Looking for more space? Try door storage!
September 1st, 2010 | Author Lindsay Dreyer, Realtor
If you’re like me, you probably want more closet space. It’s one of my clients’ most desired features and for good reason. When your stuff is organized, you feel organized.
Recently, I went on a mission to Home Depot to see what kind of storage solutions were out there. Now keep in mind, I’m already a little spoiled, since I have two walk-in closets outfitted with Elfa. But I wanted to see if there was something out there that could maximize my closet space even more, and I found it! Turning the backside of your door into storage!
My mind raced with excitement, because I am a nerd when it comes to organization. All the places I could convert to usable space suddenly appeared in my mind: doors to my coat closet, pantry, and laundry closet. FANTASTIC!
Installation was so easy too. For the coat and laundry closet doors, I used a ClosetMaid single track with ClosetMaid hanging baskets. The track screws in very easily with only 3 screws. Then you hang the baskets on the track, which means you can adjust them anytime you want. Both doors took less than 15 minutes.
My pantry door was next, which I outfitted with a ClosetMaid spice rack and an IKEA pot lid holder. Another great product are 3M Command Strip Hooks, love them. I hang my reusable grocery bags and Swiffer from them. Follow that link for a $1 coupon.
Living in the city requires finding storage space where normally there is none. I’ve been in my condo for 3 years and never thought I’d still be finding spaces to store my stuff. Happy organizing!
New Name, New Perspective
September 1st, 2010 | Author Lindsay Dreyer, Realtor
Starting today, there will be a new focus for this blog. In addition to information on the real estate market, I’m going to try and add more posts about living in DC.
Some posts will be more personal in nature and some will be market statistics. Mostly I just want this to be a fun space where I can talk about my passion: all things real estate. Because when it comes down to it, there’s more to real estate than just the numbers 
Enjoy!
Is Wal-Mart coming to DC?
July 11th, 2010 | Author Lindsay Dreyer, Realtor
If there was a Wal-Mart in DC, would you shop there?
That question may not be a moot one much longer. The WalletPop blog recently reported that Wal-Mart is negotiating to open its first store in the District. According to the report, which you can read here (http://www.walletpop.com/blog/2010/07/06/wal-mart-to-open-d-c-store/), Wal-Mart officials have not yet signed a lease for a store in the area but are close to doing so. The consensus is that Wal-Mart will sign this lease in the fall of this year.
There’s plenty of mystery surrounding the eventual location of the District’s first Wal-Mart. But, rumor has it that the land is located near the intersection of New York Avenue and Bladensburg Road NE. It’s not exactly a high-profile chunk of land. The WalletPop blog correctly reports that the area boasts a Days Inn hotel, drive-in liquor store, some nightclubs and a few strip clubs.
Wal-Mart rarely comes to an area without controversy. Critics don’t like that Wal-Mart employees aren’t unionized. They don’t like that the stores offer low-pay jobs with few benefits. They worry that the superstores will put local shops out of business.
Supporters, though, say that Wal-Mart does bring jobs to the areas in which it locates. They point out, too, that many urban areas are woefully underserved when it comes to grocery stores and big-box retailers. That description fits much of the DC area.
Here’s my take: Target did great things for the Columbia Heights real estate market. Wherever Wal-Mart ends up will probably do the same thing. The residents of the district are underserved by grocers and retailers. And having the country’s most powerful retailer in the area can only help real estate prices in the surrounding communities over the long run.
So, yes, I know that Wal-Mart brings its baggage with it. But it also brings a host of positives. For me, at least, the positives outweigh the negatives.
DC housing prices rising faster than anywhere in the country
July 1st, 2010 | Author Lindsay Dreyer, Realtor
I can say that DC has one of the strongest housing markets in the country. But most people want proof. Here it is: In the latest S&P/Case Shiller Home Price Index, the District boasted the biggest housing price gains in the country.
You can read the good news here in this story by the Washington Business Journal: http://washington.bizjournals.com/washington/stories/2010/06/28/daily13.html
Here’s a quick summary of the good news: The median sales price in the DC market rose 2.4 percent in April when compared to one month earlier. That may not sound like a huge gain, but it actually ranked higher than the gains boasted by any of the 20 cities surveyed by Case Shiller.
