End of Week Wrap Up

Halle Berry puts a $15,000,000 price tag on her walled and gated Los Angeles residence. It was here, the the driveway where Miz Berry's ex-husband and current beau threw it down macho man style the other day.

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1980s New Wave British rocker chick Siobahn Fahey—co-founding member of both Bananarama and Shakespears Sister and the former wife of Eurythmics co-founder Dave Stewart—dropped nearly two million smackers on a house in the Hollywood Hills so she can spend more time with her two L.A. based sons.

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Former fashion model turned reality t.v. denizen Kelly Bensimon—formerly of The Real Housewives of New York City—finally, after years of unsuccessful efforts, sold her five bedroom cedar shingled house in the East Hampton (NY) for $5,760,000, a lot of money by any standard by a far cry from the twelve million she (reportedly) wanted last summer and the $10,900,000 she (allegedly) wanted in spring 2009.

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Earlier this week some delish scuttlebutt made its way down the celebrity real estate gossip grapevine that, despite recently spending six and some million on a Spanish Colonial mini-mansion in Beverly Hills, Emmy-winning actor Kelsey Grammer wants to move his new family into a swank Holmby Hills mansion he previously shared with his former family. Only thing is, ex-wife Camille Grammer, formerly of The Real Housewives of Beverly Hills, co-owns the home and she's not so keen on the idea, especially since it's on the market she thinks it'll be harder to sell with Kelsey living there.

But that's not even the good part. Newer reports cite court documents that reveal Mister Grammer wants to move into the Holmby Hills house because his cash flow's a bit pinched since his most recent sitcom, Boss, failed to find any Showbiz traction.

Turns out the carrying costs for the Holmby Hills estate come to a whopping $48,130 per month, half of which gets covered by ex-Missus Grammer who—one imagines—isn't so keen on coughing up 25 grand a month to house Mister Grammer, New Missus Grammer and their infant child.

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Elle Decor takes a glossy look-see into the Los Angeles (CA) home of much published, world renown and unapologetically pretentious nice-gay decorator Martyn Lawrence Bullard and, Lowerhd have mercy children, it's just as grand, graphic, glammy, multi-layered, kaleidoscopically colorful, expensive looking and internationally oriented as anyone who watches the flamboyant and whimsically dapper Mister Bullard on Million Dollar Decorator might well expect.

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Bazillionaire tech tycoon and famously voracious real estate buyer Larry Ellison picks up his tenth house on Carbon Beach, the hoitiest of the toitiest stretch of sand in Malibu. No word on how much he paid yet—transaction records have yet to surface on the interweb—but what is known is that he bought the house from super producer Jerry Bruckheimer and that he already owns the homes on either side of his latest acquisition.


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The contemporary home of the late, conservative and sometimes controversial commentator and political pundit Andrew Breitbart—in the affluent Westwood area of Los Angeles, CA—popped up on the market with a $1,995,000 price tag.

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Tinseltown icon Jack Nicholson put a $595,000 asking price on a now vacant, .4(ish) acre residential parcel high in the Hollywood Hills. Mister Nicholson bought the property in 1975 for just $49,000 and in September 2011 the existing residence—which he leased out—was irretrievably damaged by fire.

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Trump Emphasizes Preservation in Plans for Old Post Office

Old Post Office building

From the top, 315 feet above the street, a visitor is greeted with sweeping 360 degree view of the city.  The Capitol Building dome rises in the near distance, airplanes appear to graze the Potomac, and the city's radial streets fan out in all directions. In the far distance, the Washington Cathedral and the Pentagon anchor opposite skylines.

The Old Post Office Building and tower, the third tallest structure in DC (behind the Washington Monument and the Basilica), at 1100 Pennsylvania Avenue, with its cavernous atrium and spectacular architecture, is finally getting deserved, if delayed, attention as a destination venue.  Long underutilized as nondescript federal offices and a food court to match, details of a new design have finally emerged.

In February, the General Services Administration (GSA) selected the Trump Organization to overhaul the building.   Thursday night theTrump team presented in-depth plans for the overhaul of the Old Post Office Tower building at the annual membership meeting of the DC Preservation League.

Bird's-eye view of existing floor plan

David Horowitz of the Trump Organization told the preservation group - the very group that that helped save the building over 40 years ago - that the Trump group sees the hotel as its top project and that the project will place a heavy emphasis on preservation.

"Our goal for this property is to build the best hotel in Washington, DC, and realistically, the world," Horowitz told the crowd. "We see an important role as the caretaker of this historic building on our nation's Main Street."  He emphasized that the plans are still in development.

