The
District REALTOR
In This Issue Letter from the President Page 2
The Official Newsletter of the Washington, DC Association of Realtors® March 2011, Volume 1, Issue 5
2011 WDCAR Board Installation
WDCAR Board and Public Policy Retreat Page 3
The 2011 WDCAR Board Installation was held at the elegant Long View Gallery in Washington, DC on Monday, December 13, 2010. 2011 President
Darrin Davis Featured in NAR Video Page 3
Suzanne Des Marais and the WDCAR Board were sworn in by Ward 5 Councilman, Harry “Tommy”
WDCAR Speaker Series Page 3 What is RPAC and What Does it Do? Page 4
Thomas, Jr. Frank Pietranton was recognized as 2010 WDCAR REALTOR® of the Year, and among the list of distinguished guests who attended the 2011 WDCAR President Suzanne Des Marais
event was DC Mayor-Elect Vincent Gray.
2011 RPAC Contributors Page 4 Your DC Association Office Page 4 Public Policy Update Pages 5 - 6 The District Daresay Page 7 NAR Update Page 7 Jobs and Home Ownership Pages 7
Councilman “Tommy” Thomas swears in Board members Ed Downs, Adrian Hunnings, and Suzanne Des Marais
2010 WDCAR President Brenda Small, DC Vice President Public Policy Ed Krauze, DC Mayor-Elect Vincent Gray, 2011 WDCAR President Suzanne Des Marais
Heart & Homes Page 8 2011 GRI Education Schedule Pages 9 - 10 DC License Renewal Year Page 10 DC Lunch & Learn Sessions Page 10 Board of Directors Page 11 Housing Market Update Back Cover
®
(l-r back row) Ed Wood, Board Treasurer Frank Pietranton, Elizabeth Blakeslee, President-Elect Ed Downs, Dianah Shaw, 2011 GWCAR President Gary Cook, 2011 GCAAR President Adrian Hunnings (front row) Judy Levin, Darrin Davis, 2011 WDCAR President Suzanne Des Marais, 2010 WDCAR President Brenda Small, Emiliana Lobos-Kirker, (Not shown) Marcus Jaffe and Mark Sullivan
LETTER FROM THE PRESIDENT: Greetings WDCAR Members: I am honored to serve as WDCAR’s President in 2011. These are exciting times as WDCAR continues the process of honing our voice as the state association for District of Columbia REALTORS®. In keeping with our strategic plan (which you can view at www.wdcar.org under “About Us”), there are some new initiatives that I Suzanne Des Marais would like to make you, our members, aware of. As of 2011, I am pleased to report that we now have our very own state-level WDCAR Public Policy Committee dedicated solely to addressing the legislative and regulatory issues that affect the business of DC REALTORS®. Members of this committee have been appointed based upon previous experience with the local association’s Public Policy Committee and/or their own individual political involvement. Chaired by Ward Five resident, Bo Menkiti, the Committee includes members representing all four quadrants and seven of the eight wards of the District of Columbia. As constituents, as well as business leaders, we will foster interactive relationships with our public officials, avoiding, wherever possible, the necessity of taking a reactive stance to pending laws and policies. When issues do arise that require a response, we will act in what the Public Policy Committee determines to be in the best interests of our members, and we shall encourage member engagement. As an extension of our public policy efforts, WDCAR is introducing the Who You Should Know Speaker Series. In this forum, members will have the opportunity to dialogue directly with the people in the District of Columbia who influence and administrate the laws and rules that impact the practice of our profession. Since increasing member participation is part of the aforementioned strategic plan, we’re actively looking for ways to connect. To get the most up-to-date information on public policy concerns, educational opportunities, calls for member input, community service projects, and updates on other association activities, look for Washington, DC Association of REALTORS® on Facebook and select “Like.” Finally, please know that I want to hear from you, our members. What concerns do you have in the present and for the future in relation to your business in the District of Columbia? Do you have a suggestion for making something better? Is there a particular topic or a speaker you would like to hear from? Send me an e-mail! I look forward to working with the 2011 Board of Directors and WDCAR staff and wish all of you a successful year ahead. Sincerely, Suzanne Des Marais, GRI 2011 President 2011president@wdcar.org
