Living
Spring sales are blooming
The weather as of late has been a bit confusing, but there’s one thing that’s been very clear: the spring real estate market is here. The numbers are all up, both from previous months and from last year too.
March saw 36.6 percent more sales volume than last month, which is not abnormal for performance changes from February to March, but we also saw 1.26 percentage higher volume than last year at this time. In addition, the median sale price was up 6.59 percent from last March, the average sale price was up 7.87 percent and the total days the average property was on the market before fetching a contract was down by about two.
These numbers help the statistically oriented see what is obvious to everyone else: things are crazy now! The Dwight & David Group had its most productive week ever last week, netting nine contracts in seven days, at a total volume of about $4.5 million. Almost all of those contracts were won by beating out other buyers and a few of them were all-out bidding wars. One in particular escalated almost $60,000 over asking price with five offers on the property.
Those who have watched real estate for a while recognize this phenomenon as the hallmark of the mid-2000s, where a listing would sell as soon as it hit the market and buyers had to be willing to escalate far above asking price to get a home. Sellers love that scenario, but then find they are sometimes stuck, because they end up suffering as a buyer on their next transaction. Therefore, most industry practitioners are happy to have a healthy market with steady, but not spiking, growth, and to be able to find a property for their buyers without having a bidding war with every offer.
Sellers looking to take advantage of these favorable market conditions are not too late. Generally, the market stays strong throughout spring and summer in the D.C. area, but it’s usually best to get to market at least a week before Memorial Day to avoid missing the beach-bound crowd. Also, since the Washington area can be pretty balmy, it’s nice to be on the market before it becomes too hot for house hunting to be enjoyable. While uncommon, it has happened that a casual open house visit from a curious neighbor has ended up selling a house and that happens less when it’s really hot or really cold out.
Certainly the first step in marketing your home is to contact a qualified agent to represent you. Remember that in essence, you’re hiring the agent, not their broker, so don’t assume all agents from one brokerage are the same. Do your homework to find the agent who knows the area, spends money wisely (but freely) on marketing, has the best photographs of previous listings and the most comprehensive marketing plan. They will likely also have the best connections for contractors and handymen to take care of any lingering maintenance issues, and perhaps even stagers to really make your home shine with luxurious furnishings.
You and your agent should be able to get minor fixes done and some staging in place within a week or two. Then a professional photographer should take the most flattering photos possible, which should be disbursed far and wide across the internet, and also mailed directly to potential buyers’ homes. The broker’s opens and public open houses can begin, and if you’re priced well and presented perfectly, you should expect offers abounding. With a little focus, you and your agent can get your home up to snuff with more than enough time to ride the spring sales wave to a handsome profit.
David Bediz is principal at the Dwight & David Group at Coldwell Banker Residential Brokerage, which has sold more than $200 million since its inception in 2005. David is a 2012 Director of GCAAR, the local Realtor association, and has been featured on HGTV’s ‘Get it Sold and Designed to Sell.’ He can be reached at 202-352-8456 or viadwightanddavid.com.
Real Estate
Down payment strategies: Financing your home purchase
Understanding the options key to unlocking the door to a dream home
Navigating the path to homeownership can be a complex journey, especially when it comes to accumulating the necessary down payment. For members of our LGBTQ community, understanding the available options for saving and financing this crucial aspect of home buying is key to unlocking the door to their dream home. Let’s explore effective methods and resources specifically designed to support LGBTQ individuals on their path to homeownership.
Traditional Savings Strategies
Saving for a down payment often begins with traditional methods such as setting aside a portion of your income into a dedicated savings account. High-yield savings accounts and automated savings plans, some offering up to 5% interest in today’s market, can expedite the process, providing a disciplined approach to accumulate funds over time. Additionally, exploring investment opportunities that match your risk tolerance can offer potential growth for your down payment savings.
Down Payment Assistance Programs
A variety of down payment assistance programs exist to help homebuyers with their initial costs. These programs often offer grants or low-interest loans to first-time homebuyers or those who haven’t owned a home in the past three years.
It’s essential to speak with a GayRealEstate.com agent to determine what programs may be available, plus online research into local and state assistance programs, as many are designed to support individuals in specific communities, including the LGBTQ+ community.
For medical professionals, police, teachers, firefighters, and other community heroes, there are several special loan and assistance programs designed to help with home purchases, often offering benefits like down payment assistance, reduced closing costs, and more favorable loan terms.
The Hero Home Loan Program provides first responders, including police officers, firefighters, and paramedics, with benefits such as lower interest rates and reduced closing costs. This program aims to make homeownership more accessible by offering more flexible credit score requirements and down payment assistance .
For educators, firefighters, law enforcement officers, and medical professionals, the Everyday Hero Housing Assistance Fund (EHHAF) offers closing cost assistance through gift funds. This program is designed to support those who serve their communities by making homeownership more affordable, with no repayment required for the grant funds.
