Casey Margenau's Blog

Casey Margenau & Associates Re/Max Distinctive Real Estate Receives 2010 Best of McLean Award

Casey Margenau (ReMax Distinctive Real Estate, Inc.) — Thu, 04 Mar 2010 11:52:09 -0800

U.S. Commerce Association's Award Plaque Honors the Achievement

NEW YORK, NY, February 25, 2010 -- For the second consecutive year, Casey Margenau & Associates Re/Max Distinctive Real Estate has been selected for the 2010 Best of McLean Award in the Real Estate Agents category by the U.S. Commerce Association (USCA).

The USCA "Best of Local Business" Award Program recognizes outstanding local businesses throughout the country. Each year, the USCA identifies companies that they believe have achieved exceptional marketing success in their local community and business category. These are local companies that enhance the positive image of small business through service to their customers and community.

Nationwide, only 1 in 70 (1.4%) 2009 Award recipients qualified as two-time Award Winners. Various sources of information were gathered and analyzed to choose the winners in each category. The 2010 USCA Award Program focuses on quality, not quantity. Winners are determined based on the information gathered both internally by the USCA and data provided by third parties.

Various sources of information were gathered and analyzed to choose the winners in each category. The 2010 USCA Award Program focused on quality, not quantity. Winners are determined based on the information gathered both internally by the USCA and data provided by third parties.

About U.S. Commerce Association (USCA)

U.S. Commerce Association (USCA) is a New York City based organization funded by local businesses operating in towns, large and small, across America. The purpose of USCA is to promote local business through public relations, marketing and advertising.

The USCA was established to recognize the best of local businesses in their community. Our organization works exclusively with local business owners, trade groups, professional associations, chambers of commerce and other business advertising and marketing groups. Our mission is to be an advocate for small and medium size businesses and business entrepreneurs across America.

SOURCE: U.S. Commerce Association

Out with the Old and In with the New as we Enter 2010

Casey Margenau (ReMax Distinctive Real Estate, Inc.) — Thu, 07 Jan 2010 12:18:12 -0800

Many home owners are looking at what this year brings to the Real Estate Market here in the Metro Washington DC / Northern Virginia area. The 1^st thing we are going to cover is what is happening in the market on a local level and 2^nd you will find 10 tips for those of you that think this year is the year for you to make a MOVE. Many home sellers feel the winter blues, as they see housing prices down from prior years, but the signs across the country show the real estate market is on the mend. Locally we are not only seeing a mend to the market, but some property values have started to not only stabilize but have actually increased in value from year ago lows as much as 50 percent.

According to NVAR's Northern Virginia Area Home Sales Report for November total sales are up 42.45% over a year ago. The days on the market are down 45% and the total number of homes for sale is down 27.51%. In Fairfax County the Single Family Detached Market is looking the best overall. How do you like these numbers? Sales are up 21% over one year ago inventory down 31% and the Median Sold Price is up 17%. So what is this going to mean for us?

Sales activity is up, home builders are finally moving inventory and values are rising from there lows in many areas and many price ranges. As this spring market builds up steam, buyers are finding that the market has changed. To buy anything under 500K inventory levels are below 4 month supply and they will have to compete with other buyers on contracts. Good values may get 10 or more offers. Everything under $1million inventories levels are below 12 months supplies. Now homes in the 800 to 1million price range have showed sales up over 100% from one year ago. There is nothing that I can see that will change other than prices going up even more. The only area that still has an over supply is homes over 1million where there is still a 19 Month Supply. But that is changing as well. The new home supply is nil and the nice homes on the market below 1.6 million is getting very thin. The key is to have your home priced to today's market not the fantasy that you may want and need. At year-end 2009, mortgage rates stand at historic lows, spurring a wave of new applications for refinancing and new home Purchases. As we see 2010 come in we will most likely see a slightly higher rate. Every time we have seen this in the past buyers tend to make moves faster and it creates a sense of urgency in the market. All this means a wild ride for later this spring!

But there is one thing that will slow down a ramped price increase and that is the Short Sales and foreclosures that will likely continue to put pressure on homes prices in 2010 as they work their way through the pipeline slowly. It was apparent in 2009 that lenders were holding back much of their foreclosure inventories and REO, or real estate-owned property, in an effort to keep values up. This has worked and if the bankers are smart they will keep these properties coming at slower levels and get more for them as the market improves.

As I see it this year is going to be a great year in our local area Real Estate Market, Buyers and especially 1^st time buyers that are buying homes with a long term out look will see that best value for years. The reason for this is going forward we have 79 million "Y" generation(ers) coming into the prime buying age's. This will keep that segment of the Market strong for years. With that Move up buyers will get more money for there lower price homes and the difference will be less to get them more. This will follow up the price chain and be good for all segments in the market. With that lets look at the best tips for buyers this New Year:

Tip 1: Take Uncle Sam up on his offer.

Might as well get a piece of that big stimulus pie while it lasts. At some point, the federal government will have to let the toddler walk on its own legs.

The $8,000 first-time homebuyer tax credit program that helped jump-start the real estate market in 2009 has been extended into 2010 and expanded. First-time home buyers who sign a binding contract to buy a home by April 30, 2010, and close on it by June 30, 2010, qualify. The program's maximum income limits have jumped from $75,000 to $125,000 for individuals and from $150,000 to $225,000 for couples.

For those who have owned their homes for at least five years and want to trade up to a different primary residence, a separate $6,500 tax credit has been added. Further, many homeowners who are underwater in their real estate loans are eligible for a loan-modification program with their current mortgage company or loan servicer through the Making Home Affordable Program.

Tip 2: Find down payment assistance.

There are several down payment assistance programs for first-time homebuyers at the federal and local levels. Other down-payment assistance programs that can piggyback ongoing federal programs are often available at the city, county and state level. Just conduct an Internet search for "down-payment assistance programs" with your town, city or county and Virginia added.

Tip 3: Make home improvements now.

Now may be the best time in years to fix up your home, either for a potential sale or simply for the sake of better living. Low financing costs, reduced construction materials costs and lower contractor profit margins make rehabs more affordable. Repairs that typically yield the highest returns are kitchen and bathroom makeovers with an emphasis on counters and cabinets. Get at least three different estimates and talk to your Real Estate Agent after you get them to see if these improvement costs will pay for their self at resale. Remember even Remodelers Magazine say's "you will only get .60 on the dollar back on such repairs". So make sure you want to live with the renovations, not just because you think it will help your home get sold. A good agent can help with that kind of a decision.

