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Old 11-02-2010, 11:52 AM
 
885 posts, read 1,271,425 times
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Why do people rent when they can buy and their mortgage would be a fraction of their rent for the same apartment/condo in the same location?

For example:

1) 6147 Edsall #6147 Alexandria VA Home for Sale - Real Estate Listings - MLS #AX7460980 - Realtor.com®#

2) 4600 Duke St #1329 Alexandria VA Home for Sale - Real Estate Listings - MLS #AX7440439 - Realtor.com®
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Old 11-02-2010, 12:24 PM
 
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because they want to live close to their job and have a short commute
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Old 11-02-2010, 12:27 PM
 
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As the examples you show are 1BR condos that are going for $115K, I would guess that they have to be short sales or foreclosures. Most 1BR condos in relatively close-in neighborhoods are going to start at $200K and are often $300K or higher in more convenient or popular neighborhoods. If you're suggesting that people take advantage of the short sale/foreclosure market, that's one thing. But there may be a number of reasons why people may not choose to do so.
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Old 11-02-2010, 12:31 PM
 
Location: Arlington, VA and Washington, DC
23,653 posts, read 33,472,314 times
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Quote:
Originally Posted by Winter2010 View Post
Why do people rent when they can buy and their mortgage would be a fraction of their rent for the same apartment/condo in the same location?

For example:

1) 6147 Edsall #6147 Alexandria VA Home for Sale - Real Estate Listings - MLS #AX7460980 - Realtor.com®#

2) 4600 Duke St #1329 Alexandria VA Home for Sale - Real Estate Listings - MLS #AX7440439 - Realtor.com®
I know for that area in Alexandria (lived there for 5+ years) there are a lot of people there whose stay in the DC area or Alexandria specifically will be short-term and can't be bothered with the hassle of selling when their assignment ends or they get new orders to another base. Plus a lot of those condo complexes in that area of Alexandria lost a LOT of value since 2005. For example a 2bed/2bath condo in my building went for $300k in 2005 and could be had for $190k in 2009.
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Old 11-02-2010, 12:31 PM
 
3,157 posts, read 8,124,275 times
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Not sure about the Edsall Road one, but I know 4600 Duke has very high condo fees- probably in the $700 range. When you add the mortgage plus the condo fee, it is actually more than comparable rent.

Given the age of the buildings, and the low prices, they'd probably need some updating to be competitive with comparable rental units. If you knew you were going to be at one of these places for a while, it might make sense to buy, fix the place up, and sell when the market is better. But most people get apartments because they don't expect to be in one place for that long a time.
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Old 11-02-2010, 12:34 PM
 
Location: Northern Virginia
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The Edsall one is labeled a "fannie mae homepath approved property" Fannie Mae Homepath is the name for forecloseure homes owned by FM. It's not a simple sale, as others have noted.
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Old 11-02-2010, 12:39 PM
 
Location: somewhere
4,264 posts, read 8,161,506 times
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I will answer the OP's question, we rent because we transfer every couple of years with my husbands job. While rent maybe throwing money down the drain at least we can pack our belongings and move without have to worry about carrying two mortgages.
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Old 11-02-2010, 12:47 PM
 
493 posts, read 1,011,436 times
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I've not been on this board as long as some people, so clear something up for me, Winter2010, if you will: Are you a real estate agent with a financial interest in those properties and using this board to drum up interest in them?
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Old 11-02-2010, 12:51 PM
 
Location: Northern Virginia
5,104 posts, read 5,408,468 times
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We rented many years because it took us that long to finally settle down in one spot. And then we had to save up for that 3% down payment.

Many people don't see paying rent as throwing money down the drain, they see it as paying for a place to live without the hassle of home repairs and upkeep.

To each his own...
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Old 11-02-2010, 12:52 PM
 
885 posts, read 1,271,425 times
Reputation: 180
Quote:
Originally Posted by persnicketygal View Post
I've not been on this board as long as some people, so clear something up for me, Winter2010, if you will: Are you a real estate agent with a financial interest in those properties and using this board to drum up interest in them?
Not at all. I am just merely exploring the possible options of buying vs. renting, after finding out how expensive 1 bedroom apartment can rent for.
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