valentinosdcpulse: August 2009

More and more homebuyers in the Washington DC area are making an effort to make positive changes for a sustainable future by looking for Eco Friendly homes and going ‘Green'. Shopping for an environmental-friendly home will help save you money while offering a healthier lifestyle. With the market demand for green houses continually rising, buying a green home in the DC area now is not only sensible, but also a smart investment.

You really can buy a new home you'll love that is energy efficient and at the same time makes a positive impact on the environment and your pocketbook.  In addition to the savings in utility bills, green homes are more durable than the traditional homes. This means that you, as the buyer, will spend less money on repairs over the years. Along with the benefits of being cost-efficient, green homes are also healthier for you and your family and are environmental friendly allowing each of us to positively impact the ecological footprint we choose to leave behind.

One common misconception about green homes is that they cost more. However, experts have shown how the long-term savings will out weigh the costs many times over.  In fact, the number one reason cited over and over by homebuyers for buying a green home is the amount of money they actually do save over the long run.

Many buyers ask about the general characteristics of a green home and want to know what to look for.

The U.S. Green Building Council offers a Green Home Checklist that can help you identify whether the home you are considering purchasing is truly a green home. The Council says that this checklist can help you ensure that you get a healthier, high-performance home that costs less to operate and has fewer environmental impacts than a traditional home that doesn't have these "green" elements.

Some of the key items on the Green Home Checklist include:

Smaller houses that are close to stores and parks that you can walk to and from

• Energy-efficient lighting, heating, cooling and water-heating systems
• ENERGY STAR® ratings on appliances, windows and exterior doors
• Sunshades on the southern and western facades to block hot Summer sun
• Windows, clerestories, skylights and other strategies that bring daylight to the home's interior
• Non-toxic building materials, salvaged materials, and materials with significant recycled content
• Water-conserving irrigation systems and water-efficient kitchen and bathroom fixtures

Even if a solar-powered penthouse downtown remains just out of reach, consider looking for place that will benefit from a upgraded green kitchen or bathroom -- the two rooms where you typically get the best return for your renovating dollar. Depending on your specific needs, buying an older home and renovating and recycling may be the green option for you.  As long as the house doesn't need major structural repairs, or you don't have to completely gut the place to get the rooms and layout you want, you can still go green at a reasonable cost.

Other lower cost options focus on selecting walk friendly locations or finding a yard with trees and green foliage. Both of these options are small moves toward greenness but also contribute to the overall impact on the environment and are considered as incorporating a green lifestyle into home buying.

If you think a green home is for you, it is important to find a green home specialist who knows the area who can help you find the perfect home. You will want someone who knows which listed homes in the DC area have ‘green appeal' and who truly cares about your family's health and the environment. The DC area has just such a Realtor, Rachel Valentino. She not only has ESRES designation (Energy Smart Real Estate Specialist) she is also a top Realtor in the DC area because she cares. Contact Her Today.

Whether you are a new homebuyer, or a seasoned home buying veteran in the D.C. area, it's not only possible, but makes sense to put a new, green roof over your head. Create a positive change today, by looking into the possibilities of buying a green home. Going green is the wave of the future. How can you go wrong with better health, lower costs and a more positive effect on your health and the environment? 

Work with expert Rachel Valentino, ESRES (Energy Smart Real Estate Specialist) to explore all of your ‘green' options in the DC housing market.

Typically, you hear the financial terms "leverage" and "OPM" or Other People's Money when discussing big time real estate investing. But regular every day home buyers can also learn from the basic principles of leverage and the art of using other people's money when buying a new home. For an investor, real estate investing in the D.C. market can lead to tidy profits, but even the average homebuyer can take important steps towards financial success and personal wealth building by buying a new home in the DC real estate market.

Imagine how long it would take to buy even a car, yet alone a house if you had to save enough money to make the purchase in cash. Especially when considering a home, saving to the whole amount might take years, so typically people put out a small amount of their own money and borrow the rest.  This is leveraging as you achieve your home owning goal with the help of using other people's money (OPM).  The smaller the down payment you have to pay means you have more liquidity to do other things such as invest or save - more leverage.

