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Old 08-11-2019, 02:52 AM
 
6 posts, read 6,419 times
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I have been watching the sales of townhouses in our neighborhood of Kingstowne in Northern VA. Six months ago the neighbor put her house up for sale and within 3 days she had 5 offers and sold her home for more than the listed price.

Now it is mid-August and all the townhomes for sale within 5 miles of our home are on sale for months and are taking 2-3 price cuts to make the sale. What has happened to the real estate market in Northern VA?

The economy is good, interest rates have dropped and unemployment is low, but many homes are just not selling. (Expect in parts of Arlington and Alexandria)
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Old 08-11-2019, 10:35 AM
 
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Families are discovering that life is better for the children in the city-center, which is also way cheaper than a town or single family home. Plus, these nicely dressed condo kids are being seen more and more together in groups all throughout VA Sqr, Rossyln, etc., and parents know their after school ctivities are just a short drive or small walk away. Condominium life is better and cheaper in amazing areas like VA Square.
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Old 08-11-2019, 01:04 PM
 
1,159 posts, read 1,297,469 times
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Quote:
Originally Posted by Vernum View Post
Families are discovering that life is better for the children in the city-center, which is also way cheaper than a town or single family home. Plus, these nicely dressed condo kids are being seen more and more together in groups all throughout VA Sqr, Rossyln, etc., and parents know their after school ctivities are just a short drive or small walk away. Condominium life is better and cheaper in amazing areas like VA Square.
I can’t say that I’ve seen this trend in any large way. I’m not sure what you are defining as a “city center” that is “cheaper” either.
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Old 08-11-2019, 01:55 PM
 
17 posts, read 17,837 times
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Without really looking into anything, I have a hunch that you might just be seeing the difference between the early Spring and late Summer markets. Oftentimes desirable and/or overpriced properties can linger unsold into the Summer months when typically even fewer people are looking to buy, so additional price cuts are often needed to get them to move.
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Old 08-11-2019, 02:29 PM
 
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I don't mean this in a rude way but this topic has been discussed on here like a million times - it appears Arlington, Alexandria and DC are doing really well right now while the outer suburbs have slowed down. Who knows if this is long term or just temporary, with real estate you just have to wait it out.
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Old 08-11-2019, 04:29 PM
 
Location: Arlington, VA
2,029 posts, read 4,645,283 times
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Quote:
Originally Posted by Expert Investor View Post
I have been watching the sales of townhouses in our neighborhood of Kingstowne in Northern VA. Six months ago the neighbor put her house up for sale and within 3 days she had 5 offers and sold her home for more than the listed price.

Now it is mid-August and all the townhomes for sale within 5 miles of our home are on sale for months and are taking 2-3 price cuts to make the sale. What has happened to the real estate market in Northern VA?

The economy is good, interest rates have dropped and unemployment is low, but many homes are just not selling. (Expect in parts of Arlington and Alexandria)
This isn't a new thing- It's August. Families aren't going to move so close to the start of school (and also during vacation time), couples or even singles are also enjoying their summer and not wanting to deal with the hassle of buying a place/ moving. And families also aren't clamoring to move to the 'city-center' as another poster alluded which also isn't cheaper.
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Old 08-11-2019, 06:22 PM
 
514 posts, read 447,602 times
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Quote:
Originally Posted by Expert Investor View Post
I have been watching the sales of townhouses in our neighborhood of Kingstowne in Northern VA. Six months ago the neighbor put her house up for sale and within 3 days she had 5 offers and sold her home for more than the listed price.

Now it is mid-August and all the townhomes for sale within 5 miles of our home are on sale for months and are taking 2-3 price cuts to make the sale. What has happened to the real estate market in Northern VA?

The economy is good, interest rates have dropped and unemployment is low, but many homes are just not selling. (Expect in parts of Arlington and Alexandria)
I don't find that true at all. I sold my TH in one day, just before 4th of July weekend. And the TH isn't near Arlington. I was looking at TH in Kingstowne months ago and I was surprised how much they increased in value compared to a yr. ago or so. I think the increase was so rapid maybe TH market in Kingstowne is slowing down. My real estate agent said this has been the busiest summer for her ever. And the open houses I've been to (West of DC) are very crowded. As they say, real estate is all about location, location. I think the areas along the Silver Line are seeing a lot of interest.
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Old 08-12-2019, 02:20 AM
 
Location: Leesburg, VA
740 posts, read 1,179,756 times
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HYPOTHETICAL:

Is it possible to retire in the DC metro given the high cost of living, taxes, housing, food?

If so how?

I am from a area of the country that is a former steel belt and never really recovered after that industry ended. I have gone back to visit childhood friends and family from time to time and I am reminded (and glad) that I left with each and every visit.

I have been living in the DC metro for the last twelve years and love this area for a variety of reasons- in particular the weather, my prefered stores are close by, the town I live in is very walkable and fiber Internet yadda, yadda.

Just curious.
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Old 08-12-2019, 07:05 AM
 
Location: Falls Church, Fairfax County
5,162 posts, read 4,515,986 times
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I think it would be hard on the average incomes. I have some friends that were very fortunate and have cashed out and moved to Baltimore.



Personally I would be in the region but not in Northern Va.
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Old 08-12-2019, 08:11 AM
 
Location: The Port City is rising.
8,868 posts, read 12,607,606 times
Reputation: 2605
Quote:
Originally Posted by Vernum View Post
Families are discovering that life is better for the children in the city-center, which is also way cheaper than a town or single family home. Plus, these nicely dressed condo kids are being seen more and more together in groups all throughout VA Sqr, Rossyln, etc., and parents know their after school ctivities are just a short drive or small walk away. Condominium life is better and cheaper in amazing areas like VA Square.

I am a huge supporter of walkability, transit oriented development and urbanism, and I have argued against people dismissing it as a fad, etc.

But OP is talking about a change in 6 months. The urbanism shift to the extent it would impact Kingstowne (not sure it would, there is complexity in impacts) is a long term thing, and AFAICT there has been no sudden shift on it in the last 6 months, or even the last 12 months.

So IF OP is correct, I suspect it is something else going on.
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