Why can't a nice, normal house like this be in our price range?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP, how much do you think that house should sell for?

Ideally, right around 750k. Because that's what we could afford. I do realize that there's no way that house won't go quickly for the price it's at now. It looks lovely. And we are a two-income, 160k HHI family in a city where many, many people make more than we do. So I do understand we will never be able to afford a house that meets all our wants. (We are lucky to be in a great house in a great neighborhood that has doubled in value in the decade since we bought it. So we are beneficiaries of the housing boom, too.)

It's just that there is something so normal about that house. When I was growing up, I'd have been shocked to hear that I'd live in a place where our incomes couldn't buy that house.

I love how you expect a close in house in a desirable neighborhood for 750k in our nations capital. Unbelievable.

It's not that far off. If the finishes weren't as nice and the lot was smaller it'd be pretty close to $750k.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Adorable + Wolf range + dead end street < 15 minutes from the White House + probably the best school district in Arlington = a million dollars.

Sorry.

Rat race = a lot of rats.

Anyway, who really wants to live near someone who talks about "the best school district in Arlington"? It screams NoAr douchebag.

PP here. I do not, would not and never have lived in "NoAr." But I do live in reality, which is what I was trying to explain to OP.

Now, an exercise: what would have to happen to this house to make it $750K instead of $1M? Only 3 BR, one of them in the basement, instead of 5? Main road instead of dead-end street? Half the lot size? 1960s kitchen? Some combination of these?

[Anonymous]

https://www.redfin.com/VA/Arlington/5401-27th-St-N-22207/home/11227166

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP, how much do you think that house should sell for?

Ideally, right around 750k. Because that's what we could afford. I do realize that there's no way that house won't go quickly for the price it's at now. It looks lovely. And we are a two-income, 160k HHI family in a city where many, many people make more than we do. So I do understand we will never be able to afford a house that meets all our wants. (We are lucky to be in a great house in a great neighborhood that has doubled in value in the decade since we bought it. So we are beneficiaries of the housing boom, too.)

It's just that there is something so normal about that house. When I was growing up, I'd have been shocked to hear that I'd live in a place where our incomes couldn't buy that house.

Count your blessings, OP.

[Anonymous]

The above-grade sqft of the house is 1600ish. So it is a teardown.

[Anonymous]

It's cute but nothing special. I bet you could buy a cheaper house and turn it into something similar if you are willing to do the work yourselves. It's not hard to learn. It's just a lot of effort and labor.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP, how much do you think that house should sell for?

Ideally, right around 750k. Because that's what we could afford. I do realize that there's no way that house won't go quickly for the price it's at now. It looks lovely. And we are a two-income, 160k HHI family in a city where many, many people make more than we do. So I do understand we will never be able to afford a house that meets all our wants. (We are lucky to be in a great house in a great neighborhood that has doubled in value in the decade since we bought it. So we are beneficiaries of the housing boom, too.)

It's just that there is something so normal about that house. When I was growing up, I'd have been shocked to hear that I'd live in a place where our incomes couldn't buy that house.

I love how you expect a close in house in a desirable neighborhood for 750k in our nations capital. Unbelievable.

Yes, with FIVE bedrooms!

We make $180K between the two of us and bought a lovely 3-floor, 4-bedroom SFH in Crofton for $505. Because we know what reality is, and a $750K or $1M house in Arlington just isn't reality for our income and our goal of putting our two DDS through college.

[Anonymous]

Anonymous wrote:It's cute but nothing special. I bet you could buy a cheaper house and turn it into something similar if you are willing to do the work yourselves. It's not hard to learn. It's just a lot of effort and labor.

Not everyone wants to spend their evenings trying to DIY and improve their shit shacks. Plus who has time to learn that stuff?

[Anonymous]

Anonymous wrote:

Anonymous wrote:It's cute but nothing special. I bet you could buy a cheaper house and turn it into something similar if you are willing to do the work yourselves. It's not hard to learn. It's just a lot of effort and labor.

Not everyone wants to spend their evenings trying to DIY and improve their shit shacks. Plus who has time to learn that stuff?

Ok fine but then don't what ne that your shit shack continues to look like a shit shack.

[Anonymous]

Anonymous wrote:Arlington's government workers are often limited to lawyers who worked at law firms long enough to pay off student loans and amass enough to make a large enough down payment to buy a house and then take government jobs. The people who now buy in Arlinfton are consultants, techies, lawyers, a few doctors who are still paid well and people who won the parent or grandparent wealth transfer lottery

There is little foreign investment in Arlinfton, particularly in single family homes. Many condos were bought mid-century by foreign investors but they smartly dumped them when the market improved. Gpforeign investors may buy in Turnberry or Watervuew but it us mire likely for their occasional use or their relatives attending a local university.

Schools and location drive housing demand in Arlington.

At the higher end of the market, there are a significant percentage of purchases that are cash-only, no inspection, foreign investors. It is true that is more prevalent an issue in the District. And yes, they might use the property for relatives or visiting once a year, establishing residency, etc, but please do not pretend this is not a significant force in the market.

[Anonymous]

Anonymous wrote:That house is $500k in Silver Spring

So the schools are worth $500k. 3 kids x $15,000 a year for 12 years = $540,000. Plus, you get the benefit of maybe getting to know some rich people who can help you with contacts in the future. Arlington seems like the better buy.

[Anonymous]

Arlington is a hole.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Adorable + Wolf range + dead end street < 15 minutes from the White House + probably the best school district in Arlington = a million dollars.

Sorry.

Yep.
That's the way it is. You need to make peace with it. I've been here 15 years and accepted that we can't afford that.

+1. Also, a 5 bedroom, 2600 square foot house is not really "nice and normal" in this area. That's a really nice, renovated, and large house. Probably twice the size of the houses our parents grew up in in the post-War period.

+2. C'mon, OP. The homes of "nice and normal" people in Arlington are 2.5-3 BR, 1400 sq ft, with no renovations. And you will still pay more than $500k for them (sometimes a lot more)--if you can compete with the builders who are offering cash to knock them down.

[Anonymous]

Anonymous wrote:

Anonymous wrote:That house is $500k in Silver Spring

So the schools are worth $500k. 3 kids x $15,000 a year for 12 years = $540,000. Plus, you get the benefit of maybe getting to know some rich people who can help you with contacts in the future. Arlington seems like the better buy.

Contacts for what?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Adorable + Wolf range + dead end street < 15 minutes from the White House + probably the best school district in Arlington = a million dollars.

Sorry.

Yep.
That's the way it is. You need to make peace with it. I've been here 15 years and accepted that we can't afford that.

+1. Also, a 5 bedroom, 2600 square foot house is not really "nice and normal" in this area. That's a really nice, renovated, and large house. Probably twice the size of the houses our parents grew up in in the post-War period.

+2. C'mon, OP. The homes of "nice and normal" people in Arlington are 2.5-3 BR, 1400 sq ft, with no renovations. And you will still pay more than $500k for them (sometimes a lot more)--if you can compete with the builders who are offering cash to knock them down.

Exactly. If you want more, pick a suburb farther out.