HAPPY NEW YEAR!!

No doubt you have been following the economic news closely over the last year. If so, you have had your eyes on the real estate market as a key indicator for economic recovery. We have found there is reason to be hopeful as the significant devaluation is coming to an end.

In the past few months, smart buyers have been taking advantage of reduced prices, low interest rates and tax credits. The Fourth Quarter was an extremely busy one in DC for closings; it outpaced the same quarter one year ago by 36% in number of sales. In addition, the total available inventory has decreased 25% since the peak in March, restricting choice and increasing competition. In fact, the condo inventory is at a four year low. The limited inventory will continue to worsen due to the lack of major development in the past year and little planned for the next couple of years.

Additionally, foreign investors in real estate say D.C. is the top U.S. city for their dollars, according to an annual survey by the Association of Foreign Investors in Real Estate. These investors “have always liked D.C. for a lot of reasons,” said James Fetgatter, chief executive, AFIRE. “It’s like a European city, there are height restrictions, and the deal sizes are do-able. They have always liked that but the icing on the cake is the government activism we have now.”

The combination of shrinking inventory, stabilizing prices and increased sales are hopeful signs for the value of real property in 2010. We will be tracking them all closely and welcome the opportunity to answer any questions you may have.

Further, we are always trying to improve our newsletter to make it more useful to you so we have added new sections:

Are you looking for property in a specific neighborhood? We've created searches to focus on the areas our clients are most interested in to help narrow your home search. Please click on any of the following neighborhoods to see a list of properties currently for sale specifically for that area. If you would like to schedule an appointment to view any of the properties, please give us a call.

1739 P Street, NW
Washington, DC 20036

• Extreme renovation of a historic Dupont apartment building into a modern masterpiece with over 6000 square feet of sophisticated living.
• This one-of-a kind home will be available for delivery in November 2009.
• Designed for true connoisseurs, this stunner is equipped with a spacious Bulthaup kitchen, commercial elevator, two-car garage, roof deck, multiple balconies, glass walls and much more.
• Available for hardhat tours.
• Garage parking, 24-hour front desk, pool, party room and gym.
• Offered for sale at $4,475,000

2909 Q Street, NW
Washington, DC 20007

• Main house offers option of five bedrooms or three bedrooms + office and den.
• Two baths completely redone with Waterworks & Restoration Hardware materials.
• Closet space galore, custom Pedini closet system in master bedroom.
• One bedroom au pair suite in lower level with separate entrance.
• Two-car parking.
• Open House: Sunday, January 24, 1-4pm
• Offered for sale at $2,450,000

1815 18th Street, NW #500
Washington, DC 20009

• This wonderful two bedroom one and a half bath Dupont condo is coming on the market next week.
• No photos will be available until January 26 as the entire kitchen is in the final stages of a grand remodeling with stainless steel appliances, honed granite counters, new cabinets and a newly laid floor perfect for cooking.
• The large unit measures 935 square feet and has a large living room with a fireplace, dental molding and beautiful wood floors throughout.
• Plenty of closet space, a built-in work station and low condo fees make this condo a fantastic buy.
• This listing will be placed on the market Wednesday, January 27, 2010!
• Offered for sale at $474,000

3039 Macomb Street, NW #32
Washington, DC 20008

• Historic beauty and charm is the storyboard for this wonderful one-bedroom coop.
• High ceilings, beautiful wood flooring and an updated kitchen are just some of the key elements of this house.
• Low fees, large, sun-filled rooms and extra storage all reside in this Cleveland Park neighborhood.
• Open House: Sunday, January 24, 1-4pm
• Offered for sale at $339,900

1827 Earle Road
Charles Town, WV 25414

• Comprising three sections, the stunningly restored circa 1750 and 1820 structures, along with the magnificent extension built in 2003, provides many entertaining opportunities.
• Richwood Hall is sited on land given to George Washington by Lord Fairfax and is on the National Historic Registry.
• Three stories and 10,000 square feet of Federal architecture allow for exquisite country living.
• Groves of trees, gardens, barns, a smokehouse, multiple patios and a tennis court complete the grounds.
• Offered for sale at $2,495,000

Please visit www.somafit.com for additional information. Be sure to bring this e-mail or mention: "Sotheby's Specials" to receive discounts above.  Valid thru 3/31/10.

Luxury in our lives during these economic times may seem elusive, but for those of us willing to spend a few worthwhile moments evaluating our options, it is definitely there for the taking.  Even though everyone has their own ideas about what luxury means for them, luxury is essentially about comfort and the delight of our senses. Our homes are our most valuable resource for capturing luxury in our lives.

We can all improve our access to a luxury at home with the simple act of getting rid of visual clutter!  As luxury is associated with excess and abundance, it should never be confused with the disorder that comes with superfluous stuff.  The most cost effective decorating advice I can give is to edit your home.  Designate a place that is a “catch all” for everyday things such as mail, newspapers, keys, etc., that is out of sight.  Remove things that are unnecessary to the design of each room.  This will be more difficult for some than others as discipline is required.  Make sure the first thing you see when you come home, is a beautiful well ordered room.  Just remember, “When in doubt, leave it out”.  
 
Robert Shields is an Interior Designer who lives in Georgetown and specializes in creating luxury for his clients with contemporary and traditional design.

RobertShieldsInteriors.com

Sotheby’s Evening Sale of Impressionist & Modern Art on Wednesday, February 3, 2010, will feature one of the finest works by Paul Cézanne ever to come to auction: Pichet et fruits sur une table. Cézanne’s still-lifes have long been recognised as being among his greatest achievements and they played a key role in the development of early 20th-century art. A supreme example of this genre, Pichet et fruits sur une table was painted between 1893-94, a period when Cézanne’s mastery of the still-life discipline was at its height. The painting comes to the market with an estimate of £10-15 million.

Pichet et fruits sur une table was selected for the cover of the authoritative book Paul Cézanne, A Biography by John Rewald, also the author of the Cézanne Catalogue Raisonné. Furthermore, the painting relates closely to Cézanne’s still-life of the same date formerly in the collection of Mr and Mrs John Hay Whitney, which was sold at Sotheby’s New York in May 1999 for $60.5 million. The distinctive blue patterned curtain and still-life composition with fruit also appears in three major oils now in the collections of the Metropolitan Museum of Art, New York, the National Gallery of Art, Washington D.C and the J. Paul Getty Museum in California.