National Harbor - News, Events, Updates, Questions and Developments Etc. (pub, garage)

[adelphi_sky]

Originally Posted by OutOfPlaceInDC

Just anecdotal evidence here regarding the success of National Harbor as a destination to attract an affluent residential class:

A person in my building (Old Town Alx area) sold their condo in 2012 for about 500K. Their goal was to move to National Harbor into a brand new building, which was a much nicer condo that was a full 50% larger for around 600K. I guess they were lured by a more modern design, a seemingly vibrant, newer community with access to plenty of dining options and perched right there on the river.

Well, within less than a year, their new Harbor condo was on the market for 630K. Was it a flip? No, certainly not after listing fees were factored in. No, they wanted out. The place sat on on the market for another 2 years, finally selling for 560K to MGM (likely to be used as a place for VIPs to stay). Their next move? To buy a less-desirable (than the one they sold 3 years earlier) condo in their original building for 560K. So to summarize, they ended up taking a 40K loss (+ listing fee) and paid 60K more than they previously sold 3 years earlier. This was potentially a 100K+ swing to move into a smaller, older, physically less desirable condo that they desperately wanted to leave 3 years earlier rather than continue to live in the NH.

Now I can only theorize based off of my personal experiences with NH as to why they wanted to leave so bad, so you can take my assumptions with a grain of salt, but I think they're likely pretty close to what most people think is wrong with NH:

It's been interesting to watch the prices of condos and townhomes steadily fall since they were built. Almost every other area in the metro has been steadily rising since 2008, but not NH.

Here's the deal, seems like your neighbor didn't do his research. First, I'm sure he knew full well what NH was BEFORE he decided to purchase a $600k condo. If he didn't, shame on him. NH was NEVER a sleepy affordable neighborhood community and will never be. Pure and simple, it is an entertainment district. If your neighbor didn't want that, then he was sadly mistaken. In addition, your neighbor had to know that there was no adequate mass transit options at NH. That was known before it was built and will be that way even after MGM opens. These are things that have been clearly evident since 2008.

You say he lived in Old Town. Well damn, he didn't travel across the bridge to experience NH before he bought the condo? You can't blame NH for his lack of foresight. Obviously NH was not for him. I know a prominent jazz musician who moved to NH when it opened and still loves the place. To each his own.

I'm pretty sure most folks do a bit more research before shelling out cash on a $600k CONDO. A CONDO. Which are known to be hard to sell anyway.

I can't speak to real estate prices. They are what they are. But my guess is that once more adequate transportation is provided to NH, there will be more demand for permanent residences and prices will rise.

As far as retail prices are concerned, have you been to DC lately? If you can't afford these places don't make it seem like they are out of touch with the rest of the market. Especially when every time I go, the place is packed on the weekends and there are one-two hour waits. Apparently other people aren't concerned about the prices.

I find it interesting how people find fault with places that don't fit their interest as if there is something wrong with the place itself. What may not appeal to you may appeal to someone else.

1) Look at it on a map. It's a tiny 3x3 block plot bound by suburban neighborhoods on 3 sides. Once inside, you likely never leave the perimeter on foot.
2) Anyone who has gone out there for dinner and drinks knows that: The restaurants are overpriced tourist cash grabs that are poorly run and on the low-end of the spectrum for quality. The "nightclubs" get crappier and crappier as the night goes on.
3) No sense of community whatsover
4) No metro, incredibly overpriced parking
5) Want to go somewhere else nice? Your closest option is Old Town
6) What will the Casino bring? I know in Old Town we're already concerned about its overall impact. Will NH become like Charlestown? Hopefully not
7) Future: There is nowhere else to expand to.. this is it. It will not grow, it has no physical space. It's on an island and will stay that way forever.

1. So? It's a district, not a city.
2. To each his own. Other people feel perfectly fine with the prices and quality.
3. It's an entertainment district, not a residential community. Some people are fine with living in an entertainment district. Ever been to NYC? LA?
4. Park in DC. 50% chance you get a parking ticket. It hasn't had a metro in like forever. Why is this news?
5. People still choose to go to overpriced NH even though Old Town is nice. What does that say about Old Town?
6. Quite the contrary. Old Town is looking how to cash in.
http://www.bizjournals.com/washingto...-with-mgm.html
And if you have been keeping up with the project, you'd know that MGM National Harbor will be nothing like Hollywood Casino in Charlestown. That's like comparing a Ritz Carlton to a Super 8. Not even in the same class. And I won't even get into the totally separate and different economies in metro DC and Charlestown, WV. Any economist would laugh at such a comparison.
7. Again, so? It's a district, not a city. It doesn't need to expand. It serves its purpose quite well. On the other hand, the town of Oxon Hill can take advantage and redevelop and or grow it's neighborhoods.

[OutOfPlaceInDC]

I've heard it all! National Harbor is not a dump made fun of by the rest of the DC area! Instead, it's our Las Vegas, LA and NYC!

If there are crowds at NH,it's not because of Alexandria. It's because PG & SE have basically no retail or dining options to speak of, so NH is as good as it gets.

And based off the rapidly falling real estate prices, I'm sure it really is an up and coming area.

BTW, 600K on a condo in Alexandria or Arlington is definitely NOT a hard sale, but it might not seem like such a good investment in an area where a McMansion can be had for less than half that less than half a mile away, like it is in Fort Washington.

