Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit.

Recent Credit Trends

The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one year ago.

Additionally, a Fed Senior Loan Officer Survey found credit requirements in the fourth quarter were consistent with the past three quarters.

Where Is the Development Going to Be?

With 250,000 square feet of land already approved for development, the borders for the Chevy Chase Lake development are: Jones Bridge Road (north), Jones Mill Road (east), the East West Highway (south) and Columbia Country Club (west).

What Are the Development Plans?

The development will favor low to mid-rise individual buildings, which will be located in close proximity to a Purple Line light rail station. Approximately 700 to 780 residences are planned for construction, with more commercial buildings located closer to the Purple Line station. The tallest building in the development currently stands on 8401 Connecticut Avenue. Environmental concerns, including storm water management and tree planting is currently being taken into account.

What You Won’t See

Lisa Fadden, the project contact and Vice President of Public Affairs for the Chevy Chase Land Company, insists that the Chevy Chase Lake development will not be a place for luxury retail. She is open to suggestions concerning the types of shops and restaurants the community would like to have. Plans for high-rise buildings have also been abandoned.

When Will This Take Place?

Don’t expect to see these buildings any time soon. According to Chevy Chase Patch, a finalized plan is not expected until the spring of next year. Construction will most likely take place during a 15 to 20 year block of time.

Do you think the development plans for Chevy Chase Lake are a good idea? Feel free to share your opinion with us!

With the Bethesda-Chevy Chase Restaurant Week in full force, here’s a list of local restaurants participating in the event. You won’t want to miss out on this special event, ending January 29.

Also be sure to check out new nearby restaurant openings and find out what local restaurants are offering cooking classes.

Participating Restaurants

Two and three course meals are offered for the following prices: $13 or $16 for lunch and $33 for dinners. This does not include tax, tip or drinks. Whether you’re in the mood for sushi or steak, spaghetti or salmon, you’re certain to find some amazing dishes at the following restaurants.

American Cuisine

Redwood

Persimmon Restaurant

Oakville Grille and Wine Bar

American Tap Room

Newton’s Table

Nest Café

Grape Seed

Argentinian Cuisine

Divino

Asian Cusine

Raku

Passage to India

French

Brasserie Monte Carlo

Bezu

Mon Ami Gabi

Le Vieux Logis

La Ferme

International

Clydes

Old Anglers Inn

K Town Bistro

Food Wine and Company

Italian Cuisine

Assaggi Mozzarella Bar

Geppetto Restaurant

Tragara Ristorante

LIA’s

Cesco Osteria

Irish Cuisine

Irish Inn at Glen Echo

Mediterranean Cuisine

Chef Tony’s

Tavira

Lebanese Taverna

Spanish Cuisine

Jaleo

Guardado’s

Seafood

Freddy’s Lobsters and Clams

Southern

Louisiana Kitchen and Bayou Bar

Steakhouse

Capital Grille

Local Changes

Two new restaurants will be opening soon in Bethesda.

The Majestic Bar and Grill will repace Gaffney’s on Wisconsin Avenue. The Majestic’s owner has described the new restaurant as a one of a kind gastropub.

Smoke BBQ Bethesda will replace Asian Café on Cordell Avenue.

Cooking Classes

Mon Ami Gabi will offer classes starting January 21 at 10 am. Learn to cook things like: four mushroom soup, sea scallops with butternut squash puree, and warm chocolate pudding cake.The cost is $50 per person.

L’Academie de Cuisine has all kinds of classes, from beginners to advanced chefs, to different kinds of cuisine. Check out this Bethesda cooking school for information on prices and class times.

Tell us your favorite Chevy Chase-Bethesda restaurant.

The Improving State of the Real Estate Market

Winter is upon us and we look forward to our spring real estate market, which many Realtors will tell you, begins late January into early February. Perhaps this “early start” is due to New Year’s resolutions to move up, size down, relocate, or buy that “dream home”.

Buyers start coming out in droves to view open houses and consider all possibilities of making a purchase in the current market. In most of the Washington DC regions, we have seen a steady drawdown in inventory with only a few sub-markets showing increases (and those are mostly outside The Beltway). While the number of buyers has waned, it is not so great to keep sales from remaining steady.

