Incoming!!!!! The collapse of the DMV Real Estate market (Baltimore: short sale, house prices)

[goldenage1]

Originally Posted by Cruzincat

I read the whole thread and couldn't find one explanation of what DMV stood for. Anybody?

Somebody has tried to start this as the acronym for District/Maryland/Viginia. Nobody who lives in the area uses it, so I have tried to ignore the whole thread as irrelevant.

[dkf747]

DMV=Department of Motor Vehicles.

[BBC99]

As long as there's jobs in the DC area, (federal Govt.) there will be a need for housing. So unless you thing the size of the federal govt. will decrease, the housing bubble will probably not burst in this area.

And before you start writing about elections and republicans decreasing govt., remember that the federal govt. grew under Reagan, Bush 1, and Bush 2.

[ay jayy]

I dont know what you people are talking about. This area was not insulated from the housing decline. I know a lot of people who have lost 30-50% or even more of their home value in the last few years. The only people I know who "weathered" this are the ones who live next to metro stations or in DC itself. Even most of them have seen a little decrease.

Now maybe other area were hit harder, but the DC area was certainly still affected.

[jacrawf]

Originally Posted by goldenage1

Somebody has tried to start this as the acronym for District/Maryland/Viginia. Nobody who lives in the area uses it, so I have tried to ignore the whole thread as irrelevant.

I don't like the acronym either... I've lived in "the area" for my entire life (born in Clinton, MD and lived there through college where I went to UMD) and people only started to use it in the past year or two. But whatever, that makes the entire thread irrelevant. I was just trying to have a nice discussion about a topic I felt important rather than quibbling over worthless details.

Originally Posted by ay jayy

I dont know what you people are talking about. This area was not insulated from the housing decline. I know a lot of people who have lost 30-50% or even more of their home value in the last few years. The only people I know who "weathered" this are the ones who live next to metro stations or in DC itself. Even most of them have seen a little decrease.

Now maybe other area were hit harder, but the DC area was certainly still affected.

That was more or less exactly my point (but maybe you weren't referring to me in your reply). We had the crash. OP thinks there will be another. Or they weren't paying attention when the first one happened.

[SolarDub]

I've been looking at purchasing property in Ft. Washington, MD, Arlington, VA & Fairfax, VA.
The latter two areas have, generally, shown less signs of the boom and bust than the former where properties have shown a fairly consistent 30% depreciation from their peak to the present. The collapse has happened.
When I first started looking (2 months ago), I had a list of around 20 properties of interest in the Ft. Washington area (specifically Fort Foote Village). All have now sold or are under contract.

I can only offer my limited observations, but it seems people are snapping up properties pretty quick due to depreciate prices and low interest rates. In that area, at least, my guess that prices will be starting to increase again, if they haven't done so already.

I'm no expert, btw.

[molukai]

SolarDub, you've made an astute observation. That is most definitely the case, and many of the new constructions in the area have begun inching up prices and removing the incentives that they had just a mere 6 months ago. For example, the house model I purchased (a new construction in the Tantallon on the Potomac area) increased its base cost by $5,000 just one week after I signed the contract. The entire row of lots on the street where I had purchased were sold within 3 weeks after opening.

If you were ever thinking about buying in Fort Washington, now would be a pretty good time indeed.

[airymind]

Property values still left about $150K to increase in FT Washington, MD.

[Joke Insurance]

Originally Posted by Cruzincat

I read the whole thread and couldn't find one explanation of what DMV stood for. Anybody?

Department of Motor Vehicles

[SolarDub]

molukai: yeah, the Tantallon area has been brought into the realms of affordability for myself, and I'm sure others. That's where I'm focusing my hunt right now. I don't think I have enough to purchase a new construction, however. It's great that you were able to snap one up and it immediately appreciated.. How do you like it there so far?

airymind: the $$$ change will vary depending on property. But maybe an increase of (pure speculation here) 30-50%?