Archives December, 2010
The National Christmas Tree’s Holiday Allure
Almost every city spruces up for the holidays, but only one place can bring together every state in America in a celebration of winter wonder.
Washington honors the December holidays by including the entire country in a celebration, doing so with the National Christmas Tree. The tree is a sight to behold and worth a trip into the city, despite the recent freeze.
The lighting of a National Christmas Tree began in 1923, when President Calvin Coolidge shipped a massive evergreen down from upstate Vermont and decorated it on the Ellipse, a circular lawn just outside the White House’s South gates.
The tradition has continued every year since. This year’s tree has resided on the Ellipse since 1978, when it was planted as a spry 15-year-old. Now, it’s over 43 feet tall.
The 2010 celebration began on December 9th, when President Obama presided over the lighting of the tree for the holiday season.
It’s best to visit the tree at night, when it can be seen in its full splendor. Begin a trip by parking along Constitution Avenue, and walking up 14th Street to the Ellipse’s main entrance. Behind you looms the brightly-lit, beige Washington Monument, towering over the Mall.
While approaching the tree from afar, it can seem like just one massive light, a conical wall of bright white. The lighting on the tree is so dense it’s hard to even imagine an evergreen beneath it all.
But head closer and not only can you see the intricate detail and depth of color in the lights, but the tree itself. And up close, you realize the tree is not just one color, but an array of lights. Individual strands of greens, reds, blues and white become apparent to the eyes.
Around the base of the tree runs a model railroad route, complete with different stations and miniature cities burgeoning from the railway stops. The tiny trains run constantly, a reminder of a long ago and simpler time.
Circling the tree further out is a homage to every part of the Union, with 50 different trees representing each state of America and several others for U.S. Territories. Each tree is decorated uniquely, with ornaments colored by kids in elementary schools from each state.
And if that didn’t make the scene comforting enough, every evening from now until the end of the holidays, different choirs—typically elementary, middle, or high school students—perform carols at the base of the tree.
The atmosphere can put anyone in the holiday spirit, making the National Christmas Tree a charming and beautiful way to enjoy a frigid holiday evening and give yourself a bit of calm during the hectic holiday months.
-David
MyLife in Metro DC: Last Minute DC Shopping Secrets Revealed!
Tis the season to be jolly… and unfortunately in DC… to be stuck in the Holiday shopping madness!
Tysons. Pentagon. Fair Oaks. Take your pick. They are all packed with the same crowds, same lines and same frustrations. And with the “12 Days of Christmas” countdown already on the second day, the days left to shop are quickly running out!
It took only one afternoon waiting 20 minutes to park, pushing through angry crowds and standing in lines that had no end for me to decide there HAS to be a better way to shop during the Holidays in DC.
Since I know I’m not the only one trying to avoid the mall mayhem, my Holiday gift to you is my top three “mall alternatives” list; helping you find the perfect gifts for anyone on your list while steering clear of the crowds.
photo credit: www.marketcommonclarendon.net
I love living in Arlington and this shopping center has by far been one of my happiest discoveries! Whether I’m trying to nab the latest Apple gadget or cross a fashionista off my gift list, I can do it all here.
Located at 2800 Clarendon Blvd across from Whole Foods, there are ample parking options. There are two pay to park parking garages (one by the Container Store and one across from Whole Foods). Or if you are lucky, you can sometimes find a spot on the street (meters on Clarendon Blvd stop charging at 6pm). There is also the Clarendon Metro stop is located just two blocks away.
Some of my personal favorite stores to find gifts at are: the Apple Store, Crate & Barrel, Ann Taylor LOFT, South Moon Under & Free People. While you’ll most likely have to pay to park, for me, it’s worth it to drop in after work and shop in peace at well stocked stores without the masses.
photo credit: www.mezzogiorno.us/
When I’m looking for a unique gift for “the person who has everything” on my list, I take a trip to Old Town Alexandria. All along King Street and Old Town’s “Boutique” District you’ll find adorable stores filled with home décor items, jewelry, fashion apparel, food and wine and a plethora of other gift ideas.
There are a number of parking garages and street spots available or if you are feeling adventurous (and are bundled up) you take the metro and then hop on the free trolley that runs along King Street.
