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Old 02-08-2013, 09:36 AM
 
Location: Fort Worth, TX
9,394 posts, read 15,698,726 times
Reputation: 6262

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Quote:
Originally Posted by BajanYankee View Post
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.
I do know how much it costs. If you use the traditional "3x your income" limit for buying a house, you need to make $150K a year to afford a $450K house. Maybe that model is outdated though.

Quote:
Originally Posted by 11KAP View Post
yeah it doesn't even make any sense anymore.
if you're poor, no use breaking your neck. you'll
never catch up with the rich.
The cost of housing is the biggest thing making me want to move. It's a damn shame, because this is where I grew up. My family lives here. I love DC, I love most of the area most of the time, but it's so god damn expensive. With the economy the way it's been, I fear I'll never even break the $100K/year barrier, which I'd say is the bare minimum for comfortably raising a family here.

Quote:
Originally Posted by Mahatma X View Post
San Francisco is a lot more urban too.

anacostia - Google Maps


^^ That is NOT pleasing to the eye. The only way an area like that is going to attract yuppies is if they literally tear down all the existing housing and build modern rowhomes that are suitable to a hill.. use the SF model.
I think it'd look pretty nice if you repaved the roads and sidewalks and tore down those square red brick houses. A lot of the housing stock in Anacostia is nice, it just needs some renovation.
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Old 02-08-2013, 09:50 AM
 
Location: Northern Virginia
116 posts, read 212,803 times
Reputation: 69
Quote:
Originally Posted by Mahatma X View Post
San Francisco is a lot more urban too.

anacostia - Google Maps


^^ That is NOT pleasing to the eye. The only way an area like that is going to attract yuppies is if they literally tear down all the existing housing and build modern rowhomes that are suitable to a hill.. use the SF model.
I'd disagree. The row houses and detached houses on that street are fairly attractive, but the street itself needs some work. and the houses may need a bit of landscaping. There isn't a whole lot of density though on that particular street.

I would note that gentrification isn't just hitting places that are densely built but also neighborhoods full of detached housing like Brightwood, Brookland, and Woodridge.

The apartments on the other hand are fairly unattractive.
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Old 02-08-2013, 10:35 AM
 
Location: Washington, DC
2,010 posts, read 3,460,683 times
Reputation: 1375
Quote:
Originally Posted by 11KAP View Post
yeah it doesn't even make any sense anymore.
if you're poor, no use breaking your neck. you'll
never catch up with the rich.
You exemplify the self-victimizer. There weren't a 10th of the opportunities or public resources where I grew up as there are here. That's even more the case in this economy. Yet you just complain about it not being handed to you, because working hard for incremental improvements in your life is such a foreign concept that anyone that does it must just be lucky or born rich.

Plenty of people catch up. I did. And I know I have to continue to grind, because it's a lot easier to lose than gain.

Moderator cut: orphaned

Last edited by Yac; 02-11-2013 at 01:46 AM..
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Old 02-08-2013, 02:11 PM
 
Location: Washington D.C.
13,728 posts, read 15,774,925 times
Reputation: 4081
Quote:
Originally Posted by Mahatma X View Post
I say this for multiple reasons.

1. It's cut off by a river
2. The infrastructure is suburban, its not on a grid at all and the streets wind and turn.
3. The housing stock is mostly suburban, nothing but garden style apartments/complexes and single family homes.
4. Even with TOD, yuppies aren't gonna flock to Minnesota ave, Skyland, Benning road (Shrimp Boat area) or any of those places because of the other three thing I've mentioned. Wards 7 and 8 have more in common with PG county than the rest of the city and even the politics show it. Developers can build whatever they want EoTR but the demographics will remain more or less the same. Oh I almost most of EoTR is not walkable like neighborhoods WoTR.
You seem to think that infrastructure investment can't change the areas across the river. Remember, garden style apartments can be redeveloped into high-rises if the market demand is there. When the core is built out, the demand will reach across the river. For Washington D.C. to approach 1 million people in city proper, across the river will have to have major infill and it will happen. It's not a matter of if; it's a matter of when. Whole blocks and shopping centers will be bought up just like they are in the suburbs and converted into mixed use developments with new grid patterns and everything. Never underestimate what the development community can accomplish.
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Old 02-08-2013, 04:33 PM
 
