DC Housing Market: Exceptional No More?

[hilsmom]

I think my friends are likely paying $650-700K for their SFH that is being built in Brambleton currently. Yeah, I only wish we had that kind of money.

I don't know that I would actually WANT a 4K sf home, though - that seems INSANELY big. Our options in the neighborhoods we are considering are probably 2500 at most (the short sale was bigger but it needed a LOT of work), and they seem plenty big to us. We're looking tomorrow at a 1500 sf home, but I'm willing to overlook the smaller size since it is right next to the school and a block to a huge shopping center. Not to mention closer to my office/friend's house. The drive from Ashburn/Brambleton to Lorton would make me nuts...not to mention being a slave to gas prices. Lovely area, but no thanks.

[Alicia Bradley]

We won't know anything until the massive inventory deficiency starts to normalize, gradually, in the most 'desirable' neighborhoods in the region. I think things will look significantly better (for buyers) this time next summer. Not looking forward to another year of two-hour commutes, but you never know - something weird (and good!) could always come up in the off-season. What I'm really afraid of (and you'd think they'd know better by now) is flippers!! No, I do not want the (cheapest, entry-level GE) *stainless steel refrigerator*[!!! ooh!] and brand new, abstract, earth-tone mosaic tiles in the shower. I want an attic that contains the mummified corpses of the home's original owners, who turn into ghosts each night and cavort in the thick carpet of dust coating all the original woodwork... oh, and splash rusty water around in the black-and-aqua-tiled bathroom... and vomit on the vomit-colored carpeting covering the original heart-of-pine floors. If something like that shows up on the MLS (in my 'nabe' of choice), it's mine, mine, mine.

[NOVA_almost_native]

Originally Posted by hilsmom

huh, we were just in a bidding war for a short sale right next to Dulles Airport with half an acre lot and a pool. We didn't get it, but it had at least 4 contracts on it.

But we watched a lovely updated house in Fairfax sit on the market for more than 2 months.

This is all anecdotal, too, obviously. It is a really odd market out there right now.

Our TH sold in 72 hours

Congrats on your quick sale! That must be a relief.

I'm not visiting houses right now, only haunting an MLS site, but I see the same thing: houses that look terrific occasionally just sit, sit, sit. Granted, this is probably mostly because the starting price was too high, but sometimes they still sit even after the owner drops the price to what seems "reasonable."

The market is too mixed up to make blanket statements, anyway. Prices in the areas/neighborhoods I'd like to buy in hit bottom 2+ years ago, while prices in my condo complex are the lowest they've been since, I dunno, 2003?

My feeling is that barring disaster, prices in this area will stay about where they are for a while, maybe another couple of years.

[CAVA1990]

Originally Posted by Alicia Bradley

No, I do not want the (cheapest, entry-level GE) *stainless steel refrigerator

My parents put a double door stainless steel Sub-zero fridge in the house they built in 1969 and when I went back for a recent tour by the currrent owners it was still working great and looked almost brand new. I'm sure they paid quite a bit up-front but divided out over 40 years, that was a pretty good investment.

[michgc]

Originally Posted by CAVA1990

My parents put a double door stainless steel Sub-zero fridge in the house they built in 1969 and when I went back for a recent tour by the currrent owners it was still working great and looked almost brand new. I'm sure they paid quite a bit up-front but divided out over 40 years, that was a pretty good investment.

Did they put the fridge in in 1969? If so, they were sure ahead of their time! It is definitely true that the older model appliances worked better.

We have a large range in our kitchen that was here when we moved it. We're not sure of the year, but are guessing it's from no later than the 1970's (don't worry, it's white, not harvest gold or avocado green. ). Here it is over 30 years later and still kicking. We also have a refrigerator (nothing special - a GE) that was also in the house when we bought it. My husband wanted to get rid of it as soon as we moved in - its date code says 1987. But not being one to waste a perfectly good appliance I told him we'd get a new one when this one broke. Almost 11 years later it's still kicking, much to his chagrin.

[hilsmom]

Originally Posted by NOVA_almost_native

Congrats on your quick sale! That must be a relief.

I'm not visiting houses right now, only haunting an MLS site, but I see the same thing: houses that look terrific occasionally just sit, sit, sit. Granted, this is probably mostly because the starting price was too high, but sometimes they still sit even after the owner drops the price to what seems "reasonable."

The market is too mixed up to make blanket statements, anyway. Prices in the areas/neighborhoods I'd like to buy in hit bottom 2+ years ago, while prices in my condo complex are the lowest they've been since, I dunno, 2003?

My feeling is that barring disaster, prices in this area will stay about where they are for a while, maybe another couple of years.

It was quite a relief, because we know we can go into another purchase with our profit rather than scrounging money from our retirement accounts and just praying our house sells so we can replace it quickly with no penalties. Now we're just getting through inspection and we're good to go. I think we lucked out because a couple had been looking at our area for 3 months and we had a nicely updated home in much better condition than comparable homes on the market. They paid just a SMIDGE below list price, but I think we did pretty darn good. I was shocked that it sold that quickly though - we were prepared for it to sit at least a couple weeks.

I agree with your assessment of the area. We just found a house to bid on that could be lived in for MANY years, so we're prepared if prices drop again. At least we can stay there a while, you know?

We really just want to be able to move right out of this one and into the next without an interim place. Oh, and that oh so small task of getting my daughter enrolled in school by labor day

[Alicia Bradley]

Originally Posted by CAVA1990

My parents put a double door stainless steel Sub-zero fridge in the house they built in 1969 and when I went back for a recent tour by the currrent owners it was still working great and looked almost brand new. I'm sure they paid quite a bit up-front but divided out over 40 years, that was a pretty good investment.

A 40+-year-old Sub-Zero fridge would be fully acceptable to me.. hehehe... *greedy glint in eyes, rubbing hands together...*

[CAVA1990]

Originally Posted by michgc

Did they put the fridge in in 1969? If so, they were sure ahead of their time! It is definitely true that the older model appliances worked better. .

Yes, this was in California and their kitchen was so "futuristic" it was featured in a well known Western lifestyle magazine. It also had an indoor gas grill next to the stove which weren't seen much at that time (jenn-air hadn't yet made the scene). The most unique thing in it I've not seen before or since was a blender base that was built flush into the tile kitchen counter with the motor underneath.