Reply to Brookland?

Forum Index » Real Estate

Reply to "Brookland?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous]I hope that the DC council understands that people are leaving DC. Forget about tax hikes, the council needs to focus on bringing down crime. Not just violent crime, but petty theft as well.  So tired of going into stores where everything is locked up. [/quote]

[b]DC's population is actually growing (slowly)[/b] it's just not growing the demographic that buys million dollar houses in Brookland.

The real problem though isn't crime, despite the weird obsessions of this board, it's that houses in Brookland were only worth a million dollars with a 3% interest rate. A $900,000 mortgage at 3% is $3,794 a month, which is a totally reasonable price to pay to live in a SFH in a decent part of the city with a good commute despite not having amazing schools or walkability. A $900,000 mortgage at 7% is $5,988, which is absolutely not a reasonable price to pay for that same neighborhood.

If people listed their homes at $600-700K to get that sub-$4k mortgage payment houses in Brookland would sell like hotcakes, but nobody wants to lower their price and take a haircut.

Something's got to give though, because there are only so many buyers who can afford a million plus and they have no reason to pay that in Brookland when that same money could get them so much more elsewhere.   [/quote]

DC's population is growing (not just slowly, but extremely slowly) because of births and international in-migration, which is not sustainable. Domestic migration continues to be a net loss, particularly among higher-income residents that DC needs for its tax base.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics