First time homebuyer: lower-price condo or stretch for rowhouse in DC?

Anonymous
Anonymous wrote:
Anonymous wrote:I would argue not all condos are in infinite supply. I say this as some older low rise ones have larger units in great locations that would never be built again. I own a garden apt from the 1960s in a super prime location. They put 30 units on one acre. Today there would be a massive large high rise buildings packed in with high common charges.

There are a few ones like that in dc but cookie cutter new Condos are going to depreciate.


Agree with this poster. Some condos are a great value. Not the new ones but we live in townhouse condo in an amazing super nice location and have outdoor space with low fees. The place on K st is not a good deal. Those are high fees and that isn't a great neighborhood for kids.


The townhouse condos are more similar to rowhouses (but tend to be a bit newer); but the new 'generic modern' condos - while great for acting as a pressure value on upper end prices - tend have relatively constant prices, with only a few exceptions. Supply keeps coming in, which is a good thing.
Anonymous
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Stretch. We put $100k down on $850k in Alexandria (so not the same situation, we left DC be we wanted a SFH but similar price/income consideration) with $280k HHI and probably not a ton of income growth. Will likely top off at $300k/$320k. We have 2 young kids and because of the pandemic have our own nanny which is the priciest childcare and we still manage. We meet our savings goals every month. We don’t max out retirement but one of us is close and the other has generous employer contribution in addition to employee contribution. I will caveat this by saying we have no debt other than the mortgage. We will, of course end up paying for PreK, but when we left DC we got into our absolute last preK lottery option (Inbound school was IMPOSSIBLE to get into for preK. They even rejected siblings.) so we were going to do private preK anyways And then we just decided to move.


What DC neighborhood were you in?


We were in Hill East, zoned for Maury. We only managed to get into AT Oklahoma Avenue which was our last choice. Getting into PreK 3 most places in the city is not easy at this point and places that used to be sure bets aren't anymore (at least on the Hill. AT OK is the only sure bet). I'm less familiar with the areas OP is looking at in DC as I was a hill resident for 7 years. But OP, if you are banking on free preK for your future children I'd check out your in bounds school and schools located in the neighborhoods you are looking at to get a sense of how competitive it is to get into schools for preK 3. It was disheartening that we literally had not a snowball's chance in hell of getting into our in boundary school for preschool. We knew Maury was popular but were naive in what that meant.: https://public.tableau.com/profile/aaron2446#!/vizhome/MSDCSeatsandWaitlistOfferData/MSDCPublicDisplay.


I'm new to this: can you explain a bit about how this works? I know it's not the point of the thread but it's relevant. I thought free prek was guaranteed for DC residents? So it's an issue of too much demand in certain areas, so you might not get into places nearby and have to go to other parts of the city? Is it the same lottery as the charter lottery?


This is PP and like I said, I only have knowledge of the Hill but the system is the same for all of DCPS & PCSB (charter schools). So how it works is you have to fill out a lottery application (that is inclusive of both public neighborhood schools and public charter schools--they're all the same lottery). There are various preferences--for example you may have a sibling attending (your older child attends the school), you may have a boundary preference (you live in the neighborhood zone for that school)--in boundary, sibling attending trumps them all. For preK you are not guaranteed space at your neighborhood school, but you are guaranteed space when they hit kindergarten. Some people also play the lottery in the hopes of getting in somewhere that they plan to stay throughout school--usually a charter school. In our situation, we ranked Maury #1 since that was our in-bound school and thus we had preference. We then listed pretty much every public neighborhood school on the hill near us. We added some charters--nothing particularly popular as we knew if we didn't get into Maury we weren't getting into SWS (for example).

Anyways, here's how it shook out if you look at the data. There were 33 open seats in PK3 at Maury, our #1 choice. 418 people had it on their lists. 33 of those got in. All 33 of those slots went to in-boundary students who already had siblings attending. By October, 5 offers off the waitlist were made. Again, all to in-boundary students with siblings attending. After October, there were still 4 in-boundary students with siblings attending who did not get in, followed by 52 in boundary students who never even had a shot, let alone everyone else who had no preference. Again, I will reiterate, Maury is a very popular school.

More data here on DCPS (non charter): https://enrolldcps.dc.gov/node/61

Depending on what you put on your list, you can 100% strike out for prek--though there is a chance to get leftover spots after the lottery at other schools you didn't have on your list. So say you list 12 schools that are all hard to get into, you face a good chance of getting into zero. That's why you look at wait list data to make a determination of what school is your first choice, and if there are any where it seems like everyone or nearly everyone gets in and whether that school is a good match for your family. We listed a school we knew we'd be 90-100% likely to get into in last place, but we knew when we put it on it might not be the right fit and we might go private. That's the school we ended up getting into.

There are some schools with guaranteed Early Action which means you are guaranteed a spot if you are in bounds: https://dcps.dc.gov/page/pre-kindergarten-pk3-and-pk4. But these change over time--for example Payne used to be on here but isn't anymore.