What is Different in Today’s Market?

The real difference is that there are fewer inventories than over the past few years. Ultimately this is a good trend for home sellers as less inventory means more price stability. We do not anticipate any appreciation in our market this year.

Many buyers in our area and those coming from other real estate markets have not been able to sell their current homes for a profit — many have lost money on homes they purchased between 2004 and 2008.

Buyers that I see today are cautious, taking a lot longer to make a decision about buying a home. They realize that the appreciation gains of the past are not likely to occur again for a long time. They want to buy wisely and for the long term. Buyers who would come to town to buy for a few years and then sell or relocate are a thing of the past. Today, people moving to our area for only a few years, are renting rather than buying.

The Keys to Successful Selling

Price, location and condition are still the most important criteria to buyers. The fewer repairs, updating and redecorating, the better. In our market we still see houses for sale that sit for many months with no results and numerous price reductions. There are also sellers who after months of no results, simply take their home off the market and decide to stay until the market gets better.

Unless a seller is very motivated they may not be successful. Condition and staging have become more important than ever. I listen to buyers going through open houses making comments about needed upgrades and improvements more than ever before. The days of living with tired carpeting, dated wallpaper and older windows is a thing of the past. Buyers want low utility bills, energy efficient upgrades, low maintenance and a user friendly floor plan.

Our Market Remains Healthy

The good news for our real estate market is that we have fared better than most of the country. Sellers are still able to sell in a timely manner if priced competitively. There is no need to be on the market for a long period of time and sellers do not have to accept contracts contingent on the buyers selling their home.

Two Important Changes in Our Industry for Homebuyers and Sellers:

1. FHA has reverted to their loan limits of $725,000 from $625,000. This will provide a larger buying pool for buyers who have less than a 20% down payment.

2. Our contracts now provide that homes are sold in completely “as is” condition. Previously our sales contracts stipulated that mechanical, electrical and plumbing in the house would be in normal operating condition. This language has been deleted. The seller is now no longer required to make any of these repairs. Buyers will still have home inspections and will still have the option of requesting repairs or credits for repairs but the seller will be under no contractual obligation.

Looking Ahead

It has always been difficult to choose the very best time to buy or sell a home. Whenever forecasters have tried to predict the bottom of the market, it is usually on the way up. We probably have a more normal real estate marketplace than I have seen in many years, with opportunities for both buyers and sellers. Interest rates still remain historically low, prices have stabilized and there are many good opportunities regardless of your goals.

We look forward to a successful spring in real estate.

Nonprofit Support

The Solomon Dixon Foundation, or Cleaning for Chemo program, provides free house cleaning services for individuals undergoing chemotherapy treatments.  Inspired by a cancer survivor, the Foundation’s goal is to alleviate patients’ stress by providing a clean home they can return to. Tasks include vacuuming, dusting, sanitizing showers, sinks and counters, emptying trash, keeping the home tidy and more.

Requirements

Volunteers must be 18 or older and available on weekends. Please contact the Solomon Dixon Foundation for more information and to access the volunteer application.

Assisting the Elderly

Friendly Visitors is a program that pairs volunteers with senior citizens who are unable to leave their homes due to medical conditions.  This is a wonderful opportunity to provide support for the elderly and to develop a long term friendship.

Requirements

Friendly Visitors is currently looking for someone to assist in the Silver Spring area. Volunteers must be at least 21 and commit to one hour a week visits for one year. An orientation is required, which is scheduled February 15 at 6:30 p.m. Contact the Mental Health Association of Montgomery County for more information or other volunteer opportunities.

Environmental Opportunities

If you love nature, enjoy learning new things, and have a knack for public speaking, you might be interested in working with the Montgomery County Nature Facilities in Bethesda. Volunteers help run programs for all age groups, focusing on environmental and cultural topics.

Requirements

Volunteers must be 18 or older and pass a background check. Training will be done online and on location. Contact the Montgomery Parks Volunteer Services Office for more information.