The HUD Good Neighbor Next Door Program offers up to 50% off the list price of homes for law enforcement officers, pre-Kindergarten through 12th-grade teachers, firefighters, and emergency medical technicians. This initiative aims to encourage community revitalization by assisting these professionals in homeownership within the communities they serve.
Homes for Heroes provides assistance specifically to first responders and offers significant savings through Hero Rewards when buying, selling, or refinancing a home. On average, participants save $3,000, with the program offering real estate and mortgage specialist connections tailored to the needs of first responders.
LGBTQ-Friendly Lending Options
Finding a lender that understands and supports the unique needs of our LGBTQ community can make a significant difference. Some lenders and organizations specialize in offering inclusive financial products and resources to assist LGBTQ+ homebuyers. These may include specialized mortgage products, financial planning services, and guidance through the home buying process.
The journey to homeownership is a milestone that requires careful planning and support. Remember, every step taken towards saving and financing your home purchase brings you closer to the dream of homeownership.
(GayRealEstate.com offers valuable resources and advice tailored to meet the unique needs of our LGBTQ+ community in their journey towards homeownership. For more comprehensive guidance and support in navigating the home buying process, visit GayRealEstate.com choose an agent and start a no-obligation conversation today.)
Jeff Hammerberg is founding CEO of Hammerberg & Associates, Inc. Reach him at [email protected].
Autos
Glam rides: BMW X6 and Range Rover Velar
Impressive standard features elevate these lower-priced options
Many sport-utes with ho-hum styling still impress me by offering scads of standard features and a low MSRP. But sometimes it’s hard not to be seduced by what I call glam rides—pricier vehicles with plenty of attitude. You know, like something Cassandro might drive.
BMW X6
$75,000
MPG: 23 city/26 highway
0 to 60 mph: 5.2 seconds
Maximum cargo room: 59.6 cu. ft.
PROS: Outré styling, posh cabin, raw power
CONS: Less rear visibility, limited storage, costly options
IN A NUTSHELL: Trust me, it’s hard not to fall in love with a BMW X6. This recently updated crossover, with its coupe-like profile, swept-back grille and breathtaking acceleration, had me at hello. High ground clearance and oodles of high-tech features turn this high-end hauler into one helluva wild ride.
Sure, the sharply sloped roof hampers rear-seat headroom and cargo capacity. But up front there’s more room than expected, along with a dramatically curved digital dashboard. And the ginormous panoramic moonroof helps make the interior feel quite spacious.
How good is this BMW? Zipping up to Baltimore last month during a day of downpours and clueless commuters, my husband and I started rethinking our promise to never buy a budget-busting vehicle. For us, bad weather and heavy traffic usually result in clenched teeth, heavy sighs and my swearing like a sailor. Yet the hushed cabin, 16-way power front seats and ability to control the stereo and other functions simply by waving my hand were all very Zen. Ditto the finely tuned suspension, steering and braking, which anticipated my every move. Instead of shying away from rush hour on our return home, I leaned in.
Myriad safety features — from forward-collision alerts and blind-spot monitors to lane-departure warnings and a 360-degree camera — batted away any concerns about fender benders. Same for the option packages that allow you to park the X6 automatically, store familiar maneuvers and drive hands-free at up to 85 mph.
Power in the base-model — which is what I test drove — comes from a lively 375-hp turbo, with a 48-volt hybrid system to improve gas mileage. There’s also a smooth eight-speed automatic transmission and all-wheel drive for sure handling on slippery roads. Pricing begins at $75,000, but options on my test car brought it up to—whoa!—88,000.
For more grit and growl, there’s the xDrive60i, with a 523-hp twin turbo that helps this Bimmer sprint from 0 to 60 mph in 4.2 seconds. And the top-of-the-line X6 M Competition with a 617-hp V8 is even faster at a blistering 3.7 seconds. But I am much too afraid to drive this gnarly high-test model—it starts at $128,000.
RANGE ROVER VELAR
$63,000
MPG: 19 city/25 highway
0 to 60 mph: 5.2 seconds
Maximum cargo room: 70.1 cu. ft.
PROS: Refined design, chic interior, lotsa storage
CONS: Tepid base engine, more sedate handling, pricey
IN A NUTSHELL: While Range Rovers are known for being oh-so-classy, the Velar is much sassier than the rest of the lineup.
The sweeping front fascia would make Ariana Grande proud: Svelte grille, sporty wraparound headlights and stretched, corset-like air ducts in the bumper.
Inside, the look is spartan but elegant. All knobs and other switchgear are mostly hidden or activated by an 11.4-inch infotainment touchscreen that seems to hover in front of the dash. Even the ubiquitous cruise control and stereo buttons on the steering wheel seem to have vanished, though look closer and they are tastefully integrated into the design.
While the Velar may be classified as a compact vehicle, it looks and feels much larger. Compared with the midsize BMW X6, both have ample seating for five people. Front-seat dimensions are practically the same, but the supposedly smaller Range Rover has better back-seat headroom and legroom. It also holds almost 20% more cargo.