If this is OP, you are far away from this decision making as you don't have a little one yet so it's really hard to understand how things will look, but this is to give you an idea. Regardless, I still say stretch Like I said, we did, and we ended up without free prek and have still been able to make it work no problem.


OP here — very helpful. Thank you!
Anonymous
Curious what you’re willing to stretch to? I’m at least a year away from buying (so not competing with you but didn’t think it’d be possible to buy a townhouse in the city. I’m slightly younger (26) with a 300k HHI so room for growth, but it still seemed like at current HHI there are almost no townhouses in the areas you cite that I could afford. I know it’s a personal decision but wondering if my threshold is too low
Anonymous
Anonymous wrote:Curious what you’re willing to stretch to? I’m at least a year away from buying (so not competing with you but didn’t think it’d be possible to buy a townhouse in the city. I’m slightly younger (26) with a 300k HHI so room for growth, but it still seemed like at current HHI there are almost no townhouses in the areas you cite that I could afford. I know it’s a personal decision but wondering if my threshold is too low


OP here — were willing to stress to 850k, which with the money we have for downpayment and low interest rates, would be around 3500/mo payment. We have no other debt.

If you’re 26 and pulling in 300k...you should be fine.
Anonymous
Anonymous wrote:
Anonymous wrote:Curious what you’re willing to stretch to? I’m at least a year away from buying (so not competing with you but didn’t think it’d be possible to buy a townhouse in the city. I’m slightly younger (26) with a 300k HHI so room for growth, but it still seemed like at current HHI there are almost no townhouses in the areas you cite that I could afford. I know it’s a personal decision but wondering if my threshold is too low


OP here — were willing to stress to 850k, which with the money we have for downpayment and low interest rates, would be around 3500/mo payment. We have no other debt.

If you’re 26 and pulling in 300k...you should be fine.


Thanks for sharing! You’re in a much better place w/ down payment than I am (just finished two years of grad school so building back from 0) but very helpful to hear
Anonymous
Anonymous wrote:Stretch.
We lived in a condo with two little, well behaved kids. We still got several noise complaints from our neighbors.

We did too, about 40 of them. The minute our baby took her first steps, the downstairs neighbor call it noise. This constant calling is encouraged by our condo rules and the management. The caller doesn't have to prove noises or make sure the accused is even at home. People get calls while on vacation, because security doesn't check for the noise but heads straight to the door and calls til he get an answer.
Anonymous
Anonymous wrote:
Anonymous wrote:I think it depends: if you do condo, will you be in a neighborhood you prefer for schools and thus want to stay in longer (noting that in DC places with higher-regarded schools have a lower chance of you getting a PK space)? Do you like DIY or will you be happy not to have to deal with roof, gutters, windows, landscaping, etc. while you are also dealing with young children? Is there any chance you can find a 3br condo you like, for example https://www.redfin.com/DC/Washington/3930-Connecticut-Ave-NW-20008/unit-501H/home/145670981 (a coop, so the fee includes utilities and taxes) or https://www.redfin.com/DC/Washington/4201-Cathedral-Ave-NW-20016/unit-405E/home/9951663 (I do think the fee here is ridiculous and the unit should be cheaper given that)?

[/b]There's a house on Primrose St. in Shepherd Park that if you can nab it would also be good and in your price range, but I wouldn't rule out a condo if that works better for you.[b]


That house is priced for a bidding war. It will sell for 950. White people have discovered SP and are driving prices up, thanks to all the shilling the neighborhood gets on DCUM.



That house sold for 925. Shepherd Park is firmly out of OP's price range.
Anonymous
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I think it depends: if you do condo, will you be in a neighborhood you prefer for schools and thus want to stay in longer (noting that in DC places with higher-regarded schools have a lower chance of you getting a PK space)? Do you like DIY or will you be happy not to have to deal with roof, gutters, windows, landscaping, etc. while you are also dealing with young children? Is there any chance you can find a 3br condo you like, for example https://www.redfin.com/DC/Washington/3930-Connecticut-Ave-NW-20008/unit-501H/home/145670981 (a coop, so the fee includes utilities and taxes) or https://www.redfin.com/DC/Washington/4201-Cathedral-Ave-NW-20016/unit-405E/home/9951663 (I do think the fee here is ridiculous and the unit should be cheaper given that)?

There's a house on Primrose St. in Shepherd Park that if you can nab it would also be good and in your price range, but I wouldn't rule out a condo if that works better for you.

Please don't recommend 4201 Cathedral Avenue.

Uh you can’t leave us hanging...

Toxic environment. Neighbors are calling security on one another daily. Letters are left on people's doors for everybody to read if one neighbor doesn't like each other.
Anonymous
stretch
Anonymous
OP, did you buy a property or decide to stay longer at current place?
Anonymous
Get married first
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