Beyond Frustrated in Vienna market

[Anonymous]

Why does it have to be TOV? There is nothing special you get for living there and there are additional taxes. What about just outside TOV? What about FCC? There are other places that might be a good fit? People on here have a wealth on info, tell us your parameters and we can make suggestions.

[Anonymous]

Anonymous wrote:Why does it have to be TOV? There is nothing special you get for living there and there are additional taxes. What about just outside TOV? What about FCC? There are other places that might be a good fit? People on here have a wealth on info, tell us your parameters and we can make suggestions.

If OP can’t handle the prices in Vienna, they sure as heck won’t be able to handle the prices in FCC, which is inside the beltway and a lot more expensive.

[Anonymous]

Anonymous wrote:OP here - I can tell you that. $2 million is our budget for paying cash. We could of course stretch for more but we have no interest being house poor. We don't want house payments when taxes are absurd enough around here, not to mention home insurance. I think most people in this area are stretched too far on housing which drives up the prices to this insane place to begin with for everyone else. I don't care about a new build, I just want something that is worth the money we would be paying for it.

Sigh.

Ok. You need a strong financial advisor. Full stop.

[Anonymous]

Anonymous wrote:OP here - I can tell you that. $2 million is our budget for paying cash. We could of course stretch for more but we have no interest being house poor. We don't want house payments when taxes are absurd enough around here, not to mention home insurance. I think most people in this area are stretched too far on housing which drives up the prices to this insane place to begin with for everyone else. I don't care about a new build, I just want something that is worth the money we would be paying for it.

Imagine having the ability to have $2 million in cash and then complaining that people with a mortgage are driving up prices.

[Anonymous]

If you have $2 million cash, couldn’t you get even a $2.5 million house and your mortgage would be quite manageable? I’m struggling to understand how you would have that much in cash but be house poor with the $500k mortgage.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP here - I can tell you that. $2 million is our budget for paying cash. We could of course stretch for more but we have no interest being house poor. We don't want house payments when taxes are absurd enough around here, not to mention home insurance. I think most people in this area are stretched too far on housing which drives up the prices to this insane place to begin with for everyone else. I don't care about a new build, I just want something that is worth the money we would be paying for it.

Sigh.

Ok. You need a strong financial advisor. Full stop.

+1. OP has an irrational fear of mortgages. Tying up most of your liquidity in your house is an awful idea.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Nowhere outside Rosslyn-Ballston corridor is walkable. Stop fooling yourselves.

This has been brought up multiple times in this thread, including that you can get a SFH for under $2M in these corridors if you’re OK with not having new construction, but apparently ToV is the walker’s paradise we’ve all been glossing over. Weird because every time I drive down Maple I don’t even see people walking their dogs on it. Only walkers I see are crossing for the W&OD trail.

Maple st has sidewalks, but it's not a pleasant experience as you have to dodge cars constantly going in and out of the many parking lots literally lining this street. And because it also congested, car traffic and cars pulling in and out of parking lots doesn't abate. Maybe if you walk around at 6am? There are side streets and areas where one can walk, it's just Maple st is not it. One street long drag is a bad design for both drivers and pedestrians given how congested it is. It's likely this way because it developed when the area was not nearly as congested with a lot fewer businesses. But it's outgrown itself.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Nowhere outside Rosslyn-Ballston corridor is walkable. Stop fooling yourselves.

This has been brought up multiple times in this thread, including that you can get a SFH for under $2M in these corridors if you’re OK with not having new construction, but apparently ToV is the walker’s paradise we’ve all been glossing over. Weird because every time I drive down Maple I don’t even see people walking their dogs on it. Only walkers I see are crossing for the W&OD trail.

For real. I don’t get it. Bethesda is more walkable than TOV, if we’re using suburb as the bar (extremely low). The closest to Bethesda in NoVa is Tysons (lol)

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why Town of Vienna specifically?

Yeah, what is the deal with Vienna? Seems like it’s blowing up recently.

It is just a nice community-centered place to live. Feels cozy and as if everyone wants to live there if that makes sense.

For example, tomorrow is the annual Taste of Vienna which is held outside at the Vienna Volunteer Firehouse parking lot. Tons of food vendors and bands playing where you see your neighbors and hang out.
It is one of many similar events throughout the year. It is nice to have a community like this.

I’ll have to go check out the area around Maple. I kind of remember Maple being mostly strip malls? But this was a few years ago, and it’s possible I’m misremembering.

With the demand, I’d expect it to be comparable to Lyon Park or FCC.

I have to go to Maple street often enough, and It's still very much strip malls. Idk what people expect it's going to be. There isn't much of a "grid" to Vienna area around Maple st, because even one street over is already residential, which limits development of urban grid with perpendicular streets that can bear retail and parking lots, so it's not all located in the front. Plus redeveloping strip malls with front facing parking lots is $$$$.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Nowhere outside Rosslyn-Ballston corridor is walkable. Stop fooling yourselves.

