two million is the new starter home price for close in neighborhoods

Anonymous
Anonymous wrote:
Anonymous wrote:In many areas, houses don’t appreciate as much as they used to. The property ladder requires much more strategy now - and more money to start. Condos and townhouses are especially risky. So if you bought your starter home 20 years ago, spare is your lectures.


20+ years ago when I bought my starter home, I purchased in Falls Church, Fairfax a 3BR, 2BA Colonial about 1,500 sq ft for less than $300K. I wanted to purchase a home in Arlington near the Clarendon / Courthouse Metros, but you know what, that area was a shithole 25 years ago, and people wondered why I wanted to live in Arlington, and I got talked out of buying in 22201 / 22209 since it was not a great place to live. There were strip clubs, dive bars, used car dealerships, and even a murder in a used car lot while I was living there. It was not always a desirable place to live, but that has changed over time - similar to what will happen to other currently less desirable neighborhoods. I got on the property ladder, not in the location I wanted, and my future spouse did the same independently. We are now in Clarendon with a moderate SFH less than 3,500 sq ft. Just want to remind people that close-in Arlington was not always considered a nice place to live.


I know people who did this too. Their parents have them the down payment.
Anonymous
Anonymous wrote:
Anonymous wrote:2 million isn’t a starter home. No one needs a house that big for a family of 2-3. That’s just you being greedy op.


People who want to buy starter homes aren't looking for $2 million places. That is the point. They want something smaller and less expensive but nothing is available.


*They want something smaller (though not too small), less expensive, in a certain location, and likely in a certain condition. The rest of us are saying you have to compromise to buy, particularly the first time--and usually every time. No one is entitled to live in a close-in, expensive neighborhood. Some people may not even want to, given the mortgages that most take on to live in such areas.

Get a condo. Stop fixating on close-in MoCo or Arlington. Deal with a longer commute. Whatever. Making these sort of choices are what the vast majority of people do in this area and are very happy people.
Anonymous
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:2 million isn’t a starter home. No one needs a house that big for a family of 2-3. That’s just you being greedy op.


People who want to buy starter homes aren't looking for $2 million places. That is the point. They want something smaller and less expensive but nothing is available.


*They want something smaller (though not too small), less expensive, in a certain location, and likely in a certain condition. The rest of us are saying you have to compromise to buy, particularly the first time--and usually every time. No one is entitled to live in a close-in, expensive neighborhood. Some people may not even want to, given the mortgages that most take on to live in such areas.

Get a condo. Stop fixating on close-in MoCo or Arlington. Deal with a longer commute. Whatever. Making these sort of choices are what the vast majority of people do in this area and are very happy people.


This. Just because a young couple has two good jobs and a kid or two does not make them entitled to their ideal house and location at a price they can afford. But they think it does.
Anonymous
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:2 million isn’t a starter home. No one needs a house that big for a family of 2-3. That’s just you being greedy op.


People who want to buy starter homes aren't looking for $2 million places. That is the point. They want something smaller and less expensive but nothing is available.


*They want something smaller (though not too small), less expensive, in a certain location, and likely in a certain condition. The rest of us are saying you have to compromise to buy, particularly the first time--and usually every time. No one is entitled to live in a close-in, expensive neighborhood. Some people may not even want to, given the mortgages that most take on to live in such areas.

Get a condo. Stop fixating on close-in MoCo or Arlington. Deal with a longer commute. Whatever. Making these sort of choices are what the vast majority of people do in this area and are very happy people.


This. Just because a young couple has two good jobs and a kid or two does not make them entitled to their ideal house and location at a price they can afford. But they think it does.


I’m the PP you’re responding to and as part of a young couple with a kid myself, can say most of my friends made sacrifices just like us. I do think the folks who sound so entitled are in the minority…just a really annoying, loud one. And don’t think the issue is restricted to any age group. Just a manifestation of entitlement.
Anonymous
Anonymous wrote:
Anonymous wrote:In many areas, houses don’t appreciate as much as they used to. The property ladder requires much more strategy now - and more money to start. Condos and townhouses are especially risky. So if you bought your starter home 20 years ago, spare is your lectures.


