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I will be relocated to DC this summer and am looking for some helpful pointers in finding an area to buy a home. I'm a 23 y/o male and am looking for a house/condo/townhouse of no more than $300K. Since I'm still young I'd like to be near areas where young professionals congregate. Silver Spring and Arlington seem to be the best areas. (Which may be tough since most people my age are still renting.) I think it's fair to say that in these areas and with my budget I'm most likely looking at condos. Also on my list is Annapolis and perhaps Fredericksburg, although I'd have to tag on the commute I could afford a bigger house, is that correct?
I'd like to know what other areas I should consider, and why. Are my assumptions correct?
All you will get in Arlington for 300k (the most desirable place to live for young, single, professionals) is an old condo that probably needs to be gutted. Maybe you should try Manassas Park.
Actually you can find some pretty good condos right now in Arlington for under 300k. Many of them have already been remodeled. Be very carefull though, condo fees can range from 100-400/month (which may or may not cover things like utilities) and are often overlooked.
Location: Huntersville/Charlotte, NC and Washington, DC
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300k will buy you a good condo in the west end of alexandria. there are a lot of professionals here. This is the area of NoVA you get the most bang for your buck when you talk condos.
If you are willing to handle the commute, and you did mention Fredericksburg, you can definitely get some deals. There is currently a couple of new condo/townhouses going in in the city; one is right at the VRE/Amtrak station. The other is going into the old Maury School. If you are interested I could track down the names for you. But be warned, there will be a commute!
You can definately find nice resale condos in Fairfax and Arlington for that price right now. There are floods of condos on the market. I have seen some condo units turn into rentals from the builder.
We have 1 BR condos in my building going for the 295k range lately and I live within walking distance of Ballston Metro (like 10 year old building though). But like David mentioned, condo fees in this area run 300+ a month easy. Lots of people trying to unload in Arlington so you might get a deal.
Arlington is the place to be for the young single professional (especially the Ballston, Clarendon, and Courthouse areas).
Be aware that Fredericksburg has a very, very flat market right now and it is likely to continue for a while. The commute has gotten so bad that people aren't moving that far south of DC anymore. My father is a real estate agent there and they just aren't seeing the traffic they should this time of year with the low rates that are still available. 300K would buy you more there but it won't appreciate much if at all for a while. You ought to buy in a growing area with a decent resale market. You should never buy simply based on price. Arlington is better for many reasons, your age, commute, resale, and social life are the top ones I can think of.
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