Architect Hany Hassan, FAIA, partner at Beyer Blinder Belle in DC, presented the vision for the building.  He sketched a tentative plan that would extend the original ground floor level in the building's central cortile - bringing back the "slab" on which the first post office workers sorted mail - and then open it up to public entrances from all sides.

Hotel drop-offs are penciled in for 11th and 12th streets, with retail and cafe space with outdoor seating on C Street and on Pennsylvania Avenue. "The building will finally be accessible to the public from all directions," Hassan said.

Idea to extend ground floor. Image: Trump Org. presentation

The south side is where the Trump Organization would locate the public entrance to a lobby leading to the tower elevators and the Clock Tower Museum, which first opened to the public in 1985.

The existing mezzanine will likely be expanded for a restaurant or cafe, Hassan said.  He asked the audience to imagine Grand Central Station in New York.  "The only difference here is that while you are at this mezzanine level you are not only appreciating the ground floor, you will also be able to look up to the north and see the clock tower, which is one of the most beautiful features of this building," Hassan said.

Hassan said that, for him, the restoration was a dream project to be approached with humility. He said the project entails a great responsibility to preserve and enhance the building "and the synergy and energy that it will bring to Federal Triangle and connecting the National Mall and the monumental core to the downtown."

Hassan said the glass annex that was added to the building in the 20th century would house banquet rooms, conference rooms, and public event spaces. The upper levels will house guest rooms that will preserve the building's original room layout. The larger, postmaster general's office on the fifth floor, for example, might become a suite, Hassan said.  Some windows might be added on the ninth floor to "give incredible views of the city."

In Hassan's eyes, “the building has these incredible bones and all you have to do is work with it and respect it.” The Trump team - with Donald Trump's daughter Ivanka Trump heading the DC project - has set a timeline for breaking ground in 2014 with delivery of a 250-room hotel in 2016.

Tentative rendering. Image: Trump Organization presentation

The building, dating back to 1892, was almost torn down in 1926 when construction on the neo-classical Federal Triangle began and the building went out of style.  Demolition permits were again issued in the 1970s, but a small group of protestors formed the "Don't Tear it Down" movement to save the building.  That group later turned into the DC Preservation League.

Washington D.C. real estate development news

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Billie Joe Armstrong Lists Newport Beach Cottage

SELLER: Billie Joe Armstrong
LOCATION: Newport Beach, CA
PRICE: $1,895,000
SIZE: unknown square footage, 3 bedrooms, 3.5 bathrooms

YOUR MAMAS NOTES: On the heels of Green Day frontman Billie Joe Armstrong's profanity-laced tirade on stage in September at the iHeartRadio music festival in Las Vegas—an unwise jeremiad that led to him entering a rehab treatment facility for unspecified substance abuse—he and his missus Adrienne have put their itty-bitty beach cottage in Newport Beach, CA on the market with an asking price of $1,895,000.

Property records show the sassy pop-punker and his eco-boutique owning missus picked up the petite cottage located just a couple short blocks from the beach in the densely packed Peninsula Point area of Newport Beach in May 2006 for $1,699,000 and listing information indicates the house was subsequently re-built from the studs up—no doubt at considerable expense—in 2007.

Listing information does not indicate the square footage but The Orange County Tax Man shows the fully renovated and upgraded 1946 shingled cottage measures just 924 square feet. Based on listing photographs it would seem to Your Mama that, although obviously compact, the cottage is considerably larger.

A short white picket fence defines the decidedly diminutive front yard that gives way to a deliciously deep and charming front porch. A glass-paned Dutch door—we do so adore a Dutch door in the right circumstance—opens directly into the relatively roomy living room finished and furnished with with wood floors that may or may not be bamboo, white-painted paneled walls, bamboo blinds, a too-tropical rattan ceiling fan and lots of porch-style wicker and rattan sofas and chairs. Built in shelves and a built-in niche flank the fireplace with hearty red brick surround and french doors at the back of the room open to an narrow, brick-paved and bamboo-shaded side/back yard patio where listing information notes there's an outdoor shower for rinsing off the sand and salt from beach excursions.

The living room opens to the spacious and cook-friendly eat-in kitchen equipped with white Shaker-style cabinetry, some sort of slab stone counter tops, lots of four-pane windows, top grade commercial-style appliances and a white porcelain farmhouse style stink.

There are a total of three adequate but hardly huge bedrooms, one downstairs with private bathroom and two more upstairs.

