Sasha

Thank you for the response - yes, I am quite disappointed. We got a GFE from him finally this evening, and we're going to shop it with my go-to lenders. If he cannot deliver on a pre-qual, I shudder to think what the response time will be if something more complicated arises. I really do dislike how some brokers troll for business like this and then can't deliver when it counts. - Wed Apr 30 2008, 21:48

It's not impossible to find a 2BD/2BA in NW D.C, but it is a bit of a challenge. The Glover Park/Cathedral area has some listings (zip code 20016) and so does Columbia Heights (zip code 20009). Other areas are Shaw, Eckington, Petworth - all in NW D.C. Also, the odd building in logan circle (20005) sometimes has possibilities. You will have to comb through a lot of ground-floor and 1st floor units, places with high condo and coop fees, etc. in that price range, and some of those neighborhoods are definitely still "up and coming" even though they are in NW. - Wed Apr 30 2008, 19:17

Dear Matt, the 400 Mass Ave Condominium is a few years old, sandwiched between the ultra-hip Chinatown neighborhood and the up-and-coming Penn Quarter. It is association-owned and all sales are re-sales (i.e. you are not buying from the developer). It shares a city block with its largest competitors, 555 Mass Ave (already built and sold out) and the currently-selling new condos of 425 Mass (the Dumont). B/c it is just slightly north and east of the "thick" of Chinatown, it is a popular option for those wanting the fun of the area, who cannot afford the premium prices of some of the neighbors a few blocks south and west (the Clara Barton, Lafayette etc...). It is very metro accessible. There are a range of units, with smaller 1BR units hovering in mid to high 300's - these will be small units (under 700 sft) w/out parking or balconies, and probably will not have high-end upgrades. The higher-up and larger you get, the higher the prices, with 1BR plus dens getting into the mid to high 400s. A bit of "specu-vesting" did go on it that building, resulting in foreclosures and driving prices down a little since the 2005 peak. Not helping is 425 Mass Ave, which is releasing new units. On the interior, the units are standard new-construction rectangles for the most part, with open kitchens, and washers and dryers in-unit . Pricing and desirability will depend on the view, floor, upgrades, and square footage of each unique unit, but the developer was not looking to blow anyone away with thoughtful architectural details or anything like that. They made some bold choices with the bright paint colors in the hallway, going a little Miami-art deco. The common areas (business center and gym) are adequate but again, not super high-end. The rooftop area with big bbq pits and the pool is very nice. It is uncertain whether the mammoth City Vista condo to the North and East with affect the Mass Ave buildings. It might be just a little to far from the heart of the "fun" to factor into the supply and demand, but it is hard to know for sure. Overall, if you are looking to get into the Penn Quarter or Chinatown neighborhood at a somewhat more affordable price, 400 Mass Ave may be a good option. In light of the sheer volume of units in the neighborhood, there is some price volatility, so you want to be sure to negotiate and get a good deal. - Mon Apr 28 2008, 19:55

Chamqueen - ask your lender if you can "LOCK and FLOAT DOWN." Many loan programs permit you to lock the rate for 30 days and float down once if rates fall by a certain amount - but you have to ask. - Wed Mar 19 2008, 20:37

Don, the link you posted was REALLY helpful - thank you. - Wed Mar 5 2008, 22:28

Dear David,
That sounds a bit shortsighted from the broker, especially b/c you have documentation of your new salary. Below are are broker and lender I recommend. I have personally used Matt Piester to purchase several tricky investment properties, and I have used Barbara on one of mine as well. Remember that rates are volatile right now, so ask if you can "lock and float down" your rate, meaning you lock a rate once you go under contract, but you get to float down once in case rates fall before you close. Also, check out our website (DROdio Real Estate) for web search tools that might be especially helpful for long distance buyers. Sasha (sasha@drodio.com).

Barbara Haard (Wells Fargo)
202-243-2931
barbarahaardt@wellsfargo.com

Matt Piester (Mortgage Advisory Group)
703-860-3141 - O
703-628-3998 - Cell
703-860-3143 - Fax
mpiester@cox.net - Wed Mar 5 2008, 20:51