Use access key #2 to skip to page content.

Why DC Real Estate is Still Doomed, part xviivibbqomfgrofllmao

Recs

14

May 08, 2009 – Comments (8)

Got another set of homes to look at from my agent this morning. I love this woman. She works hard. She already has to deal with me. She deserves better than this. The sellers in the DC area are still deranged. Check out this BS listing.

BadLoc

(Full size)

So, let's take a look at this great location, shall we?

166

(full size)

Bad Birdseye

(full size)

You think I'm distorting the reality with my crops? Go ahead to the interactive map and take a look around yourself.

 

8 Comments – Post Your Own

#1) On May 08, 2009 at 9:44 AM, outoffocus (22.85) wrote:

Lets not forget that Virginia still does not have adequate roads to handle all the excess traffic due to overpopulation and overdevelopment.  So I pay a half million for an overbloated home with no yard, I have to get up last night just to get to work in the morning only to get home about an hour or 2 before I have to go to bed.  Thanks but no thanks.

The good news for you is you might be able to pick up a newly built home from foreclosure for pennies compared to that price.  If I were you I would search there.

The one thing I found odd about this whole housing crisis is that the bubble was just as big in the DC area as it was in California, Florida, and Nevada (I know because I lived there from 2004 to 2007. I witnessed it the whole thing).  Yet DC home prices never make the news.

Report this comment
#2) On May 08, 2009 at 10:09 AM, TMFBent (99.82) wrote:

Well, DC didn't bubble as high as LA and Miami, but it was definitely one of the top bubblers.

And DC prices haven't come down yet, at least not as far as they should when you compare to other places. This graph shows that.

DC vs

Now, you can claim DC has a better job market, economy, or whatever to try and explain that DC won't come down, but we all know that's bogus. Home prices went up regardless of income support, on the back of easy financing, and they need to re-adjust. BO's and Timmay's and The Beard's temporary price support policy can only do so much. Either these prices drop soon, or they bleed out long-term.

I believe in gravity, even if DC area sellers think they can avoid it.

Report this comment
#3) On May 08, 2009 at 10:15 AM, outoffocus (22.85) wrote:

Now, you can claim DC has a better job market, economy, or whatever to try and explain that DC won't come down, but we all know that's bogus.

Not only is it bogus. Its unsustainable.  DC's economy grew due to unprecedented government spending over the past 10 years. This created a contractor bubble in the DC area and caused incomes to go too high too fast.  It also caused the cost of living to go up too much. That bubble is just beginning to pop.  DC is overcrowded, overpolluted, overpriced, and overstressed.  Its only a matter of time...

Report this comment
#4) On May 08, 2009 at 10:46 AM, kfisherprotege (30.36) wrote:

Thanks for the comic relief...  One nice thing about that location is that it's near the W&OD path.  So bike commuting might cut into that $500/mo tax bill if that is an option for you.  Other than that, I must agree with you -- not very attractive for the price.  BTW, are you looking in a side-view mirror or are you wearing a 1920's football helmet?  ... always wanted to ask.

outoffocus - I think DC market never makes the national news because the overworked, aging federal workforce just puts up with it and pays the premium for relatively stable employment.

Report this comment
#5) On May 08, 2009 at 10:58 AM, darroj (34.14) wrote:

haha nice write up.  Thanks for putting that together. I'm coming to you when ever I try buy a home so that you can weed out the bad ones for me =)

Report this comment
#6) On May 08, 2009 at 11:33 AM, RookieQB (28.93) wrote:

Big rec homie. I live in MD and I'm kicking myself for buying a 1 Bedroom Condo for 250k early last year

Report this comment
#7) On May 08, 2009 at 12:07 PM, chk999 (99.97) wrote:

Whoa.

They ought to pay you about 40k a year to live there.

Report this comment
#8) On May 08, 2009 at 1:11 PM, TMFBent (99.82) wrote:

yeah, the trail access would be nice, but there's plenty of nearby homes with similar access. I'm driving to work more than biking these days, but I'd like to get back to the 2-wheeled commute. It'd be about 13 miles each way from that location, about what I have now.

But yeah, I've lived on busy streets before. (Difference was I paid $120 K for that heap back then). They'd have to pay me to get me to live on I66.

Sj

Report this comment

Featured Broker Partners


Advertisement