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Old 02-07-2013, 01:10 PM
 
2,149 posts, read 4,169,290 times
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Quote:
Originally Posted by 11KAP View Post
it's not even like everything is closeby and "walkable" in anacostia.
everything is a hike. anyway, how long do you think it would take
for you to pay off a $400,000 house? be realistic.
I mean if you put 20% down, and pay 13 months worth mortgage payments a year, you cut it down to at least 22 years if on a 30 year mortgage. But that's assuming you're gonna stay there for 22 years.
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Old 02-07-2013, 03:18 PM
 
Location: USA
8,011 posts, read 11,459,391 times
Reputation: 3454
^ yeah u gotta have gwop like that first
unless you get help from the city some
way.

80 g's is a lot.
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Old 02-07-2013, 03:40 PM
 
465 posts, read 930,999 times
Reputation: 285
guap
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Old 02-07-2013, 03:43 PM
 
Location: Fort Worth, TX
9,394 posts, read 15,743,478 times
Reputation: 6264
Quote:
Originally Posted by BajanYankee View Post
Didn't you just point out the other day that a rowhouse within footsteps of the Potomac Avenue metro could be purchased for as little as $450,000? You don't consider that affordable?
You've gotta be ****ting me.
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Old 02-07-2013, 03:58 PM
 
Location: Kingstowne, VA
2,401 posts, read 3,659,181 times
Reputation: 2948
Quote:
Originally Posted by HurricaneDC View Post
You've gotta be ****ting me.
^ This, so much. 450k will buy a gorgeous single family home on two and a half acres in a peaceful, safe area in 90 percent of the country. Living in DC is tough and crowded, and the housing here is severely overpriced. I saw a condo on Naylor Road and Denver Street in Skyland with one bedroom running close to 200k. Why anyone would pay that much money to live someplace so filthy outside of Capitol Hill, Spring Valley, Conn. Ave corridor is beyond me. And houses in those area are well over a million but at least they're worth it.
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Old 02-07-2013, 04:21 PM
 
Location: Crooklyn, New York
32,235 posts, read 35,018,415 times
Reputation: 15186
Quote:
Originally Posted by HurricaneDC View Post
You've gotta be ****ting me.
Do you know how much it costs to live in Washington, DC?

With historically low interest rates, a $450,000 house is a much better bargain than almost anything you can find in Washington, DC (especially Capitol Hill). With a 3.25% interest rate and 10% down, you're looking at a payment of roughly $2,100 to $2,200 (DC has lower property taxes than its surrounding jurisdictions). You could easily pay close to that living in a one-bedroom apartment in many parts of DC. And you don't get the benefit of a tax deduction when living in that apartment. The first five years of your mortgage is almost pure interest.

If you can't swing a $2,100 payment, then you will have problems living anywhere in the area besides the exurbs and run down apartment complexes in immigrant neighborhoods in Virginia or Prince George's County.
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Old 02-07-2013, 04:25 PM
 
Location: Crooklyn, New York
32,235 posts, read 35,018,415 times
Reputation: 15186
Quote:
Originally Posted by Yiuppy View Post
^ This, so much. 450k will buy a gorgeous single family home on two and a half acres in a peaceful, safe area in 90 percent of the country. Living in DC is tough and crowded, and the housing here is severely overpriced. I saw a condo on Naylor Road and Denver Street in Skyland with one bedroom running close to 200k. Why anyone would pay that much money to live someplace so filthy outside of Capitol Hill, Spring Valley, Conn. Ave corridor is beyond me. And houses in those area are well over a million but at least they're worth it.
But how could you possibly pay rent in Washington, DC and then turn and around and say, "Damn, a $2,100 mortgage payment is too expensive!" A lot of people are paying $2,100 in DC to rent. A young couple paying $2,100 is no different than two single people each paying $1,050 for a cubby hole basement apartment in Northwest.
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Old 02-07-2013, 04:33 PM
 
465 posts, read 930,999 times
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My DC mortgage (including condo fees, everything) is cheaper than most people renting a meh 1 BR in Dupont/CH/other prime area. Well below 2k.

It's a good time to buy, I think.
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Old 02-07-2013, 06:02 PM
 
3,308 posts, read 9,419,952 times
Reputation: 2439
Quote:
Originally Posted by BajanYankee View Post
If you can't swing a $2,100 payment, then you will have problems living anywhere in the area besides the exurbs and run down apartment complexes in immigrant neighborhoods in Virginia or Prince George's County.
Not really. Plenty of townhouses in decent areas in VA for under 400k.
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Old 02-07-2013, 06:42 PM
 
Location: USA
8,011 posts, read 11,459,391 times
Reputation: 3454
Yeah it's like they want you to buy a mansion in the hood lol. Come on, man.
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