Reply to Do you think the Pimmit Hills area will eventually become upscale?

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Reply to "Do you think the Pimmit Hills area will eventually become upscale?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]The best time to get into Pimmit Hills was about five or six years ago when you could still buy a teardown for around $300,000.

If you are looking for ROI, 22042 is better now.  If you want an upscale area, you look elsewhere.

[/quote]
Worse schools, no public transit, cannot opt into McLean High, less amenities.  But ROI is probably decent because there's nowhere to go but up, just like in PH a few years ago and even now. [/quote]

Actually it's already been going up but there's more potential now than in PH.

The rest just goes to whether it's as nice as PH today, not investment potential.   [/quote]

I don't see anything driving 22042 up except for inflation. I would consider it the most vulnerable to a downturn.[/quote]

Location is near Mosaic, Dunn Loring.  Other parts aren't far from EFC Metro.  HS isn't the best now, but is improving and will be renovated.   Plenty of non-HOA neighborhoods, so you can buy for under [b]$450,000[/b] and build the house of your dreams.  Not too different from PH not that long ago.   [/quote]
But the thing is, that in PH, not that long ago, teardowns could be had for $300,000 or so.  That's what made it so cost efficient for people to buy, raze and build new houses.  If you are saying that teardowns in 22042 can be had for $450,000, then that's too much for the area.  You can buy a teardown in PH for that amount, and build a new house in a location with guaranteed good schools and public transit.  In order for 22042 to make sense as new construction, teardowns should cost a lot less than 450K. Otherwise why would you pay just as much money for a house in an inferior area? 22042 can compete with PH only on cost as far as teardowns are concerned. 450K is not competitive. [/quote]

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