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Phyllis Wiesenfelder

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New Tax Season

by Phyllis Wiesenfelder
I hope your 2018 is off to a great start.
 
With a new year comes a new tax season and, this year, a new tax law, which went into effect on January 1. While the tax changes will not affect your 2017 filing, it is advisable to be aware of what is in store for next year.   Hopefully, this letter will help you on that front as it relates to your real estate holdings/investments.
 
The number of income tax brackets remains the same, but they include lower tax rates. The new tax bill also eliminates or reduces several itemized deductions, including moving expenses except with military households, interest on home equity loans unless used for home improvements, and more. 
 
Here are a few important real estate-related results of the new tax bill to keep in mind.
 
Mortgage interest deductions are now limited to a combined $750,000 of debt for both primary residences and second homes for any loans taken out after Dec. 14, 2017. Current homeowners with loans made before that date, however, are grandfathered into the previous deduction, which allowed a combined debt limit up to $1 million.  
 
State and local tax deductions are now capped at a combined $10,000 – this includes state and local property, income and sales taxes. This will largely affect taxpayers in higher-tax states.
 
Capital gains tax exclusions remain the same when you sell your house. Married couples filing jointly can still exclude up to $500,000 when selling their primary home, as long as they’ve lived there two of the past five years.
 
Investment properties were largely unaffected by the new tax bill.  As such, you will continue to enjoy the same financial benefits for any investment property you currently own or those you may buy in the future.
 
While the inventory shortage will likely continue through 2018, this is a great time to invest in real estate. Homes are appreciating, interest rates on mortgage loans are still around historical lows and there are tax advantages for property and business owners. 
 
As always, if you have any real estate-related questions, please feel free to contact me. I look forward to helping you (and anyone you know) with your future real estate needs. 
 
 
 
*The information contained in this letter is not intended to be and does not constitute financial or investment advice.

Our Annual Home Sale Wrap-Up in The Town of Somerset

by Phyllis Wiesenfelder

Dear Neighbors,

It is a privilege to share with you our annual home sale wrap-up.

We experienced a year of impressive home sale prices.  Nearly 80% of the homes sold were over $1 million.

Our community, with its premium close-in location, award–winning schools, diverse architectural styles, proximity to Metro and convenience to fine dining, shopping and entertainment, is the neighborhood of choice for a multitude of buyers.

If you would like complementary information, such as help with a property tax appeal, or if you are thinking about a home sale or purchase, please give us a call.

We are longtime neighborhood residents and at all times put our knowledge and professionalism acquired by three decades of experience to work for you.

We wish you a happy and healthy New Year!

Home Sales in 2017

Town of Somerset

       
       

Address

Style

List Price

Sold Price

4915 Cumberland Avenue                

Colonial

$2,699,900

$2,600,000

5511 Uppingham Street                    

Craftsman

 $2,295,000

  $2,265,000

5415 Surrey Street                             

Contemporary

  $1,895,000

  $1,840,000

5710 Surrey Street                             

Colonial

  $2,049,000

  $1,699,000

4721 Essex Avenue                            

Victorian

  $1,650,000

  $1,550,000

5800 Deal Place                                  

Contemporary

  $1,625,000

  $1,500,000

5813 Surrey Street                             

Colonial

  $1,349,000

  $1,365,000

5502 Greystone Street                      

Split Level

  $1,325,000

 $1,315,000

4807 Grantham Avenue                    

Split Foyer

  $1,225,000

  $1,225,000

5510 Greystone Street                      

Split Level

  $1,109,700

  $1,109,700

4701 Cumberland Avenue                

Victorian

  $1,275,000

  $1,100,000

5415 Trent Street                               

Rambler

  $1,200,000

  $1,100,000

4511 Cumberland Avenue                

Victorian

  $1,095,000

  $1,050,000

4608 Dorset Avenue                          

Rambler

  $1,050,000

  $1,050,000

5522 Greystone Street                      

Contemporary

     $924,900

    $950,000

4509 Cumberland Avenue                

Farm House

     $925,000

     $925,000

 

Chevy Chase West

 

4822 DeRussey Parkway                    

Contemporary

$2,295,000

$2,250,000

4800 Morgan Drive                             

Arts & Crafts

  $1,899,900

  $1,850,000

4816 Drummond Avenue                   

Colonial

  $1,649,000

  $1,625,000

4624 Nottingham Drive                      

Colonial

  $1,489,000

  $1,480,000

4604 Chevy Chase Blvd                       

Colonial

  $1,200,000

  $1,317,000

4600 Chevy Chase Blvd                       

Colonial

  $1,299,000

  $1,270,000

4612 Langdrum Lane                           

Colonial

  $1,249,000

  $1,250,000

4823 Chevy Chase Blvd                       

Colonial

  $1,219,000

  $1,220,000

4832 Langdrum Lane                           

Colonial

  $1,249,000

  $1,203,000

4606 Davidson Drive                           

Cape Cod                              

 $1,175,000

  $1,165,000

4703 Morgan Drive                              

Colonial

 $1,095,000

  $1,150,000

4812 DeRussey Parkway                     

Rambler

     $995,000

  $1,049,000

4611 Davidson Drive                           

Colonial

  $1,000,000

  $1,000,000

4805 Morgan Drive                             

Rambler

     $998,000

     $998,000

4712 DeRussey Parkway                    

Colonial

     $999,999

     $982,000

4826 DeRussey Parkway                     

Rambler

  $1,075,000

    $950,000

6304 Wisconsin Avenue                     

Colonial

     $799,000

     $855,100

6411 Offutt Road                                 

Colonial

     $749,000

     $815,000


The above information is based on data provided by the Metropolitan Regional Information Systems.

If your home is currently listed for sale, this is not intended as a solicitation of that listing.

December 2017 Washington, DC Market Trends Report

by Greater Capital Area Association of REALTORS®


December sales up 10.0 percent; median sales price at highest December level

December’s median sales price was $565,000, topping last year’s median by 2.7 percent and recording the highest December level on record. The 695 December sales represented a 10.0 percent increase versus last year and 3.3 percent above the December 5-year average of 673. Even with the median sales price at record highs, supply is scarce with only 1.4 months of supply on hand. There was a 3.2 percent bump in contract activity compared to last December. The 613 overall new pending sales topped the five-year December average by 11.2 percent. Closed sales increased compared to last December in every segment. Half the homes sold in December were on the market for 18 days or less and the competition among buyers kept the median percent of asking price at 99.1 percent.

  • Closed sales. The 695 December sales represented a 10.0 percent increase versus last year and 3.3 percent above the December 5-year average of 673. The 9,250 cumulative year-to-date sales are 8.6 percent more than the number sold through December of last year.
  • Contract activity. There was a 3.2 percent bump in contract activity compared to last December. The 613 overall new pending sales topped the five-year December average by 11.2 percent.
  • Listing activity. The number of new listings decreased 9.9 percent compared to last December. The 511 new listings is slightly above the five-year December average of 507.
  • Inventory. The 1,069 active listings at month’s end are 1.0 percent less than at the same point last year.
  • Months of Supply. Supply remains scarce relative to demand, continuing to drive a strong seller’s market in the District. The 1,069 active listings represent just 1.4 months of supply.
  • Prices. December’s median sales price was $565,000, topping last year’s median by 2.7 percent and recording the highest December level on record.
  • Days on Market (DOM). Half the homes sold in December were on the market 18 days or less prior to contract, 4 days longer than in December 2016.
  • Sales Price to Original List Price Ratios (SP to OLP). Half the sellers received 99.1 percent of original list priceor less, exactly the same as last December.

 
Washington, DC – (January 10, 2018) – The following analysis of the Washington, DC housing market has been prepared for the Greater Capital Area Association of REALTORS® based on analysis of Bright MLS multiple listing data by MarketStats by ShowingTime.

