Reply to Do wealthy people buying $1M-4M homes near a Metro stop even use the Metro?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP here. In this thread about the sale of a $2.5M home in AU Park [DC], about half the responses mention its proximity to a Metro stop:

http://www.dcurbanmom.com/jforum/posts/list/562605.page[/quote]

And I'd say a good number of people living near that home take advantage of the closeness of the Metro but you don't have to [i]use[/i] it to benefit from it. The closer you are to the Metro the higher your property values go, the more likely it is you'll have great amenities like fancy restaurants and yoga studios next door, and the in general - the greater chance the people you're living next door to will have significantly higher income levels. It's just the way it is.

Here is that AU Park House for $2.5M.

[img]https://ssl.cdn-redfin.com/photo/57/mbpaddedwide/206/genMid.DC9681206_1.jpg[/img]

https://www.redfin.com/DC/Washington/4222-42nd-St-NW-20016/home/45505083

Here is the exact same house with [b]better[/b] updates, 2 1/2 [b]extra[/b] baths, 1 extra bedroom and it feeds into Wilson. Yet, its on the market for $700,000 cheaper. Why? Because its 1.5 miles from the metro.

[img]http://photos.zillowstatic.com/p_h/IS2rd3pvcdtgzc0000000000.jpg[/img]

http://www.zillow.com/homedetails/5100-Van-Ness-St-NW-Washington-DC-20016/437492_zpid/
[/quote]

Metro is not why the second house is cheaper. 2nd house is cheaper for many reasons:

1.  AU house has been renovated, SV house appears to have been last renovated in the early 80s,

2.  AU house appears to have been better maintained than SV house.

3. SV house is a short sale, so it will be a hassle to buy it and may not close if the lender doesn't agree to the deal.

4. AU house is Janney/Deal/Wilson, SV house goes to Hardy.  (Yes some people who live in $2M+ houses do use the public schools).

To answer OPs question, yes, many wealthy people use metro -- even the metrobus.[/quote]

Get real. Lots of SV has places with the same or better structure and a better lot, yet are cheaper than this place. You can pay for a lot of private school for $500k. People are paying for one thing: location!

[/quote]

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