Reply to Who can afford 800K-1M homes? Genuine Curiosity!

Forum Index » Real Estate

Reply to "Who can afford 800K-1M homes? Genuine Curiosity!"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Two professionals (one JD, one masters) working in the public sector, early 30s.  HHI $200k+.  Bought a house ($650k) in an urban, up and coming area (U Street) in 2008 that has appreciated enough to sell and buy a $1.2 million + house in the suburbs (Potomac).[/quote]

Really?  In 2008?  It seems like you would have to be very lucky to have made 200K, so you put that down and have 1m mortgage on 200K salary?  Just curious.[/quote]

It some hot neighborhoods (such as U Street), the bubble never popped: prices leveled off for a while, then started inflating again.  I can easily believe that someone has made $200K on a house in U Street purchased in 2008.  And it's smart to have sold this year, before the bubble pops.[/quote]

I don't know about that.  I live in U St. My neighbor paid $825k for their house in 2007/2008.  That was the same year DC assessed our house value at $825k plus.  Since then, our assessments have gone down every year; now our house is assessed at about $650k.  The neighbors put their house on the market last year above $850k, reduced, and then gave up.

[/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