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Old 10-24-2008, 09:11 PM
 
89 posts, read 136,719 times
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Default Is the DC area still considered recession-proof?

How's the economy in the DC area? Is the nation's capitol region a haven from the recession?
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Old 10-26-2008, 07:24 AM
 
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It aint that rosy here, but the downtown area is still doing great, most of the problems have been confined to sub/exurbia. It aint nearly as bad as the sunbelt mainly ue to high tech jobs, government, and a well educated workforce. But downtown DC seems to be holding up very well, as slums keep gentrifying year by year
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Old 10-27-2008, 09:19 AM
 
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The DC region has the federal government. We don't have to worry about mega-billion corporations going belly up in a recession. We don't have to worry about the federal government moving out of town for cheaper labor in China and India. We don't have to worry about housing prices crashing like 40-50 percent in some places such as California, Nevada and Florida.

Compared to Chicago, New York, Miami, Los Angeles, Denver, Seattle, and Cleveland...the job market in DC is incredibly resilient.

The federal government will continue to be the MAIN engine of growth in the region. Whether you are a federal worker collecting a paycheck, a contractor looking for federal $$$$$ in defense or homeland security, or a lobbyist searching for subsidies on behalf of a corporate client; the economy hums along nicely.
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Old 10-27-2008, 10:13 AM
 
Location: Bethesda, MD
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Quote:
Originally Posted by coldbliss View Post
The DC region has the federal government. We don't have to worry about mega-billion corporations going belly up in a recession. We don't have to worry about the federal government moving out of town for cheaper labor in China and India. We don't have to worry about housing prices crashing like 40-50 percent in some places such as California, Nevada and Florida.

Compared to Chicago, New York, Miami, Los Angeles, Denver, Seattle, and Cleveland...the job market in DC is incredibly resilient.

The federal government will continue to be the MAIN engine of growth in the region. Whether you are a federal worker collecting a paycheck, a contractor looking for federal $$$$$ in defense or homeland security, or a lobbyist searching for subsidies on behalf of a corporate client; the economy hums along nicely.

I agree with the job market being strong despite the economy in DC, but home prices are definately on the decline (and for good reason) in the DC area. When people were buying townhomes in Germantown or Loudoun County for $400K, something just was not right.

Home prices in the region have fallen back to 2004 levels, and I highly doubt these will go up anytime soon. For all we know prices could plunge even futher.
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Old 10-28-2008, 08:18 AM
 
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Originally Posted by TrippingJay View Post

Home prices in the region have fallen back to 2004 levels, and I highly doubt these will go up anytime soon. For all we know prices could plunge even futher.
Well that's good news for me (as a potential buyer), as I'm interested in moving to the area. In that case, it may be more expensive than where I live now, but not nearly as expensive as it used to be.

Of course, the more desirable hoods (Georgetown, Potomac, Great Falls, etc) won't be quite as affected though, right?
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Old 10-28-2008, 03:26 PM
 
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Quote:
Originally Posted by TrippingJay View Post
I agree with the job market being strong despite the economy in DC, but home prices are definately on the decline (and for good reason) in the DC area. When people were buying townhomes in Germantown or Loudoun County for $400K, something just was not right.

Home prices in the region have fallen back to 2004 levels, and I highly doubt these will go up anytime soon. For all we know prices could plunge even futher.
Everyone's complaining that housing prices are falling, but where were these people when prices were increasing 100 - 200% a year? Why is it suddenly bad to have slightly-less-than outrageous housing prices? The stock market falls to its lowest point in 5 years and we freak out, yet no one was complaining five years ago.

The current economic model is just this gluttonous monster that must keep expanding. It's quite primitive, really.
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Old 10-29-2008, 02:01 PM
 
Location: Silver Spring, MD
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I think it's pretty recession proof so yes to your question.
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Old 10-29-2008, 02:37 PM
 
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Last year, house prices 'inside the Beltway' remain on the uptick, while most of the rest of the ex-urbs regions (beyond the Beltway) mirrored some of what was going on nationally. I think this has changed a bit recently though as some of the overall financial pressure has started to affect folks a bit closer in. I'm speaking anecdotally but a modern 4br house I looked at in North Arlington in June that was $980k was just re-emailed to me by the realtor for $860k. I haven't priced around other things but I definitely think the days of houses selling in < 7 days have passed.

What is your housing budget and requirements? I think it is pretty safe to say the price will be more expensive than where you are now (DC has some pretty pricey areas). Depends a lot on what you want.

The next few months will be a bit odd. There is a monsterous 'attack' on Washington whenever a new administration comes to town. Thousands of political appointees leave and tens of thousands of guys who rang doorbells for this candidate or that show up hoping to be named Secretary of State or something. January and February are quite crazy with the shuffle, and it goes on until about May or so before it starts to return to normal.

This probably doesn't affect you, but there is a knock-on effect to other hiring / housing that could come into play.

Good luck.
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Old 10-29-2008, 02:59 PM
 
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I doubt any area is recession-PROOF. This area is, perhaps, less susceptible to cyclical changes in the economy (maybe on the upside as well) than most others, but it's certainly not recession proof. A lot of work in this area is not through the government, though some of the 'private sector' works consists of contractors who handle federal clients.

D.C. area reports 4% unemployment rate for Sept. - Washington Business Journal:
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