Tip 4: Hire Real Estate Agents wisely.

Now is not the time to hire a friend or relative as your Real Estate Agent. Just because you know who they are socially should not be a qualifier for them as your Real Estate Agent. Anyone that you hire, especially with one of the most expensive transactions of your life, should have over 7 years in this business. More over, should have sold hundreds of homes in your price range. In this market going with the 2^nd string could cost you 10's of thousands of dollars. You hire an agent that is well known in the Real Estate industry. You want someone who is well-connected with other agents, to help you get the home you want or other agents like to Sell there homes to. One that lenders and other fellow industry pros know will get the job done. Check credentials, references and recent performance histories of that agent relative to your home.

Tip 5: Price accordingly, sellers.

This should be on every real estate seller's priority list. In most of our area, if the home is under 1million there are few reasons other than price that a house can't go under contract in 60 days or less. Homes in the upper brackets need more time but pricing is also the key. The listings that generate activity while others gather dust are typically those whose owners have adjusted expectations based on comparably priced homes, or "comps." That doesn't mean you should drop your price precipitously on your well-maintained home to undercut that of a poor-condition foreclosure homes. It just means "price to the present," not to a fantasy market.

Tip 6: Don't wait out the recovery.

Yes sellers, housing has been repriced. And by the looks of things, it will take YEARS for values to return to their previous highs. Just because your home is less then what it was selling for a few years ago, doesn't mean you are taking a loss. Only those of you that purchased a home from 2004 to 2009 may be underwater. The rest of you are still getting more than you paid. If you bought and sold then you still might be ahead. It is a great time to move up. Sell your home at a fair market value and shop for a deal. Or, move up by improving your home to a home that will do better in the future. Example: Sell that home that backs to a road or is older and a little dated and get a updated better location..

Tip 7: Think long term.

Buyers, make sure you look for a home that suits your long-term needs, look at schools even if you don't have kids yet, but plan for them in the future. Think functionality, neighborhood, location, access to services, highway access, work routes, schools, relatives and mass transit, and not price only. Do your homework, keep a cool head and carefully examine all the options. The longer you keep a home the better it will be for long term wealth, making a mistake can cost you a lot since it cost 10% to move. Now there are still going to be deals for maybe one more year, and in these there maybe exceptions, but that is a longer story. A house is a habitat first, an investment second but when done right it can be both.

Tip 8: Energy largesse.

Through Dec. 31, 2010, homeowners who buy and install specific energy-efficient windows, insulation, roofs, doors and heating and air-conditioning equipment can get a 30 percent tax credit for up to $1,500 of their costs on each product.

If you want to take it a step further, you can buy greener (and more expensive) energy-saving products, including solar energy systems, geothermal heat pumps, small wind systems, residential fuel cells and micro-turbine systems, and get 30 percent tax credit with no spending limit on each system, through 2016. Go to EnergyStar.gov's Federal Tax Credits for Energy Efficiency for a complete summary.

Tip 9: Consider rent-to-own deals.

The current market has driven many former homeowners into rentals, where they have nothing to show for their payments. Rent-to-own or lease-to-own deals allow buyers to "test drive" a home for a designated period while paying a higher-than-market rent to buy down an eventual down-payment. This gets renters vested in a home while they repair their credit and also helps frustrated sellers generate an above-market revenue stream. Make sure you have an agent that understand the pitfalls and use a very specific contract that spells out all the options.

Tip 10: Don't take or make it personal.

Our homes have such a personal connection to us that we're often challenged to turn them back into just plain houses when it's time for us to sell. It is always best to remove personal effects such as too many pictures, knickknacks, mementos, trophies, greeting cards and the like before showing a house. A good agent or one of our home-stagers can emphasize the positives of a room and down play the negatives.

The buyers want to imagine themselves in the house for years to come and your excess decor and whatnots only distract from this vision. And don't get defensive about any changes that a buyer may want, keep your eye on the ball you want it sold and move on.

Buyers remember, it's only paint and or carpet, don't miss out on the right home over the belongings or colors of the Seller.

OPEN SUNDAY 1-4...BAR NONE THE BEST

Casey Margenau (ReMax Distinctive Real Estate, Inc.) — Fri, 06 Nov 2009 16:02:14 -0800

Casey Margenau | Re/Max Distinctive Real Estate | casey@margenau.com | 703.827.5777

8115 Spring Hill Farm Dr, Mclean, VA

BAR NONE THE BEST VALUE

5BR/5.5BA Single Family House

offered at $3,487,838

Year Built	2009
Sq Footage	9,998
Bedrooms	5
Bathrooms	5 full, 3 partial
Floors	3
Parking	3 Car garage
Lot Size	44,306 sqft
HOA/Maint	$33 per month

DESCRIPTION

Nestled on a lushly landscaped lot and backing to parkland, is another George Sagatov masterpiece. The home is located in an exclusive neighborhood of 18 new homes, just minutes from all the amenities of Tysons Corner and is complete with thoughtful details at every corner, creating a timelessly classic home. The exterior features stone & Hardi plank with a slate roof & mahogany deck. The elegant features of the interior include: wide planked hardwood floors on all three levels; gorgeous light fixtures; detailed moldings & Palladian windows; 8ft solid doors; masonry fireplaces (roughed-in for gas); 10ft ceilings on the main level, 9ft ceilings on the lower level (11ft ceilings in the recreation room) and 9ft ceilings on the upper level. This home is perfectly equipped for either an intimate family gathering or large soiree. A stunning kitchen features granite, custom cabinets, Subway tile backsplash, Subzero refrigerator, Wolfe six burner range, double ovens, 2 dishwashers, breakfast room with walkout to the mahogany deck, Butlers pantry with hammered brass sink and separate catering kitchen with pine cabinets, refrigerator and tons of pantry space. Family room includes a fireplace, two-story barrel ceiling & Palladian windows. Library with cherry paneling & built-ins plus fireplace. •The custom detailing continues upstairs with four spacious bedrooms and four private baths. The grand master suite includes a fireplace, walkout to a mahogany balcony and a gorgeous master bath with custom tile, top of the line cabinets & countertops, Jacuzzi tub, private water closet and body sprayers. The lower is designed for today’s living & entertaining with a media room, temperature controlled wine cellar with glass door; exercise room; powder room; wet bar equipped with a under-counter refrigerator, dishwasher and granite counters. The step-down recreation room with two-sided massive stone fireplace divides the sitting area and billiards room, which all walk out to the covered slate and stone verandah overlooking the parkland and pool site.
The lower level suite features a private bath, walk-in closet and morning kitchen, perfect for an aupair or extended stay guests.

