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Yoga, a monthly cleaning service, and a person who will help plan your Sunday night dinner. These are the type of things that will be offered when WeWork opens the doors of its first residential building.

Fast Company recently wrote that a group of WeWork members and employees are currently testing out the coworking company’s first residential offering in Manhattan. The Wall Street location will have approximately 200 residential units on top of seven floors of WeWork office space.

The Fast Company article offers the first insight as to how these buildings will operate. Think somewhere between a nice college dorm and a boutique hotel:

All units are fully furnished, decorated, and set up with cable and Internet at move-in. A monthly cleaning is included with rent (members will receive monthly bills for cable, utilities, Internet, and more frequent cleaning). Every floor has a common area such as a yoga studio or a movie theater. And the building has a community manager who will help plan Sunday-night suppers, game nights, karaoke, and fitness classes.

WeWork is planning a residential concept similar to the Wall Street location in Crystal City, but the opening date, originally set for last November, has been pushed back to later this year.

Source : UrbanTurf

This is an excerpt from our package of articles about what Washington will look like over the next few decades. For the full package, see our April 2015 issue—on newsstands now, or purchase the digital edition optimized for your tablet here—and come back to the website for more stories over the next few weeks.

Kid-Friendly Areas

Places with the most residents 19 and younger in 2040 (by percentage of total population):

Loudoun County – 31.9%

Stafford County – 30.6%

Prince William County – 29.7%

Spotsylvania County – 28.2%

King George County – 28.0%

Retirement Spots

The most members of the 65-and-up crowd will settle in these counties by 2040 (by percentage of total population):

Howard County – 22.8%

Frederick County – 22.4%

Fauquier County – 21.9%

Charles County – 21.4%

Anne Arundel County – 20.5%

Hipster Havens

That is, if the future’s young adults are anything like millennials. Here’s where the most 20-to-44-year-olds will reside in 2040 (by percentage of total population):

Arlington County – 51.1%

Loudoun County – 38.9%

Prince William County – 36.1%

Prince George’s and Fairfax counties – 35.8%

DC – 35%*

*This projection is for 2030. Sources: Maryland Department of Planning, University of Virginia Weldon Cooper Center, Metropolitan Washington Council of Governments, Urban Institute.

This article appears in our April 2015 issue of Washingtonian.

Source : Washingtonian

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This is one of the first excerpts from our package of articles about what Washington will look like over the next few decades. For the full package, see our April 2015 issue—on newsstands now, or purchase the digital edition optimized for your tablet here—and come back to the website for more stories over the next few weeks.

1. White Flint

Plan: Montgomery County for Millennials (and their kin)

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2. Union Station

Plan: A Place for Acela Dwellers to Call Home

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Circled by NoMa’s high-rises, the bustle of H Street, and Capitol Hill’s historic buildings, the 14 acres of rail yards behind Union Station are being eyed as a built-from-scratch neighborhood by Amtrak and the development firm Akridge. The partners plan to put 3 million square feet of residential and commercial space over the rail yards. But to complete the 12-building complex, called Burnham Place, in conjunction with 21st-century upgrades to the train station, they’re going to have to wrangle a number of parties—federal and local transportation departments, Metro, and gatekeepers for historic preservation, for starters.

They’ll also have to cobble together a huge sum of money: more than $8 billion, a good chunk of it from taxpayer dollars, a tough order in an age of austerity. “Our train station is kind of at the eastern edge of where the high-density zoning is,” says David Tuchmann, a vice president at Akridge, “and it was put there to get people in and out for inaugurations instead of being a place that becomes the central heartbeat of the city.”

What to Expect:

  • 1,300 apartments and condos
  • 1.5 million square feet of commercial space
  • 100,000 square feet of retail
  • 150,000 projected daily riders on Amtrak, MARC, and VRE, up from 50,000 today.

3. Property: Southwest Waterfront

Plan: The New Georgetown

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Southwest DC, with its blocky, post-World War II buildings, barely registers for many Washingtonians. The District’s smallest quadrant is cut off from the others by I-395. Enter the Wharf—a potential magnet for one-percenters that could make the area rival Georgetown’s waterfront. Developers PN Hoffman and Madison Marquette promise high-end housing and retail plus a music venue run by 9:30 Club impresario Seth Hurwitz. Residents who like Southwest’s hideaway feel just hope the city starts moving faster on infrastructure improvements—so that all the flashy new amenities and housing don’t get bottlenecked.

