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Whats going to happen to the md/dc/va area?

Discussion in 'Members' Lounge' started by jeffie7, Dec 14, 2004.

  1. jeffie7

    jeffie7 Wrong Whole! VIP

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    As most of you know I've been searching for a house for awhile now. I took a 2 week break and today front page of the local news paper they had realestate stuff talking about how it went up another 13%

    Welp today I checked out the listings for 3 different counties and found that prices in deed did go up AGAIN.

    Ruling out all really bad areas and baltimore "higher tax there" I've found that houses are now getting to the point where you CANNOT find one for under 200K unless it's 50+ years old and needs a lot of work.

    I'm going over the option of buying land and building a house on it. since I can buillt a house for 120-150K "from what I've been pricing" not a big house but big enough.

    However once again land prices have went up.

    as of tonight most .5 acre and up lots start out at $150K keep in mind half of them are NOT CLEARED 1 acre is going for up to 200K

    .12 acre is in the 20-50K range.

    so as it sits condos 1 bedroom 150-170K range 2 bedroom 170-200range

    townhomes 230+ range

    normal houses 200 for a pretty crappy house 250+ for anything worth while 280+ for a garage.

    I think the avg cost of a house on forsellbyowner is somewhere around 400K

    The house I live in right now cost us 220K it's a 5 bedroom 4 bathroom with 2 car garage home on 2.5 acres all the houses around us were 180-250K range right now the cheapest one is listed at 649K and the higest is well over a million.

    heres some local listings just copy/pasting keep in mind this from for sale by owner.com and most homes are listed cheaper then any on the market since theres no middle man.



    "my area"



    random places around the state.



    So whats going to happen? theres no way the next generation is going to beable to afford a house unless they make 60+ K a year or are married and both people make good money.

    It seems like every normal person under 30 is not going to beable to afford to buy anything at all unless they get A. lucky and find a cheap home or B. get lucky and hit the lotto.

    Can things stay the way they are? I'm guessing all the younger people would move away and only older or very high paid people would live in this area.

    I can't see spending 200+K on a condo with 1000-1200 sq ft.

    Once rates go back up I doubt houses will drop value however they might not gain any value either way can you picture spending 250-300K on a 2 bedroom 1.5 bathroom house with a 10%APR?
    or better yet 200K @ 10% for 1 acre of land!

    Sigh I guess they're just weeding us youngins out.
    BTW as a lot of you know I was in the process of being a police officer.
    their take home pay at first is about $2100 a month.

    NO WAY IN HELL could any new police officer buy anything with out working a 2nd job 20-40 hours extra a week.

    another reason why I was turned off of being a police officer I love the work and I think they're great guys/gals but...... you just can't live here and be one with out working day in and day out none stop. and most of them do. in or out of uniform.

    *shakes head what to do what to do*
     
  2. Slammed90Lude

    Slammed90Lude Senior Member

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    [​IMG]
     
  3. pissedoffsol

    pissedoffsol RETIRED

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    it's supply and demand dude.

    intrest is out, so people bought houses... less available = tighter market = you can get more for it.

    After a while, all these people will own houses, and the ones who are looking won't be able to afford it- and well, won't. the real estate owners will have no choice but to lower their prices, or simply never sell the thing.
    it's not just your area- its everywhere.

    but the market looks to be turning around up here. houses have leveled off some... and interest ratesare starting to go back up. hell, paypal is throwing my 2% now. up from 1.6% i was making last month.
     
  4. b204dr

    b204dr Senior Member

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    the house i just bought was 279 which is like starting price for a new home in the city where i bought myne - the house next door is 400k oddly enough so i think my house will outvalue it self with in a few years
     
  5. CRX-YEM

    CRX-YEM Super Moderator Moderator VIP

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    jeffie7

    As B. said it's everywhere. the only reaon I was able to purchase a house in a nice area with a decent tax rate is because I bought the house from my grandmother.
     
