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Orginally from DC,moved to huntsville alabama for a job. I am recently trying to get back in to the dc real estate market scene. My friends from dmv told me that these to area's are on the come up. What is your opinion on which one would have the better long term investment benefit?
It's easy to confuse neighborhood names when you're not from the area but it's hard to answer your question because I'm not sure what you are asking.
The "Southwest Waterfront" neighborhood is undergoing some redevelopment that has the potential to make it the next 'it' neighborhood. But keep in mind that there have been some attempts at redevelopment in the past that have failed, and the current efforts are slated to occur over the next decade so don't expect to buy cheap and sell in a year and become a millionaire. Currently SW Waterfront is a pleasant and quiet neighborhood of mixed incomes and demographics and is conveniently close to the city center as well as to freeway access to other parts of the metro area.
The term 'Southeast' could mean a lot of things. It's not a specific neighborhood. Parts of the Capitol Hill neighborhood are in the Southeast quadrant. It's a lovely area to live in--beautiful architecture, great community spirit, wonderful amenities. But it's also already fully developed, gentrified, and expensive. The Navy Yard area is just south of the Capitol Hill neighborhood and offers easy access to all of the Capitol Hill amenities. Enormous effort in redeveloping this area was put forth just before the real estate bubble crashed, which has left the area with numerous overpriced luxury condos that sit vacant for lack of buyers. My observations have been that despite the vacancies, real estate prices have not dropped in this neighborhood.
Southeast could also mean the entire quadrant of the city that lies across the Anacostia River and includes dozens of neighborhoods including Anacostia, Deanwood, Fort Dupont, Congress Heights, and Kenilworth, to name a few. Most of these neighborhoods are considered (by most people) not only blighted but fairly dangerous with little to zero economic opportunities of any kind. Of all of these, Anacostia is certainly the closest in approaching any kind of development potential. It is located directly across the river from the rest of the city and has several bridges that link it to the 'mainland'. There have been a few small steps toward economic development and some intrepid pioneers who have settled in the neighborhood with the intent of revitalizing it. In comparing Anacostia to SW Waterfront in terms of development, Anacostia is probably at least a decade behind SW Waterfront in terms of progress and with such a long road ahead, any number of factors could derail its revitalization and result in financial losses for those who have invested in it.
I would go with SW Waterfront. I live here now, have been since October. I cosign with what Kodaka said, its a very quiet neighborhood. I have yet to hear about a crime in my immediate neighborhood and I believe they had 1 all year in 2011 (I could be way off on that but its something I looked into when moving into the area). It lacks bars and restaurants and that's suppose to be coming so we'll see. But for now, I think it would be a good buy.
I got a studio, mostly b/c the 1 bedroom in my building are a bit overpriced (240K for a 601 square foot 1 bedroom, and then add $20K for a parking spot is not exactly an ideal buy for me. My studio is bigger and cheaper).
I checked out Velocity Condos which is in the SE/Capital Riverfront area and they are selling studios for 300K. That is insane. And that's why there's a lot of vacancies. There's a Justin's Cafe and not much else in the way of bars and restaurants. One of their selling points is a rooftop pool. My building has a pool, it's not rooftop but it's pool nonetheless. Just insane pricing all around in the city.
I am sorry, I was referring to the Southwest riverfront vs the new southeast (yards development)...What condos are there currently in the southwest development? I tend to like the southwest more in terms of what I see because of the substantial view that are from that area, but everyone says that the yards is the place to be.
I am sorry, I was referring to the Southwest riverfront vs the new southeast (yards development)...What condos are there currently in the southwest development? I tend to like the southwest more in terms of what I see because of the substantial view that are from that area, but everyone says that the yards is the place to be.
It all depends on what you can afford to be honest.
Southeast could also mean the entire quadrant of the city that lies across the Anacostia River.......... Of all of these, Anacostia is certainly the closest in approaching any kind of development potential. It is located directly across the river from the rest of the city and has several bridges that link it to the 'mainland'. There have been a few small steps toward economic development and some intrepid pioneers who have settled in the neighborhood with the intent of revitalizing it.
A good response, although you forgot to mention that the Federal Dept. of Homeland Security will soon make its headquarters on the former St. Elizabeths Hospital site. The potential promise this holds for the Anacostia area, and housing values, has been discussed recently here on this forum.
A good response, although you forgot to mention that the Federal Dept. of Homeland Security will soon make its headquarters on the former St. Elizabeths Hospital site. The potential promise this holds for the Anacostia area, and housing values, has been discussed recently here on this forum.
Is that even still planned? I haven't heard about the DHS move to St. Elizabeths in a long time.
Delayed by 5 years, funding cut to the bone. Only Coast Guard will be moving to St. Elizabeth's anytime soon, as their building is nearing completion. 5 years minimum before the other DHS components move. If ever.
Quote:
Originally Posted by Curbed Enthusiasm
Is that even still planned? I haven't heard about the DHS move to St. Elizabeths in a long time.
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