It is with great sadness that I post this eulogy for my dear friend and mentor of 13 years, James M. Keane. I was planning his surprise birthday luncheon on the Monday he died. He would have been 75 that Friday.

*****

In 1997 I moved to DC with nothing but a car, a computer, some clothes and my three dogs. It was later that summer that I became a real estate agent.

While trying to decide which company to work with, I scheduled a meeting at an obscure Century 21 office on Wisconsin Avenue. As I sat for a few moments in the waiting area, I noticed several photo albums on the coffee table and began to leaf through them. This was a harmonious group. And it was clearly evident that they liked to party.

As I thought to myself, “this could be place for me,” a very distinguished-looking gentleman emerged from his office and extended his hand. “Welcome,” he said, “I’m Jim Keane.”

As we chatted in the small conference room about what it took to be a top-producing real estate agent, I began to warm to the gentleman and I knew that his wealth of knowledge combined with his insistence on ethical conduct and his willingness to provide guidance and support would serve me well in my new career.

The clincher came two days later when I received a hand-written note from Jim thanking ME for taking MY time to meet with HIM. What a class act! When I followed him to Prudential a year later, I would have followed him anywhere.

Many of you who were in that photograph album on the coffee table are here today. We’re not as young and most of us are not as thin as we were in those photos, but the camaraderie that Jim fostered shines through as we pay homage to him today.

Thanks to Jim Keane, I have a successful career that I love as he did. I have a two-dollar bill that he would give out for correctly answering the question of the week at our sales meetings. I have fond memories of Bloomsday lunches, flaming saganaki and shots of Ouzo, after which, oddly enough, I would have to search for half an hour for my car.

I am saddened that the call I placed to him last week to invite him to lunch came too late. I mourn the loss of my real estate mentor and dear friend.

Jim, I know you are watching over us here today, probably sipping white wine with a Jamieson chaser. You taught me well. You were a constant source of encouragement. I could always come to you with a problem, be it professional or personal, and know that you would have sage advice coupled with a bit of blarney.

So, Jim, today I say not goodbye, but simply farewell, for I know that we will meet again… sometime subsequent to this.

A Contest without a Prize

Greetings!

For those of you who are reading this because you noticed my DC Arts & Crafts game in the September 10th issue of Metro Weekly, here are the answers to the questions I posed in the ad. This was essentially a contest without a prize and just a nice way to get to know a little something about the arts and architecture found here in DC.

1) What era constituted the American Arts & Crafts Movement?

The Arts and Crafts Movement was an international design movement that originated in England and flourished between 1880 and 1910, continuing its influence up to the 1930s. In the United States, the terms American Craftsman, or Craftsman style are often used to denote the style of architecture, interior design, and decorative arts that prevailed roughly between 1910 and 1925.

2) What are three characteristics of an Arts & Crafts-style home?

Exterior characteristics: wide eaves, exposed rafter tails and joists along the roof line, an emphasis on wood and natural materials. Interior characteristics: art glass, built-in cabinetry and wood details such as moulding and in-laid floors.

3) What three galleries are located in or near the DC Atlas District?

Studio H at 408a H Street, NE on the second floor
http://www.studiohdc.com/
City Gallery at 804 H Street, NE
http://www.citygallerydc.com/
Artful Gallery at 1349 Maryland Avenue, NE
http://www.artfulgallery.net/

4) Who was Harry Wardman and what is/was his claim to fame?

Harry Wardman (April 11, 1872–March 18, 1938) was a real estate developer in Washington, D.C. during the early 20th century whose developments included landmark hotels, luxury apartment buildings, and many rowhouses. Wardman built many of the city's rowhouses, especially in the neighborhoods of Columbia Heights, Bloomingdale, Eckington and Brightwood as well as the 1,200-room Wardman Park Hotel (now the site of the Marriott Wardman Park Hotel and Conference Center) along Connecticut Avenue in Woodley Park.

5) What 2010 HGTV Design Star contestant calls DC home?

