Please help us find our new DC home!

[Anonymous]

DH and I (and a baby on the way) have moved from California to DC. We are pretty familiar with the DC, but do not know many people with babies or young children in the area. Please help us find our dream neighborhood! What we're looking for:

About us/area preferences:
We're both in our 30's. I work at home (and will continue to do so part time with a baby) and DH works downtown. Do any areas have more stay at home mom's than others? We have one car and plan on keeping it. We're not particularly political, and we're definitely not granola-y.

The area:
The most important factor is probably resale value. We can't guarantee that we won't have to move for work in 2-3 years, so we want to buy a place that is likely to be easy to resell at a break even point or profit.
Walker-friendly. The more we can walk to, the better! Shopping, restaurants, a gym, grocery stores etc. Ideally, I wouldn't have to drive every day.
A decent number of stroller-age children
Easy metro or bus access to Farragut North/West
A good local pre-k/kindergarten would be ideal, but not a deal breaker

The house:
$500,000-700,000
new or remodeled condo or townhome
2-3 bedrooms
1100-1500 sq. ft

I've done a lot of online searching, and I've found some options in the following areas:

Upper NW DC, Adams Morgan, Woodley Park, Cleveland Park, Logan Circle and Glover Park. We are not opposed to Bethesda or Courthouse/Clarendon if we could get more home for our money.

We aren't super familiar with Capitol Hill, mainly because we haven't made any friends who live there.

Locals, please let me know what area you think would be best for us to call home. I appreciate any guidance in this process.

[Anonymous]

You're unlikely to find much new construction, but remodeled is possible. For your $$, I'd think Logan Circle/U Street or Capitol Hill would be the best. Both areas have kids, but Capitol Hill is swarming with them.

GL

[Anonymous]

You should rent if there's a chance you'll move in 2-3 years. Also, your budget is very small for DC, so you won't get much for your money Maybe Clarendon VA, if you really want to buy. Unfortunately, the DC area is really expensive.

[Anonymous]

OP here. I should clarify that we are looking for a condo or townhome, NOT a single family house. We're only looking for 1100 sq. ft--I have found plenty of options in the 500-700,000 range. The questions is really what area we should buy into.

[Anonymous]

Capitol Hill.

[Anonymous]

I would go for Adams Morgan - kalorama, or Columbia heights - Mt pleasant, or the u street corridor. Good bus routes and fabulous walkability.16th street has a great bus line that takes you down to 16 th and k.

[Anonymous]

The costs to buy and then sell at $500-700k house are around 100k. There's NO earthly way a house (even in DC) at this price point (or really any house) will appreciate this much in 2-3 years. In face it may very likely depreciate.

Unless you are comfortable with losing money for the chance to own I'd definitely rent.

[Anonymous]

I agree that you should rend and not buy.

You'd need your property to appreciate $30,000 to $50,000 in two or three years to break even, which seems unlikely in this current condos market.

[Anonymous]

Generally it takes 5 years to break even on the costs of buying a home.

You'd need it to appreciate more than the 6% realtor costs for selling, PLUS the taxes/fees for buying and selling. As PPs have said, it doesn't make sense.

You won't get much more home in Arlington or in Bethesda, but the schools are better. Not sure if it's a possibility that you'll be staying longer, but that makes a difference.

I agree that you should rent, for at least a year, in a good area close to where your DH will be working. There aren't a whole lot of SAHMs in DC proper, most live in the suburbs because of the better schools and cost of living/house selection.

Also, look at where you are living/have lived vs. where you are looking. If you have always lived in the burbs, then it would be more difficult to a new city AND lifestyle. If you have lived in the city, then definitely look at places within walking distance to the metro; there are plenty of nice high rises. You don't want Adams Morgan, for example, if you've never had to deal with city issues (parking restrictions, crime, etc.).

[Anonymous]

RENT.

[Anonymous]

Maybe OP is trying to buy a fixer upper and remodel it. In this case you are adding significant value to your property that is above the average appreciation rates. If not, then I agree that it will be unlikely your property will appreciate enough in these 2-3 years to cover the costs associated with buying/selling it. also, DC has a 1% tax extra. VA does not have that, something else to consider. Don't know about MD.

OP are you getting a mortgage, because if you are your first 2 years will be primarily interest payments and condo fees, might as well invest your downpayment and rent. Unless you are looking for a screaming deal like a short sale, and/or you are very savvy when it comes to remodeling, it may not make much sense to buy. If you are unable to sell to break even, will you consider renting the property or will you need to asap take your money out in order to go buy something else?

[Anonymous]

There is a TON of new construction condos going on in Mount Vernon Triangle/Chinatown/Penn Quarter which I notice wasn't on your list. Very walkable, downtown (urban even!) and there is tons of things to do.

The area is starting to be more kid friendly - and there are nice rentals in the area as well.

[Anonymous]

Try Sutton Place townhouses in Wesley Heights. Horace Mann, the public elementary is very good (even though in DC) and has a lottery pre-K and regular K for all in bounds families. Great location, very safe neighborhood, close to parkland (Glover-Archibald Park), walk to Wisconsin Ave shops, close to American University for babysitters, 5 minutes from VA and MD. Not so close to a metro - closest one is Friednship Heights - but lots of bus service and FH metro is probably a 15 minute walk. You get a parking space. They tuypically retain their value very well because the neigjhborhood isone of the very best in DC.

[Anonymous]

You could also look in McLean Gardens which is in Cleveland Park.

[Anonymous]

Anonymous wrote:Try Sutton Place townhouses in Wesley Heights. Horace Mann, the public elementary is very good (even though in DC) and has a lottery pre-K and regular K for all in bounds families. Great location, very safe neighborhood, close to parkland (Glover-Archibald Park), walk to Wisconsin Ave shops, close to American University for babysitters, 5 minutes from VA and MD. Not so close to a metro - closest one is Friednship Heights - but lots of bus service and FH metro is probably a 15 minute walk. You get a parking space. They tuypically retain their value very well because the neigjhborhood isone of the very best in DC.

Nice.