The 2015 Washington DC Real Estate Guide

THE 2015

WASHINGTON D.C.

REAL ESTATE GUIDE

THE 2015

WASHINGTON D.C.

REAL ESTATE GUIDE

Dupont Circle, Cleveland Park, Chevy Chase, Capitol Hill, Georgetown, Logan Circle, H Street Corridor, Bloomingdale, Petworth, Foxhall, Forest Hills, Columbia Heights and more, PLUS nearby communities in Virginia and Maryland.

ELDAD MORARU

WEXFORD HOUSE BOOKS

The 2015

Washington D.C.

Real Estate GUIDE

Dupont Circle, Cleveland Park, Chevy Chase, Capitol Hill, Georgetown, Logan Circle, H Street Corridor, Bloomingdale, Petworth, Foxhall, Forest Hills, Columbia Heights and more, PLUS nearby communities in Virginia and Maryland.

Eldad Moraru

Published by:

Wexford House Books

Smashwords Edition

All rights reserved. No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by an information storage and retrieval system - except by a reviewer who may quote brief passages in a review to be printed in a magazine or newspaper - without permission in writing from the publisher.

Copyright © 2014 by Eldad Moraru

Printed in the United States of America

ISBN

978-0-9905609-0-6

ABOUT THE AUTHOR

Eldad Moraru is a licensed real estate agent in DC, MD and VA with the Long and Foster Real Estate Company. The content for this book is drawn from his experience helping hundreds of clients buy and sell homes in the D.C. area as well as his experience working out of Long and Foster’s number one office, the Bethesda Gateway Office, which has completed over $1 Billion in sales per year for nine of the last ten years.

Moraru was born in Israel and lived in Zimbabwe, New York and Boston before settling in Washington D.C. He now lives in the Chevy Chase NW community with his wife, two children and dog. His passions include family vacations to locales around the world, good food, riding his Harley and the study of Brazilian Jiu Jitsu, a martial art in which he is currently a brown belt. He is a graduate of Tufts University, where he earned a B.S. in Mechanical Engineering.

Moraru can be heard regularly on FM103.5 WTOP Sunday mornings giving advice on the local DC Real Estate Market

ACKNOWLEDGMENTS

Thank you to all the people who helped make this book a reality, including those who helped with research and by conducting interviews. Thanks also to my publisher, Wexford House Books, especially editor Jen Ferris.

Thank you to my clients and a few other brave volunteers who shared their insights on living in their D.C. neighborhood. Your candor and honesty will be well appreciated by our readers.

Thank you to my assistant Lara Flores, whose unmatched dedication, commitment and efficiency frees me to up to give the impeccable level of service my clients so richly deserve. Also thanks to the two managers of my office, Leon Nasar and Susan Haskins, whose leadership has made what I do not only possible, but enjoyable.

Lastly, all my love and gratitude to my wife Jodi, son Eli and daughter Talia, whose love and support give definition to my world.

INTRODUCTION

Having lived on three different continents, I have changed homes more times than I care to remember. I’ve traveled extensively all over the world by way of boat, motorcycle, planes, trains and automobiles. So when I moved to Washington D.C. in 1990, little did I know that this would be the place I would choose to settle down permanently, get married and raise a family.

Known to most just as our nation’s capital, few fully grasp and appreciate what a phenomenal place Washington D.C. is to live. I fell in love with this city rather quickly and have watched it evolve in surprising and wonderful ways these past 25 years. While the excitement of being at the epicenter of the world’s political arena never tires, D.C. has so much more to offer its residents, ranging from world class cultural venues, an ever-growing and coveted food and restaurant scene, lots of green spaces and parks, biking, hiking, kayaking and so much more. One can head east and be on the water in 45 minutes, or one could head west for 45 minutes and be in farm and wine country.

Anchored by the federal government, Washington D.C. does not experience the same impact of a down national economy as do most other areas. Some have even used the term recession-proof when describing the economic stability of the area.