Do you volunteer for a local organization? Feel free to share with us.

That’s because activity on the local housing market remained slow, while average days on the market remained high.

Continue reading to learn more about recent Chevy Chase real estate market activity, and why it will likely prove advantageous to buyers like you.

Chevy Chase Homes for Sale

Here’s a look at the most recent trends on the Chevy Chase real estate market, based on recent market data:

• Currently there are 4 sales pending and 64 active listings on the market.
• The $600,000 to $900,000 price range saw the most activity during this time, based on the number of pending contracts in this range.
• The average list price for all properties on the Chevy Chase real estate market is $1,435,020.
• During the last six months, 106 contracts have closed.  The majority of those contracts fell within the $600,000 to $900,000 range.
• The average sold price on those 106 homes was $1,092,596.
• During that same period, 9 listings failed to sell for one reason or another.
• Currently, the average number of days on the market for active listings in Chevy Chase is 109 days.
• During the last six months, the average number of days on the market for sold properties has been 40 days.
• Properties in the $2.1 to $2.4 million price range have sold the fastest over the last six months.
• Currently, there is a 3.6 month housing inventory on the Chevy Chase real estate market.

Your Chevy Chase Real Estate Experts

The housing inventory alone suggests that it’s a slow time on the Chevy Chase real estate market for area home sellers.

While this is bad news for them, it’s great news for interested home buyers like you.

After all, home sellers are interested in selling their home in as little time as possible so they can move on to their next home.

But  right now, homes for sale in this area are staying on the market for more than 3 months!

This will likely cause interested home sellers to drop their list price in order to attract more buyers.  This is advantageous for home buyers because it means they stand to get a great deal on an impressive Chevy Chase estate.

For more information on how recent market activity may affect you – or for expert advice on how to effectively navigate the Chevy Chase real estate market – contact me, Melinda Estridge.

When you call, my team of Chevy Chase REALTORS and I will be happy to answer any questions you may have as well as provide you with such helpful tools as:

• Buy a home in Chevy Chase
• Home buyer guide
• Featured Chevy Chase home

Until next time,

Melinda

Training: Enroll in a Program

If taking your dog out is more trouble than enjoyment, you may consider obedience class. The Capital Dog Training Club in Silver Spring offers classes that focus on basic obedience and puppy socialization.

The Premier Dog Training, LLC in Bethesda also offers obedience lessons as well as classes that focus on specific problems, like leash manners, aggression, incessant barking and more. In-home lessons are also available.

Dog Parks: Off-the-Leash Fun

If your pooch loves to run, why not take it to a dog park? The Cabin John Dog Park in Bethesda offers a half acre for your dog to roam and explore. Of course, your dog needs to be socialized to other dogs. Be sure to check out their website for information on permits and fees.

Things to Keep in Mind When You’re Out with Your Dog

Pick Up the Poo

Okay, so obviously no one looks forward to this part of the walk. Nevertheless, you still have to. Aside from the fact that you can be fined for leaving your dog’s leavings behind, it’s just plain disgusting and irresponsible. Be considerate and keep your neighborhood clean.

Keep It Leashed

Tempting as it may be to let your dog run free, it’s important to keep your dog on a leash at ALL times. Regardless of whether your pup is the sweetest, most obedient dog ever, you can be fined $100 or more if your dog is caught unleashed in a public place.

Retractable leashes can also create problems if your dog is too far ahead (or behind) for you to control it. Your best bet is to choose a six-foot cloth leash to have a safe, enjoyable walk.

Have any other ideas or tips to share? Let us know.

Community Events

Eat Out 2012

Be on the lookout for The Bethesda Chevy Chase Restaurant Week from January 23 – 29. This biannual event offers great deals at upscale restaurants, featuring varied ethnic and American cuisines. Last year, pre-fixed lunch menus ranged from $12 to $15, while three course dinners went from $25 to $30.

Arts and Entertainment

Movies

The Chevy Chase Library will be showing the French film The Diving Bell and the Butterfly at 1 p.m. on January 7. Everyone is welcome to this event sponsored by Friends of the Library, and admission is free.

