How much higher do you think DC area prices can go long-term?

[Anonymous]

Wow, 100% of posters here so far believe we're not in a housing bubble here in DC. That's often the exact sign of a bubble..

[Anonymous]

The prices in the great neighborhoods will continue to go up, not so much in the not great neighborhoods. The DC area is still stratified. There are a few areas with awesome schools and amenities, and everyone wants to get into these, to avoid the horrible areas. Where I grew up there were lots of regular ol' middle class towns, here there are rich areas, and ghetto areas.

[Anonymous]

Anonymous wrote:The prices in the great neighborhoods will continue to go up, not so much in the not great neighborhoods. The DC area is still stratified. There are a few areas with awesome schools and amenities, and everyone wants to get into these, to avoid the horrible areas. Where I grew up there were lots of regular ol' middle class towns, here there are rich areas, and ghetto areas.

Sounds like you are just describing DC, not the surrounding areas.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The prices in the great neighborhoods will continue to go up, not so much in the not great neighborhoods. The DC area is still stratified. There are a few areas with awesome schools and amenities, and everyone wants to get into these, to avoid the horrible areas. Where I grew up there were lots of regular ol' middle class towns, here there are rich areas, and ghetto areas.

Sounds like you are just describing DC, not the surrounding areas.

True, what I described does sound like DC, but while including DC in any discussion of the DC area, the statement still stands. Some parts of northern virginia are more wildly popular than other parts of Northern Virginia. There are only a few "great" places to live in the DC area, some live there, the rest (including me) settle. I think that in other places, there are a lot more "great" places to live within the same metro area.

[Anonymous]

Anonymous wrote:Wow, 100% of posters here so far believe we're not in a housing bubble here in DC. That's often the exact sign of a bubble..

Dumbest crap posted tonight. A bubble has economic and market signs not just feelings and claims by people.

[Anonymous]

partay

http://www.nasdaq.com/article/us-stocks-rally-as-fed-ditches-rate-hike-target-dow-gains-111-cm342855

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The prices in the great neighborhoods will continue to go up, not so much in the not great neighborhoods. The DC area is still stratified. There are a few areas with awesome schools and amenities, and everyone wants to get into these, to avoid the horrible areas. Where I grew up there were lots of regular ol' middle class towns, here there are rich areas, and ghetto areas.

Sounds like you are just describing DC, not the surrounding areas.

True, what I described does sound like DC, but while including DC in any discussion of the DC area, the statement still stands. Some parts of northern virginia are more wildly popular than other parts of Northern Virginia. There are only a few "great" places to live in the DC area, some live there, the rest (including me) settle. I think that in other places, there are a lot more "great" places to live within the same metro area.

+1

[Anonymous]

Well I'm priced out and won't be buying.

--130K HHI

[Anonymous]

Anonymous wrote:Well I'm priced out and won't be buying.

--130K HHI

nonsense there is a place for everyone's price point.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Well I'm priced out and won't be buying.

--130K HHI

nonsense there is a place for everyone's price point.

I have a family and cannot afford a townhouse or a home on my income. 30K above the mean and median income in this area.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What about the value of land close in, say an acre in Arlington, Alexandria?

Will it dramatically rise too?

Never hear anyone discuss the land part, just the house etc.

An acre in Arlington? LOL - that'd be an estate!

LAND is way more valuable than any of the crappy houses that are built on it here. That's why there are so many tear downs. An acre could have 4 houses built on it at least!

Oh don't let those crazy zoning laws stand in your way PP In an area zoned R-1, an acre could have one house; R-2 two houses, R-8 - okay now you can theoretically have 4 houses. But what about setbacks? Water management? Soil conditions? An acre of land does not always guarantee 4 houses.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well I'm priced out and won't be buying.

--130K HHI

nonsense there is a place for everyone's price point.

I have a family and cannot afford a townhouse or a home on my income. 30K above the mean and median income in this area.

What area are you looking and at what price range.

[Anonymous]

Look at SF. They can definitely go higher, there are enough people here with salaries to afford them - those that can't will be priced out.

[Anonymous]

Anonymous wrote:Look at SF. They can definitely go higher, there are enough people here with salaries to afford them - those that can't will be priced out.

Hah, only yesterday there was talk about the deflating of the tech bubble, which is why SF real estate is enjoying its own bubble.

In DC, about 90% of homeowners could not afford to purchase at todays prices; we have such low inventory that the constrained supply has triggered a bubble (unlike before, when it was a demand driven bubble). Look at the housing stats: there are fewer and fewer first time buyers every month. Ponzi scheme, with home owners and investors selling homes back and forth to each other -- you better be liquid if you are the one left holding the bag.

Capital city. DC has a long way to go before in same league as London or Paris, like generations. And may never happen because of the cultural and commercial diversity that those towns offer, while DC is a company town. Don't get me wrong, it is a nice town. But the only real attraction to why people move here is jobs; if the housing is so expensive that the jobs really are not paying enough, people will stop moving here and prices will drop. And there are very few jobs that must be located in DC, even law and lobbying could migrate if their salary costs are rising too fast trying to support employees cost of living. They'll just move back office to NC or Ohio, and leave a few partners and frontmen here; that would not support the population of the metro area.

[Anonymous]

OP here who asked about land.

I find it interesting it's taxed equal to the house every year. Not complaining (who likes real estate taxes?). I just thought land values (one acre) would rise in this area greater than house value if later stays about the same year to year. Our tax increase seems to go up in tandem.