My wife Jodi, a Washington native, and I, along with our two kids, travel as often as we can, but always return to where our hearts are, our home, Washington, D.C. If you are considering finding your home in D.C., I hope this book will help you make that a reality. As someone who made his true home in this fascinating city, I know what a great move it can be.

Eldad

Eldad@Longandfoster.com

CHAPTER 1

WHY MOVE TO WASHINGTON D.C.?

Once dubbed the Paris of America by Thomas Jefferson, Washington D.C. is a city of power, culture and beauty, a cosmopolitan city that immediately feels like home to people who visit for short periods as well as those who decide to move and live there. It offers sustenance for the imagination, excellent food for the stomach and a wealth of interesting and exciting activities. There are hundreds of miles of walking trails, excellent restaurants, first class performing arts, theater of all kinds and monuments and museums that rival any in the world.

The quaint and historic neighborhoods of Washington D.C. are among the most desirable in America, including names recognized nationwide from Georgetown to Capitol Hill. Its economy, job opportunities and lifestyles are rated among the highest of any U.S. city, and it offers first-class public transport and city services. Its real estate market consistently has been ranked near the top of any in the United States, and the city offers excellent medical facilities.

The economy of D.C. is stable, and has proven adept at creating jobs – with a growth of several thousand in the first half of 2014 alone. And it’s not just the federal government that is driving this economic tide. More and more employment opportunities are diversifying into technology and professions in law, medicine and education.

All in all, Washington is a city that is exciting enough and offers enough economic opportunity to draw single young people on the move, but is also family-friendly enough to draw those with a more settled lifestyle. Most of the federal government’s museums and monuments are free to the public – and they are first rate and inspiring, especially for children.

Here are just a few of the accolades, amenities and facts about Washington that make this unique city a great place to live:

Ranked first in jobs creation by Forbes.com.

The second most secure economy in the U.S. by Forbes.com.

Top city in the world for attracting foreign real estate investment, Forbes.com.

Ranked first as the easiest large city in which to find employment by Juju.com.

Ranked as 10th healthiest housing market in the nation by Builderonline.com.

Top-ten city for business expansion.

Leader in charter school movement.

Home to six of the top 10 buildings in the American Institute of Architects’ latest ranking.

Nation’s second busiest rapid transit system.

Economy

Forbes ranked Washington as the Coolest city in the United States in a 2014 article, noting that D.C. has a lot to offer those who call it home.

There is much more to Washington’s economy than government-related jobs. Many nonprofits are headquartered in the District and an increasingly diverse mix of education, finance, public policy, and scientific research concerns are adding oomph to the local economy, including the World Bank, the third largest employer in D.C. The U.S. Bureau of Economic Analysis measured the District’s gross state product at over $105 billion in 2013, ranking the Washington economy as 1st per capita among the 50 states by quite a large margin -- quite a ranking for a geographical area of less than 100 square miles.

Forbes ranks Washington as the top city in the world for foreign real estate investment, having surpassed London as the most favored city in this important element of the city’s economy.

Growth and Expansion

Recently, Expansion Management magazine ranked D.C. among the ten areas in the nation that are most favorable to business expansion. The article also noted that D.C. has the third-largest downtown in the United States in terms of commercial office space, directly behind New York City and Chicago.

Washington’s diversified economy also enjoys an increasing percentage of professional and business service jobs, including industries that are not directly related to government.

Real Estate

Expansion noted that "despite the national economic crisis and housing price downturn, Washington D.C. ranked second on the Forbes list of the best long-term housing markets in the country." The Urban Institute reports that gentrification has improved many Washington neighborhoods. Most notable, the neighborhoods of Logan Circle, Shaw, Columbia Heights, the U Street Corridor, and the 14th Street Corridor have seen housing values grow in the last ten years.

A 2014 index created by Freddie Mac lists DC as one of the most stable real estate markets in the country. Only DC and markets in 10 other states earned this new honor that denotes a market where employment pictures and home values are consistently improving.

