Tag: Urban Turf

Urban Turf Features Stella’s Rent-To-Buy Program

Urban Turf | Washington, DC | November 4th, 2022

 

Last week, UrbanTurf looked at how rent-to-buy scenarios are making a return to the housing market in the current high interest rate environment. Today, we take a look at how a new condo development in DC is utilizing this strategy.

The Stella, an 18-unit condo project in Petworth, is offering a lease-to-own program called “Pathway to Homeownership” on its remaining homes. Here is how it works for a two-bedroom unit: The purchaser and seller come to terms on a sales price of $480,000 for the condo. They agree on a rent amount of $3,400 per month with a lease duration of 12 months. Rent payments are made directly to the title company, and 70% of the monthly rent ($2,380) is held in escrow for the duration of the lease. The remaining 30% ($1,020) is used to cover operational expenses such as condo fees, property taxes, utilities, etc.

At the end of the 12-month lease, the purchaser/renter can elect to move forward to settlement and complete the purchase using the balance of funds held in the escrow account ($28,560) towards their down payment, closing costs, or other settlement costs. Otherwise, the purchaser/renter releases the amount held in escrow as a final rent payment and move-out as they would in a traditional lease.

“Theoretically a person could sign up with this program and end up with 6% of a down payment, just by paying rent for a year,” Robbie Cook of McWilliams|Ballard said. “Since many loan options only require 3% or 5% down, this is more than enough to get someone into a home they then own.”

McWilliams|Ballard Celebrates 25 Years of Continued Real Estate Sales & Marketing Success Throughout the Mid-Atlantic

Washington, DC | October 29, 2021

McWilliams|Ballard is celebrating its 25th Anniversary as the leader in new project development sales and marketing throughout the Mid-Atlantic Region.

Since its founding in 1996 by Ross McWilliams and Christopher Ballard, McWilliams|Ballard has continued to build on its success by working with developers of all sizes to provide a unique sales approach and innovative marketing strategies for the finest condominium, townhome and single-family communities in 13-states across North America.   McWilliams|Ballard has sold over 40,000 homes in 500 communities valued at over $15 billion dollars.

“The moment Ross and I started our business; we knew we could offer something different to the marketplace and our unique approach to sales and marketing would create something incredible.  We are thrilled to celebrate this milestone with great gratitude for the relationships and new communities we have helped curate over the years”, shared Christopher Ballard, Founder and President of McWilliams|Ballard.

McWilliams|Ballard, based in Alexandria, continues to create partnerships with developers and builders to provide sales and marketing solutions from project inception to the final closed sale. In addition, the firm also provides consultation and market research used by some of the most renowned developers and investment groups in the country.

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Homebuyers Flock To The Lexicon, NoMa’s First Full-Service Luxury Condos

By Nena Perry-Brown | May 20th, 2020

Located steps from the NoMa Metro station and not far from the U Street Corridor, The Lexicon offers city residents the rare opportunity to experience high-rise luxury condominium living.

Touting a Walk Score of 97 – The Lexicon provides easy access to everything NoMa has to offer, including Trader Joe’s, The Eleanor (a bowling lounge and music venue), and the two-acre Tanner Park, and Eckington Yards’ “woonerf”—a European-style pedestrian-friendly street lined with restaurants and businesses, including a Union Kitchen commissary, grocery store and food kiosk.

The Lexicon provides an array of amenities for residents, including a 24/7 concierge, a fully-equipped business center, a state-of-the-art fitness center, a large outdoor, two-level cascading pool, a party/club room and complimentary bike storage. With three levels of underground garage parking, residents can also purchase one or multiple private parking spots. Individual storage spaces are available for purchase.

Prospective buyers have their pick of several modern and spacious floorplans ranging from one-bedroom, one-bath homes to two-bedroom, 2.5-bath plus den options.

The homes at The Lexicon feature hardwood floors throughout, porcelain tile in the kitchens, baths, and foyers as well as double-pane floor-to-ceiling windows. The gourmet kitchens have floating islands, stainless steel appliances, and quartz countertops. The two-bedroom units also feature four-fixture bathrooms with a shower and a separate whirlpool soaking tub, while one-bedroom floorplans feature showers with soaking tubs.

Nearly all The Lexicon homes include outdoor space, balconies or terraces—with upper floor homes boasting sweeping views from the Washington Monument to the National Cathedral. Pricing starts at $430,000.

To keep prospective buyers safe, virtual and FaceTime tours are highly encouraged and are available every day. Appointment-only tours are also available at the Sales Gallery, located at 50 Florida Ave NE, Monday through Saturday from 11am-6pm and on Sunday from 12pm-5pm.

For more information about The Lexicon or to schedule a private tour, contact Maren Seubert with McWilliams|Ballard by phone at 703-835-2580 or via email at mseubert@mcwb.com.

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