“The Faces and Voices of the DC REALTOR®: To Be Seen and Heard in Support of Those We Serve” 2
2011 WDCAR Board and Public Policy Retreat On January 26, despite threats of icy weather, the WDCAR Board of Directors participated in a retreat to clarify the direction for the coming year. An emphasis of the retreat was to define how WDCAR, as a state association, can best represent the interests of our members within the National Association of REALTORS® (NAR) structure, as well as with the agencies and officials that affect our business. Using the Strategic Plan that was completed in 2010 as a guide, Board members identified work groups to address Leadership Development and Member Outreach, Bylaws Review, Community Service and Charitable Contributions, and Non-Dues Revenue. Bonnie Roberts-Burke was officially appointed as a new WDCAR Board member. Because public policy is such a crucial part of WDCAR’s mission, the newly-appointed WDCAR Public Policy Committee joined the retreat in the afternoon. Speakers included Jamie Gregory, lobbyist for the National Association of REALTORS®, who reported on current issues at the national level. WDCAR’s Vice President of Public Policy, Ed Krauze, reviewed critical policy issues facing REALTORS® at the state and local level. Katalin Peter, Government Relations Associate, shared environmentallyfriendly resources and initiatives that relate to real property. To put policy into practical terms, participants grouped themselves according to the wards they live in and identified top issues affecting quality of life for residents. The afternoon concluded with a report on RPAC activities by current GCAAR President Adrian Hunnings, which resulted in several donations by those in attendance.
Darrin Davis Featured in NAR Home Ownership Matters Video WDCAR Board member Darrin Davis and one of his clients, Michael Spencer, were featured in the National Association of REALTORS®’ (NAR) Home Ownership Matters video that made its debut at NAR’s annual convention last November. Darrin has made it his business to put properties “East of the River” on the map. Since launching Anacostia River Realty, Darrin has been introducing more buyers to many neighborhoods east of the Anacostia River. “Since I moved to Anacostia and started selling exclusively in neighborhoods ‘East of the River’ in 2002, it was always a Darrin Davis dream to open up a real estate firm that specialized in this community. The way the community has embraced us has been amazing,” Darrin says. One of Darrin’s properties recently appeared on HGTV’s My First Sale. Darrin hosted a viewing party on February 25 to thank the community for their support.
• WDCAR Speaker Series • WDCAR kicked off its Who You Should Know Speaker Series on Thursday, February 17 at the historic NAR building in Washington, DC with Eric Goulet, Deputy Chief and Director of the Mayor’s Office of Budget and Finance. WDCAR members were informed firsthand of the challenges the District will be facing this budget cycle.
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What is RPAC? Since 1969, the REALTORS® Political Action Committee (RPAC) has promoted the election of pro-REALTOR® candidates across the United States. The purpose of RPAC is clear: REALTORS® raise and spend money to elect candidates who understand and support their interests. The money to accomplish this comes from voluntary contributions made by REALTORS®. These are not members’ dues; this is money given freely by REALTORS® in recognition of how important campaign fundraising is to the political process. RPAC doesn’t buy votes. RPAC enables REALTORS® to support candidates that support the issues that are important to their profession and livelihood.
