U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > District of Columbia > Washington, DC
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
Reply Start New Thread
 
Old 11-21-2009, 04:13 PM
 
6 posts, read 10,471 times
Reputation: 10
Default Lookng for condo near Georgetown Law

Hi,
I will be starting law school at Georgetown Law next Sept. I'd like to buy a condo instead of renting. I'm not too familier with DC yet. I'd also like to be as close as possible (since I may not have a car) to the Law Center (2nd St NW and Mass Ave), but I also don't want to spend an arm and a leg.

Can you suggest and area with apartment-like condos ?


Any info would be greatly appreciated.
Thanks,
Steve
Reply With Quote Quick reply to this message

 
Old 11-21-2009, 04:25 PM
 
Location: Washington, DC
1,739 posts, read 1,434,044 times
Reputation: 1099
Your best resource is going to be Redfin . Just zoom in to that area and put in your criteria for what you're looking for, and it's easy to see what is available. Plenty of condos; just be ready to plunk down $475 per square foot or so. Judiciary square metro is near the law center, so you can look in other neighborhoods along the red line.


Reply With Quote Quick reply to this message
 
Old 11-21-2009, 04:50 PM
 
6 posts, read 10,471 times
Reputation: 10
Wow, This is a great site. Thank for the tip. Buying seems to be the better way to go instead of renting. I would "assume" that with the real estate market relatively lower than in the past, if I would sell in say 3-4 years after I graduate, I could make a few bucks. Even if I break even, I saved all the rent that didn't go to building equity.

I need to research the real estate market in DC over the years. Have prices dropped due to the resession?

thanks,
Steve
Reply With Quote Quick reply to this message
 
Old 11-21-2009, 07:23 PM
 
Location: Washington, DC
1,739 posts, read 1,434,044 times
Reputation: 1099
In the nice areas of downtown the prices weren't hit all that hard. DC real estate had been white-hot for the last few years, so maybe you could count holding fairly steady for over a year as a relative decrease.

If you get a fair deal in the market right now in the area you're looking to live in, I think it's highly unlikely you'll be in a position to take a loss at the end of 3-4 years. And as you said, you're building equity instead of throwing away 40k+ in pure rent.

Definitely do the research yourself. There's no subsitute for it. However if you want my two cents, I don't think you're taking too much of a gamble in that area.

The law center is on the Red Line, and our metro system is pretty damn good. So you can live near one of those stops and still have a pretty easy commute. The neighborhoods going west on that line are probably the most desired locations in DC. Metro - Rail - Maps - Rail/Google Map

To get your bearings on the redfin map:

West:
Chinatown: fairly developed, decent night life and restaurants. Those condo's closest to the law center are probably going to be pretty nice a lot of them were constructed or renovated recently. You're probably not going to see a tremendous increase in the price of those over the general trend, but it's pretty stable. Good metro access, the chinatown stop connects to Judiciary square if you are feeling too lazy to walk and it's also a transfer for another line.

Southwest:
Penn Quarter: A little more established, and a little more sterile. I'd say good for an older, more buttoned down crowd. Probably the highest priced condos are going to be here, and probably has the least value. Chances are that more than one partner in your future law firm has a condo in this neighborhood.

Northwest:
Mt. Vernon: This is becoming more of a walk for you, but it probably has better deals. A lot of development is happening in this neighborhood and a lot of the condo buildings are new. It's next to some areas that are still pretty dicey (east of New Jersey ave), so it's a neighborhood in transition, but I think you may find greater appreciation on your investment here.

North:
Truxton Circle I guess: Not sure if there are condos there. If things keep gentrifying and the owners of the public housing continue to let their Section 8 licenses expire, then it will be a great area... but not in 3-4 years.

Generally speaking, the further west you are, the better the neighborhood is in the immediate area.

If you start looking east, you are getting out of walking distance because Union Station and its tracks take up a large swathe of land. To the south is the Mall.
Reply With Quote Quick reply to this message
 
Old 11-22-2009, 01:55 PM
 
1,055 posts, read 3,292,353 times
Reputation: 307
You might want to do some research on the condo market vs. the real estate market in general. There have been tons of new projects go up in the last 5-10 years, and I think they have overbuilt a bit. While you might not lose money, I'm not entirely sure you'll make much of a profit either.
Reply With Quote Quick reply to this message
 
Old 11-22-2009, 03:26 PM
 
Location: DC
3,209 posts, read 7,255,957 times
Reputation: 1125
If you want to buy, look into CityVista or Madrigal Lofts. I have friends living there (one of whom goes to Georgetown Law), and they all like it. Both are close to the school.
Reply With Quote Quick reply to this message
 
Old 11-22-2009, 08:38 PM
 
61 posts, read 110,231 times
Reputation: 28
I recently bought in the U Street/Shaw area and am very happy. That would be about a 20 minute walk for you to the law school.

One thing to consider when buying is that yes you are building equity but you also have to pay city taxes, and if you buy a condo then add in the condo fee. That's anywhere from $500-1000/month that isn't really equity.

There are a number of condo developments that have happened in the last 5-10 years but they are selling. Not trying to push you to move faster than you want but if priced competitively then condos tend to go fairly quickly and at times have multiple bids.

Good luck and congrats on your law school acceptance.
Reply With Quote Quick reply to this message
 
Old 11-22-2009, 08:48 PM
 
4,806 posts, read 10,888,007 times
Reputation: 4543
http://www.franklymls.com is another website to look at. enter the zip code (20001) and your price range. Listings with a line through them are already sold.
Reply With Quote Quick reply to this message
 
Old 11-22-2009, 11:17 PM
 
Location: Washington, DC
1,739 posts, read 1,434,044 times
Reputation: 1099
Quote:
Originally Posted by FinallyDC View Post
I recently bought in the U Street/Shaw area and am very happy.
Same here, congrats!
Reply With Quote Quick reply to this message
 
Old 11-23-2009, 06:05 AM
 
6 posts, read 10,471 times
Reputation: 10
KStreetQB,
Thanks a million for all this great info. I really appreciate it. I already downloaded the iphone app for Redfin. Its great.

I'll probably have more questions as I get into my research of the area. I am so looking forward to living in DC.
thanks again,
Steve
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $79,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > District of Columbia > Washington, DC
Similar Threads

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top