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Thanks for all the responses! I did an internet search of condo's in the areas mentioned and was very impressed. We saw a lot of places for sale that are just what we're looking for. Much, much nicer that the ones we were looking at in NYC for $100,000 more.
We currently live in a 3 bedroom home on some acreage, so our concern is adjusting back to condo life. But we realized that we basically live in just three rooms: the bedroom, the front room with the TV and the kitchen. We have two rooms we haven't used in years.
So our plan is to accumulate about 3 weeks vacation and stay in a hotel suite in DC to see how we adjust.
Great posts....we are also looking to retire in DC and your posts has helped us also. Unfortunately we don't have $400,000 to buy outright but hope to have about $7000 a month for spending. Good luck and post what you find. out...we too are from suburbia but look forward to living in a city with culture at our doorstep.
I lived in Washington DC for 38 years and I hated it while I lived there but have come to appreciate it a lot now that I am gone. I did one smart thing when I left I didn´t sell my real estate and this was in 20000. I acquired seven properties in DC from 1993 to 2000 all inside the beltway, three of them were old homes in Bethesda which I tore down in 2005-2006 and put new homes on and sold at an incredible profit. I still have the other four which comprises part of my retirement nest egg. I will be returning later this year to retire and enjoy those things that I took for granted there when I lived there.
The main issue as I see it for you in living in DC is the income, say you take that 400K you have and buy an apartment. You still have to pay the taxes, and the condo fees and they go up every year and believe me inflation eats a way unless there is an escalator mechanism in your retirement income. The one asset in living close in is you do not need a car and when you figure in gas, insurance, and car payment thats a quite huge savings.
A lot of people who live in DC retire there, just go to a Senior Center in Montgomery County they are packed but someone moving to DC to retire is rare, but you see a lot of New Yorkers doing it. The Metro system in DC is incredible and if you live near it you can really get around, with the Silver Line to Dulles you now have the option of using both Airports for travel. I know of several non-profits that count on their senior volunteers to keep them going. If anything you could live there for a few years and then leave if prices got too expensive you could sell and leave the areas you mention are up and coming and you will see a nice profit on your real estate.
I'd second (third? fourth?) the suggestion for the area near the zoo. It's absolutely beautiful up there with all the trees, and always feels more "home-y" to me. The Mt Vernon Square area is much more urban and "busy", which can be good in its own way if that's what you're looking for. It is more recently developed, so while Chinatown/Penn Quarter is very nice it can get a little dicey as you head north.
That said, I have friends living in the CityVista complex who absolutely love it there. There's also a bunch of retirees in my complex (Capitol Park IV) who seem very happy. I think the complex itself was actually originally built for seniors, though now it's a mix of 20-30somethings, retirees, and families. Regarding space, I have a 2-bedroom townhouse/condo and my parents have mentioned several times that it would be the ideal space for them (they currently live in a huge house).
My daugher has been living in the Kalorama area for the last 2 years and we her parents have been visiting her very often. Love the area, wondering whether it would be a good idea to retire here??
I'm nearing retirement and looking for somewhere interesting to live. I'm a huge history buff, so DC seems like a natural. I'm focused on living downtown where lots is going on and everything is just a close metro ride away.
Looking for a 2 bedroom (or one bedroom with a den, since the 2nd bdrm will be an office) for around $400,000. I've seen some very nice ones in NW DC around Mt Vernon, Chinatown, and the zoo in this price range.
My monthly income will be around $3,000. Good health, one car, one wife, no kids, no debts, no extravagant hobbies.
I can take blunt comments, so let me know what you think. Thanks!!
$36,000/yr doesn't go very far in DC. I'm assuming that you can buy a place outright from the sale of your current residence. There is a lot to do. A fair amount is free. Summers and winters are not too extreme. You really don't need a car if you live around a METRO stop.
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retire in DC?
