525 Water St. SW
Posted by John Crisafulli on
525 Water Street SW will be one of the first new residential buildings to open along the Southwest Waterfront, next to the massive project known as “The Wharf.” Developed by PN Hoffman, it will feature 108 condominiums on four floors ranging from studios to 3-bedroom units with various floor plans. Prices will start around $400k for the studios and go up to $1 million for the largest condos. The street level will be retail and a courtyard in the center of the building will be an integral part of the complex. There will also be a 3.5 acre park next to 525 Water along the Washington Channel. 525 Water is scheduled to open in the summer of 2016 and is opening its sales office for pre-sales tomorrow, Saturday September 19th. You must be present that day to…
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Many buyers think that an FHA loan should only be used as a last resort. Indeed, more often than not conventional loans are the way to go over FHA (which stands for Federal Housing Administration) loans. However, if you’re only able to put 3% or 3.5% cash down on a property, an FHA loan could make more sense for you. Home prices in the DC area have skyrocketed in the last few years, and with that comes more difficulty on the part of buyers to put a greater percentage down on a property. What exactly are the pro’s and con’s of FHA loans? Well, that’s exactly what we’re here to tell you:
A lot has changed since we last wrote about Union Market three years ago. There are too many vendors to name in one blog (more than 30!), but some of the more popular choices have become Co Co. Sala (chocolatier), Cordial Fine Wine & Spirits, Rappahannock Oyster Company, Red Apron Butchery, and TaKorean (Mexican/Korean fusion). Dock5, located directly above the marketplace, also provides a 12,000 square foot warehouse event venue. There are always pop-up artisans in Union Market, but none have gathered as much attention as the planned Angelika Pop-Up. Opening later this year, it will be a three-screen micro cinema located behind the market at 550 Penn St. NE. Dolcezza, a gelato and coffee shop, is located next to the Angelika and has been receiving rave…
There is a program in DC that helps protect buyers of newly constructed condominiums. It is in effect for two years after the settlement date of the first condo in the building. 10% of the total cost of construction is put aside as a condominium warranty bond. It is held by the Department of Consumer and Regulatory Affairs (DCRA) and the condo association can request money from it for structural issues that arise. This link will help explain exactly how the process works. Here are some tips to keep in mind when buying a brand new condo to make sure the program is effective for you.
Do you own a home in DC with a basement you’d like to rent out? Are you looking for a property with the ability to rent out the basement to make the mortgage more affordable to you? While it’s definitely an option, many homeowners in the District do not follow the rules when it comes to renting out their basement. That can cause quite a headache for the landlord if they are caught, as legally DC is very tenant-friendly. However, we’ve got the answers you need. This link will give you the rundown of what you need to do to get a Two Family Rental License. The most important thing you must have to rent out your basement is a certificate of occupancy. Here’s what you need to do:
Are you a teacher in Washington, DC? We understand that buying property can seem daunting for a number of reasons, including cost, but there are a few loan programs that can help. One is the Employer-Assisted Housing Program, or EAHP. This helps full-time DC Government employees become first-time homeowners within the District. You must have a good credit rating and enough income to afford a mortgage loan. If you are deemed eligible, you will receive matching closing cost funds up to $1,500 ($500 for each $2,500 saved by an employee) and a deferred second trust loan up to $10,000. Applicants are allowed to select a first trust lender of their choice. The maximum loan amount for the EAHP is $625,500. A second program that we recommend is the Home Purchase…
Petworth is a Washington, DC neighborhood on the rise. It is one of the largest areas in the District by geography, and over the last decade has seen a great deal of investment and transformation. Sprawling north from the Georgia Avenue-Petworth Metro station on the yellow & green lines, this once struggling neighborhood is a bargain hunter’s dream. There are dozens of row houses in Petworth, many made of brick and nearing a century old. A good number of these have been renovated since the turn of the 21st Century, yet remain more affordable than similar homes to the south and west in Northwest DC. Since Rock Creek Realty operates out of the Petworth neighborhood, we are quite knowledgeable on what’s going on in the area. If Petworth interests you, check…