Mister and Missus Armstrong have long maintained a home base in northern California's Bay Area. In November 2009 they sold a 6,122 square foot French Normandy-style abode in a good part of Oakland for $4,800,000 and moved to a walled, gated and privately situated 7,178 square foot house with 6 bedrooms and 6.5 bathrooms in the leafy and affluent Piedmont community—about 15 miles east of the restaurant lined streets of San Fran's Mission District—that they picked up in November 2005 for $3,200,000 and fully re-built.

listing photos: HOM Sotheby's International Realty

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Pending Home Sales Index Leaps To Multi-Year High

Homes were sold at a furious pace last month.

According the National Association of REALTORS® (NAR), the Pending Home Sales Index rose 5.2 percent in October, crossing the benchmark 100 reading, and moving to 104.8.

It's a 5-point improvement from September's revised figure and the highest reading April 2010 -- the last month of that year's federal home buyer tax credit.

October also marks the 18th consecutive month during which the index showed year-to-year gains.

As a housing market metric, the Pending Home Sales Index (PHSI) differs from most commonly-cited housing statistics because, instead of reporting on what's already occurred, it details what's likely to happen next.

The PHSI is a forward-looking indicator; a predictor of future sales. It's based on signed real estate contracts for existing single-family homes, condominiums, and co-ops. Later, when the contract leads to a closing, the "pending" home sale is counted in NAR's monthly Existing Home Sales report.

Historically, 80 percent of homes under contract, and thus counted in the Pending Home Sales Index, will go to settlement within a 2-month period, and a significant share of the rest will close within months 3 and 4. The PHSI is a predictor of Existing Home Sales.

Regionally, the Pending Home Sales Index varied in October 2012 :

• Northeast Region : 79.2; +13 percent from October 2011
• Midwest Region : 104.4; +20 percent from October 2011
• South Region : 117.3; +17 percent from October 2011
• West Region : 105.7; +1 percent from October 2011

A Pending Home Sales Index reading of 100 or higher denotes a "strong" housing market.

Of course, with rising home sales comes rising home values. 2012 has been characterized by strong buyer demand amid falling housing supplies. It's one reason why the Case-Shiller Index and the FHFA's Home Price Index are both showing an annual increase in home prices. Plus, with mortgage rates low as we head into December, the traditional "slow season" for housing has been anything but.

The housing market in Seattle is poised to end 2012 with strength. 2013 is expected to begin the same way.

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Furioso Starting Logan Office Project

Giorgio Furioso plans to begin construction on his 14th Street office project on December 10th, the developer announced this morning.   The 42,000 s.f. office building will take the place of the empty lot at 1525 14th Street, NW, wrapped around the adjacent building Furioso already owns that holds Posto.

The Logan Circle-based Furioso Development has worked for years on the development, known now as 1525 Fourteen, but after weighing various options for the site concluded that the underserved office market was the most viable for the site.

Furioso told DCMud he sees the future building as an anchor of 24/7 neighborhood activity, bringing more feet to 14th Street during day to balance the throngs that populate the nighttime hotspot.

Furioso said several office tenants are already lined up, but no announcements have been made yet on the 3,600 square feet of street-level retail.  The project was nearly ready for construction this summer, with only "last minute" issues hindering construction.  The design for the six-story LEED gold building, which includes a green roof, geothermal heating, and solar panels, is by architecture firm Eric Colbert and Associates.  Two underground floors include 28-small-car parking spaces, accessible by car elevator, and a charging station for hybrids.  The building also includes a bicycle room complete with showers.

Washington D.C. real estate development news

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Morning Real Estate Fix

Archstone sale leaves CityCenter DC in limbo (Washington Business Journal)  AvalonBay and Equity Residential picked up the pieces from Archstone, but neither has seemed to claim its share of the downtown DC project.

A look at the Trumps' new Old Post Office (Washington Post) New renderings of the DC landmark show a preservation-oriented approach to repurposing the building into a hotel.

New FHA rules may prompt more condos than apartments (New York Times) Recently enacted FHA rules allow government-backed mortgages for mixed-use projects, allowing developers to better sell condos in their multi-family buildings.

Housing construction pulls commercial builders back on track (Costar)  With new home construction strong in both multi-family and single-family, commercial construction is being pulled from its torpor.

Tanger and Peterson break ground at National Harbor (PR Newswire) DC's "premier waterfront resort destination" sees groundbreaking on factory outlets.

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Katherine Heigl Wants a New House

SELLER: Katherine Heigl and Josh Kelley
LOCATION: Los Angeles, CA
PRICE:$2,659,000
SIZE: 3,690 square feet, 4 bedrooms, 3.5 bathrooms

YOUR MAMAS NOTES: Usually when a listing surfaces on the open market that announces that it's owned by an unnamed celebrity we usually find out the celebrity sits pretty far down Tinseltown's totem pole of fame. That, howevuh, ain't the case with a recently renovated 1920s center hall Colonial style residence in the Los Feliz area of Los Angeles that popped up on the open market yesterday with an asking price of $2,659,000 and is owned by Emmy-winning hospital drama and rom-com actress Katherine Heigl (Grey's Anatomy) and her country music singing hubby Josh Kelley.

