Young couple looking to buy a home in Falls Church (22042) (Arlington: rental homes, homes)

[wallstplyr]

That's a quite scary notion, but possibly true. We just don't know what the market will bring in the next few months/years. Agree with you that a $500k home in Arlington will buy you a really small place while $500k will buy you a spanking new mansion in Iowa.

[flrnova]

I think that I found the house that you want to buy. Look at the last sell date in 11/2003, 358k. That's about 18 months prior to the bubble peak and parts of our metro area are already selling at "2002 prices". And you are willing to pay 42% higher than 11/2003........

Wow, you have to have a lot of faith that the market will not normalize.It will be interesting to see how the Alt-A/ Option-ARM resets will impact these sub-markets in 2009-2011.

Then you have to figure rent to buy metrics. These 2 BRs in outer Arlington don't rent for much more than 2k. Maybe you can get 2.2k because it is up-dated but that's probably pushing the limit.

[CaseyMac]

I would go with Arlington all the way. I want to live in a place where the Metro, restaurants, etc., are all easy to get to. Some of those Falls Church neighborhoods are cheaper because you have people who ignore Fairfax zoning laws and pile 20 people into one residence. No way...lol.

There's a reason why Arlington prices are higher and that's because it is just so desirable here. Same goes with Vienna and Oakton. These three places just seem to be more homogenous in nature, neither good nor bad, and that can drive prices up.

Good luck in your home search. Maybe you'll get to be on TLC's My First Home or something.

[flrnova]

Arlington is full of disgusting "group homes" that are illegally occupied by 5-6-7 young adults that live like animals. When the Hispanics are doing it in Fairfax County and other outlying areas (that's your real complaint, eh?) it is possibly legal since they are related to each other, i.e. large families.

Don't be deluded by "it's different in my neighborhood". You think that Arlington is going to retain bubble prices as everything around it implodes?

A few years from now: Gee, I can buy a 5BR, three garage home in Sterling for 300k (800k in 2006) but that cracker jack box in Arlington is still going for 600k??

The market is driven by the marginal buyer. Unfortunately or fortunately, depending on your perspective, there are marginal buyers who are holding up the market in Arlington like our friend here. (The house was under contract when I looked it up.)

But there are lots of weak hands in the market who bought in the premium end of the market in desirable areas like Arlington in 2004-2007, probably with exotic loans like Option ARMs that will reset in 2009-2011, and they can't refinance, and the snowball starts rolling like it did in California.

Like I said before, the only "cure" for this is broad based inflation, 1970s style, but that would crater our leveraged economy because the interest rates will increase, and that will especially hit leveraged sectors like housing. This is a lose-lose proposition.

[wallstplyr]

Whoa, we both are getting freaked out by this. But I think, in all honesty, the 22205, 22201 and 22203 zip codes are going to hold its value very well in the most desirable neighborhoods (e.g., Westover, Bluemont, Ballston, Clarendon, Lyon, York, etc) - I'd say more than 75% of District 1 will hold its value strong due to its proximity in the city. You are correct on Sterling or those outside the beltway are bigger and newer which give you more bang for your buck. We are in our late 20s / early 30s so we might as well live closer in the city. My idea of being stuck in traffic for 1.5 hours before/after work to live in a bigger house doesnt appeal to me. I like to go home after work within 30-45 minutes so I can walk to restaurants/trails/etc. If we ever start a family, then we will consider the bigger homes outside the beltway. There are a ton of couples / yuppies in the north Arlingotn area interested in starter / turnkey colonials (they want to live the "virginian experience"), I HIGHLY doubt those homes (minimum 2 bed/ 1 bath) in the desirable neighborhoods will ever return to sub $450k levels. What say you folks?

[wallstplyr]

Originally Posted by flrnova

Arlington is full of disgusting "group homes" that are illegally occupied by 5-6-7 young adults that live like animals. When the Hispanics are doing it in Fairfax County and other outlying areas (that's your real complaint, eh?) it is possibly legal since they are related to each other, i.e. large families.

I see those homes full of illegals or larger families of other nationalities that are the norm. Arlington isn't cheap, so they must have pooled their resources together or got lucky and inhereited the properties or bought the homes back in the 80s or earlier. That bugs the heck out of me too. And agree that something should be done about that. I see Arlington as a hybrid mix favoring the young professional working class. Otherwise, prominent older working class live in McLean, Northwest DC, Loundon County, etc.

Basically, it all boils down to the neighborhood/zip code and proximity to desirable things such as restaurants and metro stations. At least the majority of what is offered are factored in a big way when pricing in on a home.

[flrnova]

I am more bothered by the slovenly white kids living like animals in group homes. And they and their landlords are breaking the law.

[wallstplyr]

Originally Posted by flrnova

I am more bothered by the slovenly white kids living like animals in group homes. And they and their landlords are breaking the law.

you should join neighborhood watch and volunteer to do a crackdown of all those in the areas! please start with 22205, however.

[terrence81]

Originally Posted by flrnova

I am more bothered by the slovenly white kids living like animals in group homes. And they and their landlords are breaking the law.

I used to live in one of those not so legal group houses. It wasn't the best experience but at the same time it's cheaper than getting a place of one's own. I wouldn't recommend it to anyone unless they seriously could not afford better. At the same time not everyone in a group house is an animal and as long as the folks are not causing a lot of noise, who cares how many people live there? Think about what you would do if you could only afford $400 or $500 a month. Take care of home before you worry about what other people are doing.

[loveautumn]

who your neighbors are can bring down the value of a home faster than anything else!