Housing Bubble or Greed?

[Anonymous]

Okay, so condos are already a so-so investment, and in fact Arlington is now converting some apartments into condos (new project over in Ft Myer, as pointed out in ArlNow).

But this one sold for $1.05M back in the early 2000s bubble, and now is listing for for $1.2M (almost a 15% price increase over the bubble peak pricing).

http://www.redfin.com/VA/Arlington/1615-N-Queen-St-22209/unit-M401/home/16897697

http://www.zillow.com/homedetails/1615-N-Queen-St-M401-Arlington-VA-22209/82557244_zpid/

On a condo. A very nice building, and good neighborhood. But a two bedroom condo.

If this sells anywhere near list, things have really gone off the rails somewhere, it is either housing bubble redux or the Fed has released the inflation genie out its bottle and we *are all doomed*.

[Anonymous]

Time will tell.

[Anonymous]

Anonymous wrote:Okay, so condos are already a so-so investment, and in fact Arlington is now converting some apartments into condos (new project over in Ft Myer, as pointed out in ArlNow).

But this one sold for $1.05M back in the early 2000s bubble, and now is listing for for $1.2M (almost a 15% price increase over the bubble peak pricing).

http://www.redfin.com/VA/Arlington/1615-N-Queen-St-22209/unit-M401/home/16897697

http://www.zillow.com/homedetails/1615-N-Queen-St-M401-Arlington-VA-22209/82557244_zpid/

On a condo. A very nice building, and good neighborhood. But a two bedroom condo.

If this sells anywhere near list, things have really gone off the rails somewhere, it is either housing bubble redux or the Fed has released the inflation genie out its bottle and we *are all doomed*.

My house in Clarendon sold for 1.05 million in 2009 and our selling agent and comps show it as worth $1.3 mill. now. Inventory is non-existent over here and buyers are overly abundant.

[Anonymous]

Fed has released the inflation genie out its bottle and we *are all doomed*.

This

[Anonymous]

You may find that attitudes toward condos are changing now that density is seen as a positive, location trumps space, and prices have gone up all around. Apartment living is NORMAL in cities-- it's just recovering from 50 years of low interest in this one.

I don't really understand why people who can afford the choice and want a new-ish pseudo-loft-y condo would choose Arlington, but it's worth pointing out that at 1800 squ. feet, this one is pretty big.

[Anonymous]

With the commoditization of RE it has become a greed / fear market in locals like DC.

But a lot of what is driving prices right now: cash investors, low inventory, cheap financing. Even if one of these falters, the market will slow and normalize.

No fed inflation genie, that's not how inflation works anyway, RE is not a high velocity commodity in people's personal consumption - so it is weighted less heavily then say food, or electricity.

[Anonymous]

this is somewhat nice property, but I'm really not into having my duct work exposed for $1.2M, but that's just me

[Anonymous]

Anonymous wrote:You may find that attitudes toward condos are changing now that density is seen as a positive, location trumps space, and prices have gone up all around. Apartment living is NORMAL in cities-- it's just recovering from 50 years of low interest in this one.

I don't really understand why people who can afford the choice and want a new-ish pseudo-loft-y condo would choose Arlington, but it's worth pointing out that at 1800 squ. feet, this one is pretty big.

Because Arlington's government is decent, public services are excellent, and the schools in 22209 are some of the best around.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You may find that attitudes toward condos are changing now that density is seen as a positive, location trumps space, and prices have gone up all around. Apartment living is NORMAL in cities-- it's just recovering from 50 years of low interest in this one.

I don't really understand why people who can afford the choice and want a new-ish pseudo-loft-y condo would choose Arlington, but it's worth pointing out that at 1800 squ. feet, this one is pretty big.

Because Arlington's government is decent, public services are excellent, and the schools in 22209 are some of the best around.

Yes, but for an urban area with great schools, Bethesda wins hands down at this price range. Arlington is way more middle-class, comparatively.

[Anonymous]

Oh gawd, that's a beautiful condo though.

Honestly these days when condos have as much sq ft as houses (more, in the case of many many N Arl houses we've viewed), you can throw a rock out your window and hit metro, and condo community spaces are as big as some parks and whole community centers, what's the ulyimate difference?

[Anonymous]

Greed is under bidding houses and trying to make sellers take a lost. See works both ways.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You may find that attitudes toward condos are changing now that density is seen as a positive, location trumps space, and prices have gone up all around. Apartment living is NORMAL in cities-- it's just recovering from 50 years of low interest in this one.

I don't really understand why people who can afford the choice and want a new-ish pseudo-loft-y condo would choose Arlington, but it's worth pointing out that at 1800 squ. feet, this one is pretty big.

Because Arlington's government is decent, public services are excellent, and the schools in 22209 are some of the best around.

Yes, but for an urban area with great schools, Bethesda wins hands down at this price range. Arlington is way more middle-class, comparatively.

No, Bethesda is what would be known is a "personal preference." What the fuck is wrong with you?

[Anonymous]

interesting article about DC area condos

http://www.bloomberg.com/news/2013-04-23/washington-faces-apartment-glut-after-boom-real-estate.html

[Anonymous]

I really like the condos at the Wooster. But it is a big fish bowl.

[Anonymous]

Some of the most expensive housing in Arlington is in condo flats such as Wooster, Mercer, Turnberry Towers, Waterview, and even older Prospect House and Representative. Lots of buyers including investors. Biggest housing development and biggest Stabilizing influence in South Arlington is Fairlington, a condo.
Who do you think pays for the public schools for your Jacobs and Emilies? Condo owners