Property records and reports from the time of their purchase reveal the Miz Heigl and Mister Kelley—who recently adopted their second daughter—picked up the walled and gated residence for $2,550,000 in September 2007.

Your Mama happens to know the couple did a major overhaul of the property and, at it's current price—just $109,000 more than they paid—they're looking at a net loss of at least a couple hundred thousand when the renovation expenses, carrying costs and real estate fees are factored in. C'est la vie in the world of house-hopping celebrities who don't seem to blink or bat an fake eyelash at tossing a quarter million clams—or more—down the real estate drain every time they get sick of their house.

Anyhoodles poodles, current listing information, besides calling it "reminiscent of Architectural Digest" and "Celeb-owned," reveals the four bedroom and 3.5 bath traditional has 3,690 square feet with high ceilings, dark wood floors throughout and heavy duty crown moldings and a lot of vintage light fixtures.

The center stair hall—where the stairs are fitted with an awful but probably necessary baby fence—opens on the left through French doors to a glammed up formal living room where there's a fireplace, a lavender velvet sofa, an antique-looking library in the center of the room filled with objet and other tchotchke and two sets of French doors that provide a view of the lattice-lined driveway and the garbage bins.

The back of the central entry hall connects to the less formal and more private open-plan family area at the rear of the residence that includes a spacious center island kitchen that mixes a little bit of modern with a little bit of traditional. There are white Shaker style cabinetry and white subway tile back splashes, gray slab granite—or possibly concrete—counter tops, the usual collection of high grade stainless steel appliances and a stainless steel farmhouse-style sink, lots of multi-paned windows and a Sputnik-style chandelier hung over the center island work space and snack counter.

Thick columns hold aloft what seems to be an architecturally unnecessary archway that divides the kitchen from the breakfast room area. More columns and another seemingly unnecessary archway divides the breakfast room from the family room where there's a white leather sectional sofa that makes Your Mama feel squeamish in our belly, lots of built-in faux-distressed cabinetry and side-lit French doors to connect to a slender grillin' and chillin' deck that runs along the back of the house and over looks the fully landscaped backyard.

The second floor master bedroom has a fireplace, a Baroque, blood red tufted headboard straight out of Auntie Mame's manse, a walk-in closet and a sun-splashed corner bathroom with tumbled stone floors, marble topped vanity with double sinks, white tile accents, a separate soaking tub and an only partially glass-enclosed shower stall that we sorta think might have benefited from being fully enclosed.

A narrow, gated driveway runs up along one side of the house to a tree-shaded flagstone dining terrace with stacked stone outdoor fireplace. A detached two car garage at the very back of the property appears to have been converted to some sort of living space or at least it looks like it's not set up for parking cars anymore. A tall fence and lush plantings separate the driveway/dining terrace from the main part of the high-hedged backyard where there's a wee patch of grass, a sizable spa and smallish swimming pool.

Miz Heigl also owns a second house in the Los Feliz area that was purchased in September 2007 for $2,000,000 and the four bedroom and four bathroom abode is occupied—so we've been told but can not confirm—by Miz Heigl's ever-present mother. The Heigl-Kelleys also maintain a rural and semi-remote spread in a swank gated enclave just outside of Park City, UT that they appear to have purchased sometime in 2011.

Last year, in October 2011, after a long and bumby ride on the bucking bronco of real estate Miz Heigl finally unloaded a 3 bedroom and 2.5 bathroom residence—also in Los Feliz—for $965,000. That's all well and good except that property records show she paid $1,500,000 for the place in May 2006. That's a staggering, $535,000 loss, according to Your Mama's bejeweled abacus, not counting improvements, carrying costs and real estate fees.

See, we told you that some well-compensated celebs—and others with significant cash flow—are so emotionally invested in getting rid of a house they own they are, on a whim or otherwise, willing and able to take a hard hit to their deep pockets. Must be nice, right?

listing photos: Keller Williams Realty / Los Feliz

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Major Renovations Scheduled for Crime-Addled NoMa Neighbor

NoMa may be rapidly becoming a gleaming playground for the city’s young professionals, but some of its lower-income neighbors are about to get an upgrade, too. Tyler House, a 284-unit subsidized apartment building located at the southwest intersection of New York Avenue and North Capitol Street, will soon be undergoing a $25 million top-to-bottom renovation.

