Weekly Roundup: Development for Rhode Island Metro, Cash Investors Beating Buyers

• March 18th 2010

by Will Smith

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UrbanTurf can only cover so much real estate news during the week, so below are stories that we didn’t write but are worth reading anyway.

• New development for the Rhode Island Avenue Metro station took a step closer to reality as the DC government moved to finalize financing for the $90-million mixed-use project that will include 274 residential units and 70,000 square feet of retail. It is slated to deliver in 2012. (Washington Business Journal)

• Continued evidence of a very tight market: A couple’s attempts to buy in Petworth keep getting thwarted by investors who swoop in and offer all cash. The pair have submitted and lost ten offers so far, including offers above asking. (Prince of Petworth)

• Remember last fall when everyone started counting down to the November 30th expiration of the first-time homebuyer tax credit — which was then extended? Well the new April 30th deadline looms, and this time many expect that the credit won’t be extended. The Wall Street Journal offers six things to keep in mind if you’re looking to cash in before the credit (maybe) expires.

• Predictions for a significant rise notwithstanding, mortgage rates remain below 5 percent. This week they were at 4.91, the lowest rate since December. (Mortgage Brokers Association)

• A Philadelphia design firm called The Heads of State has a released a limited-edition series of faux vintage city posters in the style of old travel ads. DC’s is pictured above. Cool, but our favorite DC poster is still this. (Apartment Therapy)

Finally, here are UrbanTurf’s three most popular posts of the last week, in case you missed them:

• Rent vs. Buy: Columbia Heights
• “If I Had $2 Million” Listing: Ultra-Modern Home in Penn Quarter
• M Street Flats: Fast-Selling Boutique Condos in Mt. Vernon Triangle

This article originally published at https://dc.urbanturf.com/articles/blog/weekly_roundup_development_for_rhode_island_metro_cash_investors_beating_bu/1890.