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Thanks. The Waterfront sounds ideal from the standpoint of the rental prices and the ease of getting down to Woodbridge from home. Plus, I don't mind taking the Metro 15 minutes up to DuPont or other places. Is Georgetown going to be a challenge to get to with public transportation? I don't mind the 4 mile drive up there but would prefer a bus.
There's a bus that runs past L'Enfant (I can't remember which one, 34 or 36 I think) that will drop off at Wisconsin and M. I've taken it before, it isn't too bad. Or you can metro to Foggy Bottom or Rosslyn and walk (which is what my roommate does daily).
Thanks. The Waterfront sounds ideal from the standpoint of the rental prices and the ease of getting down to Woodbridge from home. Plus, I don't mind taking the Metro 15 minutes up to DuPont or other places. Is Georgetown going to be a challenge to get to with public transportation? I don't mind the 4 mile drive up there but would prefer a bus.
Like another poster said, during the spring-fall there's a water taxi that runs from the SW Waterfront (near the Cantina Marina) to Georgetown. Alternatively, take the metro to Foogy Bottom or Rosslyn and walk 10-12 minutes to Geogetown.
You mentioned rental prices, but have you considered buying? SW is shockingly affordable, not just by DC standards but by any city standards. There are some decent units that still go for less than $150K. You can easily pay less to own than to rent, and with all the redevelopment going on, could potentially see your investment grow substantially in the coming years (well, at least that's what we all are hoping for).
I'll probably look into buying after being up there for a year. I may prefer to buy in VA or MD once I know the area better. My partying days are well behind me so I may opt for a slower pace of life but definitely want to live in the city this year.
Sounds like DuPont and Georgetown are easy to get to. I'm shocked that the rentals are so high in the area. I thought Boston was bad until I looked at DC rents.
Like another poster said, during the spring-fall there's a water taxi that runs from the SW Waterfront (near the Cantina Marina) to Georgetown. Alternatively, take the metro to Foogy Bottom or Rosslyn and walk 10-12 minutes to Geogetown.
You mentioned rental prices, but have you considered buying? SW is shockingly affordable, not just by DC standards but by any city standards. There are some decent units that still go for less than $150K. You can easily pay less to own than to rent, and with all the redevelopment going on, could potentially see your investment grow substantially in the coming years (well, at least that's what we all are hoping for).
FYI, a lot of cheap places in SW have outrageously high condo or co-op fees and/or are poorly maintained. Also, a lot of the condo conversions of 1970's era high rises were done on the cheap, focused on superficial things like installing hardwood floors, but ignored very expensive infrastructure items that condo owners will have to deal with later. They look spectactular, but those buildings aren't aging well and the condo fees will likely skyrocket after those issued are addressed and any developer subsidy is gone.
FYI, a lot of cheap places in SW have outrageously high condo or co-op fees and/or are poorly maintained. Also, a lot of the condo conversions of 1970's era high rises were done on the cheap, focused on superficial things like installing hardwood floors, but ignored very expensive infrastructure items that condo owners will have to deal with later. They look spectactular, but those buildings aren't aging well and the condo fees will likely skyrocket after those issued are addressed and any developer subsidy is gone.
You're right that the fees often look really high, but often those fees are highly inclusive and cover all your utilities, property taxes, and even maintenance in your unit. If you were to add up each component, you might find that the fee doesn't seem that high after all. Also, the purchase price is going to be discounted to account for those higher fees, so oftentimes things even out given how much you save on your mortgage.
But I definitely agree with you about the maintenance and conversion issues. Sleek lobbies are nice, but make sure you check out what lies beneath the surface.
I'll probably look into buying after being up there for a year. I may prefer to buy in VA or MD once I know the area better. My partying days are well behind me so I may opt for a slower pace of life but definitely want to live in the city this year.
Sounds like DuPont and Georgetown are easy to get to. I'm shocked that the rentals are so high in the area. I thought Boston was bad until I looked at DC rents.
The nice thing about Southwest is that you're right in the center of everything that DC has to offer, but the area is almost shockingly sleepy and removed from the rest of DC. You could almost think of it as a suburban bedroom community, only in the middle of the city and on the metro. You get the perks of a quiet neighborhood that's only a 10 minute walk from the Mall, and just over 1.5 miles from Gallery Place/Chinatown, or a 10 minute drive to the Kennedy Center. You really get the best of both worlds, just at a fraction of the price of Northwest.
Sounds like an ideal place. I'm going to look into Navy Yard, SW Waterfront, Foggy Bottom, and Penn Quarter. Georgetown and DuPont are just way too expensive for what you get. People in their 20's and most in their 30's must pay well over 50% of their income just on rent in those areas. I'm in a high income bracket and there is no way I'd pay $2,000 for a studio or $3,000 for a 1 bedroom. I'd be sick to my stomach writing a check for that amount for an apartment with such small square footage.
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