I recently was in DC/Baltimore (second time recently) and I stayed at Gallaudet just ne. of the capital and it was a jungle out there. Gunshots everynight and sirens every ten minutes. But aside from that, dc's a nice place. But my main point that I heard from many area residents (my cousin included) is that prices for decent flats/condos in the city are through the roof and are forcing people farther into md and va. If one wants affordability they are forced into neighbourhoods such as the one surrounding Gallaudet. Will dc and baltimore eventually become victims of their own successes?
I'll tell you what. The people living there now who are seeing their house go up up up in price will play it like a wild card. I get the impression that people will sell their house for big money and get the heck out of the city to where the schools are better. Actually, many movers going into the DC/Baltimore area are looking more into Baltimore now, because houses are still affordable. I'm still baffled by what kind of people have the money to afford those million dollar condos. Government workers certainly, but there are a lot of low-income people in the area. It's getting harder for even the middle-class to find an affordable, decent home today. I really don't think it will help the city of Washington itself that well if no one can afford to move in. Hmm.
Yeah, I read recently that the affluent professionals who are moving into cities really don't help the population much because they leave after a few years for the suburbs. It's too bad that there is so little interest in raising a family in the city (for good reason). Maybe more parks, open spaces, and even a tax credit for families would help retain the population. Remember, it's not only the expense, but the perception of a safer, happier environment that exists in the suburbs which ultimately decides where people will live. Plus, a lot of suburbs are expensive as well.
Prices in DC are out of control. Seriously. Baltimore is getting bad too, but is still nothing compared to DC. What amazes me is that developers can keep building apartments starting at $800K in Baltimore and the buildings are 90% leased before the first brick is layed.
Maryland is a wealthy state with lots of wealthy people, so I guess time will tell. As far as schools go, both systems in DC and Baltimore suck. Luckily for wealthy familes both cities offer very good private options i.e. day, boarding, charter, and even schools for the kids of Diplomats.
I don't think it will take place for a little bit of time. The area is still going through some great growth and economic activity, a lot of people still believe the city can improve a lot more. The exodus would have to be away from the metro though, b/c it doesn't get much better in mont. county or northern va.
The bubble will definitely burst, but I don't think the city will be hurt too much. There is still tons of development happening and planned in the city and tons of demand for it. Crime in the city is getting better, to me, the schools need to get better and affordable housing needs to become higher quality in order to keep the population loss under control. This is a situation that the city gov't has been working on controlling for some time.
A lot of people from NE and SE are moving out to PG county b/c it's cheaper than DC and the cheapest of the inner suburban counties, and their crime rate is outrageous.
It will happen, but I don't think it will doom the city, I think the city will still be fine. There are a lot of people in the suburbs and B'more that don't move here b/c of the prices, if the prices come down, you never know, I think as long as the local economy is good than it'll be fine and better schools and crime wouldn't hurt either.
Prince George's county is a mess. I think there are more homicides this year than the same time as last year. Or at least, west of Bowie or inside the Beltway it starts really going down hill. And their schools are among the worst in the state, easily. Really, the entire metro area needs a lot of work, because even the suburbs are aging and decaying. The DC/Bmore area should be fine overall, regardless.
Prices in DC are out of control. Seriously. Baltimore is getting bad too, but is still nothing compared to DC. What amazes me is that developers can keep building apartments starting at $800K in Baltimore and the buildings are 90% leased before the first brick is layed.
Maryland is a wealthy state with lots of wealthy people, so I guess time will tell. As far as schools go, both systems in DC and Baltimore suck. Luckily for wealthy familes both cities offer very good private options i.e. day, boarding, charter, and even schools for the kids of Diplomats.
Prices are out of control in part because banks not only can offer low interest rates but also because an increasing number of people are opting for zero or negative principle loans with a balloon. Talk about the seeds of disaster. You pay for years and then when the balloon comes due you either owe as much or even more than when you started. It only works hypthetically because you assume that you will sell 5 years from now for double what you paid but if interest rates rise or housing cools (inevitable that this will happen at some point), all of a sudden you owe a big pile of money that you can only pay off with another loan that starts back at the beginning. And that is the rosy scenario. If interest rates were to go to something like 8 or 9, these people would be defaulting all over the place. That's when the bubble bursts. Highly inflated housing markets like DC bring out the worst in buyers.
I work in downtown DC and a popular topic of conversation around my office is getting out of the DC area entirely because of high prices and traffic! There is no escape in md or va. So people are talking about leaving altogether. I hear it all the time. Many talk about going to the places they came from, like midwestern cities. I am not worried about DC or Balto. They will be fine. Both cities offer a lot and are becoming playgrounds for the wealthy - especially DC. So don't worry about them.
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