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Fireplace
- High/Vaulted ceiling	- Walk-in closet	- Hardwood floor
- Tile floor	- Family room	- Living room
- Bonus/Rec room	- Office/Den	- Dining room
- Breakfast nook	- Dishwasher	- Refrigerator
- Stove/Oven	- Microwave	- Granite countertop
- Stainless steel appliances	- Attic	- Basement
- Washer	- Dryer	- Laundry area - inside
- Balcony, Deck, or Patio	- Yard

COMMUNITY FEATURES

- Garage parking

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6
Catering Kitchen	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6
Photo 8	Photo 9
Photo 10	Photo 11
Photo 12

Contact info:

Casey Margenau

Re/Max Distinctive Real Estate

casey@margenau.com

703.827.5777

For sale by agent/broker

Equal Opportunity Housing

Posted: Oct 29, 2009, 6:57am PDT

Home Buyer Tax Credit Extended

Casey Margenau (ReMax Distinctive Real Estate, Inc.) — Fri, 06 Nov 2009 15:58:49 -0800

The much-anticipated extension to the home buyer tax credit has finally been approved. The Senate's vote yesterday resulted in a 98-0 win and today it was passed in the house. The bill now moves to the President's desk for a final signature. There is no way it will not be signed. First-time home buyers have been eligible for a tax credit of up to $8,000 since last January as part of this year's economic stimulus package. The newly backed program will expand the credit to include existing home owners. This will help people sell their smaller home that is in high demand and move up to the next higher price range. Great news! Under the revised program, those who have owned a home for at least five years will be able to apply for tax credits of up to $6,500 when they purchase their next home. To qualify, buyers will have to sign a purchase agreement by April 30, 2010 and close by June 30. The maximum purchase price on a home will be $800,000 with vacation homes not eligible. Income limitations are $125,000 for single tax payers and $225,000 for joint filers. The National Association of Realtors (NAR) and the National Association of Home Builders (NAHB) have been lobbying hard for the extension and expansion of the tax credit. NAR claims that so far, about 1.4 million first-time home buyers have qualified for the program and they estimated that 350,000 of these buyers would not have otherwise purchased. I say hogwash. The buyers in this area have bought because homes are now affordable. The tax credit does give them a push to do it now. The tax credit is also set to be extended for another year for military personnel serving outside of the United States until June 30, 2011. Senator Johnny Isakson, who heavily pushed for the extension, along with his own version that would have increased the credit to $15,000 stated, "This is probably the last extension." I think this is also good news since if people understand that the tax credit is over at the end of this extension, Buyers will get out there and find a home. This will help rock this spring’s market!

Oh- Gotta Love This!

Casey Margenau (ReMax Distinctive Real Estate, Inc.) — Fri, 06 Nov 2009 15:56:42 -0800

Mortgage bond prices initially opened positive this morning following relatively bond friendly employment data only to fall back off to near neutral on the day. We still are slightly positive since pricing yesterday morning. Additionally, unemployment came in @ 10.2%, higher than the expected 9.9% mark...a bond friendly figure. This is great news for the market and better news for Home Buyers. This bad news for the unemployed is going to help you get a better deal on a home purchase. Non-farm payrolls fell -190k, weaker than the expected -175k...another bond friendly piece of data. However, the average hourly earnings component rose 0.3%, higher than the expected 0.1% increase and inflationary in nature....not bond friendly. Usually the two headline figures generally outweigh the third component of the report but as we saw this morning volatility still remains. This we do not care that much about, but it looks like rates will stay low and that is what matters. But with this bad unemployment and earnings news, many Buyers will stall and some Sellers will get worried. This is where the savvy Buyers will use the seasonal slow down coupled with the bad news and BUY NOW. Take advantage of this temporary bad news (granted you have job security) and make your move. There are so many factors that say in just 3 years this market will be gangbusters with $79 million: Gen Y coming into 1st time home buying age and the Federal Government blowing up and the Northern Virginia area is still growing. With continued no new housing being built plus we are already in short supply in many price ranges. The market looks great for Home Buyers. Let me make one thing very clear. I am talking about moving up within the market and/or buying home for long term gains, not flipping. I have never believed in flipping homes. I think that if the opportunity presents itself, its fine, but to buy with flipping as the end result is too risky. So if you want to own a home. If you want to create long term wealth. Do not miss the opportunities this market is presenting you.

BAR NONE, THE BEST. GEORGE SAGATOV MASTERPIECE IN EXCLUSIVE COMMUNITY

Casey Margenau (ReMax Distinctive Real Estate, Inc.) — Thu, 29 Oct 2009 15:56:07 -0700

Casey Margenau | Re/Max Distinctive Real Estate | casey@margenau.com | 703.827.5777

8115 Spring Hill Farm Dr, Mclean, VA

BAR NONE THE BEST VALUE

5BR/5.5BA Single Family House

offered at $3,487,838

Year Built	2009
Sq Footage	9,998
Bedrooms	5
Bathrooms	5 full, 3 partial
Floors	3
Parking	3 Car garage
Lot Size	44,306 sqft
HOA/Maint	$33 per month

DESCRIPTION

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Fireplace
- High/Vaulted ceiling	- Walk-in closet	- Hardwood floor
- Tile floor	- Family room	- Living room
- Bonus/Rec room	- Office/Den	- Dining room
- Breakfast nook	- Dishwasher	- Refrigerator
- Stove/Oven	- Microwave	- Granite countertop
- Stainless steel appliances	- Attic	- Basement
- Washer	- Dryer	- Laundry area - inside
- Balcony, Deck, or Patio	- Yard

COMMUNITY FEATURES

- Garage parking

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6
Catering Kitchen	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6
Photo 8	Photo 9
Photo 10	Photo 11
Photo 12

Contact info:

Casey Margenau

Re/Max Distinctive Real Estate

casey@margenau.com

703.827.5777

For sale by agent/broker

Equal Opportunity Housing

Posted: Oct 29, 2009, 6:57am PDT

Senate has reached a compromise on extending and expanding the $8,000 tax credit

Casey Margenau (ReMax Distinctive Real Estate, Inc.) — Thu, 29 Oct 2009 15:48:47 -0700

Senate has reached a compromise on extending and expanding the $8,000 tax credit

The Senate has reached a compromise on extending and expanding the $8,000 tax credit for first-time home buyers, a boost the housing industry believes will help it pull out of its two-year-old downturn.

