Reply to Beyond Frustrated in Vienna market

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]If you have $2 million cash, couldn’t you get even a $2.5 million house and your mortgage would be quite manageable? I’m struggling to understand how you would have that much in cash but be house poor with the $500k mortgage.[/quote]

OP is a troll. Nobody has $2 million in cash and is “beyond frustrated with the Vienna housing market.”

I don’t understand their motive in starting this discussion but this is not a real situation, it is made up.[/quote]

My hunch is OP has $2M cash but it’s from parents and they have very little investments / savings of their own so that’s why the budget is so set in stone and they can’t supplement or be more flexible.

Could be wrong but the whole framing of “I have such a high budget and I’m so surprised others do as well” reeks of someone getting $2M from family while making $250K a year and not realizing the peers they’re competing with for ToV housing are personally clearing high 6 / 7 figures annually.

Just a hunch though. [/quote]

+1 Nailed it.

The friends I have who moved to McLean 10-20 year ago who are always saying things like “Three million dollars for that house on the corner?? WHO’S BUYING THESE HOUSES???” And they’re quite genuinely stumped. They have no idea how many seven figure incomes are in the area at this point. No idea. It’s just clear, based on their disbelief, what professional circles they’re in (or not in, rather).

Speaking of Vienna, Westwood CC currently a pages-long waiting list for golf memberships and the initiation fee is over $100,000, and going up to $125,000 this summer. People are upset it’s taking so many years to get in. People who joined years ago as basement rates are upset they can’t afford to pay for their adult kids to join. Meanwhile the new members want higher dues. [/quote]

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