If you want to create wealth, you need leverage because leverage equals ease and speed. Leveraging to buy a home means you will want to spend a little to buy a lot. Mastering the art of leverage in real estate, you can build your wealth by putting other people's money to work for you, which you try to do at the lowest cost.  Learning and applying the basic principles of leverage and using OPM can give you power when buying a new home.

We are not talking about buying more home than you can reasonably afford here. Buyers who bit off more than they could chew used funny-money loans with irresponsible lenders.  We're advocating that you work with an excellent Realtor & lender, so you legitimately qualify, maximize your leverage & can safely afford the payments.

Lessons Learned From Real Estate Investors:

Lesson One: You may have heard ads on TV about buying property with no money down.  The people behind these infomercials usually are promoting a system. Lots of times these systems are flawed or borderline illegal but the premise is good: Don't go it alone. Get the advice of and work with an expert such as Rachel Valentino who knows the subject of real estate. She has a background in finance and can help you evaluate your options.  Leverage her knowledge to increase your understanding of how best to leverage your money.

"A single conversation across the table with a wise man is worth a month's worth of books" Chinese Proverb

Lesson Two: A long lever works easier and faster than a short one. This can be translated into buying a new home:

For example, if you put 10% down on a $200,000 home that goes up in value by 5% in one year, then the property is worth $210,000. You get the leverage not only on your $20,000 but also on the remaining $180,000 that you have borrowed. Your $20,000 investment has earned you $10,000, a 50% return on your money.

When you are able to buy real estate for no money down and it goes up in value, you have created a return totally on someone else's money. Of course, some time and effort are involved to find such a deal. However, computing a financial return on no money invested shows an infinite return. This is a case of infinite leverage.

A good case scenario for a new homebuyer would be a "middle of the road" situation. This may be a FHA loan if you qualify. These programs will let you buy a home with as little as 3.5 percent down. Or it could mean a low interest loan from your local bank or credit union. So if you're trying to find a way to become a homeowner with a small down payment, work with a Realtor^® such as Rachel Valentino to take a look at these loans and other available options.

Lesson Three: While a real estate investor looks to build profit from the real estate deal, a home buyer can look to build equity. In many cases, home equity is the most important factor in one's personal net worth. The equity portion of your mortgage payment can be looked at as a form of automatic savings. Building your wealth or equity also gives you stability because you have something to borrow against in times such as an emergency.

Basically, to find the home equity of your home, subtract the remaining mortgage balance from the current value of your home. But although it sounds simple, it is better to consult an expert in the DC real estate market such as Rachel Valentino to help guide you through the process.

Lesson Four: Don't squander your valuable resources. Leverage your own time, energy and money by working with an expert who knows the DC area real estate market and can help you weed through the financing options. Contact Rachel Valentino with any questions you may have about leveraging and using other people's money when buying a new home.

In closing, many people are scared to learn about financial subjects such as leveraging. But each of us has experienced, witnessed, or used leverage in some aspect of your life. So it doesn't have to be scary. Don't try to go it alone and learn it yourself - embrace leverage as a foundational strategy and as your friend in life. Learn more about this subject and how it relates to buying a new home by contacting Rachel, one of DC's top real estate experts at The Atlantic Coast Connection today.

Ideally, the best way to buy a new home in the Washington D.C. area would be to walk into the deal with a large bag of money. But since you are probably like most Americans, no matter how great that sounds, that option will always be just a dream. The average American living and working in the D.C. area will never have enough cash on hand to purchase a new home without having to borrow money. So, the average buyer without a big bag of money must educate themselves and carry a big bag of options from which they can optimize the best deal.

Most Commonly Suggested as The Best Way to Borrow Money is of course, to deal with a trusted local bank or mortgage lender who can give you the best prevailing rate and loan package that is currently available. Unfortunately, there are many people out there in today's economy who want to buy a home but just don't qualify under the current lending guidelines for such typical loans. Or maybe they just can't raise the needed down payment by themselves with today's economy and rising prices.

So how can this group of potential homeowners, young and old, save or raise enough money to get them out of the renting cycle and help put them into a new home?

Typically, there is no single magic solution. That is why it is so important to work with a Realtor^® like Rachel Valentino who is willing to help you "think out of the box." You will need a Realtor® on your side who believes in "if there is a will, there is a way" without putting you at great financial risk. In these cases, each case should be looked at individual; just like you are an individual with purpose and meaning.