Overall, housing prices across the nation rose by just 0.9 percent in April when compared to March.
The Business Journal story said that the Washington area also outperformed most of the rest of the nation when it came to year-over-year housing gains. According to the story, the median home price in the District area rose 7.3 percent in April of this year when compared to the same month in 2009.
That’s a pretty good figure. In fact, only four of the 20 cities in the survey did better. San Francisco topped the list with its year-over-year price gain of 18 percent.
This news isn’t that surprising to me. I sell condominiums and single-family homes in DC. I know, then, that housing prices here are gradually, but steadily, rising. This is not unexpected. The national economy is in recovery mode. And though this recovery isn’t nearly as rapid or strong as we’d all like, things are getting better.
It makes sense, then, that the country’s top housing markets would also be showing signs of strength. Despite the economic slowdown, people still need to buy single-family homes and condominiums. And when they choose to buy, people want to live in a vibrant area that offers a host of amenities. Washington, DC is the perfect example of this kind of area.
You can’t ask for better news: DC unemployment rate falls
June 27th, 2010 | Author Lindsay Dreyer, Realtor
There’s a reason this economic recovery doesn’t feel good: Unemployment is still too high. It’s hard for people to feel as if the economy is improving when they can’t find jobs or if they’re worried that their employer is one more bad quarter away from firing them.
That’s why it was so good to read that the District’s jobless rate boasted the biggest drop in the entire country.
You can read the good news here: http://www.job.com/career-advice/employment-news/washington-dc-unemployment-rate-drops-$438031523-713.html Basically, the jobless rate in the District fell from 11 percent to 10.4 percent. That rate is still too high, but any drop is appreciated.
The jobless rate fell in the areas surrounding DC, too, though not nearly as much. Maryland’s unemployment rate fell from 7.5 percent to 7.2 percent, while the rate in Virginia fell a tiny 0.1 percent, going from 7.2 percent to 7.1 percent. Not huge falls by any means, but this still ranks as welcome news.
The overall unemployment report for May showed positive signs in most states across the country. The Bureau of Labor Statistics reported that 37 states saw job growth during May, which caused their unemployment rates to fall. Six states saw their unemployment rates increase, while seven saw no change.
Now, we can’t be unrealistic about this. It is good to see unemployment falling. But there is a catch to the May numbers. The biggest employer during the month was the U.S. Census Bureau, which hired boatloads of temporary census workers during May. These numbers are a bit artificial because they’ll disappear once the census count is done.
Still, it’s nice to see DC continue its recent run of job creation. In April, the District saw the creation of 4,700 new jobs, and in March 9,600 new jobs were added to the mix.
Of course, the recovery will seem even stronger here in DC once that unemployment rate falls to more normalized levels. The bad news is that this appears to be a long way off. The good news is that we’re at least a bit closer to that point.
Fastest-county list proves it: People like living in the DC region
June 24th, 2010 | Author Lindsay Dreyer, Realtor
The Washington DC region is a big one depending on your definition of it. One of the members of it, Loudon County, recently earned mention from CNNMoney as being among the fastest-growing counties in the United States.
I was glad to read the story, and the kind words that CNNMoney heaped on the county. You can read them here: http://money.cnn.com/galleries/2010/real_estate/1006/gallery.fastest_growing_US_counties/5.html
The story points out that Loudon County, one of the wealthiest areas of the country, now boasts a population of about 301,171 residents. This number has grown 77.6 percent since April of 2000. That’s pretty incredible. Oddly enough, though, it’s only enough to rank the county fifth overall on CNNMoney’s list. Topping the list was Kendall County in Illinois, a far-flung suburban area of Chicago. That county saw its population grow nearly 100 percent since April, 2000.
Also on the list ahead of DC are Pinal County, Ariz.; Rockwall County, Texas; and Flagler County, Fla.
