DC market is bubbling

[hugo]

We made a well over asking offer and lost out to someone who waived all contingencies – no inspections or appraisal. Wow – I never knew you could do that. This is for a house built in 1940, 3 beds upstairs with just one small 1940 vintage bathroom upstairs. No garage, parking in alley for one car. There were 3 offers, house went pending in about 5 days. Seller only countered one offer.

We have seen other houses go pending the day they show up on redfin. Supply is awful. Markets are local. On the bright side, gov’t spending will get a haircut soon and I’ve heard that military contractors are already starting to cut back.

[spdrun]

Not a question of bubbling, as much as the DC market being DC.

(a) It’s spring/early summer
(b) The good parts of DC never really dropped. The bad parts aren’t necessarily places that you want to live. If you want to “pioneer”, try looking north of H Street in Northeast (20002) — lot of redevelopment going on on H St, and the Metro is building a new tram line as well.
(c) Even if government does get cut, it’s not necessarily bad for DC, since the outlying offices tend to get cut FIRST
(d) Built in 1940 isn’t necessarily a bad thing in the Northeast. My condo in NYC was built in 1910 and I bought it essentially without inspection.

What are you looking for exactly? Am I correct that are you’re looking in DC proper, or are you looking in the ‘burbs (which I know less well).

[Akula1992]

We are in Fairfax now if you have any questions about that area. Also have lived in the Silver Spring/Kensington area.

Our real estate agent told us that most people moving to the area gasp when they hear the price of housing. The one exception was people coming from California 😉

[hugo]

We are looking in DC, mostly NW. We are looking for walkability – walk to metro, quiet street and room for a dog in the back yard. Oh yeah, and off-street parking. My wife will not pioneer, but given the trends, that is a good option for many. Are there neighborhoods outside NW we should be looking at?

I’m surprised you are so casual about buying without contingencies. Other people have told me they haven’t heard that since the height of the bubble. Cash isn’t a problem so we could have waived the appraisal contingency, but our realtor didn’t mention that.

There are places at 1.2+ but that’s too high for us. So when I say cash isn’t a problem, I mean small amounts of cash aren’t a problem.

[spdrun]

Look in … Northeast/Capitol Hill (SE)/Eastern Market (SE). Even as far as the Potomac Ave Metro stop.

And yes, a lot of people will tell you it’s a “bad” area, but it’s changed MASSIVELY in the past 10 years, so their knowledge is out of date.

Why not rent something for 3-6 months and wander around the city before jumping into buying? The market is very seasonal, and the fall market will be less hot anyway.

[paramount]

Of course DC is bubbly, that’s where all the gov’t babies move to when they can’t make it in California.

A Sr. level person from the DC area in general would be considered jr to mid level in California.

[patb]

I bought off the H ST corridor last year, and it’s a transition zone.
A little more crime then I like and too many ghetto types but it’s changing.

We see moms with kids, and that’s a big step up.

I’d worry more about a decline again if the rates rise or defense spending gets slashed.

The Iraq war is in it’s death throes and Afghanistan is downspiraling.

I think even Obama will recognize it’s over soon enough.

[patb]

I bought off the H ST corridor last year, and it’s a transition zone.
A little more crime then I like and too many ghetto types but it’s changing.

We see moms with kids, and that’s a big step up.

I’d worry more about a decline again if the rates rise or defense spending gets slashed.

The Iraq war is in it’s death throes and Afghanistan is downspiraling.

I think even Obama will recognize it’s over soon enough.

[Coronita]

[quote=paramount]Of course DC is bubbly, that’s where all the gov’t babies move to when they can’t make it in California.

A Sr. level person from the DC area in general would be considered jr to mid level in California.[/quote]

Yeah, but that Sr. level person in DC still gets paid a Sr. level person salary… Think about that one. If you’re a junior person that can get away with doing junior level work while getting paid as a senior level, you’re obviously doing the right thing. If you’re a senior level person who can’t get distinguished from a junior level person, it’s really time you find another position, because they don’t give a shit about you.

I have friends that moved from socal to maryland/dc area who work in the defense biz.

Not only did their cost of living go down, their salary went up, and they only work 8-6 no weekends…Makes you think who’s really crazy and who’s not.

I think San Diego really has the opposite problem. People are artificially suppressed in their career. It’s a hidden sunshine tax. Someone who could normally cut it as a director elsewhere probably won’t be able to see a director position here for many many excuses (and the only real reason is because their isn’t enough competition among companies here)…

Take a look at some of the big companies. Do they really promote/grow organically these days people into director positions locally, or do they hire “experts” from outside and bring them in on top of you? I think it’s really the latter. That’s why sometimes it’s just better to quit, go elsewhere with fancy title, and then get hired back with a hiring promotion, then sitting and waiting your turn to see who above you quits/gets fired/dies before they let you move up.

[Coronita]

[quote=patb]I bought off the H ST corridor last year, and it’s a transition zone.
A little more crime then I like and too many ghetto types but it’s changing.

We see moms with kids, and that’s a big step up.

I’d worry more about a decline again if the rates rise or defense spending gets slashed.

The Iraq war is in it’s death throes and Afghanistan is downspiraling.

I think even Obama will recognize it’s over soon enough.[/quote]

My colleague tell me while the defense budget for traditional “warfare” type of spending will go down, things like counter-intelligence will not.

[spdrun]

My colleague tell me while the defense budget for traditional “warfare” type of spending will go down, things like counter-intelligence will not.

And most of the military activity in the immediate DC area is one of two things:
* Administrative
* Support of gov’t agencies — i.e. executive flights from Andrews AFB

There are some stationed military units and training activity, but I don’t see those getting cut, since people will say they’re needed for security

[Diego Mamani]

[quote=hugo]This is for a house built in 1940, 3 beds upstairs with just one small 1940 vintage bathroom upstairs. No garage, parking in alley for one car.[/quote]Hugo, since you didn’t get the house, do you mind sharing the address? That way we can look up its sale history, map it, etc., to have a better idea of what we are talking about.

[hugo]

Sure Diego –

The address is 3735 Appleton St., NW. 20016

[hugo]

Hi Patb –

Yes, I remember when you bought, I’m glad it’s working out. I think there are re-urbanization trends that will keep exciting cities like DC doing well even with job cuts. What part of H street is the H-street corridor? I read the area has a lot of energy with new restaurants and clubs.

[paramount]

[quote=flu]

Yeah, but that Sr. level person in DC still gets paid a Sr. level person salary… Think about that one. If you’re a junior person that can get away with doing junior level work while getting paid as a senior level, you’re obviously doing the right thing. If you’re a senior level person who can’t get distinguished from a junior level person, it’s really time you find another position, because they don’t give a shit about you.

[/quote]

Yes, but they’re still in the DC area.

I get ocean breezes nearly every day, I’m 5 hours or less from Yosemite, 1 hour from the desert, 30 min to the beach. 4 hours to the river (actually that part sucks).

It’s often in the mid 70’s in January and February..oh yah, that’s why we pay the sunshine tax.

Hell, that’s one tax that is worth it…

[Author]

Posts