by the long lines of people who came to view his house. There was only one problem: They weren't there to buy."

* Big Drop in Home Prices Predicted [CNN/Money]
"Most industry watchers agree that home prices will continue to slide before they recover, but now some economists say they've got a long way to fall before bouncing back."

* Good News, Sell, Sell, Sell [Inman Blog]
"Remember during the dot-com boom, when good news about unemployment could torpedo stock prices? Investors would panic when unemployment data showed fewer people were out of work, because they were worried that the Fed would hike interest rates to keep inflation in check."

* New Home Sales Up (But Beware Double Digit Monthly Gains) [Seeking Alpha]
"ommerce Department reported that April new-home sales jumped an unexpected 16.2% -- the biggest monthly gain in 14 years. The year over year drop in sales change was a drop of 10.6%."

* Developers Aim to Upgrade Mall's Image [DC Examiner]
"To many, Georgetown is a community where people go to strut down sidewalks lined with high-end shops and eateries, not hang out in a 1980s-era shopping mall."

* National, Housing Data Mixed, But District Shows Recovery Signs [DC Examiner]
"News on the national and local housing market was mixed in April, with the District and its inner suburbs began to show signs of strength, according to new data released Thursday."

* Most Expensive Homes in the U.S. [Forbes]
"Call it quaint, but there was a time when a $75 million house made news. In 2005, that's what happened when the Three Ponds Estate in Bridgehampton N.Y., landed at the top of our list of most expensive homes in the U.S."

* Flip this Show? [Hot Property]
"My wife, who treats HGTV like I do ESPN—meaning it’s the default channel for her when she sits down for a little TV viewing--occasionally gets sucked into some of those reality TV shows that emerged at the top of the housing boom."

* GE Announces New EcomaginationSM Builder Program [Behind the Curtains]
"Today in Los Angeles, GE and Masco Contractor Services' (MCS) Environments for Living® division celebrated the announcement of the ecomagination Homebuilder Program."

* Appetite for Big Housing is Growing [BBOL]
"McMansions are sprouting in the suburbs of Washington and Atlanta, in southern Connecticut and out West in Utah as an appetite for bigger homes just keeps on growing."

* Water Taxi! Water Taxi! [Washington Post]
"Here's an idea that could boost the tourist industry, alleviate traffic, encourage smart growth and open neglected urban areas for development while helping to unify an often fractured region"

* DC In Talks to Bring Nordstorm to Georgetown [Washington Post]
"Nordstrom and a prominent local developer are negotiating to bring the high-end department store chain to a shopping mall in Georgetown, and the District could contribute at least $20 million to the deal, D.C. officials said yesterday."

* Paint Colors: How Hard Can It Be [Zillow]
"I've always had a great fear of putting color on the walls of my home, always opting for the safe route, which meant some version of white. Yeah, I'm chicken."

* The Top 5 Mistakes Made by Real Estate Investors During the Housing Bubble [Bigger Pockets]
"We’ve all been talking about the real estate housing bubble for years now. I thought it might be appropriate to look back at some of the mistakes people made in an effort to averting a similar crisis again in the future."

DC #10 Most Energetic City

According to Sperling's best places ranking, our city here, ranks number 10 for the most energetic city. Their definition of an energetic city, via Sperling's.

We conducted a recent study in partnership with Tahitian Noni Internati onal Hiro^TM, a new healthy beverage line, on "Most Energetic Cities" to measure health, wellness and an overall energetic lifestyle of U.S. cities.

Okay, that's encouraging, because DC is way behind to become a 'Top 10 Green Cities.' At least, we're working out (an assumption) and drink 'energy drink' .. like Red bull?

Here's the rest of the list.

1. San Fransisco, CA
2. San Diego, CA
3. Boston, MA
4. Sacramento, CA
5. Denver, CO
6. Honolulu, HI
7. Seattle, Wa
8. Portland, OR
9. Los Angeles, CA
10. Washington, DC

>> Most energetic cities [Sperling's Best Places]

Square 54 Town Center Receives Approval

DC Zoning Commission approves the redevelopment to a mix-use, Square 54 Town Center, This is a 2.6 acre of redevelopment on a vacant former site of GWU hospital. The gist of this story is -- GWU and their developers win the battle! Because Foggy Bottom Association, the residents' sort of HOA, fought all along against the redevelopment of the hospital.

