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WTF is up w/ Real Estate prices there!?!?!?!?

How the hell does some bunch of sticks and sheetrock put up in the mid 70's duplex with no back yard and probably lousy neighbors warrant a $400,000 price tag!? Who the Hell buys this stuff!!?!? What kind of suburbanite pencil-pushin morons sign up on a 30 year mortgage for a house that's overvalued 400%!!?? Why the Hell is $100,000 a year salary still insufficient for the DC area unless you live in a freakin shoebox!!??

Man. I'm going to fight againt this move tooth and nail. I KNOW as soon as we sign up for a place the freaking bottom is going to fall out of the market, and we'll be stuck with humongous payments on a crappy place. Thanks, all you jackasses who are content to make payments for the rest of your lives - thanks for being sheep to the financial masters, and thanks for screwing it up for the people who actually practice fiscal responsibility. You've made it next to impossible for sane people to live anywhere near most major urban centers.

No wonder why the government is so screwed up - look at the people who work in it - In debt up to their eyeballs on stuff that's only worth a quarter of what they paid. JUST LIKE THE GOVERNMENT ITSELF!

Tirade aside , has your spouse gone as far as she can go gradewise where you are now ? Thinking this is the reason for your considering the move to DC . It might be cheaper to look around Virginia or Maryland . However , I imagine that anywhere in that neighborhood , period , real estate is gonna be high
Regards, Wizz

I feel better now, it's a possible we may go elsewhere like San Diego (Still expensive but nicer than DC) Or Hawaii.

It felt good to burn off a little steam

No, my wife's not maxed out in her job yet, and there's a good possibility that I will be playing catch up with her (I have a few apps in myself, if any of them pans out that would be great) BUT, the fact still remains - even if we both max out at something like gs-15 and remain childless, DC is still gonna be pretty expensive.

The real problem is we have 2 big, energetic dogs, so they will need a yard. I would give them up to good homes and live in an apartment downtown, but my wife will never part w/ these dogs, so a yard would pretty much be a necessity. A place w/ a yard in the DC area!? Fugettaboudit.

I also want to say that there are a hell of alot of poeple out there that have alot less than us - I am certainly thankful for all that we have. I don't feel entitled to anything, I just really wish people would help themselves out, you know? Signing away your life on a mortgage simply because monthly payments are affordable is a trap and it's a big cause of the bloated market.

I don't know all the mechanics of the economy and how it works (I try hard though) but I'll bet this isn't a sustainable phenomenon - meaning alot of the people who have these loans are eventually going to lose their places if there's a serious economic downturn.

"They" say it can't happen again (Like it did in the 30's.) But I've never really trusted "Them" all too much.

My mother lives in southern MD.... real estate for the whole area is insane. I know people who pay 1500 per month for the privelige of living in a trailer park.

a real house must be insane.

TechTMW wrote:I also want to say that there are a hell of alot of poeple out there that have alot less than us - I am certainly thankful for all that we have. I don't feel entitled to anything, I just really wish people would help themselves out, you know? Signing away your life on a mortgage simply because monthly payments are affordable is a trap and it's a big cause of the bloated market.

I don't know all the mechanics of the economy and how it works (I try hard though) but I'll bet this isn't a sustainable phenomenon - meaning alot of the people who have these loans are eventually going to lose their places if there's a serious economic downturn.

"They" say it can't happen again (Like it did in the 30's.) But I've never really trusted "Them" all too much.

Are you saying that throwing money away on a rental property is preferable? A mortgage is a necessity for most people. I don't know of too many people who can afford to pay cash for a house. The interest you pay is tax deductible and as soon as you sign the papers, it has appreciated in value.

Indeed...plus with a little hard work, spare cash, and imagination, you can appreciate the value even more with improvements.

Our house was recently remodelled when we bought it, and for that we consider ourselves lucky. The interior needed no work and all our efforts have gone into creating pleasant interior/exterior lighting effects and restoring the landscaping.

I hated living in an apartment. Now I have the freedom to make my house into a home. Can't beat that.

But yeah, some prices are out there. We live in teh suburbs, so we got a decent price @ $71/sq ft + a huge backyard. Houses in big east coast suburbs are regularly $415/sq ft.

Real estate is ridiculously priced in many areas in the US. I haven't run any comparisons lately, but the midwest and south used to be cheapest a few years ago. New homes are being built here on the southern Washington coast, selling as fast as they can build them, ranging in price from $300k-$600k. Outrageous. Property values have more than doubled in less than 5 years.

If you have to move to DC, look at the express rail lines going in and out of the city. There is the DC metro that runs all over out to the suburbs, and another (maybe several?) that goes north out to Frederick, MD and beyond. It would entail an hour or so each way of commute, but you are STARTING to get to the areas where the real estate prices are less insane.

I lived in Falls Church in an apartment for a year before I moved to Orlando and bought a condo. I love DC, but to live there I have to sacrifice way too much in the name of making the mortgage payment. Orlando suits me nicely. Reasonable cost of living, lots to do, and (most recently for me!) the promise of year round motorcycle riding.

JC

yoda731 wrote:If you have to move to DC, look at the express rail lines going in and out of the city.
JC

Thanks for the tip!

To all - My Dad's a Home Builder, I spent most of the first 18 years of my life working for him in the summer. (He started takin me to work w/ him when I was 2 - He was a single dad ) I certainly know a bit about the real estate market, and trust me, I also believe that having a mortgage is much more preferable to a rental. However, Real Estate is "Real" for a reason - because it's something permanent that you own - a piece of the land. Mortgages may be a reality for many people, but that's America - They're almost unheard of here in Italy. (People actually hold on to their property - and pass it on to their children, etc.) It's also a vicious cycle - Why the hell are houses selling for 600k up in Washington as soon as they are built? I'll bet they cost less than 200k to build tops.

So why do people buy them? Easy Mortgages. Why are mortgages easy? Because they make shiszzloads of money for the banks. The property isn't REALLY worth $600k. Dummies are just willing to pay $1500 a month or whatever for the privelege of living in such a "Fine Home."

A mortage is basically a rental just like a ... well ... rental, in that IF you cash out on your equity, you never actually OWN the property. Same if you sell for a quick buck, and move on to another property. Now, I'm all for making a profit and the real estate market is a great way to do that, but I just think the stuff is overvalued. If the bubble pops, people with unsustainable mortgages will find out that it's really the bank's house, not theirs - or wake up one morning and find out that any equity they had in the house is now gone in a flash ...

ANYWAY - my real concern (And really where my rant came from) is What are you getting for $400,000 anymore? Nothing. Live in a recently constructed Brick House? No you don't, you live in a timber frame house probably with a brick veneer on one or 2 sides ... It's like going to Wal-Mart and paying $50,000 for a goofy little lawn-mower engined go-kart. Sure, it will get you down the road, but Sheesh!