December 2017 Montgomery County Market Trends Report

by Greater Capital Area Association of REALTORS®


December closed sales dip 2.8 percent; median sales price up 2.5 percent YTD

December’s tally of 926 closed sales dipped below last year’s level by 2.8 percent and below the five-year December average by 1.4 percent. The 717 new pending sales marked a 12.1 percent dip from last December and fell below the five-year December average by 2.6 percent, or 19 contracts. There were 557 new listings added in December, 11.7 percent less than last December’s mark. The 1,569 active listings dip far below last December’s active listing total 1,799 (-12.8%). The 1,569 active listings heading into January represent 1.5 months of supply given the average sales pace over the last twelve months, favoring the seller slightly more than the 1.7 months of supply last December. Half of the homes sold in December were on the market 31 days or less, six days quicker than the
median DOM in December 2016. The $410,056 median in December was 1.0 percent lower than last December’s median of $414,000. The year-to-date median sales price was up 2.5 percent to $420,000 over the same time last year. Closed sales rose in the condo/co-op segment while dipping in the detached and townhouse segments.

  • Contract activity. The 717 new pending sales marked a 12.1 percent dip from last December and fell below the five-year December average by 2.6 percent, or 19 contracts.
  • Closed sales. December’s tally of 926 closed sales dipped below last year’s level by 2.8 percent and below the five-year December average by 1.4 percent.
  • Listing activity. There were 557 new listings added in December, 11.7 percent less than last December’s mark. The 1,569 active listings dip far below last December’s active listing total 1,799 (-12.8%).
  • Prices. The $410,056 median in December was 1.0 percent lower than last December’s median of $414,000. The average sales price in December was $519,650, a .9 percent increase over the December 2016 average of $515,130. The year-to-date median sales price was up 2.5 percent to $420,000 over the same time last year.
  • Price per Square Foot. The average price per square foot for homes sold in December went up 5.4 percent year-over-year, from $277 to $292.
  • Days-on-Market (DOM). Half of the homes sold in December were on the market 31 days or less, six days quicker than the median DOM in December 2016. The average DOM was 1 day quicker at 60 days.
  • Sales Price to Original List Price Ratios (SP to OLP). Sellers received 96.9 percent of original list price on average, up slightly from last December (96.1%). Half of December sellers received at least 97.7 percent oftheir original asking price, nearly the same ratio as in December 2016 (97.4%).
  • Months of Supply. The 1,569 active listings heading into January represent 1.5 months of supply given the average sales pace over the last twelve months, favoring the seller slightly more than the 1.7 months of supply last December. 

Washington, DC – (January 10, 2018) – The following analysis of the Montgomery County, MD housing market has been prepared for the Greater Capital Area Association of REALTORS® based on analysis of Bright MLS multiple listing data by MarketStats by ShowingTime.

November 2017 Washington, DC Market Trends Report

by Greater Capital Area Association of REALTORS®


Median sales price ties last year for highest November level 
on record for Washington, DC

November’s median sales price was $549,000, matching last year’s median exactly and tying the highest November level on record. The 710 November sales represented a 5.8 percent increase versus last year and above the November 5-year average of 617. Even with the median sales price at record highs, supply is scarce with only 1.9 months of supply on hand. There was a 14.7 percent bump in contract activity compared to last November. The 755 overall new pending sales topped the five-year November average by 10.3 percent. Closed sales were down in detached, but up in the townhouse and condo segments compared to last November. Half the homes sold in November were on the market for 13 days or less and the competition among buyers kept the median percent of asking price at 100 percent.

  • Closed sales. The 710 November sales represented a 5.8 percent increase versus last year and above the November 5-year average of 617. The 8,507 cumulative year-to-date sales are 8.3 percent more than the number sold through November of last year.
  • Contract activity. There was a 14.7 percent bump in contract activity compared to last November. The 755 overall new pending sales topped the five-year November average by 10.3 percent.
  • Listing activity. The number of new listings increased 4.6 percent compared to last November. The 880 new listings is significantly above the five-year November average.
  • Inventory. The 1,433 active listings at month’s end are 7.5 percent more than at the same point last year.
  •  Months of Supply. Supply remains scarce relative to demand, continuing to drive a strong seller’s market in the District. The 1,433 active listings represent just 1.9 months of supply.
  • Prices. November’s median sales price was $549,000, matching last year’s median exactly and tying the highest November level on record.
  • Days on Market (DOM). Half the homes sold in November were on the market 13 days or less prior to contract, four days quicker than in November 2016.
  • Sales Price to Original List Price Ratios (SP to OLP). Half the sellers received 100.0 percent of original list price or less, virtually the same as last November (99.9 percent).