What does RPAC do? RPAC is the muscle of REALTORS® in Washington, DC. RPAC represents over 1,100,000 politicallyactive REALTORS® that Members of Congress want as their friends. Because of the combined strength of our members who contribute through RPAC, NAR has achieved many legislative and regulatory successes including: • The continued preservation of the mortgage interest deduction. • $8,000 First-Time Homebuyer Tax Credit to stimulate the real estate market. • Improving federal mortgage programs, allowing more families to join the ranks of home ownership. For more information, please visit www.wdcar.org. Reprinted with permission by the National Association of REALTORS®
2011 WDCAR RPAC Contributors* STERLING “R”
CAPITAL CLUB
($1,000 – $4,999) Catherine Czuba Suzanne Des Marais Ed Downs Adrian Hunnings Bo Menkiti Michael Moran Frank Snodgrass Holly Worthington
($250 - $999) Liz Brent Melissa Chen Christopher Darby Andrea Evers Carlos Garcia Susan Hand Bonnie Roberts-Burke Rachel Valentino
Take Advantage of Your DC Association Office Did you know that WDCAR’s main office is located in the beautiful LEED-certified National Association of REALTORS® building, just three blocks from Union Station? Ride the contemporary chrome-trimmed elevators up to Suite 310 and you’ll be warmly greeted by our own DC Office Manager, Sheilah Scott, who will assist you with all of your association needs. Sheilah Scott While you’re there, be sure to stock up on supplies at the REALTOR® store! And be sure to tell any rookies you meet that the DC office can also serve their needs. They can fill out membership paperwork there and pick up new lockbox keys, too. 4
*As of March 1, 2011
Public Policy Update WDCAR Beats Back New Raid on the Guarantee Fund The District’s CFO forecasted a $188 million budget shortfall for Fiscal Year 2011. Mayor Fenty’s GapClosing Proposal introduced in late November did not include any tax increases. However, it did include a significant number of cuts in spending, as well as another raid on the Real Estate Guarantee Fund. WDCAR was one of the more than 170 witnesses who testified in opposition to the Mayor’s proposal, but the only one to stand up in opposition to the raiding of the Real Estate Guarantee Fund. Vincent Gray and the other Councilmembers made a number of amendments to the budget before it passed First Reading. Most importantly, was a restoration of almost $500,000 in the Real Estate Guarantee Fund money for Fiscal Years 2011-2014. Out of more than 65 budget line items that Mayor Fenty proposed moving from restricted funds into the unrestricted general fund, the Real Estate Guarantee Fund was the only line item that was removed by Vince Gray and the Council. An action that was duly recognized by incoming 2011 WDCAR President Suzanne Des Marais when Vince Gray arrived at the WDCAR installation. Please note: This action does not affect our ongoing lawsuit with the District. Our court challenge over the taking of past Guarantee Fund monies is still pending. The Council’s late 2010 actions only stopped a new additional taking of Guarantee Fund money. Funds to adult job training, early childhood education, the Healthy Schools Act and Streetscape Projects were also restored. Revenue increases included: four furlough days, benefit decreases for District employees, and an amendment from Harry Thomas, Jr. to authorize the taxation of nonDistrict resident professional athletes when they play in the District (this proposal still must pass Congressional review).
$5,000 DC Homebuyers Tax Credit RENEWED AGAIN—at the 11th Hour WDCAR Federal Political Coordinator (FPC) Elizabeth Blakeslee and NAR staff met with Congresswoman Eleanor Holmes Norton on a variety of issues including the $5,000 DC Homebuyers Tax Credit in late November. After numerous efforts, Congresswoman Norton succeeded in securing another two-year extension of the popular $5,000 DC homebuyer tax credit, and business incentives, including a $3,000 wage credit for each DC resident hired by, or already employed at, many DC businesses. The incentives will be retroactive for 2010 and will continue through 2011.