While its passage remains uncertain, the agreement would extend the existing credit for first-time homebuyers, worth up to $8,000, while offering a new credit of up to $6,500 for some existing homeowners, Senate aides said. The reduced credit would be available to all homebuyers who have been in their current residence for a consecutive five-year period in the past eight years. Lawmakers in Washington also raised the qualifying income limits to $125,000 for single taxpayers and $250,000 for joint taxpayers, from the current $75,000 and $150,000, housing-industry sources said. Under the Senate compromise, buyers must have sales agreements in hand by April 30, but they will have until June 30 to go to settlement, said the sources. The measure still faces votes in the full Senate and the House.

Treasury Secretary Tim Geithner and HUD Secretary Shaun Donovan are in full support of the Senate’s proposal to both extend and expand the first-time homebuyer tax credit and called on Congress to approve key housing measures that include the tax credit. "We welcome efforts taken by Congress to extend the First-Time Homebuyer Tax Credit for a limited period. This credit has brought new families into the housing market and contributed to three consecutive months of rising home prices nationwide," said Secretaries Geithner and Donovan. "In extending the credit, we urge Congress to include strict measures to combat tax fraud and protect responsible homeowners.”

The current tax credit did little for the new-home market in September, the Commerce Department recently reported—news that took many industry analysts by surprise. Sales fell 3.6% from August and 7.8% from September 2008. Industry observers had expected a fifth consecutive monthly increase in new-home sales, believing that the tax incentive for qualified first-time buyers—credited with 357,000 sales of previously owned homes so far this year—would do the trick. Instead, sales of typically more expensive newly built houses slipped. "The decline in new-home sales seems to us to be more a function of the attractive pricing available on resales in the current environment than a reflection of weakening demand," said Michael Feder, president of Radar Logic in New York, which tracks the market.

"Since hitting rock bottom in March, demand is up 20 percent," said Joel L. Naroff of Naroff Economic Advisers in Holland, Pa. For Naroff, the robust rise in existing-home purchases—9.2% year over year in September—indicated that the housing market was not faltering. "Maybe the issue is supply, which fell to its lowest level in 27 years," he said. "Builders, at least those left standing, have been making sure they don't have any houses sitting around, and they have been very successful in controlling inventories."

IHS Global Insight economist Patrick Newport echoed that, noting new-home inventories "sank for the 29th straight month to their lowest level since November 1982." Naroff maintained housing has recovered enough to stand without the tax credit, but Newport said that if the credit were not extended and expanded, housing demand would take a hit, and home sales would drop.

The new provisions are aimed at broadening availability of the credit beyond first-time buyers and giving the weakened real estate market a bigger boost while preventing real estate investors from benefitting. While Senate lawmakers appear to have reached a deal on the substance of the tax credit, they are still at odds over how it would be brought to the Senate floor.

Courtesy: RIS Media, www.rismedia.com

DOWNTOWN FAIRFAX CITY...TWO CAR GARAGE TOWN HOME...

Casey Margenau (ReMax Distinctive Real Estate, Inc.) — Wed, 26 Aug 2009 15:27:43 -0700

Casey Margenau | Re/Max Distinctive Real Estate | 703.827.5777

10470 Courtney Dr, Fairfax, VA

Downtown Fairfax...Walk to Courthouse...End Unit Town Home

3BR/3.5BA Townhouse

offered at $649,837

Year Built	1995
Sq Footage	4,620
Bedrooms	3
Bathrooms	3 full, 1 partial
Floors	3
Parking	2 Car garage
Lot Size	3,060 sqft
HOA/Maint	$35 per month

DESCRIPTION

Downtown Fairfax City walk to Courthouse, End Unit Brick Town home with walkout to private courtyard and deck.
Two-car garage.
Gorgeous hardwood floors on main level and upper hall.
Huge bay window in Dining room plus three-sided gas fireplace. Large gourmet kitchen features walk out to the deck, corian counters, planning desk, breakfast room/family room, eat-in counter and electric range & microwave. The upper level boast three large bedrooms and two full baths. The master bedroom suite includes a cathedral ceiling, walk-in closet & spacious bath with double sinks, separate shower & soaking tub.
The lower level is complete with a full bath, recreation room and walkout to backyard patio and landscaping.

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Fireplace
- High/Vaulted ceiling	- Walk-in closet	- Hardwood floor
- Tile floor	- Family room	- Living room
- Bonus/Rec room	- Office/Den	- Dining room
- Breakfast nook	- Dishwasher	- Refrigerator
- Stove/Oven	- Attic	- Basement
- Laundry area - inside	- Balcony, Deck, or Patio	- Yard

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6

Contact info:

Casey Margenau

Re/Max Distinctive Real Estate

703.827.5777

For sale by agent/broker

Equal Opportunity Housing

Posted: Aug 14, 2009, 11:09am PDT

OPEN SUNDAY 1-4, AUGUST 2ND, GORGEOUS HOME ON 5.5AC

Casey Margenau (ReMax Distinctive Real Estate, Inc.) — Thu, 30 Jul 2009 15:31:34 -0700

Casey Margenau | Re/Max Distinctive Real Estate | casey@margenau.com | 703.827.5777

9844 Beach Mill Rd, Great Falls, VA

BEAUTIFULLY RENOVATED HOME ON 5.5 CAPTIVATING ACRES

4BR/3.5BA Single Family House

offered at $1,347,437

Year Built	1978
Sq Footage	5,256
Bedrooms	4
Bathrooms	3 full, 1 partial
Floors	2
Parking	3 Car garage
Lot Size	245,787 sqft
HOA/Maint	$0 per month

DESCRIPTION

BEAUTIFULLY RENOVATED HOME ON OVER 5.5 CAPTIVATING ACRES!
Enjoy the gorgeous wooded view with short walk to the Potomac. The sprawling lot includes a large deck, brick patio and three-car detached garage with tons of space on the second level. Gorgeous, open floor plan features hardwood flooring throughout the main level.
The formal living room and step-down dining room share an amazing two-sided fireplace. The gourmet kitchen includes ceramic tile, backsplash, Viking 6-burner stove with tile backsplash, Subzero fridge, warming drawer, huge sit-in island, glass-front cabinets and breakfast room with French doors to Trex deck.
Kitchen opens to family room with built-ins & stone fireplace. The main level includes three bedroom, full bath & master bedroom suite with walk-in closet and bath with soaking tub, separate shower & skylight. The lower level is complete with a spacious recreation room complete with Pergo flooring, French door walkout to the back yard and kitchen/wet bar with cooktop, sink and fridge. Media room, sauna, full bath, craft room and exercise room.