Washington, DC – (December 11, 2017) – The following analysis of the Washington, DC housing market has been prepared for the Greater Capital Area Association of REALTORS® based on analysis of Bright MLS multiple listing data by MarketStats by ShowingTime.

November 2017 Montgomery County Market Trends Report

by Greater Capital Area Association of REALTORS®


Median sales price up slightly as median days on 
market quickens in Montgomery County

November’s tally of 934 closed sales dipped below last year’s level by 1.8 percent and below the five-year November average by 11.4 percent. The 942 new pending sales marked a .8 percent dip from last November and fell below the five-year November average by 1.1 percent, or 11 contracts. There were 869 new listings added in November, 3.9 percent less than last November’s mark. The 2,052 active listings dip far below last November’s active listing total 2,314 (-11.3%). The 2,052 active listings heading into December represent 2.0 months of supply given the average sales pace over the last twelve months, favoring the seller slightly more than the 2.2 months of supply last November. Half of the homes sold in November were on the market 25 days or less, three days quicker than the
median DOM in November 2016. The $425,500 median in November was 7.2 percent higher than last November’s median of $397,000. Closed sales rose in the detached segment while dipping in the townhouse and condo/co-op segments.

  • Contract activity. The 942 new pending sales marked a .8 percent dip from last November and fell below the five-year November average by 1.1 percent, or 11 contracts.
  • Closed sales. November’s tally of 934 closed sales dipped below last year’s level by 1.8 percent and below the five-year November average by 11.4 percent.
  • Listing activity. There were 869 new listings added in November, 3.9 percent less than last November’s mark. The 2,052 active listings dip far below last November’s active listing total 2,314 (-11.3%).
  • Prices. The $425,500 median in November was 7.2 percent higher than last November’s median of $397,000. The average sales price in November was $539,771, a 10.8 percent increase over the November 2016 average of $487,387.
  • Price per Square Foot. The average price per square foot for homes sold in November went up 6.6 percent year-over-year, from $272 to $290.
  • Days-on-Market (DOM). Half of the homes sold in November were on the market 25 days or less, three days quicker than the median DOM in November 2016. The average DOM was 10 days quicker at 49 days.
  • Sales Price to Original List Price Ratios (SP to OLP). Sellers received 97.1 percent of original list price on average, up slightly from last November. Half of November sellers received at least 98.1 percent of their original asking price, a slight increase compared to November 2016.
  • Months of Supply. The 2,052 active listings heading into December represent 2.0 months of supply given the average sales pace over the last twelve months, favoring the seller slightly more than the 2.2 months of supply last November. 

Washington, DC – (December 11, 2017) – The following analysis of the Montgomery County, MD housing markethas been prepared for the Greater Capital Area Association of REALTORS® based on analysis of Bright MLS multiplelisting data by MarketStats by ShowingTime.

October 2017 Montgomery County Market Trends Report

by Greater Capital Area Association of REALTORS®



Closed sales dip below last year but beat five-year October average

October’s tally of 985 closed sales dipped below last year’s level (which was the ten-year high for October) by 1.7 percent but was 4.2 percent higher than the five-year October average. There were 1,287 new listings added in October, .5 percent more than last October’s mark. The 2,526 active listings dipped below last October’s active listing total 2,717 (-7.1%). The 1,133 new pending sales marked a .5 percent bump from last October and beat the five-year October average by 2.4 percent, or 27 contracts. The 2,526 active listings heading into August represent 2.4 months of supply given the average sales pace over the last twelve months, favoring the seller slightly more than the 2.6 months of supply last October. Half of the homes sold in October were on the market 20 days or less, eight days quicker than the median DOM in October 2016. The $398,000 median in October was 1.4 percent lower than
last October’s median of $403,488. Closed sales rose in the townhouse and condo segments while dipping in the detached segment.