  6. dveit

    dveit Well-Known Member VIP

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    Jeffie, you should seriously take a look at the King George area. I know its probably a hike and half from where you are working, but its defenitly worth the commute.

    My parents built our 2800 square foot house on about an acre of land for somewhere around $110k. Within the last 12 months, our neighborhood has built over 100+ houses, and the resale of our house has gone up over $100,000! And we don't even have paved roads yet. :ph34r:

    Yeah, i live in the stix, but soon my parents house will be worth over 3 times what they paid for it. Shit's blowin up out here. Plus you said you live in MD, right? Well, KG is like 10 minutes from the MD border.

    :)
     
  7. Seany-izzle

    Seany-izzle New Member

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    In a fucking house.
    real estate is a huge business, you can make ALOT of money doing real estate. my grand parents still owned a house that my mother lived in in miami from 30 years ago, it cost them less than 100k to buy back then, sold it now for around 800K, they refurbished everything from carpet to the screen on the pool....they made out with quite a profit. anywho, maybe the prices are so high because people WILL pay for it. do the jobs that these people have support where they live? maybe they can charge so much because the people who live there and people who are prospective can afford it... they dont give a shit about 1 guy.
     
  8. racintweek

    racintweek Senior Member

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    i live in arlington so i know exactly what your saying

    from what i heard the areas local governments are not giving out as many building permits for new homes because our area is way over crowded so that affects supply and with the election just behind us all of the new positions in our fed gov't being filled that has a big affect on demand

    during the 2000 election 3500 new residents moved to DC, not including surrounding counties



    i lived in KG for about 8 years it is really nice place and there are good job opportuities in dahlgren, both of my parents work for Lockheed Martin down there
     
  9. jeffie7

    jeffie7 Wrong Whole! VIP

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    I would move to FL or TX before king george. I work about 1.5-2 hours from king george. plus last time I went there it was so in the middle of no where. I can get cheap homes in maryland if I'm willing to move either to the middle of no where "down near you" or in a shit hole city.

    and no it's not EVERYWHERE well ok yes most places go up 1-5% every year but maryland homes went up in some cases 70% in the last 3 years.

    This area has seen one of the largest spikes in real estate prices in the history of the US.

    I'm just going to have to break down and move to baltimore sine its still cheap there. bah at least it's not in the middle of no where.
     
  10. Dustin_m

    Dustin_m Active Member

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    HH try living in SoCal. here in San Diego the median house price is about 500k. I would love stay in this city after college, but i cant see spending that much on a house. everything here is expensive, 1 bedroom apt. about 8-900 a month, 2 bed about 12-1500 a month. its fucking crazy, but i gotta say its awesome here. oh yeah just thought id share, we are gonna get 10-12' sets today through saturday at the beach, i gotta go see this
     
  11. dveit

    dveit Well-Known Member VIP

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    King George isn't in the middle of nowhere, i'm only 20 minutes from anything resembling civilization.... :ph34r:
     
  12. hcivic.com

    hcivic.com Senior Member

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    fuck the city move 20 mins out and buy a parcl of land of a farmer.
     
  13. jeffie7

    jeffie7 Wrong Whole! VIP

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    Wont happen here unless you go 2+ hours from DC. the big thing with this area is it's close to Washington DC.

    Cali does have a really high cost of living but it's been that way for years.

    sure you guys have 500K houses of the normal but can you picture those same houses going for 900K-1mil in 3 years from now?

    it happened in maryland.

    I'm starting to see some places with reduced prices in the listings so I guess people are learning that just becuase the prices have shot up they can't keep raping everyone becuase it's getting out of hand.

    BTW 1 bedroom Apartment in Annapolis with garage is 1500 a month.

    avg 1 bedroom apartments in this area go for about 900-1100 with out garage if you watn a cheaper place its closre to 600-700 a month.

    If I were to head up north or go into baltimore the prices would be cut in half if not more.

    This area is just a high cost place.
     
  14. hcivic.com

    hcivic.com Senior Member

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    ya my city is the same way
     
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