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Fireplace
- High/Vaulted ceiling	- Walk-in closet	- Hardwood floor
- Tile floor	- Family room	- Living room
- Bonus/Rec room	- Office/Den	- Dining room
- Breakfast nook	- Dishwasher	- Refrigerator
- Stove/Oven	- Microwave	- Stainless steel appliances
- Attic	- Basement	- Washer
- Dryer	- Laundry area - inside	- Laundry area - garage
- Balcony, Deck, or Patio	- Yard

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6

Contact info:

Casey Margenau

Re/Max Distinctive Real Estate

casey@margenau.com

703.827.5777

For sale by agent/broker

Equal Opportunity Housing

Posted: Jul 30, 2009, 12:20pm PDT

NEW HOMES, OPEN SUNDAY, 1-4PM

Casey Margenau (ReMax Distinctive Real Estate, Inc.) — Thu, 30 Jul 2009 15:20:50 -0700

Casey Margenau | Re/Max Distinctive Real Estate | 703.827.5777

8025 Washington Rd, Alexandria, VA

THE NEW HOLLIN HALL! Craftsmanstyle homes in established neighborhood!

5BR/4.5BA Single Family House

offered at $1,177,777

Year Built	2008
Sq Footage	3,900
Bedrooms	5
Bathrooms	4 full, 1 partial
Floors	4
Parking	2 Car garage
Lot Size	6,600 sqft
HOA/Maint	$0 per month

DESCRIPTION

*IMMEDIATE DELIVERY *The new homes of Hollin Hall. This Home is ready for delivery NOW.4 finished levels; stone & Hardi plank Carriage style garage doors & Hardwoods on main lvl & upper hall. Kitchen has the WOLFE & SUBZERO pkg that really gives it that WOW factor. MBR with center tub, separate shower with body sprayers & wired for sound. 4BRs plus one in the 4th level loft.

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Fireplace
- High/Vaulted ceiling	- Walk-in closet	- Hardwood floor
- Tile floor	- Family room	- Living room
- Bonus/Rec room	- Office/Den	- Dining room
- Breakfast nook	- Dishwasher	- Refrigerator
- Stove/Oven	- Microwave	- Granite countertop
- Stainless steel appliances	- Attic	- Basement
- Laundry area - inside	- Yard

COMMUNITY FEATURES

- Garage parking

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6

Contact info:

Casey Margenau

Re/Max Distinctive Real Estate

703.827.5777

For sale by agent/broker

Equal Opportunity Housing

Posted: Jul 2, 2009, 10:27am PDT

OPEN SUNDAY, 8/2, SIX TOTALLY RENOVATED TOWN HOMES

Casey Margenau (ReMax Distinctive Real Estate, Inc.) — Thu, 30 Jul 2009 15:17:38 -0700

Casey Margenau | Re/Max Distinctive Real Estate | casey@margenau.com | 703.827.5777

222 Greenfield Ct, Sterling, VA

Top to Bottom Renovation of 6 Town Homes

3BR/2.5BA Townhouse

offered at $229,837

Year Built	1972
Sq Footage	1,540
Bedrooms	3
Bathrooms	2 full, 1 partial
Floors	3
Parking	2
Lot Size	1,742 sqft
HOA/Maint	$100 per month

DESCRIPTION

LIKE BRAND NEW! SIX COMPLETELY GUTTED AND BEAUTIFULLY RENOVATED TOWN HOMES BY SUNRISE HOME BUILDERS!!
Luxury upgrades include custom maple cabinets, stainless steel appliances and granite counters in kitchen. Ceramic tile flooring in kitchen, master bedroom, & guest bath.
Redesigned baths, breakfast bar, crown molding. Lake views from most rooms!!
New siding, fixtures, electrical, plumbing, windows. Visit model home at 222 Greenfield Ct; other homes are under construction. More added daily. Call lister for details.

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Hardwood floor
- Tile floor	- Family room	- Living room
- Dining room	- Breakfast nook	- Dishwasher
- Refrigerator	- Stove/Oven	- Microwave
- Granite countertop	- Stainless steel appliances	- Attic
- Washer	- Dryer	- Laundry area - inside
- Balcony, Deck, or Patio	- Yard

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6

Contact info:

Casey Margenau

Re/Max Distinctive Real Estate

casey@margenau.com

703.827.5777

For sale by agent/broker

Equal Opportunity Housing

Posted: Jul 22, 2009, 7:58am PDT

Casey Honored With Best of McLean Award

Casey Margenau (ReMax Distinctive Real Estate, Inc.) — Thu, 30 Jul 2009 15:14:42 -0700

Press Release

FOR IMMEDIATE RELEASE

Casey Margenau & Associates, Re/Max Distinctive Real Estate Receives 2009 Best of McLean Award

U.S. Commerce Association's Award Plaque Honors the Achievement

WASHINGTON D.C., June 8, 2009 -- Casey Margenau & Associates Real Estate/Max has been selected for the 2009 Best of McLean Award in the Real Estate Agents category by the U.S. Commerce Association (USCA).

Various sources of information were gathered and analyzed to choose the winners in each category. The 2009 USCA Award Program focused on quality, not quantity. Winners are determined based on the information gathered both internally by the USCA and data provided by third parties.