“You know the term God’s rehab?” asked owner Israel Roizman, a Philadelphia resident who runs Roizman and Companies, a management and development firm that owns mostly low-income properties on the East Coast. “We’ll be taking everything out from the inside and putting everything in brand new.”

The comprehensive upgrade will include a new building-wide HVAC system, new plumbing, improved elevators, and new kitchens—cabinets, appliances—for residents. To boot, the community center spaces will be improved and the building will include a new computer learning center.

But possibly the most important element, at this point, might be the change in lobby structure. Currently, the building has three towers but only one entrance. To improve security, Roizman will build three separate entrances, one for each tower—and each with its own security desk. “We’re trying to organize better the traffic of the building,” said Roizman. “That creates better overseeing, management, security—you won’t have kids running around all over.”

In this case, the security issue is a crucial one: last month, that corner was the site of an astounding seven shootings that occurred within seven days. “It’s the surrounding area,” claimed Roizman, who’s owned the complex for 17 years. “It didn’t happen in our building.”

Renovation plans have been drawn up by Architectural Alliance, which has offices in Delaware and Pennsylvania, and will be carried out by The Bozzuto Group. Construction should begin in February and will take about 18 months; most of the building’s almost 1,000 residents will remain the building throughout.

As for the complex’s proximity to one of the District’s most up-and-coming neighborhoods, Roizman says he isn’t planning on selling—or upgrading the building to luxury status—anytime soon. “I’ll keep it low-income,” he said. “Why shouldn’t people with less income live in a nice area?”

Washington D.C. real estate development

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New Home Sales Remain Elevated Into Q4 2012

Sales of newly-built homes took a small step lower in October, but remain strong.

According to the Commerce Department, New Home Sales slipped 1,000 units last month, falling to 368,000 units on a seasonally-adjusted, annualized basis. 

The final reading fell short of Wall Street expectations, and the government revised downward its initial findings from August and September by 2,000 units and 20,000 units, respectively.

A "new" home is a home that is considered new construction.

Furthermore, the number of new homes for sale nationwide ticked higher to 147,000 -- the highest reading in 9 months.

However, in taking a broader look at October's New Home Sales report, we see obvious strengths. For example, although home sales slipped last month, it remains the third-highest tally since the April 2010 expiration of the federal home buyer tax credit.

The highest reading? Last month's 369,000.

In addition, the national new home inventory has dropped, off 8% from last year. Fewer homes for sales has been a driving force behind rising home prices. As compared to one year ago, the median new home price is up nearly six percent. More demand for buyers is a factor, too.

At the current sales pace, the complete U.S. inventory of new homes for sale would "sell out" in 4.8 months. This is a noteworthy data point because, as analysts point out, a 6.0-month supply of homes marks a market in balance.

Today's new homes market, therefore, is a seller's market; one in which home builders may be gaining pricing power and negotiation leverage over buyers. It's one reason why home builder confidence has climbed to a 5-year high.

For buyers of new construction, then, in Seattle and nationwide, 2013 is a critical year. Home prices may rise and mortgage rates may, too. And, along the way, it may get tougher to get a "great deal" on new construction.

If you're planning to buy, therefore, consider moving up your time frame. After October's small step backward, the time to buy a newly-built home may be now.

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Morning Real Estate Fix

JBG targets empty grocery for Rockville mixed-use project (Citybizlist) JBG intends to replace the empty Giant grocery store as a complement to Rockville Town Center next door.

Rents to keep rising (National Association of Realtors)  After posting gains of 4.1% this year, rents are expected to go up even more next near, with the NAR predicting 4.6%.

DC tries to lease upper Georgia Ave building, site of failed condo project (Washington Business Journal)  A decrepit building at 6428 Georgia is for lease by the District after it foiled a condo project in order to build a fire station, then left the building sitting vacant since 2006.

Pace of home sales flat in October (National Association of Home Builders)  With lending standards remaining tight, existing home sales showed no new energy last month.

Architects' billings are up for 3rd straight month (Architect Magazine)  The upward numbers show construction in housing remains strong.

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10 Questions with Deborah Ratner Salzberg

10 Questions is a weekly feature in which we interview some of the leading District figures in real estate, architecture, development, and planning. This week's subject ... Deborah Ratner Salzberg, President of Forest City Washington, Inc.

For Deborah Ratner Salzberg, real estate runs in the family.  As President of Forest City Washington, Inc., Salzberg oversees the local branch of billion-dollar development giant Forest City Enterprises Inc., the company her family founded in 1920.  A former attorney at the U.S. Department of Justice, Ms. Salzberg also holds leadership positions with many community, arts, and philanthropic organizations, including The Jewish Federation of Greater Washington, the Washington Ballet, and Arts for the Aging.

