I think DC may have a new contender in “cool factor” and that could very well be “Charm City”, aka Baltimore.  I know that during the past few years, there’s been a ton of development in Baltimore, specifically in areas that dot its beautiful harbor.  I also make frequent trips to experience the happening art and music scene as well as the amazing dining options, given that it’s only a half hour ride from DC on car or train; it’s been totally worth it every time I’ve gone!  What sets Baltimore apart from DC is the fact that, historically, it’s a blue-collar town and with that, you get a more “industrial”, no frills kind of feel as opposed to the fine, classical-era-inspired architecture you see all over DC.  Granted, it’s the capitol and it needs to look dignified.  I get it.  But if you’re looking for a little change of scenery/pace, you must visit B’more.

While there are neighborhoods within Baltimore that contain posh, Victorian era “brownstones”, most of the city is lined with carbon-copy attached row houses…no front porches, no awnings, just up and down brick facade, two-level residences made specifically to accommodate the masses of people who came there for the industrial jobs back in the day.  There are also a ton of warehouses, old, abandoned buildings from late 19th century, wonderful parks, cobble-stoned streets that lead to little hole in the wall neighborhood gems.  Baltimore is less transient than DC due to the same reason:  Blue-collar folks rarely had/have the luxury to move from place to place…as opposed to the Feds and diplomats who come in to DC on short assignments.  In short, Baltimore, with its smoke-stack past is clearly less polished, less refined, but offers so much in terms of an environment that caters to artists and musicians, the young and the .gov-less.

On a recent trip, I visited the local market, much like Capitol Hill’s Eastern Market, but, again, less refined but full of life and grit.  There are a ton of fish stands and from what I can tell, most can be cooked right then and there, to be consumed right then and there.  In Federal Hill, there are cutesy cafe’s, wine bars, trinket and thrift stores and great, multi-cultural cuisine.  In Fells Point, you get the pubs, the gorgeous harbor, beautiful streets with gas lamps juxtaposed with the original, manufacturing warehouses that have now been turned into luxury residences.  There’s also another neighborhood called Harbor East where you get restaurants galore, the harbor views AND Whole Foods!

My favorite place is the Visionary Art Museum, a progressive-minded museum that features amazing art by the totally un-trained but…visionary artists, the pubs in Fells Point, and an Asian restaurant (can’t remember the name but near Peabody Music Conservatory) where the owner is the only one who cooks for you and serves you.  No frills, but delicious!  Oh, and if you’ve watched the Food Network show “Ace of Cakes”, you know that Charm City Cakes is an amazing creative cake laboratory.  Sonar, a music venue is always serving up the hottest music names…more indi but that’s why it’s so good.  In fact, the whole town exudes an “indi” vibe which is why I like to go there to take a break from good ‘ole Washington, DC.

As far as real estate goes, the prices are a lot more favorable than what you get in DC.  You literally get double the space for the same price…or you can pay half of what you’re paying to get the same space.  Don’t be fooled, with Ritz Carlton residences and luxury “lofts” popping up, Baltimore is promising to be the next “it” place for posh living.  See this development for an example:

So, if you’re ever tired of DC, don’t go too far:  Baltimore really does live up to its nickname, Charm City.

This mris report was gathered from sales and contract data from Januar to March 31st of 2010. This covers all of Washington, DC. There market is…HOT!  I’m attributing this to the tax credit, which was supposed to end at the end of November but now has been extended to April 30th (settlements no later than June 30th).  Activity is up across the board but, as usual, most activity was in the price range of $300k-$600k with not much going on in the luxury bracket.  Even though average sales price is lower by 13% compared to last year, activity has jumped to nearly 8% more than October’s sales volume.  Interestingly, most properties are getting close to what their asking price is when compared to last year.  Compared to last month, more people were willing to pay more for properties.   Interest rates were still in the high 4’s or low 5’s at the most and inventory was plentiful.  Most properties didn’t stay on the market for more than 30 days which indicates that demand was up.  This is a clear sign that buyers are taking advantage of the favorable market conditions.

Clearly, Washington, DC is experiencing a robust real estate market.  On top of the great rates and well-priced properties, buyers were inspired to move forward with their plans to purchase because of the $8,000 first-time homebuyer tax credit.  It has now been extended to the end of April 2010 which will help the market keep its momentum.

Check out the report and let us know if you have any questions about your neighborhood.  We’re happy to provide you with custom neighborhood reports. In the meantime, we hope that you find this information useful.

Washington, D.C., traditionally takes a back seat to world cities like London, New York and Tokyo when it comes to real estate investment.

That’s likely to change.

Thanks to a proposed $1 trillion wave government spending, investors are flocking to D.C. for opportunities in the commercial and residential real estate markets. All these new programs will need offices, after all, and their employees will need places to live.

