This tear down was priced under a million and it sold for more 20% above asking.

[Anonymous]

It’s Arlington. Prices there will go up more.

Values have kinda been plummeting in some areas like Silver Spring though, which aren’t anywhere near as desirable.

[Anonymous]

Anonymous wrote: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.

+1. This is not a tear down.

[Anonymous]

Anonymous wrote: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?

A bunch of people who don’t work for Open AI but live in Lyon Village start selling their homes in hopes of making 3.4 mill

[Anonymous]

We bought a house like that as our starter house (in 2012, so it was priced lower) and sold it in 2021 to a retired couple moving from out of the area to be near kids/grandkids for $1M+. I don't think it's a teardown.

[Anonymous]

This is the house directly behind mine- I had no idea it was for sale! The neighborhood is great and the schools are great, so things are selling well here. It could go one of several ways - some people buy houses like this to live in, since it's hard to find houses near/under a million. Some renovate and add on. And I've seen new houses go up on lots that size - six houses have been built on similar lots on my block.

This is good news for my resale value but probably not great if we have to deal with construction noise.

[Anonymous]

Anonymous wrote: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?

You are correct in the first sentence.
After that you are full of speculation.

[Anonymous]

First thing to understand is that prices here are lagging just about anywhere else in the country.

[Anonymous]

I would be curious if the Open AI/Anthropic theory above is true. It shouldn't be that hard to look at recent sales once they show up on the Arlington gov website, google the owners, and see what they do for a living. I don't care enough to do this, but it would be interesting. My guess is that it's mostly law firm partners (same as always).

[Anonymous]

Anonymous wrote:First thing to understand is that prices here are lagging just about anywhere else in the country.

Are they? Prices in lots of places are going down—like in Austin, Texas. That doesn’t seem to be the case in this area.

[Anonymous]

Anonymous wrote:I would be curious if the Open AI/Anthropic theory above is true. It shouldn't be that hard to look at recent sales once they show up on the Arlington gov website, google the owners, and see what they do for a living. I don't care enough to do this, but it would be interesting. My guess is that it's mostly law firm partners (same as always).

Neither company has gone public yet so you won’t see this until that happens (and the lock up ends). But it’s not just those companies either - SpaceX is targeting a $2T IPO with a significant amount of DC-based staff. Heck even your S&P500 tech lobbyists are getting paid 2-3x what their non-tech counterparts are getting paid. Tech $$ is going to put a ton of pressure on housing in this area and it’s barely started.

[Anonymous]

Sorry, Arlington peeps, I hate to break it to you, but the tech bros will predominantly want to live in DC. They'll send their kids to Sidwell and the like, so DC public schools don't matter to them.

[Anonymous]

Anonymous wrote:Sorry, Arlington peeps, I hate to break it to you, but the tech bros will predominantly want to live in DC. They'll send their kids to Sidwell and the like, so DC public schools don't matter to them.

Good don’t need douches here.

[Anonymous]

LOCATION, OP. That house sold for the easy commute into the DC and good schools.

[Anonymous]

Anonymous wrote:Am I crazy for thinking this is a nice little house? Not crazy gorgeous or anything, but it seems fine for a starter home?

I think this sweet little house is so much more charming and well planned out than the soulless, ill planned new builds. This is timeless.

[Anonymous]

That sb listed as $1.1M.
They listed lower bc another home sold $804K near by in March. It's a good deal for both homes, actually.