The GWU's vision for Square 54 is to create a mix-use development, that includes offices, residential (student housing that is) and retails. It will serve as a new transit-oriented-development because of the location, er.. prime location, adjacent to Foggy Bottom metro station.

* Square 54 Town Center [site map]

April Home Sales: Arlington & DC Rising Home Prices

This is an interesting trend. April home sales report released by NVAR and GCAAR shows that homes in Arlington and DC sees steady price appreciation. While adjacent neighborhoods in Fairfax, City of Alexandria, and Falls Church show different price trends.

Another interesting trend, on a year-to-year comparison, homes sold and prices declines while supply drops. The number of homes sold in April of 2007 decline by 12.17% from the same period in 2006. The total number of homes sold for April was 1631 homes this year versus 1857 homes last year. Inventory of homes however, is declined by 8.7%.

The average condo prices in Arlington rose by 6% from $366,010 last year to $387,080 this year. Thinking about buying townhouses in Arlington? You might be in for a sticker shock, The average townhouses sold in Arlington rose by 12% from $589,042 to $669,278. And the average prices of single homes was flat.

In DC, the average condo prices inched up from $406,501 to $410,262, while average single homes rose by 5.9% to $682,257 from $644,115.   

Can we blame gas prices for rising home prices in Arlington and DC? Maybe. That is probably one of the reasons that the two areas experiences price appreciation. Here's why. The two areas offer alternative transportation methods than other places in adjacent communities: car sharing, subway and metrobus. Furthermore, they have more walkable communities than any other places in Greater Washington DC. If gas prices keep rising, we'll see higher prices for Arlington and DC. Put it this way -- less buildable land than other places in our 'neck of the woods.'

Bargain hunters -- please look elsewhere. Fairfax, Prince William, and Loudoun counties. Because, the number of short sales for these counties..on the rise.

Quick Links:
April condo sales, townhouses, single homes [Arlington]
Condo sales, single homes [Washington DC]
Northern Virginia home sales [NVAR]

O Street Market Redevelopment

Read it on Washington BizJournal [subscription-only] over the weekend that Roadside Development LLC has finished plans for $260 million mix-use redevelopment of the original O Street Market stand. Speaking about persistence. It took six years for the team to finally completed the plan. They have overcome hurdles along the way! From winter storm that dumped 22 inches of snow that caused it to collapsed.. to original plan that gets stuck in the historic preservation office for two years.

Via Washington BizJournal.

The plans call for a Giant Food, a 180-room hotel, 300 condominiums, 300 apartments, including senior affordable housing and 7,500 square feet of locally owned retail. The project also has what Shaw residents have been asking for: 700 parking spots, most underground.

Before vs. After

Rendering of the plan

The plan did get initial approval but still pending for other approvals. The site is located one block north of Washington Convention Center and close to Robert Kennedy rec center.

Real Estate News Roundup

* Know Your Developer [Washington Post]
"Q I am looking at buying a condo in a complex that is under construction. Are there any particular considerations that I should keep in mind since I can't look at the actual unit, which is nowhere near finished yet? I am renting nearby and see the construction progress, so at least I know the neighborhood well."

* Where the Deer Outnumber Delivery Drivers [Washington Post]
"When you live near Rock Creek Park and its abundance of deer, you forgo some rites of spring, such as coaxing tulip blooms. (Deer treat them as munchies.) But for residents of Northwest Washington's Hawthorne neighborhood, the natural setting and convenience outweigh such gardening challenges."

* Appraisal Puts Holes in Purchase [WHG]
"Q:My wife and I have been looking for the right house to buy for the last few months. We are looking for a fixer-upper and hoping to get a good price. We found the perfect house in a great neighborhood for $350,000."

* Neighborhood in Focus: Nauck [Arlington Connection]
" In the ever-changing Arlington community, trees can seem to be the only constants. They sit in back yards and on street corners for hundreds of years and silently watch the fabric of society change again and again."

* A Community Transfer [Loudoun Connection]
" When residents at the Broadlands Homeowners Association annual meeting, Tuesday, May 8, began to get angry, it was not because of the elections of three resident members to the homeowners association (HOA) board earlier that evening. It was because of the continued control of the HOA by Broadlands developer Van Metre."

