December 2010

As reported in the WaPo, VIDA fitness center and Bang hair salon owner David von Storch has a knack for picking great locations for his establishments.  A Bang or VIDA opening is a huge stamp of approval on a District neighborhood.

Busy Washingtonians with very limited windows of time to exercise are drawn to the exclusive and upscale VIDA fitness centers.  VIDA targets clients in the 25-49 age range with incomes over $80,000.....who are able and willing to pay a few more dollars a month for a less crowded gym with high-end finishes.  From the fingerprint scanners to endless pools and Japanese soaking tubs, VIDA delivers the goods.

If you are interested in working out a a VIDA Fitness Center, what could be better than living near one of these

The Edgewood neighborhood of DC, nestled between Catholic University and Brookland, is home to EYA's newest DC town home development called Chancellor's Row.  This location is just steps from the Brookland Metro (Red Line) Station and only three stops from Union Station.  The shops of Brookland including Yes! Organic Market and Starbucks, the new ABDO Town Center, Catholic University and Trinity University are all within walking distiance of Chancellor's Row.

With the stone buildings of St. Paul's College serving as a backdrop, Chancellor's Row is a development of 237 four-story town homes clustered on a 10-acre parcel.  The residences feature a traditional DC row house design with brick exteriors, front porches, and cornice detailing.  This

An article titled, DC area's renters are caught in a squeeze, in yesterday's WaPo covers the continued escalation of rents in the Washington, DC area.  Remarkably, the average monthly rent in DC apartment buildings jumped 8.2% this year to $1,643.  The rental challenge is even greater in popular Mid-city neighborhoods like Dupont, Logan and the U Street Corridor as these areas command a significant premium to the District average.

Compounding the problem is a supply issue as vacancy rates in the DC area are the second lowest in the nation, only trailing New York City.  The shortage of rental units will not improve in the near-term as very few new residential projects were started in the District over the past couple of years due to capital constraints

Today President Obama signed an extension through 2011 for DC's First-time Homebuyer Tax Credit program.  The program offers a tax credit of up to $5,000 for low and moderate income first-time buyers in the District.

The program specifics are as follows:

Eligibility:



Any first-time buyer in the District, you can even qualify even if you own or previously owned a home in another jurisdiction as long as it is not the District.



Amount of Credit:


Up to $5,000 for married joint-filing taxpayers and $2500 for individual taxpayers



Income Restrictions:



Married joint-filing taxpayers up to $130,000 and individual taxpayers up to $90,000 in modified adjusted gross income (AGI) are eligible.  A credit phase out kicks in for AGI above $110,000 for

New construction opportunities at Madrigal Lofts in the Penn Quarter are available starting at $379,900 for a 1 BR  condo with parking and storage.  Completed in 2007, the 12-story Madrigal Lofts offers 1 BR and 2 BR configurations and a variety of floor plans.

Finishes at Madrigal Lofts include 10-foot ceilings, industrial windows, hardwood flooring, granite and stainless appliances.  Building amenities include a roof-top deck, fitness center, underground parking and 24-hour front desk.

A variety of new construction opportunities are available at Madrigal Lofts as well as re-sales currently starting at $382,500 for a 1 BR / 1BA with 900 SF of living space.  Madrigal Lofts is an FHA approved development, which allows buyers to qualify for 3.5% down

Georgetown and West End Top DC Luxury Market

The most expensive condo to sell in the District during November 2010 was in Georgetown at 3303 Water, located at 3303 Water Street, NW #N-8 Washington, DC.  This 3 BR / 4.5 BA, 3,754 SF condo also includes two parking spaces and a roof deck.  The selling price was $5.75M / $1,531 SF.  This was the second consecutive month that 3303 Water had the top DC condo sale!

Congratulations to selling Realtor Mark McFadden of Washington Fine Properties, LLC for closing the most expensive condo sale in the District in November 2010.



Honorable mention for the 2nd most expensive DC condo sold in November 2010 was in the West End at 2501 Penn located at 2501 Pennsylvania Avenue #4B, Washington, DC.  This 2 BR + den /

Towering over Dupont Circle the way Manute Bol used to man the low post for the Bullets, the Cairo is DC's tallest residential building.  At 12 stories, the Cairo would seem more like Muggsy Bogues in high-rise centric markets like Manhattan, Miami or Chicago, but in the District it is a giant.

The Cairo was designed by architect Thomas Franklin Schneider who was inspired during a trip to the 1893 Chicago World's Fair.  He fashioned the Cairo after the Fair's Transportation Building.  The Dupont neighborhood didn't like the new skyscraper and soon afterward the DC Board of Commissioners enacted DC's stringent Heights of Buildings Act to prevent another "skyscraper" from being built in the District.

In its early life, the Cairo was the most glamorous