[Dmvwhatup]

I live in National Harbor, judging by some townhomes selling in the mid 900k, I would say you are def out of place in DC...@outofplaceindc. Simple solution is don't worry about the Harbor, I promise you aren't hurting anything on this side of the bridge. LOL go hang out in Tysons and sit in traffic for 2 hours.

[adelphi_sky]

Originally Posted by OutOfPlaceInDC

I've heard it all! National Harbor is not a dump made fun of by the rest of the DC area! Instead, it's our Las Vegas, LA and NYC!

If there are crowds at NH,it's not because of Alexandria. It's because PG & SE have basically no retail or dining options to speak of, so NH is as good as it gets.

So, let me get this straight. NH is the only option for those who have access to DC, Montgomery County, and even Alexandria. That's laughable. lol I guess those same people also have VA and DC plates and are white too huh?

And based off the rapidly falling real estate prices, I'm sure it really is an up and coming area.

Rapidly falling? According to whom?

Moderator cut: link removed, linking to competitor sites is not allowed

[OutOfPlaceInDC]

Originally Posted by Dmvwhatup

I live in National Harbor, judging by some townhomes selling in the mid 900k, I would say you are def out of place in DC...@outofplaceindc. Simple solution is don't worry about the Harbor, I promise you aren't hurting anything on this side of the bridge. LOL go hang out in Tysons and sit in traffic for 2 hours.

Ugh.. why would I hang out in Tysons when I live in a desirable place, like Old Town. I don't have to sit in traffic, I have a metro and can walk anywhere I want.

BTW, I see exactly one townhouse listed for in the 900s. Will be interesting to see if it goes for that price. I do see a 4000 Sq/Ft townhome in the low 800s that's been on the market for four months... lol.

Real Estate - 125 Homes For Sale | Zillow

But whatever, to each their own I suppose. I won't waste any more time worrying about the eyesore across the river.

[icebergfella]

I was driving pass Eastover Shopping center this morning and I was wondering how much of that area does Peterson company actually manage? Do they cover the surround commercial area outside of the shopping center as well?

If anyone has the info I'd appreciate it if they could post it or if there is any development plan floating around.

[Mos82]

Originally Posted by OutOfPlaceInDC

Ugh.. why would I hang out in Tysons when I live in a desirable place, like Old Town. I don't have to sit in traffic, I have a metro and can walk anywhere I want.

BTW, I see exactly one townhouse listed for in the 900s. Will be interesting to see if it goes for that price. I do see a 4000 Sq/Ft townhome in the low 800s that's been on the market for four months... lol.

Real Estate - 125 Homes For Sale | Zillow

But whatever, to each their own I suppose. I won't waste any more time worrying about the eyesore across the river.

Where exactly are you walking to? You over pay for cookie cutter split level houses in a crappy school district so you can walk to numerous chain and overrated restaurants. The people in your own county dont think much of you area

[DoughLow805]

Old town is old, historic, safe, cute, slow paced, a good time isn't going to find you in old town, but there is an outside chance you'll be able to find a good time. I work in old town and I don't stick around after work often. The restaurants aren't great, but there are a good number of decent options.

National harbor is vibrant, modern, captivating, fast paced. Just fun across the board for kids, singles, couples, and families. I'll happily drive over the bridge for a happy hour or once the casino opens, a couple of hands of black jack, maybe a concert or some show that most casinos offer.

Now in terms of where you'd want to live, it just depends on your personality, if you want slow and quite go with old town, if you want busy and energetic go with national harbor. I'm sure there is rising home value in both areas outside of the condos. Condos aren't the best investment and much harder to sell. Sounds like the gentleman who bought at National Harbor just didn't do his homework and overpaid for his place initially.

[OutOfPlaceInDC]

Originally Posted by DoughLow805

Old town is old, historic, safe, cute, slow paced, a good time isn't going to find you in old town, but there is an outside chance you'll be able to find a good time. I work in old town and I don't stick around after work often. The restaurants aren't great, but there are a good number of decent options.

National harbor is vibrant, modern, captivating, fast paced. Just fun across the board for kids, singles, couples, and families. I'll happily drive over the bridge for a happy hour or once the casino opens, a couple of hands of black jack, maybe a concert or some show that most casinos offer.

Now in terms of where you'd want to live, it just depends on your personality, if you want slow and quite go with old town, if you want busy and energetic go with national harbor. I'm sure there is rising home value in both areas outside of the condos. Condos aren't the best investment and much harder to sell. Sounds like the gentleman who bought at National Harbor just didn't do his homework and overpaid for his place initially.

Old Town is higher density, more affluent, not only more restaurants, but much better rated restaurants, has live music venues (not the piano bar, lol), extends more than 2 blocks, is older than DC, is an actual city, etc, etc etc. And do we really want to have people extolling the benefits of PG talk about bad schools? The only reason PG isn't the worst in the entire state of MD is because they have another ivory beacon to the north to point to.

But I guess arguing on this forum is worthless. I'm just impressed most of the people here can read.

[adelphi_sky]

Originally Posted by OutOfPlaceInDC

Old Town is higher density, more affluent, not only more restaurants, but much better rated restaurants, has live music venues (not the piano bar, lol), extends more than 2 blocks, is older than DC, is an actual city, etc, etc etc. And do we really want to have people extolling the benefits of PG talk about bad schools? The only reason PG isn't the worst in the entire state of MD is because they have another ivory beacon to the north to point to.

But I guess arguing on this forum is worthless. I'm just impressed most of the people here can read.

Ahhh. So the truth finally comes out. You're a troll. Welcome to the forum! I knew something was fishy when you tried to use BS anecdotal evidence to bash NH.