  • Contract activity. The 1,133 new pending sales marked a .5 percent bump from last October and beat the five-year October average by 2.4 percent, or 27 contracts.
  • Closed sales. October’s tally of 985 closed sales dipped below last year’s level (which was the ten-year high for October) by 1.7 percent but was 4.2 percent higher than the five-year October average.
  • Listing activity. There were 1,287 new listings added in October, .5 percent more than last October’s mark. The 2,526 active listings dip below last October’s active listing total 2,717 (-7.1%).
  • Prices. The $398,000 median in October was 1.4 percent lower than last October’s median of $403,488. The average sales price in October was $492,354, a .3 percent increase over the October 2016 average of $490,665.
  • Price per Square Foot. The average price per square foot for homes sold in October went up .7 percent year-over-year, from $279 to $281.
  • Days-on-Market (DOM). Half of the homes sold in October were on the market 20 days or less, eight days quicker than the median DOM in October 2016. The average DOM was nine days quicker at 46 days.
  • Sales Price to Original List Price Ratios (SP to OLP). Sellers received 97.7 percent of original list price on average, nearly the same as last October. Half of October sellers received at least 98.3 percent of their original asking price, up from 97.8 percent in October 2016.
  • Months of Supply. The 2,526 active listings heading into November represent 2.4 months of supply given the average sales pace over the last 12 months, favoring the seller slightly more than the 2.6 months of supply last October. 

Washington, DC – (November 10, 2017) – The following analysis of the Montgomery County, MD housing market has been prepared for the Greater Capital Area Association of REALTORS® based on analysis of Bright MLS multiple listing data by MarketStats by ShowingTime.

October 2017 Washington, DC Market Trends Report

by Greater Capital Area Association of REALTORS®

Median sales price reaches highest October level on record (Washington, DC)

October’s median sales price was $550,000, an increase of 1.3 percent over last year and the highest October level on record. The 831 October sales represented a 31.9 percent increase versus last year and above the October five year average of 702. Even with the median sales price at record highs, supply is scarce with only 2.2 months of supply on hand. There was a 3.1 percent bump in contract activity compared to last October. The 870 overall new pending sales topped the five-year October average by 3.9 percent. Closed sales increased by double-digit percentages compared to last October in every segment. Half the homes sold in October were on the market for nine days or less and the competition among buyers kept the median percent of asking price at 100 percent.

  • Closed sales. The 831 October sales represented a 31.9 percent increase versus last year and above the October 5-year average of 702. The 7,758 cumulative year-to-date sales are 8.3 percent more than the number sold through October of last year.
  • Contract activity. There was a 3.1 percent bump in contract activity compared to last October. The 870 overall new pending sales topped the five-year October average by 3.9 percent.
  • Listing activity. The number of new listings increased 18.9 percent compared to last October. The 1,168 new listings is above the five-year October average.
  • Inventory. The 1,595 active listings at month’s end are 16.1 percent more than at the same point last year.
  • Months of Supply. Supply remains scarce relative to demand, continuing to drive a strong seller’s market in the District. The 1,595 active listings represent just 2.2 months of supply.
  • Prices. October’s median sales price was $550,000, an increase of 1.3 percent over last year and the highest October level on record.
  • Days on Market (DOM). Half the homes sold in October were on the market nine days or less prior to contract, three days quicker than in October 2016.
  • Sales Price to Original List Price Ratios (SP to OLP). Half the sellers received 100 percent of original list priceor less, exactly the same as last October.


Washington, DC – (November 10, 2017) – The following analysis of the Washington, DC housing market has been prepared for the Greater Capital Area Association of REALTORS® based on analysis of Bright MLS multiple listing data by MarketStats by ShowingTime.

New Listing! 4608 Dorset Avenue Chevy Chase, MD 20815

by Phyllis Wiesenfelder
                           
Welcome to this mid-century modern home in the heart of the Town of Somerset. This spacious residence features light-filled rooms, clean lines and bucolic views. There is a welcoming foyer, an expansive living room with a handsome fireplace, three bedrooms, including a master suite, two full baths and den on the main level. The walk-out lower level boasts over-sized picture windows, a renovated sun-drenched stainless steel and granite kitchen with island and breakfast bar, light and airy dining room, open family room, bedroom and full bath. With its spacious feel, great entertainment flow and exceptional location, this property provides an outstanding opportunity.  Within walking distance are METRO, Somerset Elementary School, Norwood Park, the Capital Crescent Trail and the fine shops, restaurants and vibrant night life of Friendship Heights and Bethesda. 
 