Here are some examples of various examples of non-conventional financing:

Assumptions: This is where the buyer assumes the owner's existing mortgage and the seller's mortgage payments, if the seller's lender agrees. The buyer may or may not take over the seller's interest rate, depending on the individual circumstances.

 Mom Pop Mortgages: Here are just a few of the variations.

•  If your parents are in a solid financial position, it is possible that they may purchase the home and resell it to you at a much better rate than you were able to obtain elsewhere.

•  In some cases the parents may purchase a life insurance policy that meets or exceeds the mortgage price. When they die, the proceeds are used to pay off the mortgage with the non-taxable insurance money.

•  If your parents are in a solid financial position, it is possible that they may offer you a cash gift to be used in purchasing a new home. Lenders will want to see a legal document or letter showing all demands for such a gift is waived.

•  Parents with strong financial profiles often make great co-signers. This is a good option for people who basically fit the qualifications but are buying in an area where housing prices are high. Also when the deal is "on the edge," having such a co-signer may just make the deal happen.

Borrow the Down Payment. This can be from a traditional source such as a Credit Union or from a non-traditional source such as a relative or other known person. This may create an additional financial burden in addition to the mortgage, but this is an option when someone finds the right home and doesn't have the entire down payment saved up.  

You May Consider Equity Sharing where someone agrees to partner with you. They help make the down payment and share costs. You make monthly payments, keep up the property and make the necessary improvements as they arise. When you sell the property, you divide the profits with your partner. Sometimes family members are able to pull together to make this happen.

Investigate Tax-Free Bonds. Local and state governments often develop this solution to provide low interest loans to low-income people. Work with a Realtor^® such as Rachel Valentino to investigate whether this option may be for you.

And don't forget about the First Time Home Buyer Tax Credit. If you qualify and act before Oct 15^th to put your buying process into motion so that it's completed before Dec 1, 2009 - You may just have the additional $8,000 that you needed to make your dream a reality. Check out available homes in the DC area.

Ask your Realtor^® about other options that may pertain or be available to you. Some of these more untraditional resources may come with higher risk so it is important to work with an expert you can trust to explain each option fully to you.

The moral of this story is that if you really want to be a homeowner, you can be! Contact DC's top real estate expert Rachel Valentino today to discuss your options. She is #1 in the DC market for a reason - she loves to help others achieve their homeownership dreams. Let her help you by contacting her with any questions you may have.

Owning a home is an American Dream & an ideal that will never change. Do you find yourself daydreaming about buying your first home or a new home? It can seem difficult to decide; you may be looking at the economy and housing market and wondering whether it's the best to buy a home or if you should just continue to wait or rent until the situation resolves itself.

If this sounds like you, then there are some things you should consider. Right now, we are looking at a vast number of unprecedented opportunities in today's housing market. Here are 5 reasons that make buying a new home today one of the smartest purchases you may ever make. 

1- Home Ownership Has Tax Advantages and Builds Wealth

 One reason that buying a home today is smart is that homeownership has many positive tax implications. The three most important sources of tax savings for home owners are the: 

• deductions for mortgage interest
• deductions for real estate taxes
• capital gain exclusion for the sale of a principal residence

Buying a home also builds wealth in 2 ways:

First, you build equity by paying down your mortgage. A certain percentage of each mortgage payment goes towards a reduction in the total amount owed. Typically, payments in the first few years of the mortgage are primarily applied to interest on the loans. As time passes, however, more and more of each payment is applied to the outstanding loan amount. Before you know it, the $300,000 loan is down to $50,000 and you've gained $250,000 in wealth.

Appreciation is the second wealth building advantage to home ownership. Each year, the value of your home will increase or decrease slightly based on market prices. Over time, real estate has usually appreciated in value despite the experience of recent years.

2- The Housing Market is Currently a Buyers Market

Supply and demand will always drive the market and right now, buyers are currently in the driver's seat. This puts the buyers in a better negotiating position. Sellers are more willing to offer incentives like accepting a lower price, picking up the closing costs, throwing in new appliances or other concessions to close the deal. Rachel Valentino, an expert in the DC market, is available to discuss or show you the many opportunities available for buyers within the DC area.