Sekou Biddle Appointed At-Large Councilmember Until April 26 Special Election On April 26, 2011, the DC Board of Elections will hold a Special Election for the At-Large Council position vacated by At-Large Councilmember Kwame Brown when he was elected Council Chairman. In the interim, the DC Democratic State Committee voted to appoint State Board of Education member Sekou Biddle to hold the position. After three rounds of voting Biddle defeated former Ward 5 Councilmember Vincent Orange 40-31. (continued on next page)
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Public Policy Update
continued
Other District Legislation More than 1100 bills and 1200 proposed resolutions were introduced since the Council Period 18 began in January 2009. Below are some of the potentially relevant pieces of legislation that passed as the Council Period came to a close. B18-691, “Saving DC Homes from Foreclosure Act” This bill (along with Councilmember Bowser’s emergency bill passed on November 9) requires that Notices of Foreclosures not be filed unless accompanied by a Certificate of Mediation issued by the Department of Insurance, Securities and Banking (DISB). Lenders must now send homeowners a form to opt in or out of mediation along with the notice of foreclosure. Homeowners have 30 days to return the form (with a fee) and if they choose to enter mediation, they will have an additional 90 days to negotiate new terms. The effective implementation is likely to take some time, and in the short term may result in a severe slowdown in foreclosure sales. One example of this is that DISB has not yet completely set up the mediation procedures or appropriate certificates for completion of mediation. Other areas in the legislation are not precise, including, but not limited to: a lack of a sunset provision, the equating of a trustee with a lender, and the fiscal impact statement failing to anticipate additional costs and problems for consumers. B18-64, “Lead Hazard Prevention and Elimination Amendment Act” This bill amends the recently passed Lead Hazard Prevention and Elimination Act of 2008 to create new definitions; to expand protections to pregnant women and children under the age of 6; to correct technical errors; and to create a private right of action. A number of amendments were included between the first and second reading of this legislation. Most notably: (1) Current standard of 1% was retained until the Federal Government acts otherwise; (2)The EPA will allow the District to use a single disclosure form to prevent excess paperwork, and (3) The disclosure requirement exemptions are going to be extended to reduce paperwork. The District will create a new Lead Paint form that will incorporate both Federal and District requirements. Pre-1978 affected rental units will also have to deal with both a new DC created disclosure form and increased standards. B18-530, “Real Property Tax Appeals Commission and Establishment Act” This legislation attempts to address the long standing issues surrounding the Board of Real Property Assessment and Appeal (BRPAA). The District government, in particular the CFO and his office of real estate appraisers, believed there were too many appeals and too lengthy a property assessment process that hinders District revenue collections; while the real estate community stated the initial problem lies with the inaccurate assessments by the District, causing a plethora of property assessment appeals. The latest amendments attempt to make the Board more professional. These efforts include the establishment of minimum job standards for all Commissioners, and the creation of full-time positions for Chair, Vice-Chair and four of the ten Commissioners. B18-864, “Rental Housing Act Extension Amendment Act” This legislation extends rent control in the District for an additional ten years through December 31, 2020. Jim Graham’s proposed amendment to extend rent control permanently failed.
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The District Daresay REMINDER: Special Election - April 26, 2011! View Special Election Calendar at www.dcboee.org, Election Year 2011. If you have not registered, go to www.dcboee.org, Voter Information & Services.
NAR Update As a state association, WDCAR representatives participate in forums that allow us to communicate DC-specific issues and to learn about concerns and initiatives by the National Association of REALTORS® and REALTOR® Associations across the country. Recently, WDCAR President Suzanne Des Marais, Federal Political Coordinator (FPC) Elizabeth Blakeslee, CEO Mike Moran, and several staff members attended the National Association of REALTORS® 2011 Federal Political Coordinator and Policy Conference, held here in the nation’s capital February 1 - 3. A town hall meeting was held where critical issues were discussed and prioritized. Speakers included Congressman Steny Hoyer from Maryland, FHA Commissioner Dave Stevens, and Senator Johnny Isakson from Georgia. As national conversations turn to the deficit and budget considerations, it is imperative that REALTORS® participate. With mortgage interest deduction (MID), government-sponsored enterprises (GSE) reform, and capital gains rules, among the many considerations, even small changes could greatly affect our industry. WDCAR encourages REALTORS® to educate themselves about these issues by regularly visiting www.realtoractioncenter.com. It is also critical that Washington, DC REALTORS® look for and respond to Calls to Action sent out by NAR. Even when it may seem like an issue does not affect our immediate local business, we support REALTORS® who are impacted, as we hope for their support.
Jobs and Home Ownership The National Association of REALTORS® (NAR) recently placed a full-page ad in the February 13 Sunday edition of the Washington Post titled: “Jobs and Home Ownership. You can’t have one without the other.” The following day, an article (“Housing’s Role in the Road to Recovery”) was posted on NAR’s real estate blog, Speaking of Real Estate, highlighting NAR’s position on the relationship between jobs and home ownership. For more details, go to www.realtor.org/topics/homeownership. Courtesy of National
Association of REALTO ® RS
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Heart & Homes
Stacie Turner Long and Foster Real Estate, Inc.
