Senate Realty and DCFHA Sponsor Tour of Affordable Condos

By Anuradha Kher, Online News EditorWashington, D.C.–Senate Realty Corp., a Washington, D.C.-based real estate company, will host a free 30-minute home-buying seminar and bus tour of affordable housing condominiums on Feb. 23, in an effort to help buyers looking to invest in a slowed housing market with historically low interest rates.The District of Columbia Housing Finance Agency (DCHFA) is co-sponsoring the event.“In this weakened housing market that’s trying to correct itself, we’re seeing affordable housing products sell very well in D.C.,” says Cher Castillo Freeman, principal broker, Senate Realty. “There are lots of buyers seeking property below $400,000, who are ready to purchase. As a result, Senate is concentrating its marketing and selling efforts heavily on the affordable housing sector. It’s become a niche for us,” says Freeman.From June 2007 to December 2007, Senate Realty sold $33 million of affordable condominium units, ranging in price from $175,000 to $275,000. Despite nationwide reports of declining home sales, this is fresh evidence that affordable property seekers are jumping off the sidelines, back into the market and buying, according to the company.The 30-minute seminar will cover every step of the home buying process: determining purchasing power, getting mortgage approval, making an offer, contract acceptance and settlement.Following the seminar, participants will board a bus to view three affordable condominium projects being sold by Senate Realty. They include Jordan Flats (1702 West Va., NE), Blackstone Flats (4469 – 77 B St., SE) and Highland Court Condos (450 Condon St., SE).“We believe that homeownership is the first step in building equity and wealth for families in D.C.,” says Harry D. Sewell, executive director of DCHFA.