3- Mortgage Rates Are At All-Time Lows

Mortgage rates are historically low: We are seeing interest rates not seen since the 1950's.

As of Friday, August 14th, 2009, mortgage rates are once again below 5%* on the popular 30-year fixed rate mortgage, a rate not seen in decades. This is substantially lower than the 15% interest rates of the 1980's.

And it's not just the price of the home that will affect affordability; mortgage terms will also affect your monthly payments for a long time to come. So for many, this represents an opportunity, possibly a last chance to lock in a fixed 30 year mortgage near or under 5%* by acting today.

*Please note that low rates don't mean lenders are handing out mortgages easily. You'll still need good credit, a substantial down payment and a willingness to document your income in order to qualify for those great rates, if you can qualify at all.

4- First Time Home Buyers Can Still Take Advantage of the New Home Buyer Tax Credit

The recently approved $787 billion economic stimulus plan has a home buyer tax credit of up to $8,000 for home buyers who haven't owned a home in at least three years and meet income qualifications. This is an unprecedented Window of Opportunity for those who qualify!

Time is of the essence to take advantage of this once-in-a-lifetime opportunity. Only homes purchased before December 1, 2009 are eligible for the first time home buyer tax credit. It is being suggested that the paperwork be begun by mid October at the lasest in order to make the deadlines. Contact Rachel Valentino today for more details on this exciting opportunity.

And last but maybe most importantly:

5- It's A Place to Call ‘Home' and There's No Place Like Home

Just like building wealth, buying a home should not be looked at only in monetary values. Indeed it is a stepping stone to building wealth and financial security. But really, it is much more than a financial investment. It is an investment in you, your family and your future. It provides a great sense of pride and satisfaction to have your very own place to call home. It shows that you believe not only in yourself, your community, but this nation as a whole.

Owning a home really is the American Dream and there may never be a better time to buy than today!Rachel Valentino is the number one expert in the DC area for finding real estate you can call home. She truly values people and really wants to help find the perfect house or condo that you can call ‘home sweet home'.  Contact Her Today.

An elderly couple in the DC area, after much consideration, decides to downsize. They make the decision to move into a condo and put their home up for sale. After researching, they decide on a fair market value of $275,000. The Realtor® installs a ‘For Sale' sign in the yard. Meanwhile, a young couple in MI comes to the D.C. to buy a home as they are planning to relocate for work. They see the sign, tour the home, and fall in love with it. They put down a down payment, make an offer near the asking price, and start the buying process. Then the appraisal comes in  at $260,000.  The retired couple does not want to drop their price another $15,000 and starts rethink their decision to move.  The lender, of course, does not want to write a mortgage for more than the home is "worth."  The young buyers are not in a position to pay more down payment to get the amount financed in line with the bank's requirements.  A "perfect deal" is put at risk.

What's Going on Here?

What is happening here a result of new regulations recently put into effect.  Following the financial meltdown in the US, guidelines were put into place regarding home appraisals and some specific lenders. These rules were set up to protect the consumers against shady and unethical practices involving appraisers and fraud in the mortgage industry. The rules were meant to stop collusion between lending institutions and appraisers.

Effective May 1, 2009 all home mortgages being sold to Fannie Mae and Freddie Mac must follow the new Home Valuation Code of Conduct (HVCC). HVCC sets new guidelines on how appraisals must be ordered and who can have contact with the appraisers. This regulation does not apply to FHA or VA loans. Even though it only applies to loans sold to Fannie Mae and Freddie Mac, it will affect all conventional home loans.

But, only 3 months after these rules took effect, the regulations have backfired, causing quite a stir across the nation. They are having a negative impact not only on mortgage brokers, realtors, and lenders, but anyone who is applying for a new mortgage loan, those trying to refinance and those trying to sell a home - the very people the rules were intended to protect. It is a good example of a well-intended law that is causing more problems than it solves.

Why were the HVCC regulations written? The HVCC regulations were written to deal with some felt were shady and unethical practices of pressuring appraisers to "come in at the value needed." They evolved from a potential lawsuit by the Attorney General of New York (Andrew Coumo) against Fannie Mae and Freddie Mac. On March 3, 2009 the Attorney General, Fannie Mae, Freddie Mac and the OFHEO reached a settlement agreement regarding the issues of appraisal coercion and independence in exchange for the Attorney General dropping the investigation.

