Archive for November, 2010
Landlording in Montgomery County
Several of my clients have asked about various rules and regulations on rental properties within Montgomery County. Whether you are renting out your basement or your whole house, you are required to register and comply with County regulations.
The website for the Department of Housing and Community Affairs is loaded with information on licensing, lead paint requirements, and housing standards. You can also call the Licensing and Registration unit at 240-777-3799. This is the perfect place for would-be Montgomery County landlords to get started. Good luck!
Montgomery County- Transfer & Recordation Taxes
Making your way through a HUD-1 at settlement always feels a little rushed. As a real estate agent, I’m used to it. But if you’re only buying and selling a couple of houses in your lifetime, it’s not a regular event, and can lead to some head scratching. And the way the new HUD-1 sheets are figured can make even the most astute real estate agent a little fuzzy when it comes to explaining what is what. I recently had such a moment when the subject of transfer and recordation taxes came up.
In Montgomery County, MD, transfer and recordation taxes for purchases are found on lines 1203, 1204, 1205 and 1206 on the HUD-1. Line 1203 is for the purchaser, and lines 1204-6 are for the seller. Typically, these taxes are split evenly between the buyer and the seller. The one exception is Read the rest of this entry »
Homes for Sale- East Bethesda 11/27/2010
Just… emerging… from… turkey.. coma.
A… day… late…
Sorry.
All the homes in this article are currently for sale within East Bethesda. The top of the list features the newest listings, while the bottom showcases those that have been on the market for quite some time. I’ll be updating this post every Friday, so be sure to check back to see what’s new, what’s gone, & what might be coming (and check out the date up top… if it’s not current, neither is this information!). I’ve lived in East Bethesda for over 15 years. I’ve sold real estate in East Bethesda for over 11 years. I know it like the back of my hand. While all of this information is available to you on the various search engines, I’ve taken the time to inject my opinion on the condition, pricing, and likelihood of each property selling… or not. I hope you’ll give me a call if you have any questions. I have loved living here over the years, and I want to share it with other enthusiastic people!
If you would like to receive a weekly e-mail update about new listings & weekend open houses within East Bethesda, please let me know via the comment section below, or send me an e-mail, and I’ll get it set up.
This week we had nothing under contract, no new listings, no price reductions and one house withdraw from the market.
4613 West Virginia Avenue, $1,250,000
Totally renovated in 2005. 5 BR/3.5BA. Large eat-in kitchen opening to family room with cathedral ceilings. Quick walk to downtown Bethesda. Fenced yard. Finished, walk-out basement. Detached garage. Days on Market: 9
4713 N. Chelsea Lane, $749,000
Wow. I just love this house. Sun drenched, freshly painted cape cod home within walking distance of NIH and metro. 2BR/1FB on second floor, and another 1BR/1FB on the main level. Refinished floors. Fire place. 1-car garage. New patio. Updated kitchen. 1st floor addition/family room, but it’s pretty tiny. Given some recent neighborhood sales activity, and the unfinished basement, the price might be a tad enthusiastic. Days on Market: 17
7915 Kentbury Drive, $899,000
Expanded and renovated home with 6BR and 4FB. This house has a lot of rooms. None of them are terribly large, but there are a bunch of ‘em. And it looks pretty- handsome paint colors, granite counters, etc. But cracks in the grout on the first floor bath and gaps in the doorway to the deck make me wonder about attention to detail. It backs to the proposed Purple Line, which is another potential problem. Days on Market: 45 Read the rest of this entry »
Christmas Trees in Bethesda
Buying a Christmas Tree in Bethesda is a pretty easy task… there are plenty of stores and organizations to choose from. Taking care of your fresh tree is another matter. Some helpful hints:
- Before putting your tree in a stand, remove at least 1/2″ from the base of the tree. The cut should not be angled or “V”d… make it perpendicular.
- Try to get the cut tree into water as quickly as possible. If you have to store it, keep it cool and place it in a bucket of water.
- As a rule of thumb, a stand should hold 1 quart of water for every inch of stem diameter.
- Water temperature doesn’t matter, and make sure that the water level never goes below the base of the stem.
