This tear down was priced under a million and it sold for more 20% above asking.
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Anonymous
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It’s not even on a nice street. Unkept yards nearby and very little trees. It seems strange that a whole country could become unaffordable to the middle class. I just did a quick comparison with Marin County in the Bay Area, where the population is about the same size as Arlington with a similar median household income. Their average home price is almost twice that of Arlington. This means there’s a lot of room for housing costs to get worse here. Do all of you think it will get worse, or are we close to a plateau? https://www.redfin.com/VA/Arlington/5104-26th-St-N-22207/home/11227868 |
Anonymous
| I think tear down houses have been bouncing around $900k - $1.5m for a while. That lot is tiny, but builders need lots or they don't make money. They will fit something on it. |
Anonymous
| Why is this a teardown? It doesn't look that bad from the pictures. Someone could certainly move into it and make renovations over the years. |
Anonymous
| It's mostly about the value of the land, not the quality of the house. But agreed that someone could certainly live in it and be fine. |
Anonymous
| Am I crazy for thinking this is a nice little house? Not crazy gorgeous or anything, but it seems fine for a starter home? |
Anonymous
I'm with you with the caveat that a lot of folks would be happy to live in such a house indefinitely, so it could be more than a starter home. Yeah, the block is not exactly upscale, but there will be teardowns and it's close to Yorktown HS without being on top of it. Also close to the Lee/Harrison shopping area, but again without being next door. Of course there was a time when this house would have gone for much less, but those days are gone. |
Anonymous
| Bay Area has much better weather, and that is a huge draw for many people. I know this might be difficult for many people to accept (and I'm sure people will fight me on it), but this area generally is not desirable except for its job market, which is why its prices will never achieve levels seen in places like the Bay Area. |
Anonymous
| THat's a regular house, not a tear down |
Anonymous
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I’ve said this many times on other threads - we are nowhere near the ceiling here. People make too much money. Add in all of the OpenAI / Anthropic / defense tech jobs opening up here and we’re quickly looking at near SF prices based on inventory. Lots of buzzy startups are based in Arlington too and their founders live local.
Let’s say OpenAI goes public and there’s 250 employees in DC. They’ve each made on average $5M via PPUs that convert to RSUs (that’s a low estimate BTW - our friend there had a $1M original grant now worth $20M+ for 7 YOE). Let’s say 25 of them are ready to buy their forever home and like Arlington and want walkability. But there’s only 1 house for sale in Lyon Village for $3.5M and a handful in Ashton Heights / Lyon Park for $3-3.4M. What happens? |
Anonymous
I am okay with prices never reaching Bay Area levels, haha. |
Anonymous
What’s wrong with the block? It looks like a normal street on street view. |
Anonymous
A normal block with houses that still mostly look like they were built in the 50s for mid-level feds. That’s not the case in more upscale parts of NoVa. |
Anonymous
A starter home for 1.1m? What’s the demographic we’re talking about? |
Anonymous
+1 And most likely it will be a young family or for people downsizing. In addition the lot is small for huge house. |
Anonymous
DP Starter for young professional couples. It will be good house for retired couples also. |