* Huntland Sells for $7.3 Million [Loudoun Times-Mirror]
"Huntland, a property in Middleburg that boasts beautiful structures and historical relevance, was sold May 8 by Roy and Lila Ash to Aix-la-Chapelle Limited Partnership."

* Take Your Home Outside [CNN/Money]
"Pam and Mark Elmore weren't in the market for a home last summer. But when the Bend, Ore. couple happened to stop by a newly built house with a 1,000-square-foot patio, a fully equipped outdoor kitchen - fridge and range included -and a fire pit, they immediately realized they had to have it."

* Homebuilders in A Hole [BusinessWeek]
" When Kara Homes began building Horizons at Birch Hill, a community for active seniors, the plans were ambitious: 228 spacious residences that weren't typical cookie-cutter McMansions."

* A New Way to Tap Your Home Equity [Hot Property]
"A San Francisco-based company called REX & Co. Inc. is offering a new way to tap your home's equity that doesn't involve a loan. REX gives you money now in exchange for a percentage share of the future appreciation (or depreciation) of your home."

* Fenty: Redevelop Shiloh Properties in Shaw [DC Examiner]
"Four vacant, now-condemned properties in Shaw owned by Shiloh Baptist Church should be renovated as "fully operational townhomes," Mayor Adrian Fenty said Friday. A church official, meanwhile, said the institution's intent is to ready the homes for Shiloh's senior population."

* National Perspective: Housing Plan Turns Disney Grumpy [NYT] 
"FOR 52 years, the Walt Disney Company has called Disneyland, its Southern California theme park, “the happiest place on earth.”

* $1 Billion in Developer Investment in F.C. Called Only 'the Beginnning' [FCNP]
"Usually when the word “billion” is used with a dollar sign, it’s in reference to some big spending in Washington, D.C. Seldom is it relevant to anything pertaining to little Falls Church. But that’s what they were talking about at the Greater Falls Church Chamber of Commerce Tuesday."

* Money Articles that Make You Think Twice About Buying a Home [Digerati Life]
"Lots of good reading here for everyone, on a nice spring weekend. My readings this week made me notice a bit of a trend, where I found articles suggesting a contrarian bent against the real estate market, perhaps subtly enforcing the idea that it’s beginning to have an effect on many of us."

* Still No Housing Bottom: Economic Impact Yet To be Fully Felt [Seeking Alpha]
"I've come across quite a few fascinating Housing charts over the past week. Taken together, they tell a tale of sector that has yet to see a bottom. And I suspect the economic impact has yet to be fully felt."

* We're Expecting Twins Soon. How Can We Refinish Our Floors Now With the Least Harm to Air Quality [Green Home Guide]
"My wife is in her sixth month carrying twins. We have two rooms downstairs with floors that are in dire need of sanding and refinishing. Is it a bad idea to consider doing the floor refinishing now? We can get out of the building for maybe a week. Are there any natural floor finishes that are not dangerous to her and yet work very well?"

* Washington Area Suffers in Ranking of Attractiveness for Relocations [Washington BizJournal]
"The high cost of living and expensive housing market are decreasing the Washington area's appeal for families who are considering a move, according to a new study."

* Weak Spring May Drive Home Prices Lower [Market Watch]
"A spring home-selling season that's looking like a bust and pressure from growing inventories of houses in the resale market should intensify home-price declines in the second half of 2007, Wall Street analysts say."

* Prefabricated Homes Attracting Buyers at Both Ends of the Housing Spectrum [Planetizen]
"Many modern day manufactured homes have upgraded their looks, attracting both buyers looking for value as well as style and sustainability."

* Cities Revisit Needs of the Elderly [USA Today]
"Six days a week, County Express vans and buses roam the vast plains of northeastern Colorado. They pick up older residents of this rural region and drive them sometimes more than 100 miles to the town of Sterling. It has the only dialysis center in 9,600 square miles, an area the size of Maryland."

* For Sale: Condo with Chicken Coop [Real Estate Journal]
" Forget the golf-course community or the manicured subdivision. A number of developers are now offering homes on working farms."

* An Eco-House of The Future [NYT]
"Diller Scofidio + Renfro have made a building out of a cloud of atomized lake water, designed a museum for the Institute of Contemporary Art in Boston that literally opens onto the harbor and devoted an entire multimedia exhibition to the American lawn."

