Reply to Are these H St. NE / Capitol Hill houses priced appropriately?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Also, that’s part of why it’s better to buy from second owners of a flip, but you DEFINITELY pay for it in this market. I think if the market wasn’t as crazy as it is, they wouldn’t gave gotten that good of a return in normal times, but it would have still appreciated. [/quote]

It makes me sad to see these houses in my  neighborhood renovated out of affordability for most people.  But that TN Ave will be a very nice house for a well-off family that prioritizes walkability and a nice neighborhood over space.  My guess is they nope out of Capitol Hill by 4th grade, though.  They'll be all virtuous about the PTA and fundraising, then will quietly say "We need to move for more space for our very active boys!"[/quote]

This. I feel like there's this churn in the neighborhood because people like the combo of family friendly and thriving bar/restaurant scene... for a few years. But then they decamp for UNW or Brookland or the burbs. And in the meantime you see these houses going from 800k to 1 million to 1.4million. I know it's good for our property values, but I have been sad to see the average family in CH/H Street go from government lawyers and non-profit folks to corporate attorneys and lobbyists. I know it might seem like a minor shift to others, but to me it's really impacted the quality of life. I see fewer people willing to really invest in the schools and the community and more people who have very high expectations for schools and community life that don't allow for people with lower incomes or different backgrounds to participate. The difference between a family who bought a house for 350k in East CH ten years ago and the people buying these 1.4mill places in the same neighborhood today is a lot.

I used to encourage friends to buy here because I love the neighborhood so much. But it's increasingly hard to find something you can buy without an HHI of 200k+, and that's the low end. We have good friends who have been renting and are a wonderful family but I think they've just watched themselves priced out of the neighborhood over the last 2 years and have started looking elsewhere. It makes me sad.[/quote]

The affordability of inner DC is an artifact of a fleeting moment in time. That halycon period from 1960-2000, when most people with means fled for the surburbs. The future of Cap Hill is more like westminister than anything else. Sure, there may be one or two housing projects, but the trajectory is rich person land. [/quote]

Affordability is all relative.  Even with these inflated prices, DC (and Capitol Hill) is still much more affordable than other cities (cough - NYC - cough), from where I suspect some of those corporate attorneys you speak of came.  You get A LOT more space in a house (not apartment with insane maintenance fees) with a brand-new interior/appliances/layout in a charming, safe neighborhood walkable/bike-able to great restaurants and bars. Not to mention some great public schools, which will hopefully continue to improve.  It's not even far-fetched to have your own parking, and street parking is a breeze.  Look: people who can afford a lot are recognizing that CH is an amazing neighborhood, and prices are going up.  Yes, it's unfortunate that some who would have been able to afford a place here 10 years ago are now priced out.  But....that's just how the housing market works? Don't know what more to say about that.

Signed,
Corporate attorney who recently bought one of those expensive homes, didn't come to destroy your community, doesn't mean any harm to long-time CH residents, and is genuinely very excited about living in and enjoying Capitol Hill for the next 20+ years[/quote]

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