New Child Care Center comes to FDA White Oak

Employees at the FDA White Oak Campus will be pleased when the new child day care center operated by Children's Creative Learning Centers begins operation on January 30, 2012. CCLC is a private organization that runs over 100 centers nationwide. CCLC has an excellent reputation and the children's center at FDA/White Oak should be a good match and provide an attractive alternative for employees.

Where are the houses for sale?

A quick look at the listings for sale in the Silver Spring area shows a remarkable shortage of decent homes on the market. Interesting considering that this is considered a "buyers" market. A couple of reasons for this in my opinion. One is that rates are so low that the small amount of buyers out there are snapping up the small amount of decent homes on the market. And two, not only is there pent up demand these days but I think we are seeing a case of pent up supply. That is, with housing prices so depressed these days there simply a lot of potential home sellers who are delaying placing their homes on the market. This would include folks who have opted to retire a little later, thinking of buying up but are waiting for the market to improve, or who just refuse to sell and have placed their properties on the rental market for a year or two while waiting for some good news. There still are good deal of distressed properties on the market but a lot of folks are staying away from these homes because the sale can be problematical and very few of these homes are in what we call "market" condition.

What does this mean? Not really sure. However I think we might see home prices actually start to go up this spring. Not because of the booming economy but because the amazingly low rates combined with this shortage of decent homes might just create a supply problem and have buyers out there in competition with other buyers for a change. That generally means sellers will get better prices. We will just have to see how this plays out.

Montgomery County MD Rapid Transit Busways

Good news today in the Washington Post about the Rapid Transit Busway. This idea has been gaining momentum over the past two or three years as a solution to our traffic woes and alternative to the more expensive light rail systems that have been in play for some time now. After seeing a presentation on the advantages of busways, I personally think that there is very little reason to opt for light rail systems. The busways are cheaper to build and run and less disruptive to the communities that they run through in that they do not require as much construction time and lessen the need to condemn private property. These high speed bus lines will hopefully flow down the major arteries of the county and give commuters an alternative to driving. The attached photo is of the Busway located in Los Vegas so that you can get an idea of what it might look like.

State of the Market

As we wind down 2011 and head into 2012, I think it is a good idea to give you a few of my thoughts on the market and what to expect in the next year. 2011 was an erratic year for real estate in the Washington area. What looked liked to be shaping up as a decent year this past spring came to a screeching halt when congress got caught up in the budget crisis. The situation never really got better as we passed from one crisis to another. Right now with the uncertain financial situation in Europe the market remains in the doldrums. It is hard to find much in the way of consumer confidence when everybody is worried about the global financial situation. The problem is not being helped by the partisan battles that continue to plague our own congress.

The good news is that there will be a housing recovery and prices are bound to go up. The bad news is that nobody really seems to know when this will happen. Some areas in our regions have felt the pain a lot more than others. The western portion of Montgomery County is doing well and the District seems to be one of the strongest real estate markets in the nation. But the rest of the region is still bothered by low prices, high inventory and an abnormal number of distressed properties that keep prices depressed.

But there is one thing that I do know and feel pretty confident about. Recessions do eventually end and when they do, area property values in this area should rebound and prove to be very healthy. I firmly believe that the Washington area is one of the best places to own property. My 25 plus years in the industry and proved this to me. We are going to be just fine. Just be patient and give it a little time.

B&O Museum in Baltimore.

For my birthday, my lovely wife took me to see the B&O Railroad Museum in downtown Baltimore. I highly recommend this place to every boy who ever loved trains. The museum features an amazing array of rail cars and locomotives dating from the early 1800s to more recent years. The main exhibit hall is the old restored roundhouse which in itself is a sight worth seeing. While you are in Baltimore you can stop in a get a bowl of homemade Maryland crab soup at the Penn Carry out Restaurant located at 663 West Pratt Street.

Mold in the home

Here is a link to a recent debate about buyer agency and mold in a home when there is a purchase contract. There are two lessons to be learned here. One is that it really is best for the buyers in a home purchase transaction to have their own representation. The seller's agent has an obligation to treat buyers fairly but whenever an agent is wearing "two hats" in a transaction there is always a greater potential for conflict. The second lesson is that if you are looking at a home and see mold, the a little red flag should go up in your head. Mold in itself is not necessarily a dangerous issue but if it is present in a home, then you need to be aware that the lender usually is going to have problems with it if the problem is not remediated before settlement.

Sweet home in Capitol View Park

Hi all,

I just put this home on the market in Captiol View Park. It is one of the nicest listings that I have had over the years. I really do love the older ones.