Washington real estate can be pricey. Although average prices fell several years ago, in 2014 many have begun to increase. Of course the prices of houses and condos vary widely by neighborhood, size and condition. Your best bet is to consult with your Realtor to find a housing situation that fits your needs and economic situation.

Employment

Washington has a very strong employment picture. In a recent article, Forbes ranked Washington, D.C., as the number one job market among the top 50 metropolitan areas in the U.S. JuJu.com ranked it the number one easiest city to find a job in. The District is home to many technical, education and health care jobs, which, along with the federal government, have seen steady growth.

The D.C. Office of Labor Market Research notes that George Washington University, Georgetown University, Washington Hospital Center, Howard University, and Fannie Mae are the top employers not related to the federal government. There also are many professional associations, trade unions, law firms and consulting firms in the District. The federal government is the largest employer in Washington, with an estimated 27 percent of the labor force employed by the government. The long-term outlook for employment in the District is also strong – because of government stability and growth, and because many private companies see opportunities for business expansion in Washington.

Public Safety

Safety can be a concern in large cities, but Washington has made tremendous strides in reducing crime. According to the U.S. Department of Justice, violent crime was down nearly 47 percent between 1995 and 2007 and property crimes, including thefts and robberies, declined by 48 percent during the same years.

Food

Afghan, Belgian, Burmese-Chinese, Chinese, Cuban, Contemporary American, Ethiopian, French, German Greek, Indian, Italian, Japanese, Korean, Mediterranean, Mexican, Pakistani. The list goes on! Washington offers a wealth of international foods and restaurants, as well as perennial classics such as the all-American steak house. Washington’s reputation as a top food city is safe and growing stronger. Part of this reputation is due to the relatively high population of people from around the world in Washington. It also doesn’t hurt that the city’s many politicians like to eat out, and eat well.

What this means to the Washington resident is that the choices and the quality of restaurant food in the city is exceptional. Top chefs from around the world come to Washington to provide the best of the world’s food to patrons.

The Washington Post, reviewing the past decade of the restaurant scene in the District, recently reported, Plenty on the dining scene has also changed, so much of it for the better. Just look in your wine (or beer) glass, likely to be filled with something special. Or examine your plate, probably dressed with something local or sustainable. At the turn of the decade, it would have been difficult to predict … farmers being hailed as heroes, destination suburban restaurants and celebrity chefs lured to Washington because Washington is a top food city. A four-star Indian eatery? Improbable, at least until Vikram Sunderam jetted in from London five years ago.

This is merely a sample of the excitement in the restaurant scene in which new eateries are opening almost daily. The District resident is wise to read reviews of these new and unique restaurants often and even more wise to sample their fare for themselves. Eating in Washington is one of the true cultural advantages of the city and should not be missed.

Architecture

Six of the top 10 buildings in the American Institute of Architects’ ranking of America’s Favorite Architecture are located in the District of Columbia. They are the White House, the Washington National Cathedral, the Thomas Jefferson Memorial, the United States Capitol, the Lincoln Memorial, and the Vietnam Veterans Memorial. But there are literally hundreds of architecturally and historically fascinating buildings in the District –many of them found in residential neighborhoods as well as the city’s center.

The city’s Historic Preservation Review has designated an inventory that includes more than 500 historic landmarks and more than three dozen historic districts with approximately 23,600 buildings. The Georgetown neighborhood, for example, is the District’s oldest. The Old Stone House was built there in 1765, making it the oldest-standing original building in the city. Most of the rest of the neighborhood, however, is characterized by late Victorian architecture.

Federal buildings in the district reflect a number of different architectural influences. Many are of neoclassical design, although Georgian, gothic and modern architectures are plentiful throughout the district. Walking through the city, one can also see many examples of Queen Anne, Châteauesque, Richardsonian Romanesque, Georgian Revival and Beaux-Arts architecture.

The District may exhibit a wide variety of architectural types, but its general cityscape does have a unifying attribute, thanks to a Congressional Act limiting the height of buildings in the city. Passed in 1899, The Height of Buildings Act limits building heights to maintain, according to The Washington Post, Thomas Jefferson’s vision for Washington as the Paris of the Americas.

