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This weekly column is written and sponsored by D.C. real estate agent and Edgewood resident Jessica Evans. Email her questions at  [email protected].

One of the top questions asked by buyers who are considering a condo purchase is, “What is the condo fee?” Often followed by, “Why is it so high?” The monthly fee is an important consideration as it can range from $150-$1,000+ per month in our area and there are a few factors that play a large role. Here are a few frequently asked questions and answers on this subject:

What are condo fees?

In a condo building, condo units are individually owned and maintained by their owners. The property (which may be one building, or a series of buildings) also includes parts that are not individually owned, that are controlled by the condo association. This typically includes the grounds, roof, elevator and any other limited or general common elements not owned by an individual owner.

What do condo fees pay for?

Condo fees are paid by unit owners to cover the costs of management, operation and maintenance of the property. Operating expenses include the day-to-day operations of a condo building such as administration (sometimes in the form of property management), utilities, trash removal or landscaping.

Reserve funds are allocated for future anticipated building maintenance such as a new roof or elevator. Each component of a building has an anticipated useful life expectancy with regular maintenance costs and an eventual replacement date and cost.

Condo fees are the primary revenue generation activity of a condo association, and if there are unexpected expenses, an association may need to levy a special assessment.

Why do some buildings have high fees? Is it because they have amenities like a pool and gym?

There are many reasons why a condo building may have higher than average condo fees. It is true that building amenities like a pool, gym increase the operating expenses of the building and have maintenance costs. These features can also add value for owners and increase the market value of units in the building potentially offsetting any added cost. (more…)

This column is written and sponsored by Alan Lescht and Associates, PC, an employment litigation firm in Washington, DC, that handles cases involving contract disputes, wage and hour issues, discrimination and retaliation, wrongful termination, whistleblower retaliation and security clearances.

Last week, a federal court ruled that employers must compensate hourly employees for rest breaks under 20 minutes.[1]

Progressive Business Publications used to give hourly employees two paid 15-minute breaks per day. However, in 2009, Progressive stopped paying employees for breaks. Instead, the company created a “flex-time” policy that allowed employees to log off their computers at any time. However, if the employee logged off for more than 90 seconds, he didn’t get paid. For example, employees weren’t paid for the time it took them to take a bathroom break.

The court said the company’s policy was “absolutely contrary” to the Fair Labor Standards Act (FLSA) because it “forces employees to choose between such basic necessities as going to the bathroom or getting paid.”

The court noted that if employees can take a bathroom break and get back to their desks in 90 seconds, they should be playing professional sports or advertising athletic footwear, instead of working for Progressive. Citing to Harry Potter in a footnote, the court doubted that an employee could manage such a feat even if they had access to a Portkey.

Am I entitled to take breaks?

The FLSA protects employees in every state, but it doesn’t require employers to provide meal or rest breaks. However, certain states have their own laws about employee breaks.

For example, under Maryland’s Shift Break law, retail employers must provide 15-minute breaks to employees who work four to six consecutive hours, and 30-minute breaks to those who work more than six consecutive hours.

There aren’t any additional state-level protections for Virginia and DC employees, but the FLSA still requires some paid breaks. (more…)

This weekly column is written and sponsored by D.C. real estate agent and Edgewood resident Jessica Evans. Email her questions at  [email protected].

Last week, The Wharf celebrated the grand opening of the first phase of the project. What was once an underutilized strip of nondescript buildings hiding the prime DC waterfront has been transformed into a dazzling array of glass and steel. Before you get too nostalgic about the historic Maine Avenue Fish Market, keep in mind it will be back and better than ever in 2018.

In addition to the shops, restaurants, piers and plazas, there are two condo buildings that are part of the first phase of the development, 525 Water and  Vio. It’s understandable that a waterfront view and prime walkable location will come at a price, but the record setting $1,000/square foot price tags at VIO were still somewhat startling even for someone accustomed to high housing costs in DC.

Sure, we’d all love a brand new waterfront condo, but let’s be realistic here, the prices are way out of reach for most DC residents. With that in mind, today I’m exploring the other options in the Southwest Waterfront neighborhood, within a few short blocks of the Wharf and at a fraction of the cost.

