Prescott Condominiums opened its doors for a preview by area realtors, and announced it has already sold better than half of its units.  Well staged and designed, there were enough compliments to go around, as area realtors sipped a libation and assessed the two condos available for show.  One was a corner unit, with one bedroom and den, priced at $469,900.  The other was a top floor two bedroom unit with easy terrace access, which could range in price anywhere from $519,900 to $661,860, depending upon amenities.  There is also a one bedroom, one bath for $398,940.  One assigned parking space conveys with each unit.   

Sales agents stressed they had various loan packages available for buyers to consider, and would of course, take well qualified buyers with outside funding. Everyone was giddy about the prospect of the just announced Federal economic bailout bill that had just passed the U.S. House of Representatives. In addition to the tax rebates for individuals and married couples ranging from $300 to $1200, the legislation calls for raising the Government sponsored entities, Fannie Mae and Freddie Macs conforming loan limit from the current $417,000 to $625,500 for a one-year period. The Federal Housing Administration would be able to issue loans up to $725,000 under a conforming interest fee structure, up from its current conforming cap of $362,000. Conforming loans carry lower interest rates than the jumbo mortgages that exceed their limit. These measures are designed to entice would-be buyers to the market, and to reassure builders and consumers alike that home ownership remains a key empowerment target for both political parties.

Jeanette Schimmel is the sales manager for Prescott Condominiums, and is situated at 105 Cameron Street, in Old Towns West End.  Further information may be obtained from the builders website, www.prescottcondominiums.com.  It is always advisable to contact a realtor, to assess the options presented by the builder, as options and contracts are directed to their interests.
Jeni Upchurch is a former Assistant Secretary, U.S. Department of Housing & Urban Development, and a full-service realtor with McEnearney Associates Old Town, Alexandria office.  She can be reached directly at 571-216-6701.