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| Interesting anecdote about NoVa real estate; particularly 'ex-urban' RE | |
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| Tweet Topic Started: Aug 19 2010, 02:07 AM (200 Views) | |
| jon-nyc | Aug 19 2010, 02:07 AM Post #1 |
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Cheers
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My sister just bought (hasn't closed yet) a weekend home in Front Royal, VA. A couple bought it in 2007 for 305k, by the time my sister saw it asking was 199k, having been dropped several times. I think she got it for 190k. Its a cute 3 bedroom ranch with great views of the Shenandoah valley, built on the side of a mountain in a heavily wooded area ('forever wild', no mowing). Its newish, built in 2003. The couple who bought it in 2007 were elderly, he since died and the widow is selling. (apparently she long since moved out). My sister feels bad for her but not enough to overpay for the property. So this property lost 35% of its value in 3 years. By the way, I was shocked that such a relatively inexpensive home could be found within 60mi of DC. I'm surprised there aren't more people willing to commute that, given housing prices in DC area. |
| In my defense, I was left unsupervised. | |
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| Luke's Dad | Aug 19 2010, 05:58 AM Post #2 |
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Emperor Pengin
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That's a 2 1/2 hour commute on an average day, a 2 hour on a good day, and a "you ain't getting there" on a bad day. (depending on the time you have to leave, of course) Housing prices in DC aren't that horrible right now. For around $400k, you can find a nice house well within the average DC commute. Four years ago, it was closer to $600k. I'm currently considering pulling some money together for some investment/rental property in Pittsburgh, though. You want to find a nice home cheap? That's the place. |
| The problem with having an open mind is that people keep trying to put things in it. | |
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| jon-nyc | Aug 19 2010, 06:02 AM Post #3 |
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Cheers
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Yeah, I don't doubt it would suck, but there are people who sign up for such commutes in this area in order to get less expensive real estate. Especially people who can work reasonably flexible hours, in at 5 out at 3 kind of thing. |
| In my defense, I was left unsupervised. | |
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| Luke's Dad | Aug 19 2010, 06:12 AM Post #4 |
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Emperor Pengin
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There are some, but the majority of the long commuters tend to head down south (Quantico, Fredericksburg, etc...), or head out a little more north of Front Royal, into the Harpers Ferry and Charlestown WV area. This area is full of the the dual income 2-3 kids mid 30's-40's families. Two hour commutes just don't cut it for the majority of them. Front Royal is a nice area, though, and should make an excellent investment property as the DC region is slowly growing out that way. One area of interest to me is the Gainesville/Haymarket area: http://washingtondc.craigslist.org/nva/reb/1906701888.html |
| The problem with having an open mind is that people keep trying to put things in it. | |
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| Luke's Dad | Aug 19 2010, 06:16 AM Post #5 |
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Emperor Pengin
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Here's what people are going for down in the Quantico/Fredericksburg/Stafford area: http://washingtondc.craigslist.org/nva/reb/1905585937.html |
| The problem with having an open mind is that people keep trying to put things in it. | |
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| The 89th Key | Aug 19 2010, 07:13 AM Post #6 |
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Jon, congrats to your sister. The Front Royal area (and Shenandoah Valley) is an absolutely gorgeous place to live. You can certainly find some great houses for not much money the farther you get from DC and Fairfax County. As far as the commute in northern Virginia, both the I-66 (how you'd get to Front Royal) and I-95 routes are not to be underestimated. DC has the 2nd worst traffic in the entire nation, and if you live along one of those main arteries, as LD said, your commute could take hours. Those roads are so saturated during rush hour (even when it's not rush hour!) that even the slightest hiccup (let alone bad weather) can add an additional hour or two on the commute, which affects those who live farthest away, the most! I started to type up my thoughts about some friends who bought before the housing bubble burst, the areas least and most affected, how housing prices are a good index of commute time, and even where I think the boundary of "NoVa" ends, but that's for another discussion. Again congrats to your sister! |
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| Axtremus | Aug 19 2010, 07:15 AM Post #7 |
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HOLY CARP!!!
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No commuter rail? |
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| Luke's Dad | Aug 19 2010, 07:18 AM Post #8 |
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Emperor Pengin
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In NOVA, there's a line that runs out to Manassas, and another that runs down to Fredericksburg (hence the growth in that area, as well as the growth out in Haymarket and Gainesville going West on 66). |
| The problem with having an open mind is that people keep trying to put things in it. | |
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| Luke's Dad | Aug 19 2010, 07:19 AM Post #9 |
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Emperor Pengin
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Oh, and I can't speak for Fredericksburg, but the station in Manassas is a PITA to get to. |
| The problem with having an open mind is that people keep trying to put things in it. | |
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| Axtremus | Aug 19 2010, 07:21 AM Post #10 |
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HOLY CARP!!!
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Nobody lobbied for ligtlht rail or monorail or meglev to be built there with all that stimulus money? |
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| Luke's Dad | Aug 19 2010, 07:29 AM Post #11 |
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Emperor Pengin
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Right now, the primary concerns are reinvesting into the Metro system, as well as a few new connector highways. |
| The problem with having an open mind is that people keep trying to put things in it. | |
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| Luke's Dad | Aug 19 2010, 08:43 AM Post #12 |
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Emperor Pengin
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Even with VRE, the time of commute still remains the same for those coming from Front Royal area, approximately 45 minutes on Rt. 66, another hour and fifteen minutes on VRE. Housing costs are approximately 100k less in Front Royal. on a 30 year mortgage, that's a difference of what, $400-$500 a month? VRE costs about $250.00 a month, parking adds on another $50. So is saving $100-$200 a month worth the extra two hours a day? |
| The problem with having an open mind is that people keep trying to put things in it. | |
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| The 89th Key | Aug 19 2010, 08:54 AM Post #13 |
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Shoot, I can see the Potomac River from my high-rise condo and even I debate getting a job in the city because of the commute!
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| Copper | Aug 19 2010, 10:30 AM Post #14 |
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Shortstop
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Have you been through Tyson's or the Toll Road lately? It's all torn up building the rail to Dulles. And the rail at Dulles, to the mid-field terminals, just opened. We have rails all over. Just this AM I made a flight down to Orange County with a student who used the rails to find Culpeper. |
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The Confederate soldier was peculiar in that he was ever ready to fight, but never ready to submit to the routine duty and discipline of the camp or the march. The soldiers were determined to be soldiers after their own notions, and do their duty, for the love of it, as they thought best. Carlton McCarthy | |
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