- Don’t burn ‘em in your fireplace… ever!
- Montgomery county recycles trees, so be sure to drag them to your curb on trash pick up day.
Here are some good spots for buying a Christmas Tree in Bethesda (and @ Bethesda):
- Bethesda-Chevy Chase Rescue Squad will begin selling trees on Nov. 30. Prices start @ $60 per tree, and fresh cut wreaths are $15. Located on the corner of Old Georgetown Road and Battery Lane.
- There are far too many local spots where you can cut your own tree (sadly, not Read the rest of this entry »
The trouble with Financing Contingencies
These days it’s just plain smart to include a financing contingency (in combination with an appraisal contingency) on any real estate offer. Banks have become so rigorous in their vetting process, that even if you have been approved in writing, there is no absolute guarantee that a loan can be secured. What’s that phrase… “it ain’t over until the fat lady sings”? Same goes with real estate. It ain’t sold until it’s SOLD.
While the Regional Contract for Maryland/DC/VA offers up a well balanced approach to purchasing a property, with protections for both buyers and sellers, it falls short in a few areas. One of them is the financing contingency.
There are a couple of examples as to why having a financing contingency in place is a good thing for buyers. There was a recent article in the Post about a couple who were very well qualified to buy a house, found one they fell in love with, and were denied financing on two separate occasions by two different banks because the house was round. You heard me right. The house was round. Both banks feared that the house would be unmarketable because it was different from your average square or rectangular house. On another occasion, a buyer Read the rest of this entry »
East Bethesda- Homes for Sale 11/19/2010
All the homes in this article are currently for sale within East Bethesda. The top of the list features the newest listings, while the bottom showcases those that have been on the market for quite some time. I’ll be updating this post every Friday, so be sure to check back to see what’s new, what’s gone, & what might be coming (and check out the date up top… if it’s not current, neither is this information!). I’ve lived in East Bethesda for over 15 years. I’ve sold real estate in East Bethesda for over 11 years. I know it like the back of my hand. While all of this information is available to you on the various search engines, I’ve taken the time to inject my opinion on the condition, pricing, and likelihood of each property selling… or not. I hope you’ll give me a call if you have any questions. I have loved living here over the years, and I want to share it with other enthusiastic people!
If you would like to receive a weekly e-mail update about new listings & weekend open houses within East Bethesda, please let me know via the comment section below, or send me an e-mail, and I’ll get it set up.
This week we had one house go under contract, 1 new listing, and 1 price reduction.
4613 West Virginia Avenue, $1,250,000
Totally renovated in 2005. 5 BR/3.5BA. Large eat-in kitchen opening to family room with cathedral ceilings. Quick walk to downtown Bethesda. Fenced yard. Finished, walk-out basement. Detached garage. Days on Market: 1
4713 N. Chelsea Lane, $749,000
Wow. I just love this house. Sun drenched, freshly painted cape cod home within walking distance of NIH and metro. 2BR/1FB on second floor, and another 1BR/1FB on the main level. Refinished floors. Fire place. 1-car garage. New patio. Updated kitchen. 1st floor addition/family room, but it’s pretty tiny. Given some recent neighborhood sales activity, and the unfinished basement, the price might be a tad enthusiastic. Days on Market: 9
7915 Kentbury Drive, $899,000
Expanded and renovated home with 6BR and 4FB. This house has a lot of rooms. None of them are terribly large, but there are a bunch of ‘em. And it looks pretty- handsome paint colors, granite counters, etc. But cracks in the grout on the first floor bath and gaps in the doorway to the deck make me wonder about attention to detail. It backs to the proposed Purple Line, which is another potential problem. Days on Market: 37 Read the rest of this entry »
Montgomery County Board of Education Recommendations
In mid October I wrote a post about overcrowding at Westland Middle School, and some of the problems associated with the feeder schools, both Chevy Chase Elementary, and North Chevy Chase Elementary Schools.
In response to a November 10 public hearing at which there was a great deal of testimony from the schools and various communities, Jerry Weast, BOE Supervisor, issued the following amendment to his previous position on the timing of the elementary school boundary study:
The previous language in alternative #3 states that:
A boundary study is recommended to evaluate reassignments of the eastern portion of the Bethesda Elementary School service area (residents east of Wisconsin Avenue in the neighborhoods of East Bethesda and the Paddington Square Apartments).
