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I am searching for a home in an up and coming neighborhood in DC. I am completely overwhelmed by how fast the market is moving here. I'd like a 2-4 bedroom rowhouse with parking. I have about 650,000 to spend.
What's your opinion? Where can I get a good deal in an up and coming neighborhood?
I am searching for a home in an up and coming neighborhood in DC. I am completely overwhelmed by how fast the market is moving here. I'd like a 2-4 bedroom rowhouse with parking. I have about 650,000 to spend.
What's your opinion? Where can I get a good deal in an up and coming neighborhood?
You can get a rowhouse at that price in Petworth, LeDroit Park, Bloomingdale - all "up and coming" but none undiscovered, either.
I smell a flipper here. I keep hearing stories of property flippers infiltrating DC neighborhoods lately. They are targeting the "up and coming" neighborhood avenues. Economy grows. Property values increase like crazy. Cash out and make a killer profit in 2 or 3 years. Party like it is 2006 all over again!
Quote:
Originally Posted by DCSingle
I am searching for a home in an up and coming neighborhood in DC. I am completely overwhelmed by how fast the market is moving here. I'd like a 2-4 bedroom rowhouse with parking. I have about 650,000 to spend.
What's your opinion? Where can I get a good deal in an up and coming neighborhood?
The housing stock is so low right now, it's really hit or miss. I would set up an alert on Redfin and look at the houses on a case-by-case basis. Certainly focus in on some desired neighborhoods you are most interested in, but I would have completely missed my deal of a house in Shaw if I had not cast a wide net (I thought Shaw was above my price-point at the time).
As far as investment opportunity goes, I still think the very center of the city is still undervalued despite seeing values increase significantly the last 4 years. Mt. Vernon, Shaw and to a lesser degree LeDroit Park are seeing massive investment and development. To some extent, the housing prices are already reflecting the expected delivery of several billion dollars of projects over the next 3 years, but there is still the occasional deal in the $650k range. It's not just O Street Market and the Mariott Marquis - the entire 7th and 9th street commercial corridor is peppered with projects getting underway. So I think you'll see a significant appreciation on your investment in the next 2-3 years, even though there are other transitional neighborhoods with housing stock at lower price-points. The development here isn't speculative - financing is secure, permits are pulled and shovels are already in the ground.
Bloomingdale, especially around 1st and RI has some nice things going on. H Street NE is still a little rough, but that cluster of restaurant and bars is not going anywhere as far as I can tell. I have heard some grumbles from my friends in Petworth that they feel that progress has stalled out there; I have no idea if that's true. Eastern Market is another reach neighborhood, but I personally keep my eye out there too.
I have an awesome real estate agent team (husband and wife) who really know the up-and-coming neighborhoods if you are looking for some guidance. They worked with me for a year and through two bidding wars without any fees or contract (until closing of course).
At $650K you can get a nice, restored rowhome in any of the neighborhoods mentioned. Bloomingdale would be great; Petworth is fine also. Brookland might be a little cheaper. Eastern Market is already fully gentrified and probably out of that price range.
If you are trying to get a "fixer upper" as an investment, $650K is really too much money for those neighborhoods. If there were fixer uppers in Shaw, Logan, or Eastern Market, they might go for that.
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