Starter home with newborn (DC)

[Anonymous]

OP, go with your gut. There are some beautiful condo and coop buildings in DC. If you enjoy the time living there, that might outweigh a small profit over a couple of years on a house somewhere far off in Petworth where you have to drive everywhere.

[Anonymous]

Anonymous wrote:OP, go with your gut. There are some beautiful condo and coop buildings in DC. If you enjoy the time living there, that might outweigh a small profit over a couple of years on a house somewhere far off in Petworth where you have to drive everywhere.

I live near Petworth and rarely drive. And I enjoy living here.

[Anonymous]

Why would someone need to drive in Petworth?

[Anonymous]

Anonymous wrote:Look in Glover Park. Close in, you can get a decent 2BR for $500K, and you are in the Stoddert-Hardy-Wilson boundary.

Except that Glover Park is not close in, the $500k condo will be full of senior citizens, and in five years when they need ROI to get to a bigger house, will only sell for $500k or less.

For condos - Columbia Heights, Mt. Pleasant, Kalorama, Woodley Park, Cleveland Park, Van Ness, Friendship Heights, Adams Morgan. Plan to make a lot of parenting friends but move in five years.

For houses, Brightwood, Takoma, Manor Park, for your price range maybe Petworth, maybe Brookland, maybe 16th Street Heights if you have werewithal for a fixer upper. Plan to make a lot of parenting friends, host them in your back yard, and stay longer than you thought you would. Sell for more than you paid - especially in Brightwood, Takoma and Manor Park. I just recommend staying away from Missouri Street and Kennedy east of Georgia.

[Anonymous]

Anonymous wrote:Why would someone need to drive in Petworth?

So they don't get shot when walking down the street.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Look in Glover Park. Close in, you can get a decent 2BR for $500K, and you are in the Stoddert-Hardy-Wilson boundary.

Except that Glover Park is not close in, the $500k condo will be full of senior citizens, and in five years when they need ROI to get to a bigger house, will only sell for $500k or less.

For condos - Columbia Heights, Mt. Pleasant, Kalorama, Woodley Park, Cleveland Park, Van Ness, Friendship Heights, Adams Morgan. Plan to make a lot of parenting friends but move in five years.

For houses, Brightwood, Takoma, Manor Park, for your price range maybe Petworth, maybe Brookland, maybe 16th Street Heights if you have werewithal for a fixer upper. Plan to make a lot of parenting friends, host them in your back yard, and stay longer than you thought you would. Sell for more than you paid - especially in Brightwood, Takoma and Manor Park. I just recommend staying away from Missouri Street and Kennedy east of Georgia.

Agree with staying away from Missouri, Kennedy and while your at it the rest for that entire area. I would recommend anybody thinking about brightwood go walk around on a Friday night up Georgia and see if it really for you.

[Anonymous]

Anonymous wrote:PETWORTH

Petworth, so nice that even the biggest fans of it who make their living talking about it move away.

[Anonymous]

Anonymous wrote:

Anonymous wrote:PETWORTH

Petworth, so nice that even the biggest fans of it who make their living talking about it move away.

what do you expect from self anointed royalty?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why would someone need to drive in Petworth?

So they don't get shot when walking down the street.

In retrospect, I think I've been shot multiple times while walking down the street - I just hadn't realized it until you thoughtfully pointed it out to me. I'll go get a car now. Thanks for the heads up.

[Anonymous]

What kind of house would OP get for 500k in Petworth? And then have to lottery into charter schools? Many people would not want to take on that risk.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Look in Glover Park. Close in, you can get a decent 2BR for $500K, and you are in the Stoddert-Hardy-Wilson boundary.

Except that Glover Park is not close in, the $500k condo will be full of senior citizens, and in five years when they need ROI to get to a bigger house, will only sell for $500k or less.

For condos - Columbia Heights, Mt. Pleasant, Kalorama, Woodley Park, Cleveland Park, Van Ness, Friendship Heights, Adams Morgan. Plan to make a lot of parenting friends but move in five years.

For houses, Brightwood, Takoma, Manor Park, for your price range maybe Petworth, maybe Brookland, maybe 16th Street Heights if you have werewithal for a fixer upper. Plan to make a lot of parenting friends, host them in your back yard, and stay longer than you thought you would. Sell for more than you paid - especially in Brightwood, Takoma and Manor Park. I just recommend staying away from Missouri Street and Kennedy east of Georgia.

How is glover park not close in? It's super close in.

[Anonymous]

McClean Gardens is half Eaton (Hardy) and half Hearst (Deal).

[Anonymous]

I bought a small house in the Glover almost 10 years ago - planning to sell it after 5 once our kids hit a certain age - but the prices on paper/appraisers were much lower than it was possible to really put it on the market for, transaction sale prices are not only the 6% but also the costs of fixing it up for market, and when we wanted to sell - the market was pretty soft. Remember with condos and small houses, you can't build them out and modernize them the same way you can with many SFHs - so limits the potential upside gain. Anyway, we are renting that house & bought a bigger one in a good JKLM neighborhood, which isn't a bad outcome (although means $ tied up, have to deal with management/things breaking/upkeep/etc on two places which is a big headache & bets on appreciation which may or may not keep pace with other investment options - or even toward furnishing and upkeep of our current living house), but worth keeping in mind this isn't the 'flipping houses' era of the early/mid 2000s.

[Anonymous]

Anonymous wrote:

Begging and pleading: please stop the "I bought my condo and made a million bucks" posts. The person who posted it is either dimwitted or a troll.


I didn't make a million. Never said I did. But did I buy for 380K in 2008 and sell in one day on market in 2012 for 420K? Yes, yes I did. Speedy that offends you.

Okay, so you made, on paper, 40k in 4 years. Minus, let's say, 6.25% transaction costs (buyers/sellers agent at 2.5% each plus 1.25 transfer tax--whchi it is in DC)--not even including closing costs on loan--, bringing you to about 394k. that's 14k 'profit' in 4 years. Subtract closing costs--did you really make money? how did the cost of ownership--mortgage plus repairs minus tax break--compare to renting? what could you have made if you had invested the downpayment and rented?

I'm glad you think you made a great deal, but its important for the OP to realize that 5 years goes fast, condos aren't always good investments and what you think you need when you have a newborn is very different than what you need with a family with slightly older kids. If OP has money to invest in a downpayment, might make sense to wait and rent, or buy in a better school district/more space. Buying/selling in 5 years costs a lot of money!

+1 Np here

[Anonymous]

OP, buy the house you will need and want for your family in 5 years' time. If you plan on having more kids or need a particular school, just go for it now. Borrow money from family or stretch yourself if that's what it takes. Between transaction costs and the hassle of moving, it will be a more prudent move - in terms of finances, your sanity, and your kids' life - to just be "one and done."