While real estate agents have been touting The Wharf as a selling feature for years, history shows that the real price appreciation of existing units in the immediate vicinity has yet to take place.

355 I Street SW #114 | 1 bed/1 bath | $395,000 | condo fee $321/month

• Potomac Place Condominium
• Newer construction, built in 2005
• 730 square feet with balcony, in unit washer dryer, open floor plan
• Rental parking available within the building for an additional cost

1301 Delaware Avenue SW #N725 | 2 bed/2 bath | $325,000 | coop fee $851/month

• River Park Mutual Homes Cooperative
• Monthly fee includes all property taxes and utilities
• Amenity filled community
• Total monthly payment (with 20% down) is less than $2,200/month

490 M Street SW #W608 | 1 bed/1 bath | $299,900 | coop fee $704/month

• Waterfront views!
• As close to The Wharf as you can get
• Monthly fee includes all utilities (+cable) and property taxes
• Parking available for sale for $45,000

(more…)

Denise Verburg with Long & Foster, a Washingtonian 2016 Best Realtor, and Joe Zamoiski with WashingtonFirstMortgage (NMLS# 118525) are hosting a Home Buying Seminar event on October 18 at the WFM branch office at 1146 19th Street NW. The seminar will last approximately one hour followed by a question and answer period.

The session will consist of a complete home buying overview and valuable home buying strategies that will provide you with some serious savings when you purchase. They will also be sharing tips in how to be successful in a competitive market.

DETAILS

When: Wednesday, October 18, from 7-9 p.m.
Where: WashingtonFirst Mortgage branch at 1146 19th Street NW (near the Farragut and Dupont Metro stations)
Cost: FREE
Parking: Validated parking or street parking
Refreshments:  Complimentary pizza and drinks

Space is limited. To register or for more information visit http://www.besthomebuyingseminars.com/

Denise and Joe have helped hundreds of successful buyers over the last decade and are both consistently ranked in the top 1% nationally. Their unique “team oriented” approach enables buyers to feel very comfortable throughout the process.

*terms and conditions apply, click here for complete details

This weekly column is written and sponsored by D.C. real estate agent and Edgewood resident Jessica Evans. Email her questions at  [email protected].

Myth: When choosing a lender, shop around for the lowest interest rate

Reality: When exploring lenders and mortgage options there are many factors to consider besides the interest rate including:

Advertised low rates 

• A lender can’t offer you an interest rate until you have a property lined up to purchase and they have reviewed your financial qualifications. Those low rates that you see advertised are available to specific borrowers for specific loans, not everyone who uses that lender.

Loan options

• Different lenders do not all offer the same products. Shopping for a mortgage is not like shopping for a car.

Reputation

• Many lenders have reputations, some good, some not so good. In a competitive offer situation, submitting a lender letter from a mortgage provider who doesn’t have a good reputation is not going to help get your offer accepted. In fact, it will likely have the opposite effect.

Why do sellers care?

• A seller who accepts an offer from a buyer whose financing is declined can lose a significant amount of money in terms of carrying costs and a potentially lower sales price if the market has changed.
• Yes, real estate agents are partial towards advising sellers to accept offers from buyers who are working with reputable (usually local) mortgage providers. They don’t receive any financial incentives for recommending a specific lender, and don’t want to be in a situation where a deal falls through because of a bad lender.

What’s the risk?

• If you decide to work with a lender, and they don’t have your loan ready by the settlement date, you as the buyer may be in default of the contract. There is no penalty to the lender. The seller can pursue damages for this default.

The lender you choose has a substantial impact on your home purchase. This decision can impact whether or not your offer is accepted on a home and whether you are able to complete the transaction (or if you will face financial penalties as a result of default).

Yes, a lower interest rate will save you money, but only if you’re first able to complete your home purchase. It’s important to consider more than just the interest rate when exploring your financing options and make an informed decision that will set you up for success.

Wondering what questions you should ask prospective lenders? Check out our list here.