Thursday, April 19, 2007

For Sale Signs in Dupont Circle

For Sale Signs in Dupont Circle (1600 block of 16th Street NW)

Posted by David at 9:28 AM

18 comments:

  1. KevinApril 19, 2007 10:51 AM

    I would be expecting to see a row of for sale signs along the front of those yards.

    David, you should come check out the trendy spots in Baltimore like Fells point, Canton, and Federal Hill...the for sale sign are literally on EVERY row home. If you can believe it, their are more for sale signs than street signs.

    Check out my new blog
    http://bubblemore.blogspot.com

    -Kevin

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  2. Fred FryApril 19, 2007 1:35 PM

    This is right down the street from the Woodner. While it is a little rought on the edges and dated, there are some pretty nice balcony apartments there that hang right into Rock Creek Park, providing a million dollar view. Electricity, water and heat included.

    Come to think of it, there were some townhouses at the base of the building on the park side that were being flipped already two years ago.

    Oh, good luck finding parking space around these two.

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  3. wannabuyApril 19, 2007 1:42 PM

    David, you should come check out the trendy spots in Baltimore like Fells point, Canton, and Federal Hill...the for sale sign are literally on EVERY row home. I

    Not yet... Credit is still loose (but has tightened from "no standards.") Besides, it was only tightened to loose in early March. That doesn't impact sales until May. (60+ day lag)

    So we must all be patient.

    As to dupont circle, nice area. :) But like everywhere else, people have extracted 150k to 500k from their homes and now its the time to pay the piper.

    Any more government agencies leaving DC? *All* of the ones my department contracts with have announced substantial moves out of DC. (e.g., MDA to Huntsville).

    So much for the spring selling season (where historically demand outpaces new inventory). Now we're entering the traditional timeframe where inventory ramps up faster than demand...

    Recall that as much as 90% of each year's appreciation traditionally has happened in the spring... (Not the summer. Fall/Winter is the traditional season to correct any overshoot.) Interesting times ahead... Not to mention the mortgage losses in Florida/California/Michigan/Phoenix,
    Vegas, etc. are going to hurt the markets everywhere.

    Got popcorn?
    Neil

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  4. AnonymousApril 19, 2007 3:26 PM

    In the area I keep an eye on, like Environs and Countryside in Sterling Va, they might not even put up a for sale sign. 286 Terrie Drive zip 20165 is up for sale for 507,000, and no sign. Neighbors probably protested. Nice area but 268 Terrie drive is a great example of over priced. They want 535,000 for a 4 bedroom 2.5 bath, full basement. But the only thing thats been updated in 20 years is the kitchen floor. Not that thats all bad, cause the toilets are pre Al Gore, so they are not low flow! If you look around the neighborhood, you can see new roofs and siding. That means these 0.5 million investments will need new siding and a new roof in todays dollars.

    Later,
    JOhn

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  5. AnonymousApril 19, 2007 4:50 PM

    This is right down the street from the Woodner

    Yeah - like 2 MILES down the street.. this place is no where remotely close to rock creek park.

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  6. AnonymousApril 19, 2007 4:58 PM

    jld: I wonder if the sellers are being laid off from Fannie Mae or Discovery.

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  7. AnonymousApril 19, 2007 5:20 PM

    By the time the prices fall low enough for you guys to buy you'll be old and gray.....

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  8. UnknownApril 19, 2007 6:08 PM

    * sorry if this is double posted> *
    John,

    Might be giving myself away here, but we just sold our home in that neighborhood last year. Homes there are decent and some lots are very nice. When we left, overcrowding was starting to be an issue in a few homes, and a couple of homes towards the front of the community look like crap and might worry potential buyers. We probably would have stayed around a lot longer, but we wanted a larger, flatter lot -- our backyard went up at ~35 degree slope as soon as you stepped of the patio.

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  9. AnonymousApril 19, 2007 7:20 PM

    I am old and grey already. That's how I know these prices are for the young and dumb.

    JOhn

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  10. AnonymousApril 19, 2007 11:12 PM

    "By the time the prices fall low enough for you guys to buy you'll be old and gray....."

    By your own logic, you are then claiming that prices will be falling for a long time.

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  11. Terminator-XApril 20, 2007 12:20 AM

    There's a good article in Friday's WaPost regarding upside down mortgages:

    http://www.washingtonpost.com/wp-dyn/content/article/2007/04/19/AR2007041902924.html?hpid=topnews

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  12. BlackbeardApril 20, 2007 8:18 AM

    Hah! I was just going to bring that article to everyone's attention. Nice grab, Robert.

    Now, it's a matter of letting the market return to its normal levels, and easing into an appropriately priced domicile.

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  13. KevinApril 20, 2007 10:48 AM

    David would you mind adding my blog to your links?

    thanks,

    Kevin

    http://bubblemore.blogspot.com

    ReplyDelete
  14. AnonymousApril 20, 2007 11:21 AM

    John, if you are old and gray then why do you care what housing prices do? Do you actively hedge against inflation? When I am winding it up, I can assure you I will not be tracking appreciation/depreciation for long term assets.

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  15. AnonymousApril 21, 2007 5:06 PM

    Well, they are not making land anymore, so you better buy your burial plot now befor your priced out forever. LOL

    JOhn

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  16. AnonymousApril 22, 2007 1:51 PM

    What's this fellow doing:

    http://www.paperdinero.com/BrowseArticle.aspx?id=20625

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  17. AnonymousApril 24, 2007 7:36 AM

    The open air space above the I-395 tunnel in NW DC is being developed.

    David has taken photos there in the past. I suggest everyone go there to see for themselves. When you travel there from your suburban rentals, you will see (near the intersection of Mass Ave NW and 3rd St. NW), massive new real estate development activity *including a building that is going up where no land previously existed.*

    That would be the open air above I-395. See for yourself.

    If anything, it demonstrates that land supply is indeed constrained within the city limits.

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  18. UnknownMay 04, 2007 11:08 PM

    395 air rights project: it's going to take at least 3 years to get all of the jurisidictions/interested parties to agree on that one. Plus which contractors, engineering and architecture firms are going to want to be embroiled in that kind of project? The complexity of it is rather daunting.

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