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MBA: Mortgage Purchase Applications decline 35% over last four weeks Calculated Risk reports that this is the lowest level for the purchase index since February 1997.
Wednesday, June 9, 2010
Northern Virginia Bits Bucket 6/9/2010
Posted by Harriet at 6:00 AM
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18 comments:
I'd like to pass on a public service warning about bottle bombs. These have been around for decades but have turned into a fad lately as there are many "how to" videos posted on YouTube. The media doesn't report on them much due to worries about copycats. I've heard via the grapevine that there have been some lately in Prince William.
If you are one of the unfortunates who regularly has to clean up trash that yahoos enjoy chunking onto your property, you really should read up on this.
Bottle Bombs
Remember, if it looks suspicious, call 911.
C,
Interesting information. Reminded me of...From the Opening Statement of Defense Attorney Steven Jones in the Timothy McVeigh April 24, 1997
"And certainly the proof will be that Mr. Nichols, Mr. James Nichols' brother,who is a farmer in Michigan, and Mr. McVeigh and some of their friends from time to time exploded pop bottles, so-called popbottle firecrackers, up in Michigan. "
Caraaaaa, oh Caraaaa,
(and any other contemporary fans),
How do you like this sold Old Town Alex. contemporary?
http://franklymls.com/AX7302501
Ace - WOW! That place is something isnt it? Ive walked past it several times, and had no idea that it looked like that on the inside.
Its really unbelievable what a good architect can do behind an otherwise unassuming facade. Reminds me of another place in the neigborhood - typical 1820's flounder house, but behind it was a stream running through the dining room, emptying into an other room with an indoor pool.
Nice find. I wish you had found it earlier though. While I am quite content where I live now, I dont mind being a looky loo at some of the more interesting places in the neighborhood :)
Ace/CRT - If you are big contemporary fans you should check out this active Baltimore property
Baltimore Contemporary
I am not a big fan of contemporaries or of most of Baltimore but even I have to admit this property is something else.
C, the views from that place are terrific. I like a lot of the features too.
How thoughtful of the owner to provide his/her neighbors with views too-- into his/her bathroom! :-)
I must have overlooked the waterfall.
CRT, it's the story of my life. I haven't been looking too closely at Alexandria and this one came and went very quickly. I totally agree with you about the architect's ability. Interesting house--very good idea to make it look Old Town on the outside but take creative liberties inside. I truly wish more people in this area liked modern design so we'd have more to see.
I think that the waterfall is shown in the glass-enclosed atrium in the third picture.
I take your point about the bathroom views. I see a lot of those totally open-plan no curtain residences showcased in architectural magazines and websites and think that the residents either don't have any neighbors for 20 miles or are total exhibitionists.
CRT - I read an article about a local brownstone that had been modified that way a number of years ago. Maybe it was that one. At the time I thought it was ultracool, now I worry about the impact on the structure. How did it hold up during Hurricane Isabel, I wonder?
As a follow up for Harriet's lead.
The residential market ain't doing so great but apparently, the long-prophesied Commercial Real Estate crash hasn't happened so far. Despite all the boarded up properties in the malls ...
CRE
C,
Thanks, now I see it. The agent should have included another photo of it too.
It really is a spectacular place. It would probably sell for twice the asking price in a comparable location in DC.
Re: exhibitionism --yes, a little of that, plus a little cluelessness, IMHO. I may have mentioned earlier that, in the 90s, we bought a place from an architect and his family. There were no window coverings except in the upstairs bedrooms. Neighbors on two sides were about the same distance as in most Arlington neighborhoods. I asked him about this and he said something like, "well, yes, you can't run around in your pajamas downstairs at night." He really didn't get it that people taking an evening stroll REALLY did not want to see into his house (and most of us wouldn't want them to see in, either). Why let your house dictate what you wear when you watch TV or whether you can run downstairs to raid the refrigerator? The first thing we did was shell out a small fortune for custom shades to cover the huge downstairs windows.
Ace,
I would not call the house you posted contemporary but Spanish, mediterranean style. That is one of my favorite styles by the way, although I think the owner went a little bit over board with the arches. Clay tiling on the outside would have completed the look with arched windows instead of the traditional rectangled windows.
It is interesting to see what you can do in the inside of a traditional townhome.
In my opinion, some architects live in an alternate universe that does not obey the standard rules of our reality.
In my job, I butt heads with them every now and then.
"Budget considerations, security considerations, and every day user needs do not count if they interfere with MY VISION."
Not every architect thinks this way; the pragmatic ones that I encounter are a breath of fresh air.
c said
Condo Buyer
Would you explain in more detail what the deal is with Special Assessments? I didn't know about this sort of thing and my google searches are not particularly informative.
This seemed like an important question so I wanted to make sure it got answered. My understanding is that when there is a major expense in a condo building and the condo fee reserves do not cover it the condo board can ask for a special assessment. Basically more money. I would imagine there are limits on how much they can ask for but maybe not. I also presume most will give as much notice and time to pay as possible but some may not.
I would imagine Va_Investor and a few others here who own condos have personal experience dealing with special assessments and can give a feel for how often they occur and what size they have tended to be as well as notice.
My take is that along with the monthly condo fee they are just one more reason many of us prefer a SFH or TH. Of course, SFH and TH often are in HOAs and those could potentially require some big expense but I don't hear about that happening much. Of the various people I know in SFH HOAs no one has ever reported a special assessment imposed.
dc2, I think you definitely have a point--note that the agent called it a contemporary--but it clearly has the influences you talked about. Maybe "eclectic" is the word!
c, after meeting with several over the past few years here, I am afraid I am coming to the same conclusion you have drawn. I am admiring and envious of their talent and skills, but am stunned that the ones I have met stay in business and/or make what seem to be boneheaded decisions. The one on Walnut St. I posted some time back may be a good example - some elements were just beautiful, but some decisions that contributed next to nothing to the beauty or creativity of the place actually took away value--with just a few different decisions, the house would have had so more appeal and/or functionality.
It's one of the things that really scares me about building a new house versus buying an existing one.
In another sign of mortgage market subsidization mania, the U.S. Government now is subsidizing the mortgages of Palestinians in the West Bank:
Meanwhile, according to a White House press release, the $400M aid package will be channeled into seven main projects that "represent a down payment on the United States' commitment to Palestinians in Gaza, who deserve a better life and expanded opportunities."
The projects include:
-$240 million to increase home ownership in the West Bank via long-term mortgages
-$75 million for infrastructure projects
-$40 million toward education, health services, job creation, repair shelters and other humanitarian needs
-$14.5 million for school rehabilitation, agriculture and hospital facilities
-$5 million toward water systems repair
Seems a bit screwy to me that more than half of the $400M is going toward mortgages.
ps dc2, I also like the Spanish style. One complaint with this house I had (and I agree about too many arches) was that while the staircases/catwalk were dramatic and pretty, in a house this size they took away too much living space. Maybe there would have been away to split the difference.
Thanks TBW
I did a few more searches based on your response.
The fact that the condo board can come back at the owners with unlimited "special assessments" at the drop of a hat for tens of thousands of dollars (or more) for any reason they make up on the spur of the moment scares the %@%& out of me.
I was idly contemplating buying a condo for renting out as an investment, but after that little factoid --- I am thinking ... Not.
On the Baltimore contemporary, those taxes are an incredible $29,578/yr at current assessment. Of course with the list price at a little over 75% of the assessment, that's going to drop, but it's still over $20,000 per year.
I guess if you want the benefits of living in Baltimore you have to pay the price.
Keith
Seriously? WOW.
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