20+ years ago when I bought my starter home, I purchased in Falls Church, Fairfax a 3BR, 2BA Colonial about 1,500 sq ft for less than $300K. I wanted to purchase a home in Arlington near the Clarendon / Courthouse Metros, but you know what, that area was a shithole 25 years ago, and people wondered why I wanted to live in Arlington, and I got talked out of buying in 22201 / 22209 since it was not a great place to live. There were strip clubs, dive bars, used car dealerships, and even a murder in a used car lot while I was living there. It was not always a desirable place to live, but that has changed over time - similar to what will happen to other currently less desirable neighborhoods. I got on the property ladder, not in the location I wanted, and my future spouse did the same independently. We are now in Clarendon with a moderate SFH less than 3,500 sq ft. Just want to remind people that close-in Arlington was not always considered a nice place to live.


You are one of the locals who remember the area. Yep. I keep saying that 25 years ago, the orange line strip in Arlington was a shitty place. The homes around that area were full of drug dealers, crime etc. It didn’t really get nice until 2005 or so.
Anonymous
Anonymous wrote:
Anonymous wrote:???

https://www.zillow.com/homedetails/5906-Roosevelt-St-Bethesda-MD-20817/37178845_zpid/

https://www.zillow.com/homedetails/6204-Long-Meadow-Rd-McLean-VA-22101/51756617_zpid/

https://www.zillow.com/homedetails/12833-Huntsman-Way-Potomac-MD-20854/37098964_zpid/

https://www.zillow.com/homedetails/1445-Madison-St-NW-Washington-DC-20011/469181_zpid/

https://www.zillow.com/homedetails/7735-Falstaff-Rd-McLean-VA-22102/51748073_zpid/


That first one is adorable. We recently bought at the 950-ish mark (we are trolls, I know!) and would have totally gone for that first place. Adorbs.


The first one is in the Whitman district. Wow. Gonna go fast!
Anonymous
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:???

https://www.zillow.com/homedetails/5906-Roosevelt-St-Bethesda-MD-20817/37178845_zpid/

https://www.zillow.com/homedetails/6204-Long-Meadow-Rd-McLean-VA-22101/51756617_zpid/

https://www.zillow.com/homedetails/12833-Huntsman-Way-Potomac-MD-20854/37098964_zpid/

https://www.zillow.com/homedetails/1445-Madison-St-NW-Washington-DC-20011/469181_zpid/

https://www.zillow.com/homedetails/7735-Falstaff-Rd-McLean-VA-22102/51748073_zpid/


That first one is adorable. We recently bought at the 950-ish mark (we are trolls, I know!) and would have totally gone for that first place. Adorbs.


I wouldn’t touch those low budget houses with a 10 foot pole.


Why not?
Anonymous
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:???

https://www.zillow.com/homedetails/5906-Roosevelt-St-Bethesda-MD-20817/37178845_zpid/

https://www.zillow.com/homedetails/6204-Long-Meadow-Rd-McLean-VA-22101/51756617_zpid/

https://www.zillow.com/homedetails/12833-Huntsman-Way-Potomac-MD-20854/37098964_zpid/

https://www.zillow.com/homedetails/1445-Madison-St-NW-Washington-DC-20011/469181_zpid/

https://www.zillow.com/homedetails/7735-Falstaff-Rd-McLean-VA-22102/51748073_zpid/


That first one is adorable. We recently bought at the 950-ish mark (we are trolls, I know!) and would have totally gone for that first place. Adorbs.


I wouldn’t touch those low budget houses with a 10 foot pole.


Sounds like a win for their neighbors.
Anonymous
OP, there are other places to live than Bethesda, McLean or Arlington
Anonymous
Our starter home 20 years ago was a 1750 sq ft, 2-bedroom SFH.
Anonymous
Why do people want bigger and bigger houses as family sizes trend smaller and smaller?
post reply Forum Index » Real Estate
Message Quick Reply
Go to: