PG county housing market bouncing back (Waldorf: sales, renters, condos)

[EducatedBro82]

Originally Posted by pgtvatitans

Apparently people who can live there on minimum wage comfortably, even though it's too expensive to get a job closer. Go figure.

[EdwardA]

Originally Posted by Optimistic20744

Im optimistic as well. Once the coast guard and the st elizabeths facility in sw 10 mins away is done that will also effect the value for those that relocate to the area looking for somewhere to live close to work.

Yeah not seeing it. These areas aren't close to Metro. The low quality schools and crime will dampen whatever increased demand there is from those looking to be close to amenities.

[Steelers10]

Originally Posted by mdfrommw7

I keep up with the housing market via zillow and redfin.com. I've noticed a lot of houses selling in Southern and Northern PG county area at substantially higher prices. Obviously the selling price is no where near the peak in 2007 but the prices are increasing compared to the past 4 years. I bought in 2010 and my biggest fear was being upside down because of the market continuing to slow. Seems like my fears were not justified as the market is heating up. I hope the trend continues to be positive!

PG County has a lot of potential to rebound and establish pretty high real estate values more in line with surrounding metro counties. In another thread, I compared Bowie (which has a "Levittown" as part of its older housing stock) to the Levittown on Long Island. Even though metro NYC is a higher cost area, Bowie exceeds Levittown on economic measures such as median family income. And of course Bowie is substantially cheaper and relatively safe in terms of crime.

The major limiting factor to PG County is going to be its schools. Depending on the progress of Charles County schools, you may continue to see more explosive growth down there as home buyers may be sacrificing proximity for cheaper real estate and better quality schools. Here's an example:

Originally Posted by pgtvatitans

Apparently people who can live there on minimum wage comfortably, even though it's too expensive to get a job closer. Go figure.

There are individuals on this forum who think it is possible to live comfortably in Hagerstown on minimum wage. That is a massive disconnect with reality! Products of PG County Public School Econ Classes perhaps? While it is a positive sign that PG County values are rebounding, the latest frontier in Charles County affordable housing is in developments such as Swan Point down in Thompkinsville where it is still possible to get a four bedroom contemporary home for under $300K. That's an hour and 20 minute drive to DC! The above mentioned Hagerstown is also an hour and 20 minute drive to DC. New developments going up around Fredericksburg are a similar distance as well.

PG County's built in advantage has always been more house for less cost than MoCo. However, if people are willing to sacrifice distance they can still get a large cheaper house in other communities with better schools and lower crime. If buyers don't have kids and/or the size of the home doesn't matter, then PG County loses its competitive advantage because buyers would be willing to take less home for a similar cost in MoCo or Alexandria which have more amenities.

[mdfrommw7]

A house one block away from me sold for just under $290,000. It was on the market for 8 days. Not a short sale or foreclosure. I bought for the same price back in 2010. A lot of people thought I was going to be severly under water within a few years. Another house was for rent 3 blocks down and was occupied within one month. We've also had 3 white families move in which I honestly was not expecting with this being Clinton. I think what many are saying is correct. The same houses in Alexandria would be going for over a million. $700,000 can buy a lot of private school. Heck you might be able to hire your own teachers for the price difference. For the same proximity to DC, close to the airforce base, and the economy bouncing back I'm feeling pretty good about the move I made.

[UrbanScholar]

Originally Posted by mdfrommw7

A house one block away from me sold for just under $290,000. It was on the market for 8 days. Not a short sale or foreclosure. I bought for the same price back in 2010. A lot of people thought I was going to be severly under water within a few years. Another house was for rent 3 blocks down and was occupied within one month. We've also had 3 white families move in which I honestly was not expecting with this being Clinton. I think what many are saying is correct. The same houses in Alexandria would be going for over a million. $700,000 can buy a lot of private school. Heck you might be able to hire your own teachers for the price difference. For the same proximity to DC, close to the airforce base, and the economy bouncing back I'm feeling pretty good about the move I made.

Yeah there is a big divide in bang for your buck between PG and other areas. Some buyers (early adopters) are taking advantage of that. A friend of mine ( who's not AfricanAmerican) recently purchased a fixer upper in NOVA for over 400k in an area with no real amenities nearby. Being originally from the south she was irritated about paying more for it and would have preferred to move to move in the Fort Washington area but had to compromise to accommodate her husband's job.

[EdwardA]

Originally Posted by mdfrommw7

A house one block away from me sold for just under $290,000. It was on the market for 8 days. Not a short sale or foreclosure. I bought for the same price back in 2010. A lot of people thought I was going to be severly under water within a few years. Another house was for rent 3 blocks down and was occupied within one month. We've also had 3 white families move in which I honestly was not expecting with this being Clinton. I think what many are saying is correct. The same houses in Alexandria would be going for over a million. $700,000 can buy a lot of private school. Heck you might be able to hire your own teachers for the price difference. For the same proximity to DC, close to the airforce base, and the economy bouncing back I'm feeling pretty good about the move I made.

This is where I see PG strength at not flashy projects like the National Harbor. PG offers real value and the money saved (well if its actual savings to the family) could be used for private schools if so needed.

I'm sour on PG but am considering looking into properties near Branch Ave Metro. I figure properties near Metro should hold their value better.

[EducatedBro82]

Originally Posted by EdwardA

This is where I see PG strength at not flashy projects like the National Harbor. PG offers real value and the money saved (well if its actual savings to the family) could be used for private schools if so needed.

I'm sour on PG but am considering looking into properties near Branch Ave Metro. I figure properties near Metro should hold their value better.

Areas around Metro do hold their value.......just depends on where in the area, NoVA, yes, MoCo yes, PG? depends on where.

[TechlawyerinPG]

Originally Posted by pgtvatitans

I don't think National Harbor has anything to do with it. When I purchased in 2010, two years after National Harbor opened, the prices were still dropping and were up until the beginning of last year. I honestly believe it has more to do with stabilizing neighborhoods, slowing down foreclosures, and people clamoring for bargain prices for housing. Fort Washington had a ton of foreclosures that were just sitting there, but once those places got put on the market, people wanted to buy them because there aren't too many places in this region you will find housing that cheap, close to DC. Just assessing National Harbor's impact, I personally don't think we have seen the real impact of it on the surrounding market.

Ditto, the Harbor is like a selfcontained island and has had no impact over here
The newcomers I meet are attracted to how much they get for the money and the proximity to NoVa and DC jobs.

[TechlawyerinPG]

Originally Posted by pgtvatitans

I agree. I was one of them, but the reality was unfortunately, that the potential was washed out by the glut of homes that was on the market. When I purchased in 2010, I thought I was buying rock bottom and the National Harbor was going to make me a ton of money. Right now, I would lucky if I could just break even. It has done a lot yet, but I do believe it will increase value in the future once it has more amenities (i.e. outlet mall).

I already lived here but bought an investment property also specifically because of the Harbor coming. Lost 60 to 70% of the value and have had a difficult time finding quality renters the last five years. Closing on a short sale of it next week and it can't come too soon.
Ft. wash area needs more amenities for people who live here ....that are beneficial to daily living....not destinations for occasional visitors and tourists.
He who drops the farthest will rise the fastest...that is why I feel it is rising faster right now...we dropped more than most other places around here. Many PG homes lost half their value if not more in the case of condos. Just attended a party at a friends home in Fairfax....discussing the $200k in equity made in the same time that I am sitting on maybe $40k based on a recent sale.

[TechlawyerinPG]

At National Harbor, commuting is a daily trial for service workers - The Washington Post

Why are some of these workers not choosing to rent nearby? I thought I would see at least a few applicants that worked at the Harbor in my rental 2 bedroom that is less than a mile away...and never saw any apply. The rent had to be less than Alexandria and if it was a school thing many schools in Alexandria are about as poorly rated as those near the Harbor.