Consumers are confused. They hear new rules are in effect for appraisals, but wonder "How do the HVCC guidelines affect the appraisal of my home?" Here are 3 of the most commonly-heard complaints:

 Out-of-Area Appraisers Are Performing Appraisals

This could possibly result in a low appraisal on your home.  Appraisers who don't know the neighborhood or have little experience are far more likely to produce an under-valued appraisal or otherwise incorrect appraisal.  Neither the Realtor® nor the lender is able to interact with appraiser to point out neighborhood factors or extenuating circumstance or to challenge inaccuracies.

 Transactions are Falling Apart Because Appraisals Are Too Low

When an appraisal comes in less than the sales price, many sellers refuse to or can't afford to negotiate and buyers don't want to pay the higher price. So the pending sale blows up. The seller loses the buyer, and the buyer loses the home. It is a lose-lose situation. There are other ways to deal with a low appraisal, but cancellation of the transaction is common.

Adding to all these problems, internal bank underwriters are sometimes complicating the problem by lowering values as well.

 The Consumer Pays an Increased Cost for the Appraisal - and has to pay upfront.

Because the Appraisal Management Company that selects the appraisers must be paid, consumers bear the cost. Part of the appraisal fee goes to the Appraisal Management Company. Somebody has to pay the fee to the Appraisal Management Company. And it is ultimately the consumer who eats the cost.

Consumers are also potentially having to purchase multiple appraisals when shopping for a mortgage; previously, lenders sometimes accepted appraisals ordered by others. Now, they will not accept these appraisals ordered by others because they can't be sure the other lenders are following the HVCC rules. Consumers may have to change lenders in hopes of getting a better appraisal.  This is sometimes worthwhile; in one extreme example, a buyer whose appraisal was $170,000 lower than the selling price successfully got an appraisal for this amount from a new lender.  Lender shopping at this point means additional costs for buyers in application and appraisal fees, as well as extra time involved to jump through more hoops.  Both the fees and the time are disruptive to anyone on a strict budget and a moving schedule.

Previously appraisal fees were a part of closing costs which the buyer paid at the end of the process.  Buyers now have to pay the appraisal company (or companies) in advance - a costly inconvenience to buyers.

Recently, lobbyists have urged Congress to support a bill that would impose an 18-month moratorium on the new appraisal guidelines. But, this measure is still working its way through Congress.  

Ultimately, until Congress enacts changes, what can buyers and sellers do to avoid the sting of these new rules and regulations?  

•     Allow ample time between contract and closing to address all these issues. Contact Rachel Valentino who is an experienced Realtor to help you address any time constraints that may apply to you and your home buying experience.

•     Work with a knowledgeable, experienced Realtor like Rachel Valentino who is up to date on the latest rules will ensure that your transaction is structured appropriately to avoid any closing delays due to these new regulations.

•     Rachel Valentino also has first hand experience in helping others navigate through the financing to help achieve your goals if an appraisal does come back lower than expected. By contacting her, you increase your chances of achieving your home ownership dreams even with these stricter rules in place.

ALERT! Tax Credit Expires December 1, 2009 - Don't Miss Out

Tired of never catching a break? Then now is the time to get off the bench and into the game if you want to take advantage of The American Recovery and Reinvestment Act and catch a break in buying your first home. This unprecedented incentive is meant to lighten the burden for first time homebuyers while stimulating the economy.

A tax credit of up to $8,000 is still available for qualified first-time homebuyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. This tax credit provides an ‘Outstanding Opportunity' for those who qualify. Don't be the one who waits until the opportunity presented passes you by, leaving you on the sidelines of owning a home.

Frankly, it really doesn't get any better than this. $8,000 is a lot of money and could be considered a "windfall." That's a lot of incentive to close on your new home if you are a first time homebuyer. In fact, it's being compared to "Hitting the Jackpot."  If you ever needed motivation to get you out of the renting cycle and into your first home, this is it!