Casey Margenau and Associates is a residential real estate firm with Re/Max Distinctive Real Estate in McLean, VA. Casey Margenau and his team have been serving home owners within the Northern Virginia area for more than 20 years. Casey has always been an innovator in marketing, offering a Guaranteed Sale Program which allows more up buyers the opportunity to trade their existing home for one of Casey's listings. He was on the first agents to use virtual tours on his home and now is the one of only a few agents to worldwide that uses video walking tours to showcase all the features of his listings. The videos are promoted through his website, www.margenau.com, as well as Youtube and many other real estate websites. Casey also uses social media websites to his clients' advantage by marketing his listings on sites such as Facebook and Twitter. His web marketing is in addition to an extensive print advertising campaign which includes advertisements in Washington Spaces Magazine, Elan Magazine, Luxury Home Magazine and the Sun Gazette Newspapers. The quality of content of his marketing has not only led Casey Margenau to be selected as a Best of McLean winner but as Top Producer in the Northern Virginia area for the last 20 years.

About U.S. Commerce Association (USCA)

U.S. Commerce Association (USCA) is a Washington D.C. based organization funded by local businesses operating in towns, large and small, across America. The purpose of USCA is to promote local business through public relations, marketing and advertising.

SOURCE: U.S. Commerce Association

CONTACT:
U.S. Commerce Association
Email: PublicRelations@us-ca.org
URL: http://www.us-ca.org

Immaculate Traditional Colonial...Near Potomac River

Casey Margenau (ReMax Distinctive Real Estate, Inc.) — Thu, 09 Jul 2009 15:24:07 -0700

Casey Margenau | Re/Max Distinctive Real Estate | casey@margenau.com | 703.827.5777

8236 West Boulevard Dr, Alexandria, VA

IMMACULATE HOME...CLOSE TO POTOMAC RIVER

4BR/3.5BA Single Family House

offered at $1,396,372

Year Built	2000
Sq Footage	Unspecified
Bedrooms	4
Bathrooms	3 full, 1 partial
Floors	3
Parking	2 Car garage
Lot Size	22,930 sqft
HOA/Maint	$0 per month

DESCRIPTION

INVITING AND IMMACULATE, THIS BRICK COLONIAL HAS GREAT CLOSE-TO-RIVER LOCATION!
Situated across Parkway from the Potomac, and near walking path, this home has all the features of a classic colonial home. Two-story entry foyer, gleaming hardwood floors throughout the main level and formal living and dining rooms with crown and chair rail moldings.
The gourmet kitchen includes cooktop in center island, granite counters, stainless steel appliances, planning desk, travertine tile floor and 10ft Plantation shutters.
The kitchen opens to a gorgeous, two-story family room with soaring cathedral ceiling, fireplace and wall of windows.
Huge library with built-ins. The upper level include four bedrooms and three full baths. The master bedroom features a tray ceiling, built-ins, two walk-in closets and bath with double vanities, sunken tub with jets and tons of light. Spacious, landscaped backyard with patio.

see additional photos below

PROPERTY FEATURES

• Central A/C	• Central heat	• Fireplace
• High/Vaulted ceiling	• Walk-in closet	• Hardwood floor
• Tile floor	• Family room	• Living room
• Office/Den	• Dining room	• Breakfast nook
• Dishwasher	• Refrigerator	• Stove/Oven
• Microwave	• Granite countertop	• Stainless steel appliances
• Basement	• Washer	• Dryer
• Laundry area - inside	• Balcony, Deck, or Patio	• Yard

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6
Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6
Photo 7	Photo 8
Photo 9	Photo 10
Photo 11	Photo 12

Contact info:

Casey Margenau

Re/Max Distinctive Real Estate

casey@margenau.com

703.827.5777

For sale by agent/broker

Equal Opportunity Housing

Posted: Jun 11, 2009, 12:53pm PDT

TIMING THE REAL ESTATE MARKET

Casey Margenau (ReMax Distinctive Real Estate, Inc.) — Thu, 09 Jul 2009 15:11:08 -0700

TIMING THE REAL ESTATE MARKET

THOUGHTS FROM CASEY MARGENAU

For buyers and sellers the last year or two have been difficult. You don't need an economist to tell you that your home is worth less than it was just a year ago. The question is, what does that mean for you as a potential seller and buyer? The answer is: nothing. Unless you bought during the inflated price period of 2004-2007, you still have equity in your home. Yes, it may not be as much as you did 2 years ago, but the prices to buy your next home have also come down. If you play it smart, you will be able to sell you home and buy your next home at a great value.

We have experienced an unusual, even generational, low in mortgage rates. This has been the result of the severe recession we are going through and the policy of the Federal Reserve to stimulate growth with low interest rates. However, the Fed can affect long-term rates only briefly. Long-term rates are more a function of inflationary expectations and prospects of economic growth. And given that both the latter are in play right now, it is not too surprising that mortgage rates are inching upward. Whether they will continue upward from here is another story. But at some point in the future-the future being a year of so-- they undoubtedly will be higher.

Mortgage rates fluctuate. They are always in flux. Back in 1990, the 30-year rate averaged 9.9 percent, a far cry from levels we are enjoying today, even with the recent up-tick in rates. Five years earlier, rates were above 13 percent and peaked at roughly 17.5 percent in 1982. Since the year 2000, rates have moved between five and eight percent, reaching a record low of 4.85 percent recently. Which is exactly why is makes sense to buy a home now that makes sense for you for the long run and lock-in on a low interest rate.

However, your decision to purchase a home should not be too dependent on the current level of mortgage rates. If the current one-half or so up-tick in rates makes your purchase debatable, you are probably looking at too much house to purchase in the first place. In my opinion, you should always give yourself enough room between your income and your expenses to feel mentally comfortable and financially safe. Buy for the future. Make sure you make wise decisions. Remember these mantras. Those that purchased homes during the turn down of the 1990's understood the long-term investment they were making and have seen their wealth grow from their purchase decisions while many were sitting on the sidelines. I believe we have reached the bottom for home prices and in some areas prices have begun to recover. But, if they have not completely bottomed out, they are certainly near their lows. There are many indications that the Northern Virginia area will emerge from the recession sooner than other areas of the country. Home prices will then also firm up sooner. Here is the good news in housing from the Fulton Research Report that was just released. The Northern Virginia Association of Realtor's (NVAR) May numbers reported monthly housing supply down 16% from April 2009 and 28% lower than May 2008. Additionally, inventory is down 25% over a year ago and sales are up 17% since April this year and 5% since May 2008. With sales activity continuing to improve over last year's levels and monthly supply now to down a 5 month inventory level, which is about equilibrium, some appreciation is expected as inventories tighten, according to the Fulton Report. [1] The report goes on to say that in the NVAR markets that "sales of marketing rate housing, specifically move-up homes, are starting to push prices up." [2] They expect the price pressure indicators to turn positive next month for not Fairfax, Arlington and Alexandria but also for Loudoun and Washington D.C. As a seller, remember that buyers have a lot of selection. This means they can and will be a lot choosier. If you want to sell your home, it has to be well-priced and look good. For those who want to buy, my best advice is put your credit in order, get with a knowledgeable real estate agent and shop for a mortgage in order to get pre-approved. Instead of worrying about market timing, buy for the long run and you will always make wise decisions.