It’s nice to see DC with a representative on this list. DC itself offers a host of wonderful amenities, everything from fine-dining restaurants to great theater to wonderful shops and green spaces. There’s also an excitement here that comes from living so close to the hub of the federal government.
But the CD region’s suburban areas have their own flair, too. What’s nice is that all of the areas surrounding the District boast their own personalities.
Look at Loudon County. The homes here can border on the spectacular, but there’s also room for first-time buyers interested in smaller properties and condominiums. The county is also home to some charming small towns such as Round Hill, Purcellville and, of course, historic Leesburg.
The more people who discover not only the District but its surrounding areas, the better. Once people discover all that the region has to offer, they rarely want to live anywhere else.
DC first-time buyers still have a housing credit that they can claim
June 19th, 2010 | Author Lindsay Dreyer, Realtor
First-time home buyers across much of the nation are lamenting the end of the federal government’s first-time homebuyers tax credit. You remember this credit, right? It gave first-time homebuyers a tax credit of up to $8,000. Unfortunately, the credit – and a separate credit of up to $6,500 for move-up buyers – expired at midnight on April 30.
First-time homebuyers in Washington DC, though, shouldn’t be too upset. They still have a housing credit of their own that they can claim.
The Washington DC Office of Tax and Revenue boasts its own first-time buyer tax credit of $5,000, which you can read about here: http://otr.cfo.dc.gov/otr/cwp/view,a,1330,q,594156.asp
Basically, the credit offers first-time buyers who are single, married but filing their taxes jointly or qualifying widows or widowers a tax credit of $5,000 if they purchase a first home in the District. Buyers who are married by filing separate tax returns can claim a tax credit of $2,500 if they purchased a first home in the district.
Some restrictions do come with this tax credit. First, you must use the house you purchased in the District as your main residence. Also, you and your spouse must not have owned any other main home in the District during the one-year period ending on the date of purchase of your new home. There is also an income limit as well.
You can bet that the DC first-time housing credit will regain some of the popularity it lost thanks to the federal government’s $8,000 federal housing tax credit. Home buyers in the District were not allowed to claim both tax credits at once, so most simply went with the federal government’s larger credit.
That credit, of course, is now gone. So DC’s first-time buyers will once again flock to the local tax credit.
Personally, I think the DC housing tax credit is a great idea. Anything that relieves at least part of the financial burden of buying a home is something that I’ll support. Tax credits like these can only help the local housing market. And they’ll help local residents, too, achieve their dream of owning a home.
Home furnishings retailer enters DC. Does it know something about the housing market that we don’t?
June 16th, 2010 | Author Lindsay Dreyer, Realtor
This wouldn’t seem like the best time to open a new home furnishings store. Housing sales are still slow in most parts of the country. People are worried about the nearly 10 percent national unemployment rate. Consumer spending is down.
It’s hard to picture these nervous consumers and homeowners flocking to a new home store to snatch up couch covers, end tables and glassware sets.
But this hasn’t stopped Minneapolis-based home-furnishings chain Room & Board from opening its own new retail outlet in Washington DC. The Washington Post reports that the retailer opened a 37,000-square foot store June 14 in the District. You can read about it here: http://www.washingtonpost.com/wp-dyn/content/article/2010/06/11/AR2010061105754.html
Yours truly was invited to the VIP Grand Opening (since I’m a direct neighbor who’s had to endure the construction noise/debris). I met some interesting people; many of their suppliers were in attendance. I got to meet the author of Apartment Therapy which was cool! Overall the store’s space is beautiful, with a great roof deck, but that’s to be expected considering the price of the renovation.
It’s hard not to wonder if the new retailer can survive. The Washington Post story cites the fate of West Elm. You might remember this store: It opened in 2007 in the District. As the Post story mentions, much fanfare accompanied this. Unfortunately, the housing slump did no favors to the shop. It closed just three years after opening its doors.
Actually, sales at home stores, places like Home Depot and Lowe’s, have been sluggish ever since the country’s housing woes began. I believe in the DC housing market. I already see that it is rebounding nicely, and I have no doubt that the local residential market will soon be as strong as ever.
