This newly constructed home is available for sale in a long neglected neighborhood in Northeast Washington, DC. Along 56th Place just north of East Capitol Street. The house is very large compared to the nearby homes. Due to the housing bubble many more houses like this have gone up in these long neglected neighborhoods.
Friday, March 03, 2006
Newly Constructed House for Sale
This newly constructed home is available for sale in a long neglected neighborhood in Northeast Washington, DC. Along 56th Place just north of East Capitol Street. The house is very large compared to the nearby homes. Due to the housing bubble many more houses like this have gone up in these long neglected neighborhoods.
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Is this another one of these "brick front, vinyl sides"?
ReplyDeleteWhy are NO new houses in the DC area, at least none that I have seen, all brick ALL the way around?
If I am going to pay more than 150K for a house, it better be all brick.
dont forget gentrification. its not just the housing bubble, dc in changing, becoming more affluent
ReplyDeleteThere's nothing colonial about that house. I don't know how an architect could design something so malformed.
ReplyDeleteI am not sure, if DC is becoming more influential, but many of the Generation X are voting with their feet and are moving away from here. It reminds me NYC right before 2001. There are not enough good paying jobs to support cost of living that are equal to Boston (http://www.bestplaces.net/col/Default.aspx). High salary jobs are out of reach for many immigrants, were even a secretary is required to have a security clearance. Many IT, engineering and scientific positions just don’t pay enough, or are temporary contract position, not mention the high competition of work force on the market. Housing market is out of reach for many people, if someone does not want to live in by Lake Anna/Spotsylvania and commutes to DC. I believe DC will go the same way as Boston in the 90’s where many people were moving out of the state due high living cost.
ReplyDeleteI'm a professional, but not a lawyer or doctor, so I'm just not making enough. I'm looking at Chicago and Denver. Job market isn't nearly as positive, but when this war is over, there will be blood in the streets around here. So it's just putting off the inevitable. I was out at the IBM building in Fairfax last week and I noticed something relatively interesting about the people going in and out of the building. Almost every young person there was obviously imported labor, probably willing to work for a lot less than the locals. I'd rather just move somewhere where my financial stress level is somewhere below red.
ReplyDeleteWe heard a lot about hot popping the dot com bubble was needed to cure the "malinvestment" that took place. All the excess netware, software, fiberoptic cable, server farms, etc. But it was all invisible to the average person.
ReplyDeleteWith the RE bubble, it's out in plain sight.
As a renter, I sure hope you guys are right. I think things are overheated too, and it's certainly cheaper to rent right now. But are we going to make back all the money we missed out on if we'd just bitten the bullet and bought 3 years ago??
ReplyDeleteNo way. If it drops that far or further, we've got a lot more to worry about than house prices!
ReplyDeleteI've been playing around with the numbers... and considering the job/population growth we've had, the lower interest rates, and natural increase due to inflation and appreciation, a 50% or more increase in prices over the last 4 years is very defensible.