Weast’s response: “I think that it is important to review the assignment of the eastern portion of the Bethesda Elementary School service area in the context of Read the rest of this entry »
Home Inspection vs. General Inspection
When you make an offer on a house in Maryland/DC and VA, and you use the Addendum of Clauses (Form #1332) there are several ways one can approach a home inspection:
Home Inspection Contingency: This type of contingency allows for a specified number of days to complete the inspection. At the end of this period the contingency will expire, unless the buyer presents the seller with a Home Inspection Notice (Form #1344) listing the conditions that the buyer requests the seller to repair and/or a credit for such repairs. A home inspection notice should be accompanied by a copy of the home inspection report. The buyer can also declare the contract void, for any reason (it can be a really bad inspection, or simply cold feet).
If the buyer declares the contract void, everything Read the rest of this entry »
The Evers & Co October 2010 Real Estate Report
The best way to describe the current market in the close-in Washington Metro area is “spotty”. In the convenient, hot neighborhoods, condos and townhouses between 300-$800,000 are selling fast, especially if they are well-priced and show well. As you move out into Montgomery County and Fairfax County, things slow down, especially with properties over $1.5 million, and this price range has been slower to sell all year.
A quick look at sales shows us that while the average dollar volume of sales in the area in down 16% from last October, the average price is up 10.8%. Also, the average “days on the market” is 67.5 days, down 17.8% from last year at this time. The price is up because it lags behind other numbers and is still enjoying the influence from the spring market. Meanwhile, we have seen sales volume decline, starting in July, partly due to the hangover from the spring bubble and partly due to lagging consumer confidence. As for the immediate future, with interest rates so unbelievably low in what is a strong economic marketplace, an uptick in consumer confidence is all that is needed to get the market off and running.
* Statistics are taken from the Metropolitan Regional Information System for three areas: Washington, D.C.; Montgomery County, Maryland; and Fairfax County, Arlington, Alexandria and Falls Church in Virginia.
East Bethesda- Homes for Sale 11/12/2010
All the homes in this article are currently for sale within East Bethesda. The top of the list features the newest listings, while the bottom showcases those that have been on the market for quite some time. I’ll be updating this post every Friday, so be sure to check back to see what’s new, what’s gone, & what might be coming (and check out the date up top… if it’s not current, neither is this information!). I’ve lived in East Bethesda for over 15 years. I’ve sold real estate in East Bethesda for over 11 years. I know it like the back of my hand. While all of this information is available to you on the various search engines, I’ve taken the time to inject my opinion on the condition, pricing, and likelihood of each property selling… or not. I hope you’ll give me a call if you have any questions. I have loved living here over the years, and I want to share it with other enthusiastic people!
If you would like to receive a weekly e-mail update about new listings & weekend open houses within East Bethesda, please let me know via the comment section below, or send me an e-mail, and I’ll get it set up.
This week we have 1 new listing and 1 new price reduction.
4713 N. Chelsea Lane, $749,000
Freshly painted cape cod home within walking distance of NIH and metro. 2BR/1FB on second floor, and another 1BR/1FB on the main level. Refinished floors. 1-car garage. New patio. 1st floor addition/family room. Days on Market: 2
7915 Kentbury Drive, $899,000
Expanded and renovated home with 6BR and 4FB. This house has a lot of rooms. None of them are terribly large, but there are a bunch of ‘em. And it looks pretty- handsome paint colors, granite counters, etc. But cracks in the grout on the first floor bath and gaps in the doorway to the deck make me wonder about attention to detail. It backs to the proposed Purple Line, which is another potential problem. Days on Market: 30
4400 Chestnut Street, $1,795,000
Lovely house with lots of Texas charm. Pretty front porch, perched up high so you can sit back and watch the world go by. Corner lot. 6 bedrooms and 5.5 baths. 2-car garage. Fenced yard. Radiant heated floors in master bath. Very fancy. Days on Market: 35 Read the rest of this entry »
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