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

[Anonymous]

Anonymous wrote:

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?

When new GS-13 listings are about to be posted.

[Anonymous]

It looks like 2 bedrooms are in the attic and one is in the basement, which is why it's not more expensive.

[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.

a 5br, 2600 sqft house is not "normal" for most Americans.

[Anonymous]

Anonymous wrote:

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.

PP here.

Also, I don't believe these transactions are handled by agents, more the title companies and RE lawyers who see this traffic... so if you're an agent, I doubt you see this.

My point is, if you think this residential market is driven by local demand only, it really doesn't make sense. However, this pricing makes more sense when consider that there are significant streams of global capital looking for a safe home, and yes, decent schools while at it. The market is soft for other types of investments, real estate is holding its value better than other investments, and if you can park some cash and let your relatives enjoy a house in the DC region at the same time, why not?

These articles are DC-centric: They focud primarily on commercial transactions, but guess what, there is a very real impact on the residential market as well.

http://wdcep.com/washington-dc-proclaimed-an-american-city-of-the-future-for-foreign-investment/

https://www.bisnow.com/washington-dc/news/capital-markets/foreign-money-likes-dc-in-2016-54436

For a more specific suburban example, take a look at the change in the Korean population in Howard County over the past 6 years and you'll get a sense of what I mean with respect to the suburban markets. In the Howard County situation, it is actually families more so than sheer investors, but this is not Korean-American families relocting from other parts of the country, these are emigres from Korea.

I don't think it is a bad thing, quite the opposite, I LOOOOOVE the international aspect of living in this region. But it does not favor young families scraping their downpayments together... Even with significant family help, it is not an easy market.

[Anonymous]

Anonymous wrote:if the transplants could move out and we could revert back to 1999 that house will go down to it's true price of $180k

I keep telling them to move the seat of government back to God's Own Country of Los Angeles, but nope, still stuck in this also-ran of a city.

[Anonymous]

http://www.zillow.com/homes/for_sale/Arlington-VA/fsba,fsbo,fore,new_lt/house,mobile,townhouse_type/12055570_zpid/30258_rid/500000-800000_price/1806-2890_mp/any_days/38.964881,-76.992188,38.740829,-77.315255_rect/11_zm/0_mmm/?3col=true

http://www.zillow.com/homes/for_sale/Arlington-VA/fsba,fsbo,fore,new_lt/house,mobile,townhouse_type/12055676_zpid/30258_rid/500000-800000_price/1806-2890_mp/any_days/38.964881,-76.992188,38.740829,-77.315255_rect/11_zm/0_mmm/?3col=true

http://www.zillow.com/homes/for_sale/Arlington-VA/fsba,fsbo,fore,new_lt/house,mobile,townhouse_type/12092791_zpid/30258_rid/500000-800000_price/1806-2890_mp/any_days/pricea_sort/38.964881,-76.992188,38.740829,-77.315255_rect/11_zm/0_mmm/?3col=true

http://www.zillow.com/homes/for_sale/Arlington-VA/fsba,fsbo,fore,new_lt/house,mobile,townhouse_type/12074107_zpid/30258_rid/500000-800000_price/1806-2890_mp/any_days/pricea_sort/38.964881,-76.992188,38.740829,-77.315255_rect/11_zm/0_mmm/?3col=true

http://www.zillow.com/homes/for_sale/Arlington-VA/fsba,fsbo,fore,new_lt/house,mobile,townhouse_type/30258_rid/500000-800000_price/1806-2890_mp/any_days/pricea_sort/38.964881,-76.992188,38.740829,-77.315255_rect/11_zm/0_mmm/

[Anonymous]

Anonymous wrote:

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?

Getting internships or jobs later on.