Long and Foster’s REALTOR® and Housewives celebrity, Stacie Turner, turns heads in more than one way. Stacie Turner is the founder of Extra-Ordinary Life, a non-profit organization devoted to helping young women in Washington DC’s foster care. Her charitable work in DC’s foster care continues to flourish locally, nationally, and internationally; and who better to understand these young women than someone who herself was adopted! Stacie says: “I have been blessed in so many ways…and have always been involved in some form of community or civic service. However, last summer, I decided to start a charitable organization to address an issue near and dear to my heart, foster care. I founded Extra-Ordinary Life (www.extra-ordinarylife.org) to make a difference in the lives of teenage girls living in foster care environments in Washington, DC. These children do not have permanent homes or the consistent support of a family a luxury that most of us cannot IMAGINE living without.”
Stacie’s decision to appear on Housewives was a difficult one, and a risk for Stacie. However, the opportunity was far greater and more positive than she imagined. Stacie has been able to capitalize on her “celebrity” status to bring national awareness to the foster care issue, enabling Extra-Ordinary Life to expand faster and make a greater impact. In 2010, Stacie partnered with BET (Black Entertainment Stacie Turner: “As I teach my children— ‘chance favors the bold.’” Television) to create the first-ever documentary on foster care in DC, sponsoring a trip to South Africa for eight foster care teen women. The documentary has already aired in 54 countries and interfaced with members of Congress supporting education reform for foster youth. If that’s not enough, Stacie’s new-found celebrity ultimately led to the finding of her own birth father in Nigeria. As a wife and mother of two, Stacie’s busy life has also affected her REALTOR® career, for the best. She has been featured in the Washington Business Journal for real estate and philanthropy, and has gained a “new” customer base that recognizes her ability to understand and personally relate to different lifestyle needs and demands. Stacie took an amazing step of faith that opened incredible doors of opportunities, not only for herself, but also for many young women in Washington, DC. Believing that her life is richer as the result of seeing and doing these new things, Stacie’s mantra is: “To whom much is given, much is required.” Have you or your office participated in a community service event? If so, we’d like to know about it. Send an e-mail to communications@gcaar.com and place “Heart and Homes” in the subject line, and we may feature your story in the next issue of The District REALTOR®.
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2011 GRI Education Schedule: March - May Raising the Level of Professionalism M A RCH
APRIL
Monday, March 14 GRI 203: Interpersonal Skills & Cultural Diversity CEU: 6 hrs DC (elective) credit Speaker: Valasie August Time: 9:00 a.m. - 4:00 p.m.
Monday, April 4 GRI 303: Professional Standards, Mediation, Arbitration, and Procuring Cause CEU: 6.0 hrs. DC (elective) credit Speaker: Al Monshower, Esq. Time: 9:00 a.m. - 4:00 p.m.
Wednesday, March 16 GRI 204: Advanced Financing & Tenants CEU: 6 hrs DC (elective) credit Speakers: Jim Semeyn & Thomas Lynch Time: 9:00 a.m. - 4:00 p.m. Friday, March 18 GRI 205: Agency Law & Buyer Representation CEU: 6 hrs DC (elective) credit Speaker: Adrian Hunnings Time: 9:00 a.m. - 4:00 p.m. Monday, March 28 GRI 301: Environmental Issues Affecting Real Estate & Contracts, Settlement Procedures & Disclosures CEU: 6 hrs DC (elective) credit Speakers: Vimal Kapoor & Greg Flynn, Esq. Time: 9:00 a.m. - 4:00 p.m. Wednesday, March 30 GRI 302: Taxes CEU: 6.0 hrs DC (elective) credit Speaker: Linda de Marlor Time: 9:00 a.m. - 4:00 p.m.
Wednesday, April 6 GRI 304: Legal and Legislative Update & Land Use Planning and Development CEU: 6.0 hrs. DC (elective) credit Speaker: Thomas Lynch Time: 9:00 a.m. - 4:00 p.m. Monday, April 11 GRI 305: Current Trends in Technology and Business CEU: 6.0 hrs. DC (elective) credit Speaker: Valasie August Time: 9:00 a.m. - 4:00 p.m. Thursday, April 21 GRI 401: Commercial Property CEU: 6.0 hrs. DC (elective) credit Speaker: Rick Brown Time: 9:00 a.m. - 5:00 p.m. Wednesday, April 27 GRI 402: Advanced Real Estate Office Management CEU: 6.0 hrs. DC (elective) credit Speaker: Valasie August Time: 9:00 a.m. - 5:00 p.m.