The best part of Old Town is that sprinkled in with all the boutiques are delicious restaurants you can stop at to grab a bite and re-energize for the rest of your trip!
Some of my favorite stores: An American in Paris, Barkley Square (for the Dog/Dog lover on your list), Bellacera, Silver Parrot and the Potomac Bread Company.
Ok, by now I’m sure you are saying, “Those are great suggestions Kristin, but it’s FREEZING OUTSIDE – I want to stay warm while I shop!”
So for those of you trying to avoid the frigid winds on the streets of DC, I give you my last, but certainly not least, suggestion – Etsy.
photo credit: Pear & Peacock, Lisa Hopkins & Tiffany Roundy for Hipchicks Knits
This is by FAR my favorite place to shop any time of the year for the ultimate original presents. Plus, I’ve snagged the MyLife in Metro DC readers a few discounts**!
Etsy is a website that provides its customers with the ability to search for goods created by artisans all around the world on a single site. Simply type in what you are looking for or browse through showcased items and you’ll find one of a kind treasures that will make the perfect gift. All of this done while sitting in your favorite chair in the warmth of your home.
Three of my favorite vendors on the site are: Pear and Peacock, Lisa Hopkins Design, and Hipchicks Knits.
I love Pear and Peacock not just for the jewelry but also for the extra thought that is placed behind each piece. Designer Erin McCloskey uses earth friendly, non-mined, recycled metals along with vintage beads and components to help lessen its impact on the environment. I think its great to give a gift to someone knowing that designer went the extra mile to be eco-friendly while creating it.
Lisa Hopkins creates etched silver jewelry featuring hand lettered calligraphy and artwork. She takes pride in each of her pieces and is more than willing to work with you on custom orders. I personally have purchased some of Lisa’s jewelry and wear my ginkgo necklace everyday – I absolutely love it.
Finally, there’s Rachel Gallager’s Hipchicks Knits. Rachel started selling hats when she discovered her passion for knitting could be used for good. She learned that a baby loses 80% of his or her body heat through the top of their head and wanted to do her part to help. All of the hats featured on her site are hand knit by Rachel and for every hat you purchase she knits and donates TWO for charity. What an awesome opportunity to help to a baby in need while sharing warmth with a child on your gift list!
**Special MyLife in Metro DC discounts: When making a purchase on Lisa Hopkins Design enter in the coupon code: MERRY2010 at checkout and receive a special 10% discount from now till the end of 2010 and when purchasing from Hipchicks Knits enter Coupon Code: Holiday10 at checkout to receive a special 10% off all her hats! Thank you both for the Holiday specials!
Well there you have it. My DC shopping secrets – revealed. Hopefully you’ll read this early enough for to skip the lines and be able to spend a little extra time enjoying the Holiday season. Happy Shopping!
To share your shopping secrets, learn more about MyLife, view pictures, videos, post comments, and suggest adventures “Like” MyLife on Facebook!
-Kristin
Montgomery County, MD 12/13/10
Montgomery County is a vibrant, bustling area, just minutes from Washington, DC by car or Metro. The schools in the county are among the best in the nation. The close proximity to Washington, DC and the Federal Government make it a desirable place to live and work.
Overall Montgomery County’s Housing Market is well on its way to a slow but sure recovery. The Average Sold Price of $468,000 is up 16.15% from November of 2009, and up 5.31% from last month. There were 697 homes that SOLD which is slightly more than last month(2.95%).
Here is another bit of good news. The average Sold Price to average List Price Ratio is 93.09%. Of course I would rather see 98% (or even 100%) of List Price but 93.09% is not bad at all! With interest rates still at a historic low it is a great time to Sell or Buy Real Estate in Montgomery County!
Market data and commentary provided by Kathy Fleskes, Managing Broker, Rockville Regional Office.
Search for homes in Montgomery County, and all of the DC Metro: www.averyhess.com
Warren County/Front Royal Market Report – 12/10/10
Warren County and Front Royal generally follow closely to the trends in Prince William County concerning the housing market. October was one of the worst months overall in many months for the real estate markets. There were several factors contributing to this, not the least was the impending mid-term congressional elections. October 2009 showed insignificant change from October 2008, but the numbers for October 2010 were way down from last year. What is causing the decline in sales now? Some buyers believe that the prices have not hit bottom yet and will continue to drop. Statistics show that they may be correct. Total revenue was down 29% from last October and more than 40% from September of this year. The average sales price has dropped by 19% but the days on the market also dropped by 36%. What this points out is that investors are seeking out properties at discount prices to fix up and flip. The listing inventory is up from 483 active listings a year ago to 520 this year. New contracts were down slightly this year leaving more inventory available on the market.