[Anonymous]

Anonymous wrote:http://www.zillow.com/homes/for_sale/Arlington-VA/fsba,fsbo,fore,new_lt/house,mobile,townhouse_type/12055570_zpid/30258_rid/500000-800000_price/1806-2890_mp/any_days/38.964881,-76.992188,38.740829,-77.315255_rect/11_zm/0_mmm/?3col=true

http://www.zillow.com/homes/for_sale/Arlington-VA/fsba,fsbo,fore,new_lt/house,mobile,townhouse_type/12055676_zpid/30258_rid/500000-800000_price/1806-2890_mp/any_days/38.964881,-76.992188,38.740829,-77.315255_rect/11_zm/0_mmm/?3col=true

http://www.zillow.com/homes/for_sale/Arlington-VA/fsba,fsbo,fore,new_lt/house,mobile,townhouse_type/12092791_zpid/30258_rid/500000-800000_price/1806-2890_mp/any_days/pricea_sort/38.964881,-76.992188,38.740829,-77.315255_rect/11_zm/0_mmm/?3col=true

http://www.zillow.com/homes/for_sale/Arlington-VA/fsba,fsbo,fore,new_lt/house,mobile,townhouse_type/12074107_zpid/30258_rid/500000-800000_price/1806-2890_mp/any_days/pricea_sort/38.964881,-76.992188,38.740829,-77.315255_rect/11_zm/0_mmm/?3col=true

http://www.zillow.com/homes/for_sale/Arlington-VA/fsba,fsbo,fore,new_lt/house,mobile,townhouse_type/30258_rid/500000-800000_price/1806-2890_mp/any_days/pricea_sort/38.964881,-76.992188,38.740829,-77.315255_rect/11_zm/0_mmm/

sorry, that last one was supposed to be:

http://www.zillow.com/homes/for_sale/Arlington-VA/fsba,fsbo,fore,new_lt/house,mobile,townhouse_type/12066040_zpid/30258_rid/500000-800000_price/1806-2890_mp/any_days/priced_sort/38.961811,-76.992188,38.743908,-77.315255_rect/11_zm/0_mmm/?3col=true

[Anonymous]

Anonymous wrote:

Anonymous wrote:http://www.zillow.com/homes/for_sale/Arlington-VA/fsba,fsbo,fore,new_lt/house,mobile,townhouse_type/12055570_zpid/30258_rid/500000-800000_price/1806-2890_mp/any_days/38.964881,-76.992188,38.740829,-77.315255_rect/11_zm/0_mmm/?3col=true

http://www.zillow.com/homes/for_sale/Arlington-VA/fsba,fsbo,fore,new_lt/house,mobile,townhouse_type/12055676_zpid/30258_rid/500000-800000_price/1806-2890_mp/any_days/38.964881,-76.992188,38.740829,-77.315255_rect/11_zm/0_mmm/?3col=true

http://www.zillow.com/homes/for_sale/Arlington-VA/fsba,fsbo,fore,new_lt/house,mobile,townhouse_type/12092791_zpid/30258_rid/500000-800000_price/1806-2890_mp/any_days/pricea_sort/38.964881,-76.992188,38.740829,-77.315255_rect/11_zm/0_mmm/?3col=true

http://www.zillow.com/homes/for_sale/Arlington-VA/fsba,fsbo,fore,new_lt/house,mobile,townhouse_type/12074107_zpid/30258_rid/500000-800000_price/1806-2890_mp/any_days/pricea_sort/38.964881,-76.992188,38.740829,-77.315255_rect/11_zm/0_mmm/?3col=true

http://www.zillow.com/homes/for_sale/Arlington-VA/fsba,fsbo,fore,new_lt/house,mobile,townhouse_type/30258_rid/500000-800000_price/1806-2890_mp/any_days/pricea_sort/38.964881,-76.992188,38.740829,-77.315255_rect/11_zm/0_mmm/

sorry, that last one was supposed to be:

http://www.zillow.com/homes/for_sale/Arlington-VA/fsba,fsbo,fore,new_lt/house,mobile,townhouse_type/12066040_zpid/30258_rid/500000-800000_price/1806-2890_mp/any_days/priced_sort/38.961811,-76.992188,38.743908,-77.315255_rect/11_zm/0_mmm/?3col=true

But some of these are townhouses and I want SFH! And I want five bedrooms, not a measly four! And I want more square footage! Closer in! For 50K less! And I want...I want...I want...