Location: alexandria, VA
16,352 posts, read 8,103,478 times
Reputation: 9726
Quote:
Originally Posted by MDAllstar View Post
You seem to think that infrastructure investment can't change the areas across the river. Remember, garden style apartments can be redeveloped into high-rises if the market demand is there. When the core is built out, the demand will reach across the river. For Washington D.C. to approach 1 million people in city proper, across the river will have to have major infill and it will happen. It's not a matter of if; it's a matter of when. Whole blocks and shopping centers will be bought up just like they are in the suburbs and converted into mixed use developments with new grid patterns and everything. Never underestimate what the development community can accomplish.
Some of the garden apartment developements in Anacostia are very nice. Check out Naylor Gardens with the street view. I grew up in South Arlington in apartments very much like these so I have a soft spot for this type of housing.
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Old 02-09-2013, 03:29 AM
 
361 posts, read 854,670 times
Reputation: 320
Quote:
Originally Posted by Mahatma X View Post
San Francisco is a lot more urban too.

anacostia - Google Maps


^^ That is NOT pleasing to the eye. The only way an area like that is going to attract yuppies is if they literally tear down all the existing housing and build modern rowhomes that are suitable to a hill.. use the SF model.
With the hill, this shot of Anacostia actually reminds me a bit of the neighborhoods in south San Francisco
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Old 02-09-2013, 09:10 AM
 
Location: Fort Worth, TX
9,394 posts, read 15,698,726 times
Reputation: 6262
Quote:
Originally Posted by RozCat View Post
With the hill, this shot of Anacostia actually reminds me a bit of the neighborhoods in south San Francisco
You get some pretty sweet views of the city driving in on Pennsylvania Avenue and Branch Avenue.
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Old 02-12-2013, 02:27 PM
 
Location: Beautiful and sanitary DC
2,504 posts, read 3,548,528 times
Reputation: 3280
Quote:
Originally Posted by MDAllstar View Post
Remember, garden style apartments can be redeveloped into high-rises if the market demand is there.
Sure, they *can* be, but the amount of public & private infrastructure needed -- new streets, new buildings, new connections, new parks -- is very capital-intensive. Large deals like those are inherently very risky for developers, financiers, and politicians, and thus only happen when those players have a big reward at stake (risk/reward tradeoff).

Contrast the Yards' decades-long, big-money transformation with the more small-scale gentrification taking place in Petworth. In the latter, many individual homeowners and investors have bought and rehabbed houses, each one shouldering a tiny bit of risk, but cumulatively resulting in a huge (but subtle) change in the neighborhood. In the former, the financiers who write big checks for big projects tend to require a much more sure footing, so development proceeds only in big increments and thus often takes a long time -- despite the area offering great upside potential.
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Old 02-12-2013, 02:34 PM
 
465 posts, read 928,700 times
Reputation: 285
Quote:
contrast the Yards' decades-long, big-money transformation with the more small-scale gentrification taking place in Petworth. In the latter, many individual homeowners and investors have bought and rehabbed houses, each one shouldering a tiny bit of risk, but cumulatively resulting in a huge (but subtle) change in the neighborhood. In the former, the financiers who write big checks for big projects tend to require a much more sure footing, so development proceeds only in big increments and thus often takes a long time -- despite the area offering great upside potential.
Never thought about it that way. Fascinating. That explains the huge explosion over at Navy Yard in 2012-2014 and 2006-2008, and not much in between.
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Old 02-12-2013, 04:36 PM
 
Location: London, NYC, DC
1,118 posts, read 2,288,115 times
Reputation: 672
Quote:
Originally Posted by jokerstars View Post
Never thought about it that way. Fascinating. That explains the huge explosion over at Navy Yard in 2012-2014 and 2006-2008, and not much in between.
Navy Yard is also much more office-driven and sensitive to financial and commercial situations. Post-crash, it's been residential developments that have been easier to finance and more viable, as evidenced not only in near SE but across the District and many core areas in the US. If I'm not mistaken, much of the spurt in Navy Yard of late has been comprised of stalled buildings rather than new ones, particularly office.
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