New Listings 93
Closed Sales 33
Average sales price $151,909
Average DOM 113
Total Inventory 520
Another factor keeping purchasers from making that buying decision is the pending discussion in Congress regarding eliminating the mortgage interest deduction. While this would be detrimental in many regards, those of you that remember the Tax Reform Act of 1986 recall that interest deduction for automobiles was eliminated. Later the interest deduction for credit card debt was eliminated. Many thought it would ruin the auto industry and have negative impact on credit spending. Look how that has played out nearly 25 years later. The winter months will probably continue to be sluggish but our region is actually recovering better than most areas of the country. Unemployment rates are much lower here and housing growth rate is #1 in the country nearly 50% better than the second best. Interest rates have started to climb up. Now really is the time to be thinking about a real estate investment. The market always improves and it certainly will again.
Market data and commentary provided by Charlie Carroll, Managing Broker, Avery-Hess, Realtors.
Search for Homes in Warren County, and all the DC Metro: www.averyhess.com
Georgetown’s Trio of Treats
Separated from most of D.C. by a spacious park and from Virginia by a wide river, Georgetown has a natural geographical exclusivity to it. And that charm helps create a beautiful, inviting neighborhood with plenty to do, from pleasant strolls to retail shopping to nature walks.
To best experience the neighborhood, one should begin outside of it. Park in Rosslyn, Virginia and walk across the Key Bridge, which rises 100 feet above the Potomac River. The height lends itself to fantastic vistas. On the right one can see the Washington Monument in its entirety, and straight ahead, you can see most of the gothic National Cathedral, cresting high above the horizon.
The bridge is illuminated with dozens of lamp posts, and in wintertime, each and every one is decorated with a holiday wreath: a seasonal, festive touch.
After walking across the bridge, your trip to Georgetown can take three divergent paths, each providing a uniquely different experience.
If it’s a relaxing stroll you prefer, head straight up 35th Street, a cobblestone path unchanged from when it was first built. From there, any of the side streets in the neighborhood will take you past aged row houses with beautiful, faded brick facades and solid oak doors. Brick sidewalks lend an elegant touch, and the neighborhood has a quaintness that belies the hustle and bustle just a few blocks below.
That energy comes from M Street, which can be reached by turning right after crossing the Key Bridge. M Street is perhaps the busiest corridor in the city, constantly packed with people shopping, eating and observing. Retail stores abound, with high-end shops from major brands.
But the area doesn’t cater exclusively to the upper crust. And shopping is far from the only thing to do on the street.
If hunger pangs strike, Georgetown has numerous options to satiate any stomach. The best place for a quick snack is Dean & DeLuca, at the corner of Potomac Street and M. The store and shop offer freshly prepared salads and sandwiches of the highest quality. And to top it off, some of the best coffee drinks in the area.
But if neither retail nor real estate is to your liking, there’s still a third option that Georgetown can offer, perfect for the nature lover in everyone.
Running just a block south of M Street, but what feels like a world away is the Chesapeake & Ohio Canal. Alongside of it is a sandy dirt path, perfect for a soothing walk, even though you are still inside the hectic neighborhood. The canal is cut into the cliffs of Georgetown, and a twenty-five foot high stone wall keeps the area segregated and private from the fast-paced life above. The path runs the length of the neighborhood, and in fact, plenty farther—all the way to Northern Maryland.
So whether you enjoy the sights and sounds of the outdoors, the hectic life of city living, or want to wander one of the nicest neighborhood the city has to offer, Georgetown can satisfy anyone’s wishes.
- David
AVMs? What do we do with AVMs?
Automated Valuation Models. AVMs for short. A lot of talk in Real Estate this year has swirled around the various AVMs available and their importance/impact on the industry. There are quite a few available, the most recent, and possibly most polarizing, being NAR’s RPR initiative – an initiative that provides possibly the most accurate AVM ever (which has recently been licensed to LPS for resale to the banking and mortgage industry – more on this in a later post).
