Why Hyattsville Real Estate Blog

NBC Nightly News

Last week, an associate producer from NBC Nightly News contacted me for a story about the current housing market.  I was happy to give them a lengthy interview over the phone and explain the First-Time Home-Buying process in today's market.  The producer was so impressed with my perspective and information that she asked me to do an on camera interview.  So away I drove to the NBC studios in Northwest DC near American University for my shot at the big time.  I have previously been interviewed for the University of Maryland television channel, as well as local media, but this was my first shot at a national audience.

The NBC studio was very cool.  There is a lot of history there.  It is the place where the first Nixon Kennedy debate occurred.  It also is home to Hardball with Chris Mathews, Meet the Press with Tim Russert, and It's Academic.  I was lead through the halls to a small room with a camera.  Once I was mic'd up the overhead lights went down and the spotlights shown directly in my face.  I have to imagine it was similar to how an interrogation feels.

The interview aired nationally during the 4 o'clock news as a teaser for the Nightly News story on the real estate market.  I am currently trying to get a copy of the interview to post on the site.  Below are some pictures from inside the control room at NBC.

   

Hyattsville H4X Episode 53: Hyattsville Police State

Sun, 25 November 2007 Episode 53: Hyattsville Police State Listen Here Topics discussed in this episode include: 1. City Council – Too big for its britches? 2. Nov. 15 shooting at AT&T store, video surveillance, more police, crime statistics, and a letter to the editor. 3. 3rd quarter area real estate sales - how's Hyattsville doing? 4. Recycling from two bins to one starting Nov 15. New bins to be delivered to Hyattsville by mid-December. 5. Video response podcast episode 48 – Night Out Against Crime. 6. Hyattsville Streets – David Collins speaks out about newly paved roads. 7. Forced vaccinations in Prince Georges County. No music for this episode.

Smoothie King is Open for business

The retail aspect of the University Town Center development is continuing to blossom.  Today I had a lovely lunch at Qdoba and purchased dessert at Smoothie King.  My "Colossal Chocolate Chip Cookie" contained no dairy, eggs, honey, hydrogenated oils, cholesterol, preservatives, artificial ingredients or refined sugar.  And this Vegan cookie still tasted great!  Please make sure to support our local businesses as they open.  When good development succeeds, we will get even more great shops.

Third Quarter Home Sale Stats

Metropolitan Regional Information Systems (MRIS) recently released the home sales figures for the Third Quarter of 2007.  As we are getting bombarded by the Media with all of the doom and gloom, it was refreshing to see that the numbers tell a different story.  The two zip codes that I am highlighting below are 20781 and 20782. 

Average Sales Price
20781: $316,100.00
20782: $384,800.00

Difference from Third Quarter 2006
20781: 5.09%
20782: -0.05%

Number of Homes Sold
20781: 15 Click here to view homes
20782: 32 Click here to view homes

Difference in Number of Homes Sold from Third Quarter 2006
20781: -65.12%
20782: -53.62%

The numbers tell us that homes in 20781 are still appreciating in value!  In 20782, it is a negligable half of a percent drop in value.  There are less homes selling, but when they do sell it is still for a fair price.  While other neighborhoods struggle, homes in Hyattsville continue to be very desirable and a good investment.

UTC condo for rent

One of my clients is renting out their brand new one bedroom and one bath condo in One Independence Plaza at University Town Center.  They are asking $1,600.00 a month, with first month rent and a security deposit of $1,500.00 upfront.  For more questions please contact Jeremy at jpoe37@yahoo.com.

Check out the interior here.

• Dedicated Garage Parking
• Walking Distance to Metro, Shopping, Movie Theater
• UMD Shuttle Bus
• Balcony overlooking plaza
• Bedroom large enough for two people
• Large closet
• Washer and Dryer in unit
• Fitness Center

 

 

Have a good nights sleep on us...

As new commercial opportunities pop up through out Hyattsville there is a great deal of interest in what retail stores will join our community.  A reader recently emailed me with the below comment. 

