Washington D.C. is experiencing a huge increase in foreclosures. Up till now it has been a housing market that, like San Francisco proper, tenaciously held on to peak prices.
The Washington region now has one of the fastest-growing foreclosure
rates in the nation, as 15,613 homes went into foreclosure during the
one-year period ending in February, an analysis to be released today
has found....
The analysis found that the steepest declines in home sale prices,
between April 2007 and April 2008, occurred in the outer suburban ring,
defined as Loudon, Prince William and Frederick counties. The average price there dropped by $110,900, or
25 percent. The inner ring, Fairfax, Montgomery and Prince George's,
had a decline of 3.2 percent. The core, defined as the District, Arlington County Alexandria, experienced an increase of 3.4 percent.
An increase! That's just ridiculous. Still, things are changing now. Do you think these people will be able to sell their 1-bedroom condo for $250,000 when these sellers are offering a single family home for $225,000 just a few blocks away? The former is nicer in some ways, but not enough to outweigh having a yard and no condo fees. Personally, I'd like to live in one of those yellow Victorians on Holly Ave not far from my mom's place, or this one house on Tulip Ave--a huge yard and a sweet southern-style house with a wrap-around porch. I like that whole area of tree-named avenues in there: it's walking distance to the metro, there's a great farmer's market in downtown Takoma, and it's an attractive older suburb with mature trees. No google street view, or I'd show you. Maybe in 2011 it'll be affordable?
UPDATE 1 MINUTE LATER: This house, like a number of others near Flower Ave, was converted at some point to separate apartments. I often read people suggesting that this may be the fate of currently empty McMansions in inner-ring suburbs, to provide housing to immigrants and other lower-income renters (this area has become heavily Latino over the last 10 years, mainly Salvadorean and Nicaraguan to judge from the restaurants.) What would it be like trying to turn such a place back into a single-family dwelling? I guess you'd have a lot of extraneous kitchen to rip out...
I suppose in my dreamiest dreams of DC I would live in Georgetown, maybe facing Volta park, but I don't think that will ever be affordable! Nannie had a house in Georgetown on Reservoir Rd, one of those brick row houses that narrowed to about 11 feet wide at the back. I'd have to get rid of half my furniture, and it was on an ambulance route, but I would probably move there were it possible. In real life I'm not actually planning to move anywhere at the moment and in fact we're very much hoping to stay on in Singapore, so why am I all the time daydreaming about real estate? Escapism when I feel sick. I like to be able to imagine what it would be like to live in all the different houses, and how I would fix them up. I've done this all my life, but when I was younger it was limited to places I walked past; now with the magic of the internet I can choose from anywhere. Hey, this is one of the houses I was thinking of on Tulip (not the one with the porch, but 2 houses down).
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