Are AVMs a good thing for the industry? A bad thing? Are they to be ignored?
If pressed for an answer, I think ultimately, AVMs are a good thing. Any tool designed to assist professionals in making more accurate judgments is never a bad thing in my opinion. This can be a win for consumers and professionals alike. However, I do not believe AVMs are quite the “game changer” that many predict.
The Real Estate Market and How it Relates
Yesterday I sat through a Wells Fargo training session on short sales and their impact on the local Real Estate market (Avery-Hess’ mortgage company is a joint venture with Wells Fargo Home Mortgage). This training session was not only one of the best I have ever attended, but a lot of the topics covered were very relevant to the context of this post.
There were a lot of facts and figures shared by our presenter, a Short Sale Regional Manager at Wells Fargo, but there were a couple statistics shared that were especially germane to the discussion about AVMs:
- About 36% of the market here locally is distressed inventory (short sales, REO etc.). Folks, that is a large number, with over 1/3 of the local inventory classified as “distressed.” But that’s nothing…
- …Because over 75% of the inventory in California is classified as “distressed” – that number is absolutely staggering.
This Real Estate, and subsequent economic downturn, has been deeper and more protracted than anyone could have predicted. Even though many indicators point to a stabilization and strengthening of our local market (this is relevant to the Washington DC Metro/Northern VA/MD region), distressed properties are going to be prevalent in our market for quite some time.
And accurate pricing and valuation are going to be critical for both the homeowners in need and the banks carrying the distressed assets on their balance sheets.
So what does this mean? How does this relate to the discussion about AVMs?
Our Wells Fargo presenter mentioned that AVMs are indeed utilized as part of the short sale remediation process. And he also mentioned that AVMs tend to be fairly useless when used to price these properties.
Interesting.
With all of the hype and hoopla surrounding AVMs, here is a high-level decision maker stating that there is a marginal, if any, benefit to the use of AVMs during the sale of his asset(s).
Why?
What if a neighborhood has an average sale price of $300,000, recent sale comps that support a list price of $290,000 – $310,000, an AVM that suggests a price of $303,000 – but a Real Estate professional, representing a homeowner in need during a short sale, submits a suggested list price of $175,000 in that very neighborhood?
Why? Why the low list price? Why when the AVM and comps generated through the on-line systems being utilized support a $303,000 sale price?
That’s because there is nothing normal or average about distressed properties. Properties and homeowners in need. What if there is structural damage to the home? Cosmetic deficiencies affecting the masonry and facade? Mold issues? The list can go on and on and on and on. And ladies and gentlemen, these are REAL ISSUES in today’s market. And tomorrow’s market. And the market for the next (insert number here) years. AVMs and on-line valuation algorithms alone are not going to cut it when there is nothing standard about this market, this industry.
And with over 1/3 of our LOCAL market comprised of these very properties that cannot be properly benchmarked and valued by an algorithm (I also contend that most properties – distressed or otherwise – cannot be shoved through a computer model for truly accurate pricing), there needs to be something more. There HAS to be something more.
The Takeaway
These banks, Short Sale Managers, REO Asset Managers – and most importantly – Homeowners, are relying on Real Estate professionals to guide them, advise them. Help them make decisions that are not easy, but necessary. They are relying on the knowledge, expertise, cognitive reasoning, savvy and experience possessed by these professionals that cannot be provided solely by an AVM.
There is so much more to Real Estate than pricing through a valuation model. There’s helping people through difficult and emotional homeownership situations. There’s counseling your clients on the concerns associated with incomplete settlements. The importance of title insurance. The different types of title insurance. The merits of 203K financing and how this product has helped with purchase of many distressed properties. Again, this list could go on and on and on and on…
AVMs can be a good tool for consumers and professionals alike. In fact, they can be a great tool. But again, there is so much more to Real Estate than valuation and pricing; AVMs should not be the only tool used in the pricing an valuation process, rather, AVMs should be utilized as a starting point in the pricing and valuation process.
Ultimately, what really separates the wheat from the chaff in this industry – the professional from the hobbyist – is the application and implementation of the data generated by AVMs into an overall Real Estate experience that is far more complex than simply associating a price with a property.
-Amit
Find your home, Plan your life: www.averyhess.com
