Thursday, June 24, 2010

Q and A with Anacostia River Realty


Very often I get email with questions regarding real estate. I figure if one person needs the answer to a particular question, there are many more people who would also be interested in hearing the answer. Some of the questions do not necessarily pertain to the east of the Anacostia River, but I'll do my best to answer and post on my blog. P.S. Names will be withheld on request! Darrin

Q. What is the standard down payment required when purchasing a home?

A. Typically, in this market, on a FHA Loan you will pay 3.5% down payment. This means 3.5% of the sales price. The home must be a primary residence and pass an inspection. If you are looking at conventional financing, typically, the down payment is a...round 5% of the sales price. For investors, from my understanding, if purchasing a Fannie Mae or Freddie Mac property (foreclosure), they can be purchased for 10% down. Otherwise, for investors the down payment is usually a 20% down payment. I hope this helps, but please contact a mortgage lender for specifics. Good Luck, Darrin



ANACOSTIA RIVER REALTY: The east of the Anacostia River experts.
http://www.AnacostiaRiverRealty.com

Monday, June 14, 2010

Maryland to limit trash dumping in the Anacostia River


The United States Environmental Protection Agency (EPA), the District of Columbia, and the state of Maryland announced a new Total Maximum Daily Load (TMDL) or “pollution diet” for trash in the Anacostia River. This makes the Anacostia only the second river in the country with a daily trash limit, and the first in the mid-Atlantic region.

Each year, hundreds of tons of trash and debris are washed into the Anacostia from stormwater runoff, not only creating a nuisance and an eyesore, but endangering birds, fish and other wildlife that ingest or become entangled in the debris.

The federal Clean Water Act directs states to develop “pollution diets” for impaired water bodies, such as the Anacostia River. A TMDL establishes the amount of a pollutant, in this case trash, that a water body can assimilate without exceeding water quality standards. TMDLs provide the basis for establishing water quality-based controls, reducing pollution from both point and nonpoint sources and restoring the quality of water resources.

The District and Maryland both included the Anacostia River on their respective list of impaired waters due to excessive quantities of trash and debris in 2006. To complement this TMDL, the District and Maryland are developing innovative storm water permits for municipalities.

The District Department of Environment, and Maryland Department of Environment along with members of several non-governmental organizations have worked collaboratively with EPA to develop this draft trash TMDL for the Anacostia River.

ANACOSTIA RIVER REALTY: The east of the Anacostia River experts.http://www.AnacostiaRiverRealty.com

Friday, June 11, 2010

Fuel spill at a marina on the Anacostia River

Washington had a miniature fuel spill of its own the evening of May 29, 2010 when a cabin cruiser burned at a marina on the Anacostia River.

About 80 to 100 gallons of fuel apparently spilled after a 35 foot cabin cruiser caught fire about 7:30 p.m. at the James Creek Marina, the D.C. fire and emergency services department said.

The fire was quickly extinguished, but a fire department hazardous materials unit joined the Coast Guard in working to deal with the fuel spill.

No injuries were reported.


ANACOSTIA RIVER REALTY:
The east of the Anacostia River experts.http://www.AnacostiaRiverRealty.com

Wednesday, June 9, 2010

Savoy Court Happy Hour/Open House, June 10, 6pm-8pm

*Get a free 42'' Plasma TV!!!


Come see what luxury truly is...East of the Anacostia River

Join ANACOSTIA RIVER REALTY and SAVOY COURT LUXURY CONDOMINIUMS...for hot dogs, burgers, and cool drinks on the roof top deck!

Thursday, June 11, 2010, 6p-8pm
...
SAVOY
COURT CONDOMINIUMS
210 Oakwood St. SE
Washington, DC 20032
202-678-REAL
(7325)

ANACOSTIA RIVER REALTY:The east of the Anacostia River
experts.
http://www.SavoyCourt.com

*For attendees that purchase within 30 days of the event.

ANACOSTIA RIVER REALTY: The east of the Anacostia River Experts.http://www.AnacostiaRiverRealty.com

Saturday, June 5, 2010

East of the Anacostia River Open Houses: Sunday, June 6, 2010. 1pm-5pm

Come See The New
East of the Anacostia River!

Saturday, June 12, 11am-2pm & Sunday, June 13 12pm-3pm, 1214 U. St. SE, WDC 20020. Must See This Gorgeous Historic Anacostia End-Unit:
The "WOW" Factor! Gorgeous historic end-unit in great location. Capitol views! Brand new interior, restored exterior. Private parking, New Roof, hardwood floors, huge kitchen w/ Stainless. Open floor plan w/ half-bath & lots of light. 3BR, 2 Bath upstairs w/ Master Suite. Steps to new streetcar, Big Chair Coffee, art galleries, river. Only 7 minute walk to Metro. One mile to Dept. of Homeland Security. Call David at 202-642-5811 for more details!

Sunday, June 20, 1pm-3pm, 210 Oakwood St. SE, WDC, 20032. Sophisticated Living at Savoy Court Condominiums:
Contemporary floor plans*Hardwood floors*Carpeted bedrooms w/2 closets*Bath w/ceramic tile floors & walls*washer/dryer*Gourmet kitchen w/granite counter tops*Stainless steel kitchen appliances*built-in microwaves*deep sink*Rooftop deck*Exercise room*Limited garages available for purchase*10 mins to Downtown DC*2 near Metro*Bus Stop in front of building *Plus more!