Casey Margenau is a Realtor with Re/Max Distinctive in McLean. He may be contacted at casey@margenau.com or at (703) 827-5777.

[1] http://www.fultonresearch.com/MarketTrends/FRMarketTrends2009_05.pdf

[2] http://www.fultonresearch.com/MarketTrends/FRMarketTrends2009_05.pdf

Thoughts About the Rise in Mortgage Rates

Casey Margenau (ReMax Distinctive Real Estate, Inc.) — Thu, 09 Jul 2009 15:08:27 -0700

Thoughts About the Rise in Mortgage Rates

Interest rates for 30-year, fixed-rate U.S. mortgages increased in the week ending May 28, the Federal Home Loan Mortgage Corp. said Thursday. The 30-year, fixed-rate mortgage averaged 4.91 percent with an average 0.7 points in the week, Freddie Mac said.

Not the best news for a potential new homebuyer, but it could be a lot worse. Yes, I know a week ago the fixed-rate mortgage average was 4.82, but a year ago 30-year interest rates were at 6.08 percent for fixed-rate loans. Furthermore, the average price of a home has dropped. Would it have been better to buy a new home last week? You bet. However, the combination of a very low mortgage rates and a good inventory of homes still makes the purchase of a home very attractive.

More Signs of a Spring Thaw

Casey Margenau (ReMax Distinctive Real Estate, Inc.) — Thu, 28 May 2009 16:07:03 -0700

More Signs of a Spring Thaw

Recently I blogged about the spring thaw in the Northern Virginia real estate market. I have reprinted the article below because it reinforces my assessment that the market is beginning to gain momentum. Now, as I've stated many times all real estate markets are local and the pending sales jump of 3.2% is a national average. This is very good news for Northern Virginia. Our area tends to have a lower than average unemployment rate and higher income levels to support home purchases. As I noted in my earlier blog, the Northern Virginia Association data for the month of March showed that home sales increased nearly 11 percent in Fairfax and Arlington counties compared to March of last year. Other Northern Virginia cities and counties showed similar increases. Now, might just be the right time to start looking for your new home.

Pending home sales jump 3.2%

Buyers defy expectations with an increase in sales contracts signed during March.

By Les Christie, CNNMoney.com staff writer

Is the housing meltdown ending? Pending home sales rose in March for the second consecutive month and are up year over year. The Pending Home Sales Index from the National Association of Realtors showed a 3.2% gain to 84.6 from February, when it was 82. The index stands 1.6% higher than a year ago. The consensus forecast of industry experts polled by Briefing.com had predicted no increase in the index.

It may still take a while before the market gains enough momentum to firmly state that the downturn has been reversed, according to Lawrence Yun, NAR's chief economist. And, the upturn may have been boosted by the first-time homebuyers tax credit, a temporary measure that will lapse in December.

"We need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around," said Yun. "This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit, which increases buying power even more in areas where special programs allow buyers to use it as a down payment."

The index is understood to be a forward indicator of home sales trends since it measures contracts signed, not completed sales. The up-tick may indicate that home prices have fallen low enough for buyers to get off the fence.

Feeling for the bottom

Yun is not calling a bottom yet, however, because the index is still at a relatively low level. Instead, he's looking toward the summer selling season to determine what direction the market will take. Plus, he would like the number of homes on the market to drop to a more normal level of six to seven months of supply.

"If inventory goes down - it's at just under 10 months now - to below eight months, that would mean we're on the way to a sustainable recovery," Yun said.

Anecdotal evidence indicates that trend may be happening. Realtors and other industry insiders are seeing rising open house attendance and multiple bids on some particularly desirable properties. Plus, pricing has become sharper, according to Sherry Chris, the CEO of Better Homes and Gardens Real Estate.

"Overpricing seems to be ending," she said. "Properties are coming onto the market and selling quickly."

And buyers are feeling a little more urgency, she added. In many markets, buyers have not felt any pressure to make an offer. "They said to themselves, 'I don't have to act immediately. It will still be on the market two weeks from now,'" she said.

Today, buyers are more likely to bid because they perceive the market as at or near its bottom. An April Gallup Poll reported that 71% of Americans thought it was a good time to buy a house.

They don't, however, believe there will be price increases soon; three of four buyers think prices will stabilize or even decline in their areas over the next 12 months, according to Gallup.

Pat Newport, a real estate analyst for IHS Global Insight, is putting less emphasis on pending home sales than he once did for his housing market analyses. There has been a disconnect lately, he said, between the number of properties going into contract (pending home sales) and the number that actually close (existing home sales).

He speculates that this is because buyers are making offers and signing contracts but, because of financing problems, many deals are falling through.

Regional differences

The South saw the largest gain of any region, with pending home sales jumping 8.5%. Pending sales are 7.7% higher there compared with a year ago.

The Midwest gained 3.9% from February and 1.7% year-over-year. Northeast sales fell 5.7% and are off 24.1% compared with March 2008. The West dropped 1% for the month but are up 8.2% year-over-year.

Low home prices continued to help to drive sales, although NAR's affordability index actually fell 2.3% from February, when it hit a historic high. This index is based on family income, home prices and mortgage rates.

"Compared to a year ago, the typical family can pay much less in mortgage costs for the same home, or buy a better home without necessarily increasing their monthly payment," said NAR President Charles McMillan, in a prepared statement. "For buyers who've been on the sidelines and have good jobs, the market has never looked more favorable.

Casey Margenau is a Realtor with Re/Max Distinctive in McLean. He may be contacted at casey@margenau.com or at (703) 827-5777.

Keeping Banks out of the Real Estate Business

Casey Margenau (ReMax Distinctive Real Estate, Inc.) — Thu, 16 Apr 2009 12:12:43 -0700

By Casey Margenau

Consumers and real estate agents were handed a victory on March 11, when President Obama signed into law the Community Choice in Real Estate Act that permanently prohibits banks from entering the real estate brokerage and management businesses.

