AU/Friendship Heights market

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Great schools, public trans, extremely walkable. One of the best areas of the city... and they're not making any more land

On the other hand, I live around the corner from this house and there's no way I'd pay $3 million to live here, even if I had the money.

Interesting. Why not? Because of the aforementioned dumpy corridor along Wisconsin?

Because that’s just an absurd amount of money! Yes, that house is bigger and nicer than my house, but is it three times bigger and nicer? No. Better to spend the $1.5 million or whatever to get a “normal” house in the neighborhood and then spend the other $1.5 million on a vacation home or something if you’re desperate to put that much money into real estate.

[Anonymous]

Anonymous wrote:https://www.redfin.com/DC/Washington/4108-Fessenden-St-NW-20016/home/9961219?600390594=copy_variant&231528114=control&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

what do you guys think of this one? We went to the open house and it’s packed of people. Like crazy. I actually like it. Not surprised it’s pending now

We put an offer in for this one! Lost terribly

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Great schools, public trans, extremely walkable. One of the best areas of the city... and they're not making any more land

On the other hand, I live around the corner from this house and there's no way I'd pay $3 million to live here, even if I had the money.

Interesting. Why not? Because of the aforementioned dumpy corridor along Wisconsin?

Because that’s just an absurd amount of money! Yes, that house is bigger and nicer than my house, but is it three times bigger and nicer? No. Better to spend the $1.5 million or whatever to get a “normal” house in the neighborhood and then spend the other $1.5 million on a vacation home or something if you’re desperate to put that much money into real estate.

Maybe I’m in the minority but I think the OP’s linked house is 3x nicer than the house at 4108 Fessenden.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Great schools, public trans, extremely walkable. One of the best areas of the city... and they're not making any more land

On the other hand, I live around the corner from this house and there's no way I'd pay $3 million to live here, even if I had the money.

Interesting. Why not? Because of the aforementioned dumpy corridor along Wisconsin?

Because that’s just an absurd amount of money! Yes, that house is bigger and nicer than my house, but is it three times bigger and nicer? No. Better to spend the $1.5 million or whatever to get a “normal” house in the neighborhood and then spend the other $1.5 million on a vacation home or something if you’re desperate to put that much money into real estate.

Maybe I’m in the minority but I think the OP’s linked house is 3x nicer than the house at 4108 Fessenden.

And it is actually 3x the size as well (6000 sq feet vs. 1700), so it seems priced appropriately for the neighborhood.

[Anonymous]

Anonymous wrote:

Anonymous wrote:https://www.redfin.com/DC/Washington/4108-Fessenden-St-NW-20016/home/9961219?600390594=copy_variant&231528114=control&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

what do you guys think of this one? We went to the open house and it’s packed of people. Like crazy. I actually like it. Not surprised it’s pending now

We put an offer in for this one! Lost terribly

Just curious - how much above ask did you offer?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Great schools, public trans, extremely walkable. One of the best areas of the city... and they're not making any more land

On the other hand, I live around the corner from this house and there's no way I'd pay $3 million to live here, even if I had the money.

Interesting. Why not? Because of the aforementioned dumpy corridor along Wisconsin?

Because that’s just an absurd amount of money! Yes, that house is bigger and nicer than my house, but is it three times bigger and nicer? No. Better to spend the $1.5 million or whatever to get a “normal” house in the neighborhood and then spend the other $1.5 million on a vacation home or something if you’re desperate to put that much money into real estate.

Maybe I’m in the minority but I think the OP’s linked house is 3x nicer than the house at 4108 Fessenden.

And it is actually 3x the size as well (6000 sq feet vs. 1700), so it seems priced appropriately for the neighborhood.

Same, I think it’s 3x better than the other Fessenden house. But open to the notion that other houses in other areas would be just as nice in terms of price/finishes/location and less expensive.

