Worried About Buying EOTR
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Anonymous
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My primary worry is how rapidly prices have escalated over the last year relative to other areas of the city, even trendy areas like the H Street Corridor, Trinidad, Riggs Park etc have not seen price escalations so rapid. I've recently looked at the few renovated homes that are in my target EOTR neighborhoods and prices are $50k-$100k higher than where they were early last year, or even as late as September of last year. In Congress Heights near Malcolm X Ave, there are a cluster of renovated homes that are listed for at or slightly above $400k, these homes would have sold for $330,000-$365,000 last year.
I'm wondering if prices have escalated so quickly due to demand, or due to the lack of renovated homes on the market. There seems to have been tons of renovations that sold in early-2017 and September-November 2017. But now, there are minimal renovated homes on the market. Should I wait it out for more renovations to hit the market, or purchase from what's available now? I'm also open to buying something that needs some work. |
Anonymous
| Taking stock of your situation and goals should come first. Once that's clear, you can play games with market timing. |
Anonymous
| I wouldn't buy EOTR unless and until DC's economic situation improves which doesn't seem likely under this President, who seems dead set on reducing non-military government spending (hiring) and under the current DC political system which does a poor job in cultivating new private businesses. |
Anonymous
I understand your point. But I guess the hesitation in waiting to buy, is the fact that DC is growing so rapidly. I've been OK renting for the past 3 years, but at this point I'm ready for something of my own. I definitely could wait it out though. |
Anonymous
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If you want to know what will come available (location wise) do a search for homes that sold for under $250 in the last 6 months. Most of those will be renovations and most will come on the market this year.
Obviously you don’t know if they’ll be nice, or to your taste, but you’ll get a sense of volume and location. |
Anonymous
I don’t think it’ll get cheaper. I’m an NP, but I bought EOTR 3 years ago now and love my neighborhood. Plus I didn’t overpay, so regardless of what happens I set my housing costs low (which REALLY needed to happen - I’m a single mom and rent in this city is out of control). |
Anonymous
Looking now! Thanks for the tip. |
Anonymous
| I don’t think EOTR will ever gentrify like Shaw or NOMA. If it does, it’s 10-15 years away. Prices have gone up, yes, but they will level off. In 3-5 years there will be a generation of yuppies who moved to row houses and discover that it’s not enough room with kids. You’ll get another opportunity. |
Anonymous
| We were in similar situation. Tired of paying expensive rent in Bethesda and bit the bullet and moved to deanwood. We purchased a renovated house in the mid 300's. If the projects for deanwood explode, we will gain a large amount appreciation for the home. Far NE is still trying to figure out how it will gentrify but it will take time. |
Anonymous
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It’s difficult to predict what will happen EOTR. One could argue that many neighborhoods have better access to public transit and shopping (via car) than parts of Ft. Totten (shopping) and upper Petworth/Brightwood. I think the key difference is the quality of the housing stock. Houses in many EOTR areas are simply of lower quality and architectural value than areas WOTP and WOTR. Deanwood has seen lots of growth, but the houses are largely unattractive cheap wood/siding. Also the large housing projects and low income apartments aren’t going anywhere. Crime will always be a problem in Anacostia, Congress Heights and Deanwood due to the high concentration of poverty.
I’d say buy, only if you’re staying long term. But be prepared for a lack of gentrification and slow appreciation. |
Anonymous
You’re right, definitely depends on where EOTR. The builders of the homes in Hillcrest (and many in Penn Branch)also built many homes in Cleveland park/ upper northwest back in the day. Check out Hillcrest. I bought a sfh in Hillcrest on a large lot and love it! From Wikipedia... Hillcrest is a residential neighborhood. Nearly all the residences are single-family dwellings on sizeable lots, although there are a few apartment buildings. Architectural styles include American Craftsman bungalow, Federal Revival, Mid-Atlantic Colonial Revival, and Tudor Revival. The aesthetics and quality of the structures are generally excellent, equal to those of the upper-middle-class neighborhood of Cleveland Park.[3] Most of the homes near the intersection of Highview Terrace SE and 34th Street SE were constructed as luxury houses in late 1937 and early 1938, and was originally called "Fairfield".[6] |
Anonymous
| We bought a home in fort dupont two years ago. Love the home and will probably look for a larger home in fort dupont in a few years. There is some development in EOTR as the planet fitness will open early summer. I believe you van stretch your money further by living EOTR in ft dupont, hillcrest or penn branch |
Anonymous
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Check out this new listing. Great price for starter home.
url]1515 38th St SE Washington, DC 20020 https://www.redfin.com/DC/Washington/1515-38th-St-SE-20020/home/10145042 |
Anonymous
Well a planet fitness? That makes up for rest of the area |
Anonymous
Not the PP. A planet fitness does not solve the problems of EOTR. Yet if more businesses invest into EOTR, then the changes will follow. Hillcrest was rated by Curbed DC as one of the hot neighborhoods for 2018 https://dc.curbed.com/2017/12/15/16780514/deanwood-hillcrest-mayfair-hillbrook |