1. What's a typical day for you?

Wake up and head to the gym. Go into the office. Check emails. Spend the day balancing Forest City Washington work with community/nonprofit activites. Check emails. I generally have a lunch meeting and after work often head to a fundraiser or nonprofit event.  Head home and check emails. Get an advance start on tomorrow’s headlines on my iPad. Go to sleep and start again.


2. What or who is your biggest influence?

My biggest influences are my relatives. I work with my relatives, and they influenced my decision to join Forest City. I was surrounded by strong independent women growing up. My mother, paternal grandmother and three aunts all worked outside of the home. My father has always been my advisor, biggest fan and supporter. To this day I've never given a speech without running by him first. Although, I didn’t run these answers by him!


3. What neighborhood do you live in?

The Edgemoor area of Bethesda.


4. What is your biggest DC pet peeve?

We can’t see stars at night due to the bright lights.  It’s time to convert to directional street light fixtures.




5. What is the #1 most played song on your iPod?

Born to Run….I play it when I’m working out.


6. Favorite DC haunt?

Sterling.  My gym.


7. What's your favorite thing to do on a Sunday afternoon?

Yoga


8. If you could live anywhere in the world, where would it be?

Here, but I wouldn’t mind a second home in NY, SF, Paris or Tel Aviv.


9. If you couldn't be a developer, what would you be?

An international flight attendant. I love to travel.


10. Name one thing most people don't know about you.

I took a semester off from college my sophomore year and moved to Hawaii where I ended up working in security for McInerny Department Store.

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Travel Day

Today is a travel day for Your Mama so rather than leave the children totally high and dry we thought we'd post a few of our favorite videos from the YouTube:

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New Homes in East Tampa for Sale! The Claypool starting at $205K!

Feature Property of the Week

Come home and enjoy this community of newly constructed homes which are conveniently located in Tampa Bay. This community provides the perfect blend of amenities such as resort style pools, playgrounds, and wetland preserves and is conveniently located only 10 miles from the downtown Tampa business district.

If you are looking for a luxurious home with space to grow and stretch, look no further. Upon entering the home, you are treated to a flex room which would be great for office space or a play room. The kitchen and living area provide great open space for a large gatherings or relaxing with family and friends. The kitchen boasts stainless steel appliances and a sizeable dining space. The double sinks are conveniently located in the kitchen island providing ample counter space. The laundry room and guest bathroom; also located on the first floor.

The only bedroom downstairs is the huge master suite. Never worry about counter space in the master bathroom that is equipped with double sinks and a walk in shower. Access the large walk in closet, which can easily fit not only clothes but dressers or bureaus, by passing through the bathroom. Space will never be an issue!

The top floor is a penthouse suite in its own. Upon walking up the stairs, you are greeted by a game room/den that is larger than the living room downstairs. Perfect for watching movies, getting homework done, or entertaining, this space will not disappoint.

Two of the three bedrooms upstairs have walk-in closets, and share the second full bathroom which is also equipped with double sinks and a garden tub/shower combo. The split floor plan allows for a great separation of space, while also providing adequate room and amenities for all.

SI Real Estate offers highly personalized, multilingual, full-spectrum real estate purchase and sales services. We are a boutique for sophisticated investors, select owners or renters who may be upgrading locally, or those making traditional relocations. We also provide turnkey landlord and tenant management. Blending comprehensive insight into the Tampa Bay area with international perspectives for a worldwide clientele, we like to think that “SI Real Estate is Global Real Estate in Every Way!”

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Today in Pictures - Wonder Bread Building

One of the few true industrial buildings in DC, the Wonder Bread building in Shaw has long captured would-be architects' and developers' interest.  After the attractive but decrepit building sat vacant for years, Douglas Development put the structure through a nomination to be included in the D.C. Inventory of Historic Sites in August of last year.

With that out of the way, work began on the refurbishing the building in June, and work crews have now gutted the interior, lowering the floor, and making way for more than 50,000 s.f. of space, with 24,000 of retail on 2 levels.  Designed by R2L:Architects, the building's revival is part of Shaw's commercial rebirth, ironically just as the building's namesake declares bankruptcy.  Despite the raw look of the shell, Douglas expects to turn the building over to the first tenant in January. 

Washington D.C. real estate development news

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Case-Shiller Index Verifies Home Value Gains Through Q3 2012

The housing market continues to expand.

According to the S&P/Case-Shiller Index, which was released earlier this week, U.S. home prices rose in September for the sixth straight month, climbing 0.3% as compared to the month prior.

On an annual basis, values are higher by 3.0%.

The Case-Shiller Index findings are a composite reading of 20 U.S cities, 17 of which showed home price gains in September. Detroit and Washington D.C. showed slight declines, and New York City showed no change.