[Anonymous]

I live in this neighborhood and think all the prices are insane. My house could apparently sell for $1.5 million, according to a recent appraisal for a refinance, but there's no way I'd pay that much for it. Am I just grumpy and out of touch with a rising market? Maybe. But I don't understand why people are spending this much.

[Anonymous]

Anonymous wrote:I live in this neighborhood and think all the prices are insane. My house could apparently sell for $1.5 million, according to a recent appraisal for a refinance, but there's no way I'd pay that much for it. Am I just grumpy and out of touch with a rising market? Maybe. But I don't understand why people are spending this much.

It's because there are maybe 5 neighborhoods total in the entire DMV that check the boxes of safe, walkable to daily errands, good transit, convenient to lots of jobs, and decent neighborhood schools. There is a massive demand for places like this, but it's literally illegal to build them, so the few that already exist get bid up to insane heights. In a rational world we would allow real estate development to respond to market signals just like every other industry, but for reasons that escape me we treat this as completely impossible, so here we are.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I live in this neighborhood and think all the prices are insane. My house could apparently sell for $1.5 million, according to a recent appraisal for a refinance, but there's no way I'd pay that much for it. Am I just grumpy and out of touch with a rising market? Maybe. But I don't understand why people are spending this much.

It's because there are maybe 5 neighborhoods total in the entire DMV that check the boxes of safe, walkable to daily errands, good transit, convenient to lots of jobs, and decent neighborhood schools. There is a massive demand for places like this, but it's literally illegal to build them, so the few that already exist get bid up to insane heights. In a rational world we would allow real estate development to respond to market signals just like every other industry, but for reasons that escape me we treat this as completely impossible, so here we are.

NIMBYS. The answer is always NIMBYs.

It's not good enough to own their own single family home, these selfish people DEMAND the right to tell everyone in the entire neighborhood what they can or can't do with their own property. They have this absolutely insane belief that "the character of the neighborhood" was included as their property when they bought their house, i.e. the right for everything in a miles wide radius to stay exactly the same as when they bought it forever.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I live in this neighborhood and think all the prices are insane. My house could apparently sell for $1.5 million, according to a recent appraisal for a refinance, but there's no way I'd pay that much for it. Am I just grumpy and out of touch with a rising market? Maybe. But I don't understand why people are spending this much.

It's because there are maybe 5 neighborhoods total in the entire DMV that check the boxes of safe, walkable to daily errands, good transit, convenient to lots of jobs, and decent neighborhood schools. There is a massive demand for places like this, but it's literally illegal to build them, so the few that already exist get bid up to insane heights. In a rational world we would allow real estate development to respond to market signals just like every other industry, but for reasons that escape me we treat this as completely impossible, so here we are.

Are these the five neighborhoods? What about Spring Valley or Palisades? I guess those aren't as walkable.

AU Park
Chevy Chase
Woodley Park
Cleveland Park
Glover Park

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I live in this neighborhood and think all the prices are insane. My house could apparently sell for $1.5 million, according to a recent appraisal for a refinance, but there's no way I'd pay that much for it. Am I just grumpy and out of touch with a rising market? Maybe. But I don't understand why people are spending this much.

It's because there are maybe 5 neighborhoods total in the entire DMV that check the boxes of safe, walkable to daily errands, good transit, convenient to lots of jobs, and decent neighborhood schools. There is a massive demand for places like this, but it's literally illegal to build them, so the few that already exist get bid up to insane heights. In a rational world we would allow real estate development to respond to market signals just like every other industry, but for reasons that escape me we treat this as completely impossible, so here we are.

Are these the five neighborhoods? What about Spring Valley or Palisades? I guess those aren't as walkable.

AU Park
Chevy Chase
Woodley Park
Cleveland Park
Glover Park

I would put some VA neighborhoods in there too like Clarendon but now a lot of my friends looking to buy in NOVA are looking in md/dc because of Youngkin

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I live in this neighborhood and think all the prices are insane. My house could apparently sell for $1.5 million, according to a recent appraisal for a refinance, but there's no way I'd pay that much for it. Am I just grumpy and out of touch with a rising market? Maybe. But I don't understand why people are spending this much.

