I rarely post, and have not for a long while. I moved from San Diego to DC 2.5 years ago.I still track this blog for old times sake.
To a large extent, inside the beltway has held up, but there seem to be some wildly swinging prices. I live (Rent) in old town Alexandria. Across the street, a three bedroom rowhouse with finished basement (2100-ish) square feet just sold for 525K. I rent an identical place, though not as updated, for 2200/ month.
One street over, a slightly newer 3 bedroom with a garage but no basement has been on the market for months at 725K. Overall there are a lot of for sale signs, but things do seem to be selling.
The first house was owned by an older lady who bought 15 years ago, she priced to sell, and was out in like a week. I think the big swings in pricing are totally based on what people need to get out clean, and they generally rent them (at a loss) if they cannot sell. Obviously a lot of renters in the beltway.
I plan the future budget for the USMC, and am pretty read into Government spending plans. A GS hiring freeze and reduction in contractor services are already on the table, and this is just the first step.
The Beltway and public sector have been largely immune to cutbacks due to the war / stimulus / bloated budgets… this is coming to an end sooner than you think. The workforce in DC is going to take a hit, Beltway real estate prices will take take the same hit.
Frankly, I think buying in the beltway is very dangerous right now. Enjoy the sunshine….
