DC GENTRIFICATION? Ward 8 condo values continue free fall. DC media & council remains silent.

August 7, 2015 The Advoc8te

While housing values continue to increase west of the river, the condo market east of the river continues its unchecked free fall. And yet, no one in mainstream media is saying anything about it and no one on the DC Council is doing anything about it.

Could it be that the reality of the Ward 7 and Ward 8 real estate market doesn't line up with the DC narrative? What if west of the river could no longer justify sacrificing east of the river to solve west of the river affordable housing issues?

For all of the tales of "skyrocketing" condo values west of the river all of my friends who own condos east of the river are underwater. Some of my neighbors have lost 50% of their home's value -- others have lost 90% -- and in just under 8 years. Tales of the "rich gentrifiers" in their east of the river condos are greatly exaggerated. Short sales and/or foreclosures are the reality as condo owners find themselves unable to sell, unable to refinance, and unable to rent. If I were to expose some of the things that some east of the river condo associations are having to do to stay solvent your hair would turn white.

What a difference a river makes.

P.S. I threw "gentrification" in the headline in hopes it would raise the interest in this post. Seven years of blogging have taught me plenty.