This has been brought up multiple times in this thread, including that you can get a SFH for under $2M in these corridors if you’re OK with not having new construction, but apparently ToV is the walker’s paradise we’ve all been glossing over. Weird because every time I drive down Maple I don’t even see people walking their dogs on it. Only walkers I see are crossing for the W&OD trail.

For real. I don’t get it. Bethesda is more walkable than TOV, if we’re using suburb as the bar (extremely low). The closest to Bethesda in NoVa is Tysons (lol)

Well, no, you forgot about Arlington, Rosslyn, Ballston and, Alexandria? Tysons is evolving into something else beyond Bethesda but it's lacking Bethesda's charm and human scaled streets.

Anyone comparing Vienna to Bethesda is high. I see why people are attracted to live in Vienna drawn to its suburban community oriented charm, but it's weirdly designed and makes one deal with what is usually urban living inconveniences (traffic congestion and parking issues in some areas) while still being deep suburbia without the benefits of urban living.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Why Town of Vienna specifically?

Yeah, what is the deal with Vienna? Seems like it’s blowing up recently.

It is just a nice community-centered place to live. Feels cozy and as if everyone wants to live there if that makes sense.

For example, tomorrow is the annual Taste of Vienna which is held outside at the Vienna Volunteer Firehouse parking lot. Tons of food vendors and bands playing where you see your neighbors and hang out.
It is one of many similar events throughout the year. It is nice to have a community like this.

I’ll have to go check out the area around Maple. I kind of remember Maple being mostly strip malls? But this was a few years ago, and it’s possible I’m misremembering.

With the demand, I’d expect it to be comparable to Lyon Park or FCC.

I have to go to Maple street often enough, and It's still very much strip malls. Idk what people expect it's going to be. There isn't much of a "grid" to Vienna area around Maple st, because even one street over is already residential, which limits development of urban grid with perpendicular streets that can bear retail and parking lots, so it's not all located in the front. Plus redeveloping strip malls with front facing parking lots is $$$$.

Until about a year ago I lived in Vienna near Wolf Trap. With this whole walkable thing people are discussing here, I wonder if people are mixing up Maple and Church. Of course Church is right behind part of Maple. But walkable to Church would be a really nice thing. I wouldn’t walk to Maple.

[Anonymous]

Basically, everyone is locked into a low interest rate. So few want to sell and assume the much higher rate today when taking on a new mortgage.

That means fewer properties go on the market, because no one wants the new interest rates. But fewer properties on the market keep prices high.

Essentially, this is an all-cash environment. And people will pay that cash for properties in certain locations.

But a lot of people are stuck.

[Anonymous]

Anonymous wrote:If you have $2 million cash, couldn’t you get even a $2.5 million house and your mortgage would be quite manageable? I’m struggling to understand how you would have that much in cash but be house poor with the $500k mortgage.

OP is a troll. Nobody has $2 million in cash and is “beyond frustrated with the Vienna housing market.”

I don’t understand their motive in starting this discussion but this is not a real situation, it is made up.

[Anonymous]

Anonymous wrote:

Anonymous wrote:If you have $2 million cash, couldn’t you get even a $2.5 million house and your mortgage would be quite manageable? I’m struggling to understand how you would have that much in cash but be house poor with the $500k mortgage.

OP is a troll. Nobody has $2 million in cash and is “beyond frustrated with the Vienna housing market.”

I don’t understand their motive in starting this discussion but this is not a real situation, it is made up.

My hunch is OP has $2M cash but it’s from parents and they have very little investments / savings of their own so that’s why the budget is so set in stone and they can’t supplement or be more flexible.

Could be wrong but the whole framing of “I have such a high budget and I’m so surprised others do as well” reeks of someone getting $2M from family while making $250K a year and not realizing the peers they’re competing with for ToV housing are personally clearing high 6 / 7 figures annually.

Just a hunch though.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you have $2 million cash, couldn’t you get even a $2.5 million house and your mortgage would be quite manageable? I’m struggling to understand how you would have that much in cash but be house poor with the $500k mortgage.

OP is a troll. Nobody has $2 million in cash and is “beyond frustrated with the Vienna housing market.”

I don’t understand their motive in starting this discussion but this is not a real situation, it is made up.

My hunch is OP has $2M cash but it’s from parents and they have very little investments / savings of their own so that’s why the budget is so set in stone and they can’t supplement or be more flexible.

Could be wrong but the whole framing of “I have such a high budget and I’m so surprised others do as well” reeks of someone getting $2M from family while making $250K a year and not realizing the peers they’re competing with for ToV housing are personally clearing high 6 / 7 figures annually.

Just a hunch though.

If true, that makes their reluctance to settle for a more modest home even crazier.