Renovated 1940's brick exterior with stylized art deco entryways*Lavishly landscaped courtyard with expansive trellis structure*Satellite-ready w/master dish*Gated and secured grounds w/Electronic access control*Plus more! Call Anacostia River Realty at 202-678-REAL ext. 1 for more info.



ANACOSTIA RIVER REALTY: The east of the Anacostia River experts. http://www.AnacostiaRiverRealty.com

Friday, June 4, 2010

Anacostia's First Green Condos


Ward 8's first "green" condos in what was once an abandoned eyesore in the community. The new Fendall Heights condos, at the corner of Fendall and V Streets, SE, adds 29 newly renovated units just blocks from the also newly renovated Frederick Douglas House. The affordable housing project, restricted to first time home buyers, was developed through a joint venture with ARCH Development, a non-profit community development organization, Fendall Partners, and $170,000 in pre-development support from the District Department of Housing and Community Development.

Through a grant from the U.S. Department of Energy (DOE) the development team funded the installation of a living green roof to control surface run-off and reduce heat absorption for structure. Other green features include energy saving double-pane windows, pipes made of recycled plastic instead of copper and 100% energy efficient furnaces. Inscapestudio designed the reconfiguration of the building and the green elements.

The gutting and interior renovation began just about two years ago and the units should be complete by the end of June, according to Anthony R. Bolling, a spokesman for the developer. In addition to the 22 2-bedroom units an 9 1-bedroom units, Fendall Heights provides 3,000 s.f. of community space for artists studios. Condos will start at $125,000. When originally envisioned, some of the condos were intended to be reserved for artists, though none have been set aside. Bolling is confident that the units will nonetheless appeal to artists, not to mention a welcome relief for neighbors who have watched the building "sitting vacant and deteriorating for decades."

Source DCmud.com

ARCH, as a non-profit developer, supported the community and the project through its Training Center. District residents, as part of ARCH's Training program, were trained in construction techniques and gained on-site experience throughout the conversion of Fendall Heights.


ANACOSTIA RIVER REALTY
: The east of the Anacostia River experts.http://www.AnacostiaRiverRealty.com

Wednesday, June 2, 2010

Sheridan Station Breaks Ground

Public housing in Parkside will crumble and fall this summer, not from age or neglect, but by a demolition team, clearing the way for the new Linda Joy and Kenneth Jay Pollin Memorial Community Development. The Pollin project will replace one-for-one the 42 affordable rental units on site, known as Parkside Additions, while adding 83 for-sale units. The project was initially spearheaded by the late Abe Pollin and his Pollin Foundation. The District of Columbia Housing Authority (DCHA) is seeking permission to raze the row of apartment buildings from 705-721 Anacostia Avenue, NE and, according to DCHA Spokesperson Dena Michaelson, hopes to demolish the buildings over the course of the summer.

Pollin Memorial Community Development, LLC's planned $35 million development would bring 125 new affordable for-sale and rental homes to the northeast site, an assemblage belonging at one time to three different government entities – the District of Columbia, the District of Columbia Housing Authority (DCHA), and the National Parks Service (NPS). The developers courted the approval of all landowners back in 2006 and received approval for the project from the National Capitol Planning Commission (NCPC) in 2008. The NPS transferred its property to the District in 2007.

According to Michaelson, the developer is putting up $2 million to guarantee construction loans for the project. Michaelson said the entire project will eventually be paid for by the condo sales, and that Pollin, acting as a fee developer, will not gain financially from the sales. DCHA will be the property owner for the public housing and will maintain the units. Financing for development is being provided by the District of Columbia Department of Housing and Community Development (DHCD), the District of Columbia Housing Authority, United Bank, Enterprise and the Abe Pollin Grantor Trust. DHCD is providing a construction loan, explained Michaelson, "a portion of the DHCD loan that applies to building public housing units is forgivable."

The project will provide 125 off-street parking spaces, one per unit, and the new residential structures will not exceed 40 feet or 3 stories. The 83 condominiums will be available to individuals earning between 40 percent and 100 percent area media income (AMI) and the 25 rental units will be offered to residents earning at or below 30 percent AMI.

A ceremonial groundbreaking in December was marred by a community boycott - an effort to convince developers and city officials to be more forthcoming about the project's community benefits which, though not final, had been viewed as skimpy. At the time, Michaelson indicated that a community benefits package would be available to the public upon its completion. When asked if an agreement has now been reached, ANC7C04 Commissioner Sylvia Brown said, "Short answer: no, no community benefits. Medium answer: there was a change in the ANC7D chairmanship and the momentum went out like air from a balloon. There hasn't been any other broad community update or discussion." Michaelson said the Pollin family has committed to giving $350,000 to the community, but was not sure what form the donation would take.

Meanwhile, DCHA will begin relocating residents to alternate public housing until Pollin's project delivers, a process that will determine the demolition date. "It's not a quick thing...it's a process to be able to relocate folks...to find the right size bedroom units, etcetera." explained Michaelson.

Current Parkside residents will have the first right to return to the new units. A press release from the ground breaking indicated the first units would be available in 2011. The phased project will complete in February 2013, according to Michaelson, who added that for-sale units will not be marketed until 2013.

Enterprise Community Investment is one of the development partners on the project. John Stranix, of Stranix Associates, is spearheading the construction effort with designs by Torti Gallas & Partners.

Courtesy of DCMud.com

ANACOSTIA RIVER REALTY: The east of the Anacostia River experts.http://www.AnacostiaRiverRealty.com