But time is running out to take advantage of the $8,000 Tax Credit for First Time Home Buyers. The window of opportunity is closing in to qualify for the first time homebuyer tax credit. All purchases must be completed by November 30, 2009 and that date is closing in quickly. So unless you love to take risks and gamble, now is the time to get going and finalize a contract so you don't miss out and risk losing this valuable tax credit.

If you wait too long, you could stand to lose $8,000 in free money. If you qualify, this is a sure bet so what are you waiting for? Realtor® Rachel Valentino suggests not waiting but getting started now. She says there is still time to get the legwork done and still qualify for the tax credit. By contacting her now, there is still time to find your dream home and gather your down payment. By starting now, you will also leave enough time to write an offer, finalize your financing and close before the deadline. Don't be the gambler who loses the farm by waiting till the last minute!

Don't Miss Out - Get the Details - Click Here to See if you Qualify and Read Frequently Asked Questions About the Home Buyer Tax Credit  

Want to take advantage of this fantastic incentive?  Then turn to greater DC's top real estate expert Rachel Valentino. Let her help you find and buy your dream home in time to take advantage of this great opportunity for first time home buyers. She's on top of DC's real estate scene and has the expertise to help you get it done and reach your home ownership goals before the December 1 deadline. Visit her website today or email her with any questions you may have.

For more details on this tax credit, it is suggested that you consult your tax advisor or accountant. This IRS link also provides additional answers to questions that you may have on The 2009 Home Buyer Tax Credit. Be a smart and informed homebuyer and hire a top real estate expert.

Centered in the heart of the metro area, is one of the most famous, affluent, and prominent districts within DC, known as Dupont Circle. With its deep rooted art culture, funky shops, and trendy bars and restaurants, Dupont Circle and its cosmopolitan flair combine to make this area one of the most sought after addresses not only in the DC area, but possibly the country. It is here, one can truly experience urban living at its finest, feeling the vibrant heartbeat of the city.

The circle itself is a gathering place, housing a lush green park with plenty of benches for socializing. The tall, beautiful Dupont Memorial Fountain marks the center of Dupont Circle's thriving commercial district. Here in this lively park, you will find others enjoying lunch, strolling, playing chess, people watching or just plain dilly-dallying as they find tranquility within this urban setting. In the photo at the left, trendy residents of Dupont Circle enjoying dog yoga in the park with their furry friends .If you want to explore by foot but don't know where to start, try this recommended tour.

Recently, Dupont Circle earned the distinction of being voted the best place in the DC area for people watching, in a NBCWashington.com contest held in April. The area won over Georgetown with a whopping 63% of the votes and was plugged on NBC on newscasts as the place to people watch and be seen in DC. So grab your lunch, head over to the park to settle in, enjoy the sun and take pleasure in watching fellow Washingtonians around you.

Further illustrating the wonderful benefits of living and working in the Dupont Circle area, retail stores, office buildings, cafes, restaurants, and cultural attractions surround the park. The area is home to Phillips Collection, one of the city's leading art museums and also Lambda Rising, the nation's most famous gay bookstore. Also contributing to the art community are the 22 Art on Call boxes in the area named The Dupont Circle Art on Call. This project presents original artwork by 22 local artists painted on antique call boxes showcasing the art and history of this vibrant area. These boxes can be enjoyed throughout the Dupont Circle area AKA walker's paradise.

Dupont Circle has long been a neighborhood that prides itself on its culture diversity opening its doors for those live alternative lifestyles. It also renowned as the preferred habitat for the wealthy diplomatic set, further boosting its cosmopolitan reputation. Although real estate and rental prices in the Dupont Circle area are among the highest in the city, the architecture, and urban ambience make living in this neighborhood worth every penny if one can manage the price.

Some argue that if money were no object, young adults moving to DC would always choose to live in Dupont Circle, the heart of the city.  It's easy to see why, with its unbeatable location, the art and intellectual aspects, the lively culture mix, top-notch restaurants, and a raffish street life to boot. No longer just for those with old money or the nouveau riche, today Dupont Circle is home to artists, intellectuals and young professionals from all walks of life. Indeed, one can say that Dupont Circle is a cosmopolitan chalice that truly runneth over.