Leading the recovery, though, appears to be Phoenix, Arizona. The previously hard-hit city has seen home values gain 20.4% over the last 12 months. Also noteworthy is that Atlanta, Georgia reversed 26 consecutive months of home value declines in September, posting a +0.1% annual growth rate.

Average U.S. home prices have climbed back to mid-2003 levels.

On a month-over-month basis, value change by city varied. San Diego, California and Las Vegas, Nevada both posted gains of 1.4 percent from August, leading the Case-Shiller Index's 20 tracked cities. Minneapolis, Minnesota and Phoenix showed gains of 1.1 percent.

Los Angeles, California rounded out the Top Five, posting a 1% gain month-over-month.

Despite the index's strong findings, however, we should remember to temper our expectations. The Case-Shiller Index -- like most home value trackers -- is wildly flawed. Buyers in Kent should follow its gospel with caution.

Here's why.

First, the Case-Shiller Index tracks values for single-family homes only. As a result, it doesn't account for multi-unit homes or for condos and co-ops. This is a big deal in cities such as Chicago and New York where high-rise units are common.

Another flaw in the Case-Shiller Index is that it's 60 days delayed. It's nearly December yet we're still reviewing data from September. In housing market terms, September was a different market. Real-time data trumps data from last season. 

That said, the long-term trends as shown by the Case-Shiller Index, are overwhelmingly positive. As a Case-Shiller Index spokesperson remarked, "It is safe to say we are now in the midst of a recovery in the housing market."

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Morning Real Estate Fix

Developers gobbling up Rhode Island Ave. (Washington Post)  With less developable land available downtown, some traditional developers are eyeing - and buying - land near the Rhode Island Avenue metro stop, and farther out.

6 questions for defenders of DC's height limits (Atlantic Cities) Limiting downtown construction has had the effect of making DC one of the most expensive places to live and rent office space in the country, so why does it persist?

A few reasons the commercial real estate market may not rise like NAR thinks (Globe Street)  The NAR's prediction that commercial real estate will improve, albeit modestly, fails to note the fiscal cliff and implications of Dodd-Frank.

DC home price gains are highest in the nation (Washington Business Journal) FHFA statistics show DC area home prices up 15% over this time last year, second only to Arizona.

Groundbreaking on new Reston apartment building (Multihousing News)  Renaissance Centro has broken ground on Parc Reston, a 360 unit apartment building.

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NoMa's Trilogy Apartments Open Thursday

NoMa's newest apartments open Thursday as developers and city officials gather for a photo op to inaugurate one of Washington DC's largest apartment buildings.  "Trilogy" - 3 buildings designed by the Preston Partnership and formerly known as NoMa West - will add 603 rental units to the border between NoMa and Eckington at 151 Q Street, NE.

The first of the three buildings - Cirq, Linq, and Esqe - is now open, with the other two opening within the next few months.  Designed by developer Mill Creek Residential Trust to appeal to nearly any taste and architectural preference, each of the three buildings sports several motifs, a "highly differentiated architectural style," say its developers, that will span the centuries, architecturally speaking, with "traditional and contemporary" in Cirq, "warehouse, contemporary and art deco" in Linq, and finishing with the "highly contemporary" Esqe when it completes in March.

The project broke ground in March of 2011, but has been in the works far longer, at least since the team of CSX (as owner) and Fairfield Residential (as developer) plotted a 2006 groundbreaking for the residences.  The torch then passed to Trammell Crow Residential, and finally to the current team, who can finally spike the ball at tomorrow's ceremony.  Mill Creek is also working on an even larger project at the Dunn Loring Metro station.

Washington D.C. real estate development news

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District Releases RFEI for St. Elizabeths

Today, the District government released a Request for Expressions of Interest (RFEI) in a bid to get development going at St. Elizabeths.  The Phase I development puts 4 parcels, totaling almost 7 acres, up for development bidding.  The proposal is the first of what will be a long, multi-phased development by the DC government for the East Campus of St. Elizabeths, following on the heels of development on the West Campus by the federal government that is now well underway.

The District had previously issued general guidelines for what the site could look like, with office, residential and commercial taking the place of the hospital now on site, with the hospital moving to the back of the current site.  The RFEI notes that the land is "especially ripe for complementary residential and retail development," and that the area presents an opportunity for "underserved" retail and "the next office submarket," and that historic preservation will also be a key element of consideration.  The District intends to make final selection of the development team by next summer.