Unless otherwise noted, all classes listed will be held at: The GCAAR Conference Center 8757 Georgia Avenue, Suite 600 Silver Spring, MD Please check our website at www.gcaar.com for more updates and additions. (continued on next page)
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2011 GRI Education Schedule
(continued)
Raising the Level of Professionalism M AY Wednesday, May 4 GRI 403: New Homes Sales & Marketing & Property Management CEU: 6.0 hrs. DC (elective) credit Speaker: Thomas Lynch Time: 9:00 a.m. - 5:00 p.m. Friday, May 6 GRI 404: Strategic Planning & DC Legislative Update, Ethics & Agency CEU: 6.0 hrs. DC (elective) credit Speakers: Valasie August & Thomas Lynch Time: 9:00 a.m. - 5:00 p.m. Thursday, May 12 GRI 405: DC Law & Common Violations of the Licensure Act of 1982/MD License Law – Title 17 CEU: 6.0 hrs. DC (elective) credit Speaker: Thomas Lynch Time: 9:00 a.m. - 5:00 p.m.
2011 DC License Renewal Year The DC Real Estate Commission requires licensees to renew their licenses every two years to meet mandated continuing education (CE) requirements and ensure that they are kept abreast of current national and local laws. Continuing education classes are designed to enhance the professional abilities of licensed real estate agents. Go to: www.gcaar.com/classes/events to schedule your CE classes.
Unless otherwise noted, all classes listed will be held at: The GCAAR Conference Center 8757 Georgia Avenue, Suite 600 Silver Spring, MD Please check our website at www.gcaar.com for more updates and additions.
Free!
DC Lunch & Learn Sessions
Need a contracts refresher? Sit down with Counselors Title at their weekly Lunch and Learn sessions held the first three Thursdays of each month from 1-2 p.m. at the WDCAR office. Go to store.gcaar.com to sign up!
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2011 Board of Directors
President Suzanne Des Marais, GRI
President-elect Edward Downs, GRI
Treasurer Frank Pietranton, CRB
Immediate Past President Brenda Small, ABR, CBR, GRI
Secretary & CEO Michael Moran
2011 Directors
Elizabeth Blakeslee, GRI
Bonnie Roberts-Burke, CRS
Presidential Appointees
Darrin Davis
Judith Levin
Marcus Jaffe
Dianah Shaw, GRI
Mark Sullivan
Emiliana Lobos-Kirker, GRI
Ed Wood, CBR, GRI
Association Presidents
Adrian Hunnings, GRI GCAAR
Gary Cook GWCAR
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PRESORTED STD U.S. POSTAGE
PAID
DULLES, VA PERMIT 272
500 New Jersey Ave NW Suite 310 Washington, DC 20001
Housing Market Update - January 2011 Single-family Prices Increase and Condo Prices Hold Steady Over January 2010 in the District Single-family home prices increased in Washington, DC (14.18%), and condo prices held steady with 1.44% increase in January, compared to the same month last year. Condo contracts in the District were down 21.2%, and single-family contracts down 8.1%. Listings in the District are steady. District of Columbia
January 2011
January 2010
Change
Median Condo Price
$347,950
$343,000
1.44%
Condo Listings
1059
1062
-0.3%
Condo Under Contract
186
236
-21.2%
Condo Settlements
144
134
7.5%
Condo Absorption Rate*
5.69 months
4.5 months
26.44%
Median Single-Family Price
$399,000
$349,450
14.18%
Single-Family Listings
1197
1190
0.6%
Single-Family Under Contract
294
320
-8.1%
Single-Family Settlements
233
204
14.2%
Single-Family Absorption Rate*
4.07 months
3.72 months
9.41%
*Calculating the absorption rate for the market (listings divided by contracts) gives us early indication of where the market is going. The months’ supply of units is up in all jurisdictions, but remains at or below a 6-month supply, a level that is generally considered indicative of a healthy market.