Headlines: First residential project at The Wharf to deliver 2017; how much cash do you need to buy, anyway?

Headlines: First residential project at The Wharf to deliver 2017; how much cash do you need to buy, anyway?
The first residential development of the multi-billion dollar Wharf project is slated to deliver in 2017, reports Curbed DC.
Here's a look at what's happening in real estate in and around the District of Columbia. 

How much cash do you need to buy a house?

Closing costs typically range from 2 to 5 percent of the purchase price. Included in the sum are title insurance, loan-processing costs, taxes, and various other fees. -Urban Turf

Waterfront's Wharf project opens residential building in 2017

The building will scale 12 stories with 112 units ranging from studios to one-bedroom, two-bedroom, and three-bedroom units. Amenities will include an infinity pool on the roof and private elevators. -Curbed DC

Former H Street Salvation Army to become 27 condos

In lieu of parking, New Legacy Partners will give all condo buyers for the first five years a free Capital Bikeshare and Zipcar membership, and provide free bike helmets to the initial purchasers of each unit. -Elevation DC

Senators would extend tax breaks for people who renegotiate mortgages

About 7 million homeowners continue to be stuck in the tar pit of serious negative equity, with mortgage debt at least 25 percent higher than the value of their property, according to the research firm RealtyTrac. -Washington Post

Millions of 'underwater' homeowners are trapped

Some 5.4 million homes, or 10.4 percent of all homes with a mortgage, were still in a negative equity position, or "underwater," in the fourth quarter of 2014, according to CoreLogic, as their owners owe more on the mortgage than the home is currently worth. -CNBC

Washington homebuyers choose large down payments

Arlington County makes the list of five highest average down payments among homebuyers in what real estate firm RealtyTrac defines as "millennial magnet markets." -Washington Business Journal

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