Mary Illes, Real Estate Expert

Mary Illes, Real Estate Expert Whether you are wanting to successfully list your home for sale, or need of finding a new home, I co

Talk about a Unicorn - this is a beautiful two level SINGLE FAMILY HOME within a private condo enclave. Low condo fees ...
09/18/2025

Talk about a Unicorn - this is a beautiful two level SINGLE FAMILY HOME within a private condo enclave. Low condo fees $300/mo. Come on out Sat from 12-2 during our Open House! It's seldom you'll see a modern home like this in DC.

So many first time buyers are under the impression that they need 20% down payment to buy a condo or a home. That's jus...
09/23/2021

So many first time buyers are under the impression that they need 20% down payment to buy a condo or a home. That's just not the case. There are lots of options available. Take a look and let me know if can help answer any questions.
Have a great day!
Mary

09/23/2021

$52,000 Per Month in Rent?????

Most people's jaws drop when they hear an apartment rental rate of $52,000 per month, the rental rate that The Daily Show super-star (and fellow South African) Trevor Noah is allegedly paying to rent an apartment in Tribeca in Manhattan (NY POST).....that seems like an outrageous number and when viewed in the context of a lifetime of renting - 60 years - the total number is an eye-popping $ 37 million-plus!

I am often asked why on earth these big-bucks renters rent instead of buy, and here are some of the reasons why:

1. If you plan to live somewhere for less than 3 -5 years, renting can make sense as the costs to close when buying and selling can add up significantly.
2. If you are unsure about where you want to live, renting - which can be the equivalent of taking a test-drive - can make sense to get a better idea of life in the neighborhood or building.
3. Some have a fear of commitment, even on the very high end. When renting a super-expensive home, the equivalent purchase will more than likely be a very big number too. Committing to spending that large a sum is daunting for many.
4. Some have better use for their money. They use their capital to make/earn more. Granted this could also be achieved via borrowing, but that still locks you in more and offers less flexibility.
5. Renting can minimize your losses and clearly define what they will be. If you move out of a rental 6 months early, your maximum loss is 6 month's worth of rent......if you owned that home, the 'losses' could be far higher.
6. Some don't like the 'joys of ownership'....they'd much rather call the landlord or their rep to fix a TV, leak, etc.
7. If for some reason they are badly behaved occupants - or if the neighbors are badly behaved - they will not be committed to a longterm neighbor battle.
8. Often these very high end rentals incur some form of tax break. Often the costs - or a portion thereof - are paid for by a corporation or trust and may afford big tax savings.
9. The biggest threat of renting for extended periods is inflation: when interest rates rise and inflation is high, the risk of entering the buying market later is almost certain to be more expensive.....A $52k per month rental almost DOUBLES in 60 years with 1% inflation....
10. Some people become easily bored with their homes, neighborhoods, cities and love variety. They enjoy moving to different homes in different places. Great for landlords! (....and moving companies!) Not bad for agents either.....

09/03/2021

Hi Everyone! I haven't posted in a while and hope that everyone is okay with Ida coming through New Orleans up to NY.

It is going to be hurricane season for a while longer. Here is some information that was on market watch. You may want to check your insurance policy.

A 2020 survey from insurance comparison site Policygenius found that 53% of homeowners mistakenly believed that floods are covered under standard home insurance plans. Other research suggests that only 10% of the flood risk nationwide is insured by the National Flood Insurance Program. Insurance Policies in coastal states typically include two deductibles: a percentage deductible (1-10% of the insured value), for damage caused by a hurricane or tropical storm winds; and a fixed-dollar amount deductible, for all other types of damage. This is the case in 19 states — Alabama, Connecticut, Delaware, Florida, Georgia, Hawaii, Louisiana, Maine, Maryland, Massachusetts, Mississippi, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Texas, and Virginia and DC. Although wind damage from hurricanes is generally covered, it’s common for insurance companies to exclude it from coverage in areas susceptible to tropical storm damage. (Marketwatch)

Have a GREAT Labor Day Weekend!

11/16/2020

The Return Of The Apartment
Across the world in 2020, the desirability of apartments in larger buildings with shared amenities in big cities waned in their appeal, losing ground to single family homes as the desire for more space and separation was fueled by the pandemic. Similar shifts in desirability were felt in numerous other aspects of the economy: stocks that catered to lock-down life soared, while those that reflected the hospitality industry tanked.

This week we began the exit from the PRE-VACCINE-ERA. While a COVID vaccine will not be in wide distribution for a few months, it is slated to begin in a few weeks and accelerate from there with additional vaccines imminent. This is almost certain to expose us to a new reality: the COVID ECONOMY is now going to shift, and segments of the economy that were virtually in a coma will begin to awaken and SOAR. This will happen gradually and then snowball. And one segment of the economy - the apartment - is certain to be part of that recovery. Across the world, the desirability of living in a bigger city will return as safety returns. Will it be the exact same? No! But I think it will be better: cleaner, more affordable, less congested, more acutely aware of long-overdue improvements and changes, more walkable and more focused on the need for an environment that is safer and more 'human'. The "Villagization" of neighborhoods will expand and improve quality of life, and urban dense living will return, better.

With a vaccine in wide distribution - combined with the return of foreign buyers who all but disappeared in 2020, now with a weaker dollar - expect the demand for apartments to rebound notably.

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