New Rental Listing in Georgetown

Kevin Shirley and I have this new rental in Georgetown. You have the option of the whole house for $5300, or the main part of the house for $4300 and the in-law suite for $1700.

Coop Boards and Landlords use Facebook to Check Out Prospective Residents.

The New York Times Real Estate Section recently wrote this article entitled "Caught in the Web" about Coop boards and landlords going online to check out Facebook photos and Google search records of potential building inhabitants. DC doesn't have coop boards that are as strict or political as Manhattan's, but I think that this internet searching is a fair housing MINEFIELD and I'm concerned about it happening here. In Washington the fair housing laws prohibit clients who use Real Estate Professionals from discriminating based on the following: Race, Religion, Color, Age, Sex, Familial Status, Disability, National Origin, Marital Status, Matriculation, Personal Appearance, and Source of Income. Going online and seeing that your well qualified potential tenant has a teenage soon who looks "up to no good" is discriminatory because you are judging familial status as well as personal appearance. We as members of our community, whether that be as Real Estate Professionals, landlords, members of coop or condo boards, or in other capacities need to put our stereotypes aside and focus on who is financially able and then not worry about what their Facebook photos or Google results. Long and Foster's Leasing Services does a very thorough background check on applications for our company's rental listings and if there is something misrepresented or financially questionable they will find it.

New website for basement renters and landlords

DCRA has started a new website for DC basement rentals www.rentmydcbasement.com. The website contains great information about safety issues and proper licensing of basement rentals. The comments section allow readers to ask questions and so far it looks like most people have been answered or directly to the appropriate resource. I wish more DC agencies would have such easy to use and helpful websites!!

New Listing! 8008 Whittier $3500/month

Great Deal on an Arlington Rental

Just thought I would put this up here in case anyone is looking or has a friend looking for a well priced rental...this is a 2 BR with parking in Arlington for $1695/month! It is a nice building off of Lee Highway and close to Key Bridge and the Courthouse metro. I am going to have a listing for sale coming up in this building soon and it's a lovely building overlooking lots of trees. Click here for pictures.

1150 K Rental Back on the Market

Our lease on 1150 K Street NW #510 fell through yesterday so this rental is still available! 2 BR/2 Bath with gorgeous finishes and plenty of closet space for $2950/month. Includes 1 parking spot, and the building has conference room, fitness center, and rooftop terrace. Close to 3 metros and walk downtown to work!

Should you be paying $1600 to rent a studio??

I'm aware that rent prices in Washington are expensive, but I just ran a search for a client looking for studios in the Logan Circle/Thomas Circle area and they ranged from 1525-1850/month!

The price of studio apartments for SALE however, has stayed fairly constant and prices have come down as investors have been forced out of the market (investor mortgage rates for condos are not good right now). For example, click below for pics of this studio at 14th and N, just north of Thomas Circle and a hop away from Whole Foods, Logan Circle, and DuPont. It is listed at $185,000 with a $365 condo fee that covers ALL utilities. The building also has a pretty awesome rooftop pool so if any of my friends want to buy this and invite me over, let me know.
http://slideshow.mris.com/slideshow.cfm?ListingKey=90010683489

Here's the breakdown if you rent: you pay $1500 ($1530 with renters insurance) which goes up 3% a year, by year five you pay $1718/month for that same studio. This is not including utilities. After five years you have given your landlord or building $97,340.

Here's the breakdown if you buy: The condo at 1440 N Street mentioned above costs $185,000 if you put 10% down, your monthly mortgage payment (at the FHA rate of 6%) is $998 and your monthly taxes, utilities, insurance and homeowner dues work out to about $675. A total monthly expense of $1674, about the same as the $1530 plus utilities.

In this case, you're also saving on taxes because your mortgage interest (which is almost your entire payment for the first few years of any loan) and real estate taxes are tax deductible, which means you keep more of your paycheck, making it easier to make that $1675 payment every month. In a few years when you are ready to move up, you can sell the condo or keep it as an investment property and let a renter pay your mortgage.

If anyone out there is curious about how these numbers would look for a different rent vs. buy situation, let me know and I'll calculate it out for you!

Please use Caution on Craigslist

Recently internet scammers have gotten clever on Craigslist using properties that are for sale or vacant and listing them as rentals. These scammers will pretend to be the owners of properties and ask you to go see the property and then send them your first months rent if you want it. Sometimes these scams are more obvious, such as a 5 bedroom house in Bethesda renting for 2,000/month (yeah, right) or asking for a money order to be sent overseas, but sometimes its less clear.

If you are thinking of signing a lease for a property found on Craigslist and it seems suspicious, please let me know and I will look up the tax record to make sure you are dealing with the true owner.

Just Listed! 1150 K Street $2950/month

Want to live in the heart of downtown DC? 1150 K Street NW #510 a spacious bright 2 BR 2 Bath apartment WITH PARKING for only $2950/month. The building is new, completed in 2005 and features a 24 hour front desk, conference room, and fitness center. The apartment has brazilian Cherry hardwood floors in the combined living/dining room and granite countertops in the kitchen. Lots of closet space and a washer/dryer!

click link below for more pictures

http://slideshow.mris.com/slideshow.cfm?ListingKey=90005020915