"I'm not sure if you've known or not, but the new tenant at Metro Shops has hoisted their sign facing Rt. 410. Don't get excited. It's not something that will draw people from the region. It is far worse. "Mattress Discounters". In an area where there are more mattress stores per square mile than McDonalds Restaurants (feel free to count), that is something we did not need in a blossoming downtown district. There was a squandered opportunity to have a sidewalk cafe, a specialty shop, a nice eatery, or book store. Why the glut of discount mattress stores in this area? Who wants to lease next to a mattress discounter? Who makes these decisions? I would like to know your take on it. Perception is everything. Now, as people exit or enter the metro station, the first thing they see and remember, is, 'Oh yeah. That's the stop with the discount mattress store.'"

What do you think Readers?  What type of retail do you want in Hyattsville?  Please leave a comment with your perspective.  Thanks for the email John.

Petri Dish Circus - "The history of Microbiology in nine scenes of gags, burlesque, drollery and song..."

Who says science can't be fun?  Certainly not the Active Cultures Theater Company.  One of Prince Georges County's resident performce groups, Active Cultures has set out to teach science in an exciting new way.

PETRI DISH CIRCUS — Microbiology as you’ve never seen it before. Rabies! Diphtheria! Malaria! Yoghurt! Suicide! Courage! Heroism! War! Juggling! Comedy sketches! Song and dance acts! Microscopes!

Come see the daring-do of Louis Pasteur in his Parisian lab, the Scotch fortitude of Ronald Ross as he travels through disease-stricken Africa, and the sad Cuban saga of Walter Reed as he battles Yellow Jack. Inspired by Paul de Kruif’s 1926 classic nonfiction novel MICROBE HUNTERS.

Written by Jessica Burgess, James Hesla and Mary Resing. With music by Jesse Terrill and Andy Welchel. Dramaturgy by Jacqueline E. Lawton. Directed by Jessica Burgess.

Nov 9 - Dec 2, 2007 For adults and children aged ten and up (it’s very smart.)

Performances: Fri., Sat. & Sun. at 7:30 pm, Sat. and Sun. at 4pm, Student matinees Nov. 15th & 29th at 12 pm. Call 800-494-8497 or Click HERE FOR TICKETS!

For more information call 301-526-9921 At the Joe’s Movement Emporium 3309 Bunker Hill Road, Mount Rainier , MD 301-526-9921 www.joesmovement.org

The Perfect Mortgage Storm and the Foreclosure Tsunami

The rumors are true, the real estate market is in a down cycle.  Foreclosures are happening to good families who made financial errors.  If you have late payments that are racking up, call your local Realtor.  Beware the often predatory Geeks/Wise Guys/Investors Buy (ugly) Homes companies that put their cardboard signs on your lamp posts and highway medians.  Realtors adhere to a Code of Ethics and are legally obligated to help you get the most for your home.  We also have access to the information you need to renegotiate your loan terms, conduct a short sale or sell your home quickly.

How did this happen?  In 2003 you could put a home on the market on Thursday night, hold an open house on Sunday and review multiple offers for above list price on Monday.  The seller sold their home quick and for top dollar, while the buyer was able to move into their dream home.  As nostalgic as we want to get, we are now seeing the backlash of those transactions.

Was that buyer really qualified to buy that home at that price?  Many buyers were using stated income sub-prime loans.  When they told the mortgage broker that they made $50,000.00 a year, somehow the mortgage broker heard $90,000.00.  "Don't worry about it, we'll give you a low rate for three years.  By then you will be making $90,000.00 and your house will be worth double what you paid for it!"  Well, three years is up.  You are still making $50,000.00 and your house is worth 10% less than when you bought it.

Well where is that seller with all of their money?  They are in a bigger house.  One that was a stretch for them to afford.  Guess what?  They have an adjustable rate mortgage too!  They may have five bedrooms, a gourmet kitchen and a finished basement with a flat screen, but they are over extended.

So what now?  Historically, if you buy a home at the top of the market, in five to ten years your investment will appreciate.  For a lot of families, it is just a matter of getting through these predatory loans.  A great resource for new information and legislation is ResponsibleLending.org.  As a real estate culture it is imperative that we educate our clients to make strong financial decisions, not just sell homes.

Congratulations Jeremy!

Another Happy Client settles on a one bedroom condo at One Independence Plaza.  The amazing part of this condo is the view that overlooks the open plaza.  The condo is so close to the movie theater, you can smell the popcorn.  Check out the interior here.