Yo DC is #1 City for Young Singles

Kiplinger ranks best cities in the U.S. for every stage of life. DC region is the best city for young singles. In an average cities, the population of the 25-35 age group is around 20%, in DC proper and Arlington, we have one-fourth of the population in that age group!

Via Kiplinger.

D.C., which is home to Kiplinger's, has a distinct arts-and-design theme. But that's not the main strength of its creative economy, says Steven Pedigo, director of research for the Greater Washington Initiative, an economic-development organization. The metro area is a technology center and professional-services mecca. Tech is hot in nearby Tysons Corner, Va., where firms such as Northrop Grumman and SAIC have hubs. Biotech companies United Therapeutics and MedImmune are headquartered in Montgomery County, Md.

The Creativity Exchange also ranks DC as leading metro city in three areas: legal, research and science, technology. Maybe that's why unemployment is low here. But one thing is killing -- the high cost of living that is 42% above national average!

Other cities in the rankings: Denver, CO (#2), Austin, TX (#3),  Raleigh, NC (#4) and Lexington, KY (#5). To see how the other 167 metropolitan cities stacks up, click here.

Real Estate News Roundup

A mixed-use project in Scottsdale, AZ (with lofts)

* WSJ - 'Animal House Meets Empty Nest' [CoolTown Studios]
"The Wall Street Journal article, Animal House Meets the Empty Nest, sums up the conflict real estate developers are having when trying to cater to the younger urban condo market."

* Best and Worst U.S. Housing Market [Forbes]
"Live in  Seattle? If you own your home, chances are you're celebrating."

* Springfield Land Controversy Surrounds BRAC [DC Examiner]
"A host of uncertainties surround the issue of land with federal warehouses on it in Springfield being used for offices for some of the thousands of workers set to relocate to Fort Belvoir."

* Median House Prices and Homebuilder Confidence Decline [Seeking Alpha]
"Tuesday's housing news indicates a continued decline. With 147,708 households in some state of foreclosure in April, a 62% jump from April 2006, and resultant tighter lending standards at almost half the U.S. banks, median house and condominium prices in Q1'07 fell 1.8% to $212,300, a 2-year low."

* District Home Sales Jump in First Quarter [Washington BizJournal]
"Home sales in the first quarter were down 6.6 percent from a year ago nationally, but sales of existing homes in the District jumped 9.3 percent, the second biggest increase in the country."

* How to Prevent a Real Estate Deal from Falling Apart Because of Inspection Issue [Bigger Pockets]
"Many people will quibble over a few hundred or thousand dollars in the purchase of a home after an inspection takes place. Often times, deals can fall apart because of the inability to compromise. Both buyers and sellers can do their part to prevent this from happening."

* Pressure on Home Prices [Big Picture]
"One of the themes TBP has developed over the years was that of the Slow-Motion-Slow-Down: As rates ticked higher, home sales would slow, refis and MEW would decrease, inventory would build, and prices would come down."

* April Foreclosures Fall Slightly [BBOL]
"RealtyTrac, the Irvine, California online marketplace for foreclosure properties, today reported a total of 147,708 foreclosure filings in April, down about 1% from the previous month but up 62% from April 2006."

* 2 City Office Buildings Sold for $78.9 Million [Baltimore Sun]
"Two office towers in the heart of downtown Baltimore's business district have sold for $78.9 million to USA Realty Fund, seller Harbor Group International LLC said today."

* Mortgage Woes Force Banks to Take Hits to Sell Homes [Real Estate Journal]
" An auction of nearly 100 foreclosed homes here Saturday showed that mortgage lenders are having to accept huge discounts in some cases to unload such properties."

* Securing a Loan Gets Tougher As Lenders Tighten Standards [Real Estate Journal]
" Mortgage lenders are beginning to scrutinize borrowers more closely, causing some loan applicants, even those with good credit, to face higher costs and more hassles."

* April Housing Starts Up 2.5%, But Permit Falls [USA Today]
"The pace of home construction gained 2.5% in April to a rate that beat economists' expectations, but building permits, which signals future construction plans, sank to the lowest pace in nearly a decade, a government report said Wednesday."