[Anonymous]

I don't believe these transactions are handled by agents, more the title companies and RE lawyers who see this traffic... so if you're an agent, I doubt you see this.

I am an agent (not in Virginia, though) and we see this all the time.

[Anonymous]

Don't know why everyone is jumping on OP. We all want nice homes, in great communities, that comfortably fit our families, and are close to our jobs. And we all wish they were less expensive.

Also, foreign investors buying up penthouses in NYC? Sure
Russian oil magnates ( or whoever) buying up arlington's sfh's ...umm... No.

[Anonymous]

Anonymous wrote:Don't know why everyone is jumping on OP. We all want nice homes, in great communities, that comfortably fit our families, and are close to our jobs. And we all wish they were less expensive.

Also, foreign investors buying up penthouses in NYC? Sure
Russian oil magnates ( or whoever) buying up arlington's sfh's ...umm... No.

Ugh. Chinese money. Middle eastern money. Again, higher in the market **than this particular house**, but the point is, it pushes all prices higher. SMH. Basic stuff, guys.

[Anonymous]

Anonymous wrote:

I don't believe these transactions are handled by agents, more the title companies and RE lawyers who see this traffic... so if you're an agent, I doubt you see this.

I am an agent (not in Virginia, though) and we see this all the time.

I am an agent in Arlington VA and we see this but most,y with expensive condos.

[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.

Oh please, give OP a break. S/he wasn't "expecting" anything, but was just lamenting the reality.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:http://www.zillow.com/homes/for_sale/Arlington-VA/fsba,fsbo,fore,new_lt/house,mobile,townhouse_type/12055570_zpid/30258_rid/500000-800000_price/1806-2890_mp/any_days/38.964881,-76.992188,38.740829,-77.315255_rect/11_zm/0_mmm/?3col=true

http://www.zillow.com/homes/for_sale/Arlington-VA/fsba,fsbo,fore,new_lt/house,mobile,townhouse_type/12055676_zpid/30258_rid/500000-800000_price/1806-2890_mp/any_days/38.964881,-76.992188,38.740829,-77.315255_rect/11_zm/0_mmm/?3col=true

http://www.zillow.com/homes/for_sale/Arlington-VA/fsba,fsbo,fore,new_lt/house,mobile,townhouse_type/12092791_zpid/30258_rid/500000-800000_price/1806-2890_mp/any_days/pricea_sort/38.964881,-76.992188,38.740829,-77.315255_rect/11_zm/0_mmm/?3col=true

http://www.zillow.com/homes/for_sale/Arlington-VA/fsba,fsbo,fore,new_lt/house,mobile,townhouse_type/12074107_zpid/30258_rid/500000-800000_price/1806-2890_mp/any_days/pricea_sort/38.964881,-76.992188,38.740829,-77.315255_rect/11_zm/0_mmm/?3col=true

http://www.zillow.com/homes/for_sale/Arlington-VA/fsba,fsbo,fore,new_lt/house,mobile,townhouse_type/30258_rid/500000-800000_price/1806-2890_mp/any_days/pricea_sort/38.964881,-76.992188,38.740829,-77.315255_rect/11_zm/0_mmm/

sorry, that last one was supposed to be:

http://www.zillow.com/homes/for_sale/Arlington-VA/fsba,fsbo,fore,new_lt/house,mobile,townhouse_type/12066040_zpid/30258_rid/500000-800000_price/1806-2890_mp/any_days/priced_sort/38.961811,-76.992188,38.743908,-77.315255_rect/11_zm/0_mmm/?3col=true

But some of these are townhouses and I want SFH! And I want five bedrooms, not a measly four! And I want more square footage! Closer in! For 50K less! And I want...I want...I want...

Well, none of these are townhouses, but I take your point.