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DC Real Estate Travesty du Jour



October 31, 2008 – Comments (3)

nicosh circle lane 1

Looks OK, right? Maybe? 

Take a wider view at where it is.

nicosh circle lane2

Yeah, on the busiest traffic jam in the region. Oh, and a half mile West, absolute trashland. And in this neighborhood, the wishful thinkers are still listing 1-bedroom 1-bath, 800 square foot condos in the $300s.

DC area needs that 25% drop to normalization land, and soon.

3 Comments – Post Your Own

#1) On October 31, 2008 at 8:47 AM, abitare (29.56) wrote:

Apartments in this building have dropped 30% in the last 18 months. DC has free houses back in the 1980s. I would have to guess we are going to have free condos again in DC. They have really overbuilt.

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#2) On October 31, 2008 at 10:20 AM, Schmacko (91.64) wrote:

This isn't DC.  It's not even inside the beltway.  It's Northern Va, which, while filled with a large % of DC commuters and govt workers, is different.  You can call it DC greater metropolitan area, but I've heard that term applied to neighborhoods that are damn near in west virginia.   

My wife and I work in DC and live in alexandria (the piece of VA DC gave back) and have been talking about buying a place for a while now, but everything in quick commute distance is still pretty expensive.  We just renewed our lease for another year and I'm hoping by next fall we'll be able to find some good deals.  It's hard when you don't have equity from an existing home to bring to the table.

My parents live in a single family home in reston/herndon north west from the pics you posted.  Homes in their neighborhood went from selling in the 600s during the peak of the craziness and are now back in the 400s.  So that's around a 33% drop right there.

DC itself has been busy regentrifing, trying to push the poorer people out to PG county.  You can get townhomes in the city in the 300s.  Nice condos vary in range greatly.  The city has height restrictions on buildings so they can't build up and keeps space at more of a premium than it is outside city limits. 

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#3) On October 31, 2008 at 4:58 PM, QualityPicks (79.02) wrote:

Owners are saying "man, prices are really depressed". People wanting to buy are saying "man, prices are still really expensive".

Reality however is that prices are still expensive. I still can't understand people that are buying right now when they can be renting the same property and save thousands and thousands of dollars a year. And if you rent you don't have to worry about all the uncertainty in the economy. So, if you rent, you have no risk and save thousands, although no appreciation benefit. But seriously, with home prices still expensive compared to rents and incomes, what is your potential for appreciation? Certainly the odds are against buying right now.

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