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Reply to "What is truly going on with the DC area real estate market, please explain? "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Hate to say this but for a city with a global profile, DC is still pretty cheap.[/quote] +1 DC is absurdly cheap. you can get a 4bd townhouse with decent schools in the inner core for 1.5M. This is absurdly cheap for many DC-type buyers.[/quote] Except there aren't that many of the types of buyers you are talking about in DC. It's not a finance town. It's a government town. There is more finance, tech, and venture capital in the DC area than ever before, but when you compare it to the cities you are talking about (NY, London, SF, Tokyo), there's no real comparison. If you work in finance, DC is second tier at best. So while it may seem like a deal to people in those industries, moving here is also almost always a step down professionally (unless it is a temporary relocation focused on a DC specific project or issue), so of course it is cheaper. And I have a hard time seeing DC making the transformation into a first-tier finance town. I think the heart of DC's economy will always be the fed, which is why the city will always be a combination of lawyers, policy folks, domestic and international NGOs, and federal consultants. Plenty of money, but not the kind you see in those other cities. Which is why you see lots of homes in the inner core that are priced well for a dual-income professional couple with a couple kids they may want to send to private school, but not the kind of astronomical bananas real estate you see in San Francisco or NY. There's no obvious pathway to becoming a young millionaire in DC industry, like there is in those cities.[/quote] How is 1.5M finance type money? It’s more like two midlevel lawyers. Which DC has in droves. [/quote]
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