Somerset, founded in 1890, elects a mayor and council members, publishes a monthly town journal, and has its own swimming pool, town hall, and tennis courts. It is known for its small town atmosphere and sense of community. Sledding on the Cumberland Avenue Hill after a snowfall is a town tradition as is the Fourth of July parade and picnic.
 
 
MAIN LEVEL:
• Welcoming foyer with two coat closets 
• Elegant living room with large picture window, display shelving and wood burning fireplace
• Versatile sitting room or den with access to master bedroom 
• Spacious master bedroom with overhead lighting, abundant closet space and tree-top views
• Master bath with pedestal sink, shower, Toto toilet and beadboard wainscoting
• Second bedroom with overhead lighting, deep closet, and two exposures
• Jack and Jill bathroom with built-in shelves – this bathroom opens to the second and third bedroom
• Third bedroom with overhead lighting and walk-in closet
 
LOWER LEVEL:
• Renovated kitchen with exceptional cabinet space, granite countertops, stainless steel appliances, Miele exhaust hood, large center island and breakfast bar, recessed and pendant lighting, new ceramic tile flooring and outside entrance
• Open dining room with a wall-of-windows, chair rail molding, built-in cabinets, and hardwood floors
• Spacious family room with oversized picture window and bucolic views, chair rail molding, display shelving, new wall-to-wall carpeting, overhead lighting and entrance to the backyard
• Fourth bedroom or office with overhead lighting and new wall-to-wall carpeting
• Full hall bath 
• Laundry and utility room with huge storage area 
 
ADDITIONAL AMENITIES:
• Hardwood floors on main level 
• Pull down stairs to attic 
• New front walkway
• Walking distance to Metro and downtown Bethesda and Friendship Heights
• Town of Somerset pool, tennis courts and basketball court
 
SPECIFICS:
• Price: $1,050,000
• Lot Size: 8,515 square feet
• Legal description: Lot 17 Block: 9
• Subdivision: Somerset Heights
• Year Built: 1950
• Schools: Somerset Elementary, Westland Middle, and Bethesda-Chevy Chase High
• Estimated taxes and non-tax charges in the first fiscal year are $13,707

September 2017 Montgomery County Market Trends Report

by Greater Capital Area Association of REALTORS®

Median sales price highest since September 2007

September’s tally of 946 closed sales increased over last year’s level by 3.2 percent and also above the five-year September average by 2.2 percent. The 1,099 new pending sales marked a 3.9 percent dip from last September and beat the five-year September average by 3.0 percent, or 32 contracts. There were 1,602 new listings added in September, 2.7 percent less than last September’s mark. The 2,770 active listings dip far below last September’s active listing total of 2,915 (-5.0%). The 2,770 active listings heading into August represent 2.7 months of supply given the average sales pace over the last twelve months, favoring the seller slightly more than the 2.8 months of supply last September. Half of the homes sold in September were on the market 24 days or less, four days quicker than the median DOM in September 2016. The average DOM was also four days quicker at 46 days. The $410,000 median in September was 4.6 percent higher than last September’s median of $392,000 – and the highest September value since 2007. Closed sales rose in the detached and condo/co-op segments while dipping in the townhouse segment.

Washington, DC – (October 10, 2017) – The following analysis of the Montgomery County, MD housing market has been prepared for the Greater Capital Area Association of REALTORS® based on analysis of Bright MLS multiple listing data by MarketStats by ShowingTime.

Displaying blog entries 1-10 of 137

Contact Information

Photo of Phyllis Wiesenfelder Real Estate
Phyllis Wiesenfelder
Long & Foster Real Estate, Inc.
4650 East West Highway
Bethesda MD 20814
Direct: (301)215-6915
Mobile: (301)529-3896
Fax: Office: 301-907-7600