Extravadance Studio Cinema will be showing the dance movie, Fame, a version of the 1980 musical, on January 21 at 4 p.m. Admission is free!

Music

Credit: Jan Mehlich

Trattoria Sorrento on Cordell Avenue will be hosting Opera Night on January 8 at 6 p.m. Come for an evening of wonderful music, as well as an authentic Italian four-course meal. Admission costs $50.

Open Mic Night is a great chance to see local singers and musicians show their talent. The entertainment starts at 7 p.m. on January 20 at the International School of Music. Admission is free.

Exhibits

The Bethesda Art Walk features the works of locally and nationally recognized artists. Downtown art centers like the Waverly Street Gallery or the Upstairs Art Studios will be open to the public on January 13. The Art Walk starts at 6 p.m. and ends at 9 p.m.

If you’ve got a January event in mind that you don’t see listed here, let us know! We’d be happy to hear from you.

About Chevy Chase Village

Of the 2,000 residents that call Chevy Chase Village home, nearly 93% hold a bachelor’s degree and 60% of adults over the age of 25 have advanced degrees. The Village is also one of the more affluent communities in Maryland, with an estimated median household income of $255,984 in 2009.

How Chevy Chase Was Ranked

The Town of Chevy Chase made the top ten list, coming in at fifth place for overall brain power. With a population of 2,800, 90% of adults hold bachelor’s degrees and 60% hold advanced degrees. Chevy Chase overall was ranked 24. Nearly 80% of Chevy Chase’s 10,000 residents have earned bachelor’s degrees and fifty percent hold an advanced degree. Less than 2% of all residents have dropped out before high school graduation.

How Other Nearby Communities Ranked

Compared to other cities around the country, many Maryland communities ranked quite highly – and many of those aren’t too far from Chevy Chase. University Park earned a spot at 13, while Bethesda was ranked 22. Somerset was placed second while Brookmont came in seventh.

Higher Education Near Chevy Chase

It’s no wonder that so many people in the Chevy Chase area have earned a bachelor’s degree or higher. Chevy Chase is in close proximity to many universities. Just five minutes from DeVry University, Chevy Chase is also less than thirty minutes from many nationally ranked universities including American University, University of District of Columbia, Howard University and Georgetown – ranked 22 in national university ratings.

What Are Your Thoughts?

Do you think a community’s proximity to universities plays a role in its brainpower rating? Or do you feel that affluence plays a greater role? Feel free to share any profound or insightful comments with us.

But in the event that you’re one of those families that Christmas caught off guard this year, we’ve got you covered!

Here’s a list of some sites where you and your family can buy a Christmas tree:

Dan and Bryan Trees

• Where: The corner of Wisconsin Avenue and Davidson Drive in Chevy Chase
• Price: 4-foot trees sell for $39.62, 5-to-6-foot trees sell for $60.34, 7-foot trees sell for $84.90 and 8-foot trees sell for $99.05.
• Fun Fact: This company – which gets its trees from Shepherdstown, WV – has been selling trees since 1967.

North Star Trees

• Where: The corner of Norwood Drive and Wisconsin Avenue
• Price: 4-foot Frasers for $39.99, 6-foot Douglas firs for $69.99, 6-foot Frasers for $76.99, 7-foot Douglas firs for $79.99 and 10-to-12-foot Frasers for $146.99.
• Fun Fact: This family-run company sells Douglas firs from Michigan and Fraser firs from Northern California.

Whole Foods Market

• Where: Friendship Heights
• Price: 6-foot trees for $59.99, 7-to-8-foot trees for $99.99 and table-top trees for $19.99
• Fun Fact: 7 to 8 foot trees should be reserved in advance

Living in Chevy Chase, Maryland

I hope you are able to find the perfect Christmas tree for you and your family. If you find one at the sites mentioned above, let me know about it!

And if you’re considering investing in Chevy Chase real estate in the New Year, be sure to contact me, Melinda Estridge.

I’ll be happy to answer any questions you may have as well as let you know about available listings.

Until next time,

Melinda