What to Expect:

  • 3 hotels
  • 200,000 square feet of retail
  • 2017: Expected year that first phase will be completed

4. Property: 11th Street Bridge Park

Plan: A High Line to Silicon Valley East

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A pedestrianized 11th Street Bridge Park, modeled after New York City’s High Line, would be a combination greenway and civic space. It could also provide a connector to the long-neglected area around the St. Elizabeths hospital campus in Southeast. Various proposals over the last decade pledged to transform it, but none panned out. Now the District has plans for a technology hub anchored by Microsoft. That’s still a ways off—contract awards have been delayed, and the call for a master developer attracted only minor local players. The park is closer to becoming a reality: Its target opening is 2018.

What to Expect:

  • “Interactive” art exhibits
  • A cafe
  • Multilevel terraces and balconies

This article appears in our April 2015 issue of Washingtonian.

Source : washingtonian.com

Congress

Homeowners who had short sales in 2014 are now one giant step closer to receiving tax relief on any money they received as the result of the sale of their home, after the Senate passed the Mortgage Debt Forgiveness Act by a wide margin on Tuesday.

In a vote late Tuesday, the Senate passed an extension of the Mortgage Debt Forgiveness Act by a vote of 76-16. The extension applies to any short sale conducted in 2014.

The Mortgage Debt Forgiveness Act also passed by a wide margin in the House of Representatives two weeks ago. In the House, the short sale tax break passed by a 378-46 margin.

If Congress had failed to act on the renewal of the tax breaks, any mortgage forgiveness achieved in a short sale would have been counted as income for homeowners whom banks allowed to sell their homes for less than the amount of their mortgage.

The average short sale has a mortgage forgiveness of about $75,000.

And according to a recent estimate from RealtyTrac, there have been more than 170,000 short sales in the first three quarters of 2014, with a total mortgage debt forgiveness of approximately $8.1 billion.

The National Association of Realtors celebrated the vote.

“NAR applauds Congressional leaders in both chambers for their effort to pass this legislation before adjournment,” NAR President Chris Polychron said.

“Realtors strongly supported the bipartisan Mortgage Forgiveness Tax Relief Act, which was included in the package to prevent underwater borrowers from paying taxes on any mortgage debt forgiven or cancelled by a lender in a workout or after their home was sold for less money than was owed,” Polychron added.

“We are grateful to Sens. Debbie Stabenow, D-Mich., and Dean Heller, R-Nev., and Reps. Tom Reed, R-N.Y., and Charlie Rangel, D-N.Y., for championing the provision.”

The Mortgage Debt Forgiveness Act now heads to President Obama, who is expected to sign the bill into law.

But the extension only applies to short sales conducted in 2014. Any further extension of the short sale tax break will have to be taken up by the newly elected members of Congress when the Congress begins its 2015 session in January.

Source : Housingwire.com

2UrbanTurf usually stays away from publishing rankings or lists…except at the end of the year when we look back at the best that DC’s residential real estate scene had to offer during the previous 12 months. So, this week, we are looking at not only the best, but the most intriguing and peculiar things that came across our radar over the course of the past year.

If you’re a highly-paid member of Washington’s elite, the DC real estate market had plenty of options for you in 2014. Here’s our favorite: A midcentury modern house overlooking Rock Creek Park in Forest Hills boasting a completely renovated interior and a custom-built outdoor playhouse that was so much fun, the seller’s agent had to avoid taking her kids to the home.

The listing at 4550 Broad Branch Road NW stands out not just for its distinctive design, but its slick renovation. The sellers bought the six-bedroom in 2009 and knew it needed work; when they started, that work turned into a big project. The result is a home with plenty of indoor/outdoor living space, an open floor plan, and brand new, eco-friendly technology underneath, including geothermal heating.

Studio CrowleyHall did the renovation, which included “removing interior walls, vaulting the ceiling, and adding a 20-foot-wide retractable glass door” to the rear of the property, according to the architect’s website. The glass door folds, accordion-style, into the home. On the main level, concrete floors with radiant heat contribute to the property’s modern feel. The two-story playhouse out back, which comes with a swing and is constructed to fit a zipline attachment, gives it a bit of whimsy.

SOURCE:  Urban Turf