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][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]

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

[b]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.[/b]

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]

This. If you have a million dollars to spend on a house, you can stretch a bit more and/or wait a bit longer and find something WOTP that has good schools and barely any crime. People bought in Brookland and Petworth (where I live) for those prices because they either had family money and wanted to live in a "cool" area or thought they were guaranteed appreciation and instant home equity. But increasing crime has dampened the cool factor for DINKs planning on kids and interest rates have made the recent rates of appreciation a thing of the past. I sometimes wonder if we should have gotten out in 2020, but our mortgage for a 4 bedroom rowhouse is under $2k a month and our kids lotteried into WOTP schools. So we deal with the school commute and put the extra couple thousand we save on a new mortgage into retirement and travel. If we get tired of the school commute, we'll rent and rent for a few years, and that super cheap mortgage will subsidize a more expensive rental home near schools. [/quote]

I know this must be shocking to you, but not everyone wants to live WOTP. I have never wanted to live in bland Upper Caucasia. [/quote]

+1.  We could afford to live WOTP and no interest.  We wanted to be closer to downtown and more urban and diverse.  Also no way are we interested in doing any hellish commute like PP above to WOTP.  Our kid is in one of the immersion charters and that works for us.  [/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