Cultural Attractions

Washington has many cultural attractions, perhaps most notably the Smithsonian complex of museums on the National Mall, along with the National Archives’ collection of the most important American historical documents. Of course the Mall also offers many other institutions and monuments that relate to our nation’s history. Spending a day on the Mall is not only educational, but inspiring; regardless of political affiliation, it engenders a civil pride and renewal of one’s hopes for the future. And to add to these free attractions, there is also the National Zoo and Arboretum for those warm spring, summer and fall days with the family or a loved one.

Washington D.C. is also a national center for the arts. The John F. Kennedy Center for the Performing Arts is home to the Washington National Opera, the National Symphony Orchestra, and the Washington Ballet. Washington is also home to strong set of independent theaters, such as the Shakespeare Theatre Company, Arena Stage and the Studio Theatre, which feature classic works and new American plays.

Lifestyles

Washington D.C. is a fit for every person and every lifestyle. The city is cosmopolitan, diverse and bustling with excitement – attributes derived in part from its role as the seat of government for one of the world’s leading powers. Those with a passion for politics will find themselves at home in Washington, but even others will love the nation’s capital.

A side of D.C. that is often forgotten is that it is also a Southern city, where people still sit out on their porches and Southern hospitality abounds. Since it also enjoys a warm climate most of the year, there are ample places to enjoy the outdoors. Major parks managed by the National Park Service include Rock Creek Park, the Chesapeake and Ohio Canal National Historical Park, the National Mall, Theodore Roosevelt Island, the Constitution Gardens, Meridian Hill Park, and Anacostia Park.

Washington has a vital gay, lesbian, and bisexual community, with over 10% of people identifying themselves as such in a 2012 Gallup poll, making the District the state with the highest percentage of gay residents in the country. The District has long recognized same-sex marriages performed in other jurisdictions. D.C. began allowing same-sex marriage in the District as of March 2010.

The city has earned a variety of accolades from publications catering to specific groups, highlighting its appeal to a wide variety of people:

#1 Most Literate City, Publishers Weekly

#1 Best City for African Americans, Black Enterprise

#5 Among America’s Best Cities for Singles, Forbes.com

#7 Best City for Relocating Singles, WorldwideERC.org.

Families

Although Washington is a city of over 630,000 people, many of its neighborhoods feel more like small towns, where neighbors know one another and families quickly form friendships at every generational level. There is also a wealth of family-friendly activities in D.C., many of which are free to the public. Almost all of the government-run facilities are open free of charge, and Washington is a city with an abundance of museums, monuments and parks. Washington has more green space that any other U.S. city of its size.

Washington Parent Magazine (www.washingtonparent.com) and Washington FAMILY Magazine (www.washingtonfamily.com) are the District’s leading parenting and family publications. Their Web sites provide helpful resources for parents new to the area, such as a calendar of family-friendly events, a family dining guide, and a slew of comprehensive directories for childcare, education, and other family-oriented services.

Sports

Five major professional men’s teams call Washington D.C. home. The Washington Capitals (National Hockey League) and The Washington Wizards (National Basketball Association) both play in Verizon Center. The Washington Nationals opened Nationals Park in 2008. The Washington Redskins’ home is at FedEx Field in Landover, Maryland. D.C. United (Major League Soccer) plays at RFK Stadium.

The many colleges and universities in Washington, D.C. also have varying men’s and women’s sports programs that draw eager fans throughout the year.

Education

Among the many educational offerings in D.C. are public charter schools, which comprise a growing movement in D.C. Enrollment in public charters has increased an average of 13 percent per year since 2001. The District of Columbia Public Charter School Board administers the 60 public charter schools in the city. The Charter School Board reported in 2014 that more than 35,000 students were enrolled in Washington’s extensive network of charter schools. The District is also home to some of the nation’s top private schools. Last year some 18,000 students were enrolled in 83 private schools in Washington proper.

Washington,