The tale of two cities: Ward 8 condo values continue to plummet at an alarming rate
Can there be such a thing as too affordable?
Today The Advoc8te is posting a selection of some of the lowest price "For Sale" properties in zip codes 20020 and 20032, according to Remax. In case you were wondering, a good portion of these units first sold in 2007/2008 for at least three (and sometimes as high as 6 times) their current sale price. Without much needed retail, amneties, and transportation it is getting harder and harder to get a decent comp on a one bedroom condo located east of the river. That and other challenges are resulting in a lot of Ward 8 condos hitting the market as short sales or foreclosures. More and more Ward 8 homeowners (many first-time homeowners) are finding themselves trapped in condos that they can neither sell or refinance. An investors dream but a complete nightmare for many a private homeowner with few options.
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| This 1 bedroom condo was completely renovated in 2006 and could be yours for less than $50,000. |
With the ever increasing demand for housing west of the river DC and rising home values and rents west of the river, why aren't more DC residents taking advantage of the the plummeting condo prices in Ward 8 by buying and living here?
Why are Ward 8 condo values plummeting even as demand west of the river properties sky rocket?
Could it be the perceived lack of quality amenities, jobs, and retail? Could it be the perception of excess crime? Perhaps all of the above?
Is there truly a lack of "affordable" housing in DC or a lack of "affordable" housing in trendy neighborhoods in walking distance to quality neighborhood goods and services?
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| This 600 square foot 1 bedroom/1 bathroom could be yours for $54,900 |
