If you bought 2005-2007 and got hit, tell me your story, location and age

[Anonymous]

Bought a 1br condo in 2005
Saw the market dip, bought a 4 br house and rented out the condo waiting for prices to go up to sell it

In 2012 saw the market go down and bought a new construction and rented out the 4 br house waiting for prices to go up to sell

2016 sold the 4br house for basically break even, sold the condo for 25% less than we paid.

I check the condo building and prices are still lat, the 4br house has appreciated about 20%

These are homes in Tysons inside the beltway with good schools

[Anonymous]

Anonymous wrote:Bought a 1br condo in 2005
Saw the market dip, bought a 4 br house and rented out the condo waiting for prices to go up to sell it

In 2012 saw the market go down and bought a new construction and rented out the 4 br house waiting for prices to go up to sell

2016 sold the 4br house for basically break even, sold the condo for 25% less than we paid.

I check the condo building and prices are still lat, the 4br house has appreciated about 20%

These are homes in Tysons inside the beltway with good schools

We are older millennials

[Anonymous]

Inside the beltway townhouse. Prior owner bought in 2005 for $625K, had to move unexpectedly to be closer to family in 2007. Sold to me for $100K loss (even more once you factor in realtor commissions).

[Anonymous]

That’s so surprising to me. We bought a row house in DC for 420k in late 2006. We have done some work on it—probably 150k in upgrades—and it’s worth 900 to one million now. Of course, we haven’t actually tried to sell it! I thought most of the DC area was similar.

[Anonymous]

Bought a place in OBX for $875k around 2005. Sold it in 2013 for $525k. Huge loss. But it was an investment property so we got a big tax break. Doesn't seem fair, but that's the way it is.

[Anonymous]

Sounds like you made bad choices.

[Anonymous]

Anonymous wrote:That’s so surprising to me. We bought a row house in DC for 420k in late 2006. We have done some work on it—probably 150k in upgrades—and it’s worth 900 to one million now. Of course, we haven’t actually tried to sell it! I thought most of the DC area was similar.

DC proper looks different from even the rest of the inner beltway areas (which in turn look different from outside the beltway). And then detached, attached and condos all have very different paths too. Rowhomes and the few detached homes in the inner core of DC collapsed in price in the 60s, 70s, and 80s. But since about the mid 1990s, they've only gone up - you barely see the 2008 crash in the data.

[Anonymous]

Not me but the prior owner. He bought in 2005 for the same price I paid him in 2019. I wouldn't say he really got hit, considering his family got almost 15 years of use out of it, but it definitely didn't appreciate like he expected.

Back in 2007-2009 I rented two different townhouses that my landlords then tried to sell while I was in residence. I made offers on both since I didn't want to move, and landlords turned me down. In both cases the houses eventually sold for less than I offered.

We are all younger Gen Xers, except one of the landlords who was probably mid-GenX. Northern VA.

[Anonymous]

Bought in 2005 with the expectation of flipping the home and moving out of DC in 2 years. Couldn’t sell until 2015 and we didn’t even break even. Bought for 360. Put 35k into the home and sold for 365k.
I will never buy at the height of a market again.

[Anonymous]

Anonymous wrote:Bought in 2005 with the expectation of flipping the home and moving out of DC in 2 years. Couldn’t sell until 2015 and we didn’t even break even. Bought for 360. Put 35k into the home and sold for 365k.
I will never buy at the height of a market again.

Good luck with that since you don't know it's the height of the market, until it's not. The market can turn at any time, no one knows.

[Anonymous]

Anonymous wrote:That’s so surprising to me. We bought a row house in DC for 420k in late 2006. We have done some work on it—probably 150k in upgrades—and it’s worth 900 to one million now. Of course, we haven’t actually tried to sell it! I thought most of the DC area was similar.

I think you've misunderstood the thread.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Bought in 2005 with the expectation of flipping the home and moving out of DC in 2 years. Couldn’t sell until 2015 and we didn’t even break even. Bought for 360. Put 35k into the home and sold for 365k.
I will never buy at the height of a market again.

Good luck with that since you don't know it's the height of the market, until it's not. The market can turn at any time, no one knows.

It feels like the height right now, I remember things shooting up one last time in 2006 and early 07 and then crashing down

[Anonymous]

How many billion condos have been built in Tysons since 2005?

Supply was flooded with new condo buildings. Also, if you were in an older building it’s less desirable.

[Anonymous]

That is downside nova, Bethesda, Rockville, Gaithersburg condos that they keep building condos and adding to inventory.

[Anonymous]

Had a condo in NoVa. Purchased in 2008. Sold in 2010 for 20k+ loss.