Reply to Housing prices falling ? U ST NW house

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]What do you mean what is happening?
Economics indicators show we are headed to a depression.

The "Philip economic indicator" refers to the Phillips Curve, a macroeconomic theory that suggests an inverse relationship between unemployment and inflation. In short, lower unemployment is generally associated with higher inflation, and vice versa.

We are all screwed. [/quote]

I’m no fan of what’s going on, but I wouldn’t use this house as a representative example of the entire market. Right now you are not seeing other homes with $500k+ price cuts. This one is a weird combo of factors that makes it unappealing to buyers at this price point.[/quote]

+1 It's one house with some flaws in a neighborhood that's been experiencing a decrease in desirability. There's an (unaddressed) uptick in crime which is deterring many people from buying there.[/quote]

+2. U St, Shaw, and Columbia Heights have de-gentrified to some extent and have seen an increase in crime. I would have considered a townhouse in this are 10ish years ago but it would give me pause now, especially asking for top dollar with some weird layout issues. This in particular is very close to U St. And the metro, which is a turnoff. People in the 2 million price range have better options. [/quote]

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