But opening a new home furnishings store in this environment still strikes me as a risky move. Like I mentioned earlier, people are worried about losing their jobs. Others have seen their annual incomes slashed thanks to unpaid days off or a lack of overtime hours. It’s hard to picture these people willing to spend money on discretionary items like $60 pillows and throw rugs.
Still, DC does boast plenty of wealthy individuals. It’s home to some of the most luxurious homes in the country. Maybe the people behind Room & Board know something about the local housing market that the rest of us don’t.
Are housing tax credits helping DC real estate market even though they’ve expired?
June 12th, 2010 | Author Lindsay Dreyer, Realtor
By now you should know that the first-time and move-up homebuyers’ tax credits have expired. The credits – the first-time buyers one provided buyers of their first homes a tax credit of up to $8,000, while the move-up buyers credit provided all other buyers up to $6,500 – expired at midnight on April 30. Economists are now wondering whether the demise of the credits will equal a slowdown in housing sales.
But there is some evidence that the tax credits, even though they no longer exist, are helping housing markets across the country, including Washington DC’s.
A recent story by All Headline News, which you can read here, http://www.allheadlinenews.com/articles/7018873205, summed it up well: Basically, the tax credits caused buyers to rush into the market so that they could take advantage of the credits before they expired after the last minute of April.
That not only boosted immediate housing sales, it also reduced the available housing inventory in most major markets, including Washington DC. This bodes well for home sellers.
When the housing inventory is down, sellers can look forward to charging more for their residences. Buyers have fewer options, so they have to resign themselves for paying more for homes that meet their needs.
This is especially true in DC. The District’s top neighborhoods already have low housing inventories. The tax credits simply reduced them even more.
Lawrence Yun, the chief economist for the National Association of Realtors, is quoted in the All Headline News story as saying that the home buyer tax credits brought nearly 1 million additional buyers into the market. That’s a significant influx of extra sales, and has dramatically reduced housing inventory levels across the country.
This good news comes on the heels of another piece of bright housing news for District residents. Pending home sales, a stat charted by the National Association of Realtors, rose by 29.5 percent for the Northeast portion of the country. That’s the highest increase that any one region saw.
Even though the federal tax credit expired, there is still the DC First Time Homebuyer Tax Credit of $5,000. There are income restrictions, but if you qualify it’s an added bonus for buying in DC.
Posted in Real Estate Market Reports | 
Tags: DC First Time Homebuyer Tax Credit, Federal Tax Credit | 
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An outsider’s view of DC: A magical place
I’ve mentioned before how easy it is to become jaded about a place when you live there. Here I live in one of the most important regions in the world. The District is the home of the U.S. government, after all. But I go about my day-to-day business of selling homes without giving much thought to the amazing history surrounding DC.
Sometimes you have to read something written by an outsider to the region to remember how fortunate you are to live here.
Writing for the Dallas Morning News, Michael Landauer recently gave a glowing report of our region. He wrote that DC has real power. And it’s not the buildings that hold this power, Landauer wrote, but the stories and history surrounding them.
I have to agree. And I recommend that every resident of the District read Landauer’s piece here: http://www.dallasnews.com/sharedcontent/dws/fea/travel/thisweek/stories/070410dntrawashingtondc.3a16527.html
What’s most interesting to me, though, is this fact in the story: Yahoo reports that searches for “Things to do in Washington DC,” “The Lincoln Memorial” and the “Washington Monument” are now up 70 percent.
Landauer writes in his story that U.S. residents are often criticized for traveling across the world to see historic cities. But at the same time, they ignore the history in their own country. Why not visit the capital of the United States?
Landauer hopes that this is changing. Maybe it took a weak economy to make this happen. After all, it’s not cheap to travel abroad. It’s not inexpensive, either, to take the family to Disney World. A trip to the nation’s capital is an affordable alternative.
Whatever the reason, I’m glad to see more people expressing an interest in visiting DC. And here’s something for the local residents: Take the time out of your summer to visit the District as if you were a tourist. You might gain a newfound appreciation of the splendor of your home town.
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