by PoP Sponsor May 10, 2018 at 12:15 pm 0


This column is written by Metro DC Houses, a local real estate team serving DC, MD, VA made up of Colin Johnson, the immediate past President for the D.C. Association of Realtors and Christopher Suranna, the current President for the D.C. Association of Realtors.

We saw a blog post at Streetsblog NYC that said that Central Park in NYC will go car free starting on June 27 and it raised a question with us; what is the value of a parking space in DC?

We found that since 2003 the value of a parking space has only gone up .79%. That’s right folks! In one of the hottest markets in the country, appreciating double digits in some areas, the price of a parking space has only gone up by .79%.

We took a look at sales of 1-bedroom condos in three zip codes since 2003 and compared prices of those with parking versus those without parking since parking spaces are often incorporated with the sale.

We chose the Dupont area (20036), Logan Circle area (20005) and Capitol Hill (20003). The locations vary in density and obviously there is a difference in changes to the neighborhoods in that time period, but the findings were interesting.

(more…)

by PoP Sponsor April 12, 2018 at 12:15 pm 0

This column is written by Metro DC Houses, a local real estate team serving DC, MD, VA made up of Colin Johnson, the immediate past President for the D.C. Association of Realtors and Christopher Suranna, the current President for the D.C. Association of Realtors.

For over 10 years, the Washington Nationals have called Navy Yard (or Capitol Riverfront) their home.

During this time, the neighborhood has seen a resurgence of housing and commerce replacing what was at times considered DC’s industrial backyard.

While Nationals Stadium has been a key cornerstone of this success, such a rapid change could not have happened without a concerted effort by city officials, developers and local residents.

The Capitol Riverfront BID sees the area becoming the, “next-generation neighborhood for business, recreation and city life.” So much so, that Mayor Bowser has even pitched it to Amazon for their future HQ2 site.

With so much development, we thought we’d take a look at the numbers from the perspective of a future homeowner, renter or investor that has been wondering if the Navy Yard is right for them. (more…)

by PoP Sponsor March 8, 2018 at 12:15 pm 0


This column is written by Metro DC Houses, a local real estate team serving DC, MD, VA made up of Colin Johnson, the immediate past President for the D.C. Association of Realtors and Christopher Suranna, the current President for the D.C. Association of Realtors.

TOPA.

It is not a four-letter word but rather four letters that historically represent challenges that faced landlord’s and tenant’s interest throughout the city.

How did we get where we are today with TOPA?

There are 3 categories of TOPA: single family, 2-4 units, and 5+ units. For the purposes of our discussion we will only be discussing single family properties.

The law as it is written requires homeowners with tenants to provide them with first right a refusal and notice of a sale on their home. As it stands this notice and process period could last for 180 days or more and repeats itself if an interested party backs out on single family homes.

There is also a piece of the law that allows for an occupant to assign their rights to another person or entity. This part is very important to allow occupants the opportunity to find a possible non-profit or another owner whom may wish to buy property and then rent back to that occupant.

Because of these 2 major components in the legislation, an industry has evolved that aids tenants in leveraging those rights to the highest bidder or simply stalls the sale. This particular leverage then puts owner in a situation where in order to sell they must pay a tenant or face the potential ongoing loop of tenant rights and maybe never being able to sell. (more…)

by PoP Sponsor February 8, 2018 at 12:15 pm 0

This column is written by Metro DC Houses, a local real estate team serving DC, MD, VA made up of Colin Johnson, the current President for the D.C. Association of Realtors and Christopher Suranna, the President Elect for D.C. Association of Realtors.

We started this article 2 weeks ago and a lot has changed, but as we try to grapple with what exactly Bitcoin (BTC) is and why everyone you know is getting rich and you’re not, it seems that the cryptocurrency’s time in the limelight has not run out.

BTC is a digital currency that is gaining acceptance as a method of payment for all sorts of online and real-world transactions. Today, over 10,000 merchants worldwide accept BTC, ranging from Microsoft and Virgin Galactic to Amsterdam coffeeshops.

Blockchain technology, which eliminates the need for a central bank to print and back the money, has sparked a revolution in how we think about currency. It was only a matter of time before this innovation spilled over into real estate with several instances all over the country of sellers accepting bitcoin as payment for the sale of their home.

However, it’s not as easy as it sounds, with the proven volatility of the cryptocurrency’s value in conventional US dollars, the 2,739 BTC which were needed to purchase a $1.6 million Lake Tahoe home in 2014 would allow you to trade for $24 million in hard cash today!

The standard contract used by many real estate professionals would have to be altered to deal with the actual exchange, as it currently notes US dollars. Due to the volatility in the currency and because a traditional purchase and sale takes 7-45 days, contract procedures would have to be modified.

Technically how would one handle this transaction? We have asked a few other real estate professionals their opinions. (more…)

by PoP Sponsor January 11, 2018 at 12:15 pm 0

This column is written by Metro DC Houses, a local real estate team serving DC, MD, VA made up of Colin Johnson, the current President for the D.C. Association of Realtors and Christopher Suranna, the President Elect for D.C. Association of Realtors.

Hello PoPville, we would like wish everyone a wonderful Happy New Years. We wanted to warm everyone’s heart with a story that broke in December. We had the pleasure to meet Robin McKenney, who recently went from homelessness to homeownership.

Her story started when her subsidized home became uninhabitable which lead to a series of bureaucratic issues with her and her family ending up in one of the local hotels that stand in as temporary shelters for some of DC’s neediest residents. It was along that path that Robin was inspired to make a decision; the best way she could prevent this from happening again is to have ownership of her own property or as she says, “I now have the key to the city.”

We sat down with her to learn about her journey and what experiences she had with what the city has to offer for individuals looking to own. So how did she do it?

All of the below resources and descriptions are brief explanations and each of these programs have different requirements and limitations.

Robin had talked a lot about the support she received from LaRuby May, so we thought to reach out to her and hear her side of Robin’s journey. When speaking with former council member LaRuby May, who now owns The May Firm Pllc. Ms. May was an architect several years ago with an initiative called Move To Work Designation, which allows subsidized voucher recipients to use some of that money to assist in the payment of homes they own. In addition, there are several non-profit organizations that Robin was also able to coordinate with in order to facilitate with down payment assistance, credit repair and general education on homeownership responsibilities. (more…)

by PoP Sponsor December 14, 2017 at 12:15 pm 0

This column is written by Metro DC Houses, a local real estate team serving DC, MD, VA made up of Colin Johnson, the current President for the D.C. Association of Realtors and Christopher Suranna, the President Elect for D.C. Association of Realtors.

Hello PoPville, this is the beginning of a series of articles where we tackle neighborhoods of DC and interesting real estate related questions. With the news of I-66 charging $40 dollars for solo drivers on Tuesday December 5 at peak times we began to ask the question; what is the cost of a commute and how might that impact real estate values?

Theory: It costs a lot less to live further out, but commute costs are higher.

Now we know there are a lot of wonky people in DC so don’t blow us up because this isn’t a study. We’ll focus on the orange line because that follows I-66, and we will also look at a variety of neighborhoods along the route until the last stop in DC on the same line.

*All times listed in minutes 9 a.m. departure time
**50 weeks a year 5 days a week
***Household within .25 miles metro

There are a lot of variable issues, property types vary, neighborhoods vary and no one actually lives right on top of metro stations. Thus actual commute times will vary. Please note in our professional opinion a 45 plus minute commute changes peoples’ perspective on a home and there are lots of studies on negative health effects on long commutes. In essence, driving 100 minutes from Vienna would make most people rethink their commute. (more…)

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