It's because there are maybe 5 neighborhoods total in the entire DMV that check the boxes of safe, walkable to daily errands, good transit, convenient to lots of jobs, and decent neighborhood schools. There is a massive demand for places like this, but it's literally illegal to build them, so the few that already exist get bid up to insane heights. In a rational world we would allow real estate development to respond to market signals just like every other industry, but for reasons that escape me we treat this as completely impossible, so here we are.

NIMBYS. The answer is always NIMBYs.

It's not good enough to own their own single family home, these selfish people DEMAND the right to tell everyone in the entire neighborhood what they can or can't do with their own property. They have this absolutely insane belief that "the character of the neighborhood" was included as their property when they bought their house, i.e. the right for everything in a miles wide radius to stay exactly the same as when they bought it forever.

What do you propose? The lots in AU park are already small, so I don’t see how you would cram more density without duplex zoning.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I live in this neighborhood and think all the prices are insane. My house could apparently sell for $1.5 million, according to a recent appraisal for a refinance, but there's no way I'd pay that much for it. Am I just grumpy and out of touch with a rising market? Maybe. But I don't understand why people are spending this much.

It's because there are maybe 5 neighborhoods total in the entire DMV that check the boxes of safe, walkable to daily errands, good transit, convenient to lots of jobs, and decent neighborhood schools. There is a massive demand for places like this, but it's literally illegal to build them, so the few that already exist get bid up to insane heights. In a rational world we would allow real estate development to respond to market signals just like every other industry, but for reasons that escape me we treat this as completely impossible, so here we are.

NIMBYS. The answer is always NIMBYs.

It's not good enough to own their own single family home, these selfish people DEMAND the right to tell everyone in the entire neighborhood what they can or can't do with their own property. They have this absolutely insane belief that "the character of the neighborhood" was included as their property when they bought their house, i.e. the right for everything in a miles wide radius to stay exactly the same as when they bought it forever.

What do you propose? The lots in AU park are already small, so I don’t see how you would cram more density without duplex zoning.

As a resident, I don't see what the problem would be with duplex zoning (or even small, four-unit apartment buildings taking the place of homes).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I live in this neighborhood and think all the prices are insane. My house could apparently sell for $1.5 million, according to a recent appraisal for a refinance, but there's no way I'd pay that much for it. Am I just grumpy and out of touch with a rising market? Maybe. But I don't understand why people are spending this much.

It's because there are maybe 5 neighborhoods total in the entire DMV that check the boxes of safe, walkable to daily errands, good transit, convenient to lots of jobs, and decent neighborhood schools. There is a massive demand for places like this, but it's literally illegal to build them, so the few that already exist get bid up to insane heights. In a rational world we would allow real estate development to respond to market signals just like every other industry, but for reasons that escape me we treat this as completely impossible, so here we are.

NIMBYS. The answer is always NIMBYs.

It's not good enough to own their own single family home, these selfish people DEMAND the right to tell everyone in the entire neighborhood what they can or can't do with their own property. They have this absolutely insane belief that "the character of the neighborhood" was included as their property when they bought their house, i.e. the right for everything in a miles wide radius to stay exactly the same as when they bought it forever.

What do you propose? The lots in AU park are already small, so I don’t see how you would cram more density without duplex zoning.

As a resident, I don't see what the problem would be with duplex zoning (or even small, four-unit apartment buildings taking the place of homes).

But there's no opportunity for urban infill. There's already houses in those lots. Are you suggesting you want to give up your house for an apartment building?

[Anonymous]

Barnaby Woods is not as walkable, but if you've got $3M for a house, this one is gorgeous! (but not so great for small kids) https://nextdoor.com/real-estate-listings/27810729?init_source=copy_link_share