On just scores of levels, this decision made sense. Real estate firms like mine should not be able to control all aspects of the transaction. If banks had been allowed to engage in real estate brokerage, it would have created anti-competitive and anti-consumer concentrations of power within the financial services sector, which would have ultimately increased costs for homebuyers.

The big banks have already made a mess of our economy by pushing Congress for the reversal of Depression-era laws which kept them out of the securities business and from selling insurance. The repeal a decade ago of the Glass-Steagall Act, which included banking reforms designed to control speculation, set the bank holding companies loose in the economy.

Its repeal allowed for rampant conflicts of interest characterized by the granting of credit - lending - and the use of credit - investing - by the same banks, which led to abuses that had originally produced the Act back in 1933. Suddenly, some homeowners in Northern Virginia who had their mortgages tied to their brokerage accounts at the same bank-brokerage were losing their homes when the Nasdaq plunged 70 percent in 2000. Not a good thing.

The big money-center banks like Citibank possess enormous financial power, by virtue of their control of other people's money. President Obama's decision to limit the extent to which they could ostensibly control all aspects of our financial lives -- from banking to real estate --should be limited to ensure the soundness and competition in the market for funds, whether loans or real estate investments.

As we have now seen, it is not only investing in stocks that can be risky, leading to enormous losses and threatening the integrity of bank deposits. Allowing for banks to also control real estate companies might cause the same kind of uber financial mess we're in now. The government insures our bank deposits and could be required to pay huge sums if financial institutions were to melt down as the result of another real estate collapse.

A case in point is the 1991 crash of real estate investment trusts which were sponsored by bank holding companies back in the '70s and '80s. Depository institutions are supposed to be managed to limit risk, and their managers were not conditioned to operate prudently in the more speculative securities businesses. Nor should they be allowed to operate in the real estate business.

The repeal of Glass-Steagall also enabled commercial lenders like Citigroup -- which back then was the largest U.S. bank by assets -- to underwrite and trade exotic instruments like mortgage-backed securities and collateralized debt obligations, and to establish so-called structured investment vehicles, or SIVs, that bought those securities.

The year before the 1999 repeal, sub-prime loans were just 5 percent of all mortgage lending.But by last fall, when the credit crisis peaked, they were approaching 30 percent. Thus, the repeal contributed to the Global financial crisis of 2008-2009, which has now wiped out $11 trillion in household debt and has forced millions of Americans from their homes.

For the past decade, the big bank holding companies operated in a deregulated environment in which the lines between loans, securities and deposits were not drawn clearly enough. They lost market share to securities firms that were clearly not so strictly regulated, and to foreign financial institutions that operated without much restriction from the Act.

Imagine if the same catastrophic scenario were repeated if say, Citigroup were allowed to hold in their business portfolios good companies like Re/Max, Coldwell Banker or Long & Foster. Or if Prudential Carruthers Realtors as a separate entity was allowed to be merged by law into Prudential Securities. Just imagine.

Conflicts of interest can be prevented by enforcing legislation against them, and by separating the lending and credit functions through forming distinctly separate subsidiaries of financial firms. Controlled Business Arrangements are bad enough for our industry. In these, a real estate brokerage provides related services through subsidiary companies that operate within the brokerage office. The arrangement allows a broker to provide financing, title and hazard insurance, and other ancillary services without violating the Real Estate Settlement Procedures Act, or RESPA.

Oddly, RESPA prohibits Betty Broker from receiving referral fees from mortgage companies, but through a controlled business arrangement still allows her to set up an insurance brokerage company, title company and mortgage banking company within Betty's real estate brokerage, mainly to serve the needs of her real estate customers.

Luckily, Virginia's Department of Licensing has been helping the Office of the Insurance Commissioner scrutinize the relationship between real estate broker/owners and their affiliated title insurance companies. This increased scrutiny is surely welcome for real estate agents and brokers like me, who have no affiliated arrangements and have nothing to fear.

Reputable lenders and Realtors like me select third party vendors because their rates are lower, their services are better and there are checks and balances. If they do a bad job, you then just replace them. I tell my customers that a red flag is if a real estate agent or mortgage lender strongly insists on using a specific third party vendor.

You should always ask the question: "Can you please tell me exactly what you are receiving in exchange for me selecting this vendor?" If the answer is "Nothing," then the answer is correct.

Not only does strong-arming raise red flags when it comes to RESPA violations, it's also a red flag for possible mortgage fraud. Last week I heard that a mortgage lender doing a re-fi in Alexandria was strong-arming an appraiser to make the appraisal come in at around $1.6 million -- despite the fact that larger homes in the neighborhood were not selling at $1 million. The reputable appraiser, to his credit, refused. Unfortunately, just a few years ago the appraiser would have bent to the lender's request. It would be terrific for everyone involved if we returned to the days where Realtors and lenders selected appraisers and title insurance companies strictly because they offer great rates, awesome service and only a cheap pen or notepad in return for the referral.

Imagine how much worse the crisis in the financial sector and our overall economy would be if banks had been permitted to enter into commercial activities such as real estate. Congress should close any other loopholes and pass laws that maintain the separation of banking and real estate and protect the economy from any more risk. Furthermore, I believe there should be a break-up of large banks and financial firms that compromises this process even further. Real estate is a commercial enterprise. Banking is financial in nature. Real estate is commercial. Throughout the years Congress has defended its Depression-era policy that the two should not be mixed.

Banks keep trying to change the definition of real estate. Despite Congressional policy, regulators are slowly blurring the line separating banking and commerce. A case in point is the Office of the Comptroller of the Currency's expansion of the authority of national banks to engage in real estate development and ownership, despite national policy against mixing banking and commerce.

Recently big corporations like Home Depot began trying to own credit card-issuing banks, further exploiting the loophole. Again, a bad idea. Congress should close this loophole, preventing the ownership of Industrial Loan Companies, or ILCs, by retailers.

Why should we care?

Banks should be impartial providers of credit, not powerful, concentrated conglomerates that grow bigger to the detriment of small businesses and consumers. The success of real estate agents like me is determined by how well I can meet the needs of my customers.

Give banks the power and they will direct clients to use their services. These practices are wrong and cause the consumer to pay more at best and at worst make fraud easier because there are no checks and balances.