Built on the same platform as the popular Jaguar F-Pace, the Velar has a relaxed ride compared to the more athletic BMW X6. Power is less aggressive on the Range Rover, with choice of two competent but hardly rip-roaring engines.
Build quality is impressive, including the optional leather-free interior that uses an upscale composite of wool and polyurethane. And while even the base-model comes with interior ambient lighting and a premium Meridian stereo, you can opt for the 17-speaker 3D system for an even more “Maestro”-like experience.
Overall, the Velar may be less of a rabble rouser than the BMW X6, but there’s still plenty here to dazzle the senses.
Dining
New D.C. restaurants opening just in time for spring
Mexican fare, burgers, fancy cocktails, and more on tap
Shaking off winter slumber, the D.C. dining scene this spring is gathering steam. Just a taste of the openings and happenings are below:
Already Open
Pascual (732 Maryland Ave., N.E.): This modern Mexican restaurant is helmed by chefs Isabel Coss and Matt Conroy of Lutèce, and run by The Popal Group (which also owns Lapop and Lapis). Pascual gets its name from the patron saint of cooks and kitchens. The menu, which rests on fire-grilled dishes, is inspired by Coss’s Mexico City roots, and both chefs’ past work at top Mexican restaurants. Pascual plans to add a daytime bakery and coffee shop called Volcán.
Moon Rabbit (927 F St., N.W.): Chef Kevin Tien abruptly closed his Moon Rabbit restaurant on the Wharf a year ago during union negotiations by staff of the Intercontinental Hotel, where the restaurant was located. This reopening represents a welcome comeback of this fine-dining Vietnamese restaurant. The restaurant concept will be the same, but will have new dishes for the new space.
Joia Burger (3213 Mt. Pleasant St., N.W.): It’s smash patties and French fries that make up the entire menu of this fun-filled carryout spot. Run by Purple Patch chef/owner Patrice Cleary, she brings burgers (including veggie burgers) in a family-friendly and homey atmosphere, as well as vibrant ube soft serve as a nod to her Filipino heritage.
Coming soon
Press Club (1506 19th St., N.W.) is an intriguing new spot from industry old-timers including Will Patton (from Bresca and Jônt). Located in Dupont Circle, it will be a new bar and cocktail lounge based on the format of records (i.e. sides A and B). The a la carte “Track List” menu is a cocktail menu that rotates biannually featuring the team’s favorite spirits and techniques. The curated “Play List” menu is a bi-monthly rotating cocktail flights highlighting more seasonal ingredients, presented tableside with supplemental bites. The cocktails will draw inspiration from songs loved by the founders and are arranged to resemble the flow of a record.
Immigrant Food (4245 N. Fairfax Dr.): The restaurant group combining global dishes and advocacy is set to open a new spot in Ballston. Immigrant Food has three locations already: the Planet Word Museum, by the White House and in Union Market. The restaurant will feature both indoor and outdoor dining areas by the Ballston Metro.
Bar Japonais (1520 14th St., N.W.): This restaurant is still forthcoming in the former Estadio space, set for later this spring. It will be a take on its sister restaurant Bar Chinois in Mount Vernon Square. Bar Japonais will bring together French and Japanese influences. Developed in the izakaya style, the restaurant will have Japanese-leaning food and French-leaning cocktails, and has weekly events in the works.
Dogon, at Salamander Hotel (1330 Maryland Ave., S.W.), is a highly anticipated opening from celebrity chef Kwame Onwauchi. The opening represents his return to D.C. with a concept inspired by D.C. Surveyor Benjamin Banneker and Onwauchi’s heritage to the West African Dogon tribe. Pronounced “Doh-gon,” the restaurant will serve vibrant cuisine through an Afro-Caribbean lens and draw from Onwuachi’s unique Nigerian, Jamaican, Trinidadian, and Creole background.
Alfreda (2016 P St., N.W.): A pizzeria in Dupont Circle, named for the chef’s grandmother. The pizzas – made on a sourdough crust and including gluten-free options – are based on more traditional techniques, but using global flavors. The menu also includes salads, small plates, and a long wine list.
Beresovsky’s Deli: Gay-owned KNEAD Hospitality + Design is teasing a deli later this year. It will be located inside the preexisting Mah-Ze-Dahr Navy Yard location.
Events
The Restaurant Association Metropolitan Washington (RAMW), is expanding from its winter and summer Restaurant Weeks to give diners another opportunity to celebrate the change of seasons with Spring Wine Fling. Spring Wine Fling is a platform for local eateries to highlight their wine programs with creative pairings. Participating locations will showcase their wine programs through curated wines paired with two-course prefix $55 menu offered during dinner service.
National Cherry Blossom Festival: RAMW is also working with the National Cherry Blossom Festival. The National Park Service has anticipated peak bloom dates for 2024 between March 23–26. The festival has developed a full list (called “cherry picks”) of where to eat as part of the celebration. Many restaurants, bars, and hotels have also set up activations and events across the city.
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