Local designer and St. Croix native Alex Sanchez made his television debut as a contestant on the fifth season of “HGTV Design Star.” While not the ultimate winner, we cheered him on and continue to do so as he beautifies the city, one condo at a time.

6) What local artist’s paintings feature colorful DC landmarks?

Daniel Kessler. You will recognize his work at http://www.kesslerart.com/.

7) Who was first on DC’s go-go music scene?

A handful of bands contributed to the early evolution of this uniquely regional music style of the mid- to late-1970s, but singer-guitarist Chuck Brown is credited with having developed most of the hallmarks of the style. His popular hit, Bustin’ Loose, has recently gone mainstream as the music heard in a television commercial for Chips Ahoy.

8) How drunk was Pierre L’Enfant when he designed DC’s layout?

If you are a recent resident of DC, you probably think he had tee many mar-toonis as he completed the wheels and spokes of our state-named streets, but the grid system is rather simple to navigate once you understand it – just allow a little extra time for driving around the circles several times at first to find the spoke you want.

9) When and where will the next DC Artomatic be held?

We would all love to know the answer to that question. Can anyone in the know chime in?

10) Which DC Realtor® will artfully craft an offer for your next home?

That would be me, naturellement.

It’s Showtime: Setting the Stage for Successful Selling

If you missed my article in the June 25th edition of The Washington Blade, read on.

Did that fabulous job in Manhattan finally come through? Is there a penthouse condo is SoBe calling your name? Perhaps you’ve fallen in love and you’re tired of the morning walk-of-shame from his place to yours. Whatever the reason, you’ve decided to sell your home.

It used to be that real estate was all about “location, location, location.” While a great location can still cause buyers to compromise on a less than stellar house, the mantra du jour is actually “location, condition and price.”

Since we cannot change the home’s location, real estate agents must rely even more on its condition and its price to achieve a successful sale. This article will address some ways to improve your home’s condition so that buyers are more likely to identify it as “The One.”

In nearly 13 years of selling real estate, I have had the pleasure of listing a dozen or so houses and condos where I didn’t need to change a thing. Most homes have needed at least some minor tweaking. Some have been candidates for Niecy Nash’s Messiest Home in the Country. And yes, a few others have been straight out of A&E TV’s Hoarders.

Often the most difficult thing for homeowners to do is to begin to think of the house they have poured blood, sweat, tears and money into as a product that will be sold to others. Like many of my colleagues, I help my sellers de-clutter, de-personalize and survive this transition so that a buyer who expects the look of a model home will not be disappointed. While you won’t find me vacuuming in my lingerie à la Annette Benning, I generally end up flexing my creative side by staging or even sometimes renovating each home I sell.

The National Association of REALTORS® has long suggested that staged homes sell more quickly and for higher prices than similar, unstaged homes. My experience has certainly shown that to be true. I have also found that staging an occupied home needn’t cost a fortune.

Here are 10 low-cost staging tips to keep in mind when living in your home while it’s on the market.
• Listen to your agent’s advice – candor is not meant to be mean-spirited.
• Pack and store non-essentials off-site; sell or donate what you no longer want.
• Experiment with new furniture arrangements to make spaces seem open and inviting.
• Use smaller area rugs to show off more of your hardwood floors.
• Refresh your paint; choose colors that tone down or rev up a room.
• Keep items on horizontal surfaces to a minimum; staging vignettes generally use no more than three items of varying heights.
• Invest in light bulbs and replace burned out bulbs immediately.
• Leave your blinds up and your toilet seats down.
• Repair or remove anything that stinks, clinks, squeaks, or leaks.
• Clean! Clean! Clean! Do it yourself or hire a service. Or call Annette Benning.

But what about a vacant house? Although some buyers see vacant space as an opportunity to turn what is into what could be, most people have a difficult time imagining how they will live in a home that is totally unfurnished. Professional staging helps your home outshine the competition by accentuating its best features. Think of it as dressing your home for a date or a job interview.