This year, Washington leapfrogged London for the first-place ranking in the world’s best cities for real estate investment. But don’t count out the world’s financial capitals just yet–even with massive financial troubles in London and New York, those cities finished second and third, respectively. Why? It’s the appeal of long-term stability, and fears that emerging countries are going to take a harder hit

Behind the Numbers
Forbes’ rankings come from the Association of Foreign Investors in Real Estate, a research association that tracks where member investors are finding the best opportunities around the world. AFIRE surveys its 200 members, who collectively hold $700 billion in cross-border real estate.

Here’s a list of top ten best places to invest in real estate:

courtesy: Forbes.com

In today’s market, becoming a seller means you’re initiated in a group that’s labeled as being at the bottom of the real estate food-chain. There are way too many sellers and, as a result, the inventory has become saturated. Funny thing is there are sellers who are savvy enough to know what the buyers are looking for: Everything from a great location, great price, and a great house . That’s right. Buyers want it all and sellers have to deliver on this expectation.

So here’s my advice to sellers thinking of listing their property for sale:

1) Do your homework. Go to as many open houses in your neighborhood as possible and get a sense of how people are “packaging” their house.

2) Talk to at least two real estate agents who know your neighborhood and its inventory. It doesn’t hurt to ask whether or not the agents are currently working with buyers looking for a similar property as yours.

3) Don’t be greedy! In this market, it will not pay off to make this first impression in the buyer’s mind. Believe me, they’ve done their research and will know right off the bat whether or not you’ve priced your home right. So be VERY careful not to over-price. In fact, research has shown that homes priced competitively or just a bit below the average sell at a faster pace than those priced right at market or above it by a few percentage points.

Welcome to the Pricing Game!

4) Be a perfectionist with your decor. De-clutter as much as possible, de-personalize as much as possible and remember that less is always more when it comes to staging your house. Don’t get too creative and don’t customize anything so as to turn off the masses. Think of a hotel room and make sure people can feel at home the minute they walk into your home.

5) It is scientifically proven that you literally have less than 10 seconds to capture a buyer’s heart. Take the time to really pay close attention to the exterior as well as things like the door, main entry and the main room being the focal point of the home. Scent is another big deal. Stay away from over-scenting your place. In fact, keep it as neutral and “clean” smelling as possible.

6) It might be helpful to get a home inspection before you list your home. That way, you can avoid any hurdles should a buyer choose to have a home inspection. Getting these items fixed will play a big part in helping the buyer feel at ease with their decision in that they’re not about to invest in a money pit. You may also consider giving the buyer a home warranty, which is insurance for the systems and appliances of the home. Typically, they average at $400 and it’s paid at closing. Whatever you can do to communicate to the buyer that they’re buying the best and most put-together home will help.

6) When you get an offer from a buyer, make sure they’re serious. There are far too many wishy-washy buyers out there who, even after submitting an offer, tend to change their minds. Make sure that the buyer is qualified for the loan by speaking directly with the lender, make sure that their earnest deposit is sizable and be careful with too many contingencies. That could be a sign that they want a way out and they want it easy. The more full-proof a contract is, the less likely it is that you’re dealing with a fickle buyer.

7) Clean, clean, clean. You’ve moved your things out to your new place and it’s time to turn in the keys for one final round of inspections, called the pre-settlement walk-through. This is when the buyer and his/her agent do an inspection of the place, make sure the place is clean and ready for move-in. Far too often, and especially after a long and arduous day of moving, sellers forget to clean the house. This could cost you at settlement so hire someone if you can’t do it yourself.

By following this simple to-do list, you can make the transaction and easy and smooth-sailing one. Keep in mind that things do happen and sometimes, no matter how much you’ve done, it still takes longer than you had expected. All of this is in line with the uncertain market, but so much of that depends on your location and local economy. Sellers are at the bottom of this food chain at the moment, but you can climb your way up if all of the components - location, price, and house - are right on.

I’ve been obsessing lately about modular homes. There’s something very efficient about doing it this way. First of all, the house comes in several sections and, via a crane, they’re put together on site. Electrical and plumbing is done next as well as interior finishes, and you’re DONE! So, if you have a piece of land in mind somewhere, you may want to consider going with a modular home. It truly eradicates so much of the headache involved in building a home from scratch. Knowing who to work with is crucial and architects like Resolution 4 have all of the resources to make the process go as smoothly as possible with permits and various other contractors. For about $200/sqft you can construct a beautifully crafted modular home, material and labor included. Good luck finding the right patch of land : )

Check out the photos below and see why modular homes are the new trend in home construction and design:

We’re proud to unveil our premier video-podcast. Episode 1 features Adams Morgan. We’ll take a snapshot of bars, restaurant, businesses, architecture and real estate in Adams Morgan. Take a peek and come visit! Brought to you by Citylights Realty Group.