Work in DC - Should I buy in NoVA? (Arlington: real estate market, apartment)

[gzjht1]

My job is in DC near Metro Center and I don't see myself changing anytime soon. Renting an apartment in Arlington near Ballston but considering buying a condo in NoVA. Thoughts? Prices seem to be stable for my price range. Interested in $350K or less. Ideally the area should be Metro accessible (walk to station or bus) but could also drive to Park and Ride or park at Metro station.

I'm a single woman in her early 40s with no kids or significant other at the moment

Was considering Fairfax or Reston areas but open to other suggestions.

Thanks for your help!!

[saganista]

Other than thinking to stay a little closer in than Reston, it would sound like a good plan to me. Making your housing payments work for you instead of somebody else would be a big plus. It's also a good time to buy price-wise, and if interest rates fall off some down the road, a refi would be a potentially profitable option. I suspect that there are at this very moment condos directly across the street from the Vienna Metro station listed for about $299. And across the street from the Dunn Loring Metro station, I'd bet you could find a 1-BR with den for something like $370...

[Traceytls]

I too am single, in my forties and I live in Old Town. It is fabulous... and all areas close by. I am a realtor and would be more than happy to send you some listings... : ) Just a thought.

[Yankeesfan]

There are plenty of newer (built in the 1990s) 2 bedroom, 2 bath condos in your price range in Kingstowne, Island Creek, and Manchester Lakes, five minutes from the Franconia-Springfield Metro, which is on the Blue Line so you could get to Metro Center without transferring (plenty of parking too). They all have neighborhood pools, walking trails, and other amenities, and are very safe. Check realtor.com zip codes 22315 and 22310. With the real estate market as soft as it is, and plans to stay in the area, you could probably get a very good deal.

[Tish Thompson]

With all the foreclosures driving the market down...buyers are in the drivers seat. Anyone who can afford to buy now should be taking advantage of it.

[saganista]

All the foreclosures wouldn't really amount to very much. Those in NoVa have been centered around areas where you might have expected them -- Woodbridge, Manassas, and Sterling, for example -- but none of their numbers are as high as in parts of say Ft. Lauderdale or Las Vegas, and certainly nowhere near Detroit or Cleveland.

It is indeed a buyer's market at the moment, in part because potential first-time buyers are reluctant to buy into what is still perceived as a declining market, and in part because owners of starter-homes purchased in the past 3-5 years who would otherwise be ready to move up (along with empty-nesters who would otherwise be ready to move down) fear that they will not be able to sell their existing homes at prices they could see as being anything other than losses. In these cases, you have what would be actual demand turned into potential demand that is continuing to live in rental housing or continuing to live in houses they'd rather leave.

All of this of course traces back to rapid increases in interest rates, which all but always undercut the value of long-term assets. Those increases were seen as necessary to combat inflationary pressures resulting from very large trade and budget deficits that arose from within decisions to undertake massive tax cuts and costly foreign invasions at the same time. So, it's really all George Bush's fault. You have my permission to blame him for everything...

[gzjht1]

Thanks for your help. Any thoughts on the Fairlington or Shirlington areas within Arlington County?