Can you imagine yourself with a Dupont Circle address? Then you need an expert you can trust to help you, someone who knows the area, has a proven track record and genuinely wants to help you make your home or condo ownership a reality. As one of the area's top real estate experts, Rachel Valentino is someone you will want working for you.  Check out her Atlantic Coast Connection website to learn more about her and her connection to the DC area. Or email her today with any questions you may have.

Chinatown in Washington, D.C. is a small, historic neighborhood east of downtown, nestled in along H and I Streets between 5th and 8th Streets. Originally a German area, Chinese immigrants started to populate the area in the 1930's when they were displaced from their original settlement on Pennsylvania Avenue with the building of the Federal Triangle government complex. The new residents added decorative metal latticework and Chinese signage.

Spanning across H Street at 7^th, you are greeted by a glittering gold and tiled gate, the Friendship Arch, Chinatown's most visible and beautiful landmark. This arch is a traditional Chinese gate, and is considered to be the gateway to DC's Chinatown, prominently marking the neighborhood.

If you've been through Chinatown lately, you may have noticed the iconic Gateway Arch is all covered up. That is because work is currently underway to restore the arch to its original beautiful splendor and grandeur. The DC Arts Agency (DCCAH) who is spearheading this effort to repaint and replace the woodwork says to expect its completion by the end of the summer. What an exciting public art project this has been for the area! Anticipation is growing as the completion and unveiling date nears for this landmark makeover in an area where renovation is ongoing and inspiring.

This 4-block area may be a lot smaller than the Chinatown districts in New York or San Francisco, but it's still an authentic, colorful and charming community with its own merits. What DC's Chinatown lacks in size, it makes up for in character. Not only is this area revitalized and thriving, it is also one of the most unique and most recognizable communities in the DC area making it a historical area that is ultra urban cool and trendy.

Following a major renovation several years ago, this area has now become known withiin the urban scene as "hot, hip and happening". This giant renovation has revitalized the area into a bustling scene for nightlife, shopping and entertainment. It really is rare to find so much "America" in a place surrounded by Chinese signs, traditions, flavors,and smells - making DC's Chinatown a very unique and special place.

Since the recent renovations,many Chinese resdidents have moved to the suburbs, but the 20 or so Chinese and Asian owned restaurants and other small businesses are still very much alive within the district, but now they have new neighbors, sharing the streets with the new retail and residential developments. So from Starbucks to Legal Sea Foods and other national chains who hang their signs out front in Chinese, you really can have it all in this district. Here in Chinatown you will find everything from fine DC restaurants serving Chinese and diverse ethnic cuisine, to great museums, theaters and movie houses.

Also close by you will also find several breweries, restaurants and sports bars around the newly developed Verizon Center, a sports and entertainment arena. Home to the Capitals and Wizards, the arena is also a hot new concert venue bringing ardent sports and music fans to the area.

With so much going on, it's easy to see how this area has become so vital to the heart of DC.

But even among all of this new urban development, what didn't get lost is the colorful and charming feel of the area. You can still immerse yourself in the sights, sounds, aromas and tastes of Chinatown. You can still shop for teas and herbs at grocery stores. A steaming bowl of shrimp dumpling soup at Full Kee is still to die for. The chef still makes noodles in the window of Chinatown Express. And each winter, the Chinese New Year is still celebrated here in a dazzling fashion complete with a colorful parade featuring drummers, musicians, lion and dragon dancers and thousands of popping firecrackers.

While Chinatown is fun (and delicious) place to visit, it is also an up-an-coming place to live and work.  In mid July, 2009, the 12 story LEED certified 700 Six office building, the greenest new development in D.C., opened at 700 6^th St. near Verizon Center. Nearby is Gallery Place, a mixed land use development that includes 192 condos amidst 250,000 square feet of restaurants, bars, and retail.  Other popular new or renovated Chinatown-Penn-Quarter condos include the Clara Barton, the Lafayette, and Ventana Lofts.

Interested in learning more about potential home or condo ownership opportunities in Chinatown or the surrounding areas? Then you need an expert you can trust, someone who knows the area, has a proven track record and genuinely wants to help you make your home or condo ownership a reality. As one of the area's top real estate experts, Rachel Valentino can help find your dream home. Check out her Atlantic Coast Connection website to learn more about her and her connection to the DC area. Or email her today with any questions you may have.