Washington D.C. real estate development news

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Pharrell Puts Miami Penthouse On Market

SELLER: Pharrell
LOCATION: Miami, FL
PRICE: $16,800,000
SIZE: 9,080 square feet, 5 bedrooms, 6.5 bathrooms

YOUR MAMAS NOTES: A little canary down in South Beach flew by the other day and let Your Mama know that uni-named Grammy-winning songwriter/producer/rapper, art collector, entrepreneur and sartorial daredevil Pharrell has hoisted his titanic tri-level penthouse condo in Miami, FL on the market with a sky-high asking price of $16,800,000.

Property records show Mister Pharrell picked up the penthouse in March 2007 for $12,525,000 from a well-known property developer and it wasn't long before he was involved in an ugly legal imbroglio over numerous water leaks that came, according to at least one online report, from "at least six sources in the home, such as the penthouse pool, plant watering system, and Jacuzzi."

Current listing information shows the sprawling, 40th floor penthouse measures a suburban mansion-sized 9,080 square feet with five bedrooms, 6.5 bathrooms and knee-knocking 360-degree city, bay, ocean and causeway views.

In December 2010 Mister Pharrell had the art-filled aerie photographed for The Selby—if you don't know The Selby, then you should—and in July 2011 he had dextrous design writer and international style maven Mayer Rus all up in there to do a piece for W Magazine. Based on the lush photographs from both of those shoots it seems that Mister Pharrell may (or may not) have moved out much of his personal belongings, in particular his Ms. Pac Man and Galaga video game consoles, his colossal collection of sneakers and his impressive contemporary art collection that includes significant works by name-brand artists such as Takashi Murakami, Keith Haring, KAWS, and Andy Warhol.

The capacious main floor living/dining room has chestnut colored wood floors, a curving ribbon of nearly floor to ceiling glass with terrace access and panoramic water views, a built-in buffet in the dining area and a built-in entertainment center in the living area with a massive flat screen television. A floating staircase connects the main floor to the second floor landing where a gravity defying spiral staircase corkscrews up to a third floor lounge underneath a spectacular and downright Herculean frosted glass dome that defines the triple height space and for some reason isn't shown in any of the listing photographs we dug up online.

Listing photographs do show the penthouse is luxuriously equipped with a sleek center island kitchen, a six (or maybe nine) seat home theater with plush red leather recliners and paneled walls, a billiard room on the second level mezzanine and library/lounge with built-in bookcases and a smattering of multi-colored modern furniture including the naughty-naughty Perspective chair, designed several years ago by Mister Pharrell in conjunction with the French product manufacturing concern Domeau + Pérès. The chair, in case any of y'all aren't familiar, has human-shaped legs. The front legs are those a woman on her tippy toes and the back legs those of a flat-footed man. Mister Pharrell says the chair "represents the love between a man and a woman" but Your Mama—like most people—see the chair as a not very abstract depiction of the couple doing it doggy style.

Anyhoo, the master suite has a bedroom with watery view and direct terrace access, a big bathroom slathered in inlaid marble and what Mister Rus in W Magazine called a "steroidal closet...filled with a teenager's fantasy trove of Technicolor sneakers."

Three levels of vast terraces offer unparalleled all-around views, an outdoor summer kitchen, miles of tiled planter boxes, a spa and a plunge-sized swimming pool beneath a muscular, vine-draped pergola.

steroidal closet is filled with a teenager’s fan­tasy trove of Technicolor sneakers

Read more: http://www.wmagazine.com/celebrities/2011/07/pharrell-williams-neptunes-miami-home#ixzz2DRzRj8v1

Read more: http://www.wmagazine.com/celebrities/2011/07/pharrell-williams-neptunes-miami-home#ixzz2DRzRj8v1

steroidal closet is filled with a teenager’s fan­tasy trove of Technicolor sneakers

Read more: http://www.wmagazine.com/celebrities/2011/07/pharrell-williams-neptunes-miami-home#ixzz2DRzRj8v1

steroidal closet is filled with a teenager’s fan­tasy trove of Technicolor sneakers

Read more: http://www.wmagazine.com/celebrities/2011/07/pharrell-williams-neptunes-miami-home#ixzz2DRzRj8v1

Property records show Mister Pharrell—recently engaged to his long-time lady friend and baby momma Helen Lasichanh with whom he has young son named Rocket Mann Williams—still owns the 9,116 square foot waterfront mansion in his hometown of Virginia Beach, VA that he bought way back in December 2001 for $1,850,000.

We really have no idea what real estate plans Mister Pharrell may have up his sleeve but in the W Magazine article he mentioned that his residential real estate fantasies include maverick architect Frank Gehry designing him a "Wyne Manor-style mansion" and avant garde architect Zaha Hadid doing him a domicile "that is partially submerged in the ocean." So there's that...

listing photos: Coldwell Banker Previews

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