• Start with clean skin: a spotless home.
• Apply foundation: otherwise known in the trades as paint.
• Put on your favorite outfit: a great sofa, an elegant dining set, an antique desk.
• Add accessories: rugs, throw pillows, linens, art.
• Finish with a bit of bling: dishes on the table, crystal at the bar and light streaming through the windows.

With your efforts, the assistance of your agent and the talents of a professional stager, a successful sale will surely be imminent. To paraphrase Norma Desmond, “it’s just us, the virtual tour, and these wonderful people here at the open house.”

Is your house ready for its close-up? Mr. DeMille awaits.

I Am Not a Liar!

OK, folks. The most recent legislation proposed to curb abusive lending practices and eliminate those “liar loans” referred to in staff writer Dina ElBoghdady’s 5/27/10 article in The Washington Post (Senate, House financial overhaul targets lending practices of mortgage crisis) is more than I can take without getting on this mini soap box and spewing forward.

First, let me state for the record that I am not in favor of abusive lending practices. I want my clients to avail themselves of the best possible loans for their individual circumstances. I want them to clearly understand the ramifications and limitations of their options. I want them to make sound financial decisions based on as much information as they can gather and assimilate.

But after buying and selling 28 homes and investment properties of my own over the past 33 years, opting for 80% loans, 90% loans, 80-10-10 loans, 80-20 loans, interest–only loans, negative amortization loans and a variety of adjustable mortgage programs that range in length from 6 months to 5 years before the payment changes, I now find that the pendulum has swung so far to the opposite side on what constitutes “abuse” that the current lending climate has hit home (pardon the pun) in a most unusual way.

I cannot get a loan!

Like many of my clients, I earn a 6-figure income. I pay my bills on time. I keep my credit score in the mid-700s or above. I support myself, my 86-year old mother who resides in an independent living facility and my ex-husband (for a short time by agreement – don’t ask). I have substantial assets. I save for the future. I pay my taxes – lots of them. I donate to charity. I have never filed for bankruptcy or sold short. I am a good person. But in the eyes of the mortgage industry, I am a pariah because…

I am self-employed.

At the moment, even though I have loans on my residence totaling more than the property is currently worth, I am probably better off than most in my situation.
In 2007 when I purchased my current home, I opted for a one-year adjustable rate mortgage (ARM) at 6% interest, with adjustments tied to the one-year LIBOR index, which sits pleasantly at 1.15% this week. The following year when the rate adjusted, it went down to 5%. In 2009, it went down again to 4.25%. This month it adjusted down to 3.175% for the coming year. I have my mortgage lender, Karen Lucey-Guess of McLean Mortgage Corporation, to thank for bringing this loan to my attention and for completing it one week before no income verification loans disappeared from the lending market.

But here’s the rub:

Because the Internal Revenue Service allows me to take legitimate but substantial deductions against my gross income, it appears on paper that I do not earn enough money to pay for groceries, much less cover the obligations I do on a monthly basis.

I have operated my business since 1997. I can show steady increases in gross income since then. I don’t pad my expenses. I keep boatloads of receipts. I was even audited last year by the IRS and cleared the process with no changes to my tax liability.

Why am I a bad risk? And why can’t lenders take into consideration that some of the deductions I claim that look like they reduce my income but actually don’t (in-home office and automobile and equipment depreciation, for example) are paper exercises only?

So I say to all the great lenders out there who are trying to do right by their clients and still earn a living, as well as to the congressional representatives and senators to whom my pleas fall on deaf ears because I live in DC and have no voting representatives to complain to,

“Check my credit. Verify my assets until the cows come home. Look at what I have been able to accomplish over the years. Tell me what interest premium I must pay for you to assume greater risk.

I am not asking to spend beyond my means. I am not frivolous in my spending. I understand what I’m doing. So don’t lump me in the category of “liars” just because my income cannot be verified by a W-2 form or because I have elected to provide quality service to people who need it while being my own boss.

Just loosen up already and give me a loan!”