Buying a condo in NoVA?

[PowerBoater69]

I live along fort hunt and love it- the houses are reasonable (at least for this area) and the GW is a straight shot into Alexandria/Arlington/the city

I grew up down there, couldn't deal with commuting through all those stop lights in Alexandria.

Great area though, my kids love stopping at the Variety Store on the way to visit the grandparents.

[imref]

FWIW, we had a condo for about 10 years near the Vienna metro, we sold it a day after we put it on the market (in 2002).   If the location is good, it will sell easily.  Another option if you can afford it is to keep it and rent it out.

As others noted, your mortgage interest is tax deductible, and you should be paying down the principal for as long as you own it.

[Slateman]

I was just there on Saturday for the farmers market, that part of Falls Church is fast becoming like North Arlington, only more liberals. Very nice but very pricey, smaller houses are considered tear downs as the cost of land is so high. I assumed that he was looking in the $400-650 range since he's putting no money down.

For a condo, 250k is my max and that's dependent on condo fees. For a house, I could push to 300k if I thought it was an area that would continue to increase in value.

Problem is that for that price, it puts me further away and increases my commute costs.

[imref]

For a condo, 250k is my max and that's dependent on condo fees. For a house, I could push to 300k if I thought it was an area that would continue to increase in value.

Problem is that for that price, it puts me further away and increases my commute costs.

life in NoVa.

We first started looking at buying around 2000.  Whenever we'd find a place we liked, we couldn't afford it so we'd wait a few months to save up some more for the down payment and then return to the area only to find the price had gone up by 2x more than we had saved.  We ended up moving out to far western prince william county, which means VRE or I-66 to get anywhere.

[JCA-CrystalCity]

Before I moved back to Boston in '97, I lived for about 7 years in a condo development called "Huntington Club."  It is literally right next to the Huntington metro.  These are units in 4 story buildings for the most part, but, because they are on a hill, you are really only 2 floors up or down from an entryway.  These are between Huntington and King.   They are below your price range for a 2 BR, 1 bath.  It is an old development, and frankly I used to have some roaches in my ground-floor 1 BR.  That said, I never bug bombed.  Still, under $200K.

Better would be the new construction in a tower across Huntington that is less than a decade old and might be in your range (Midtown? I think).  There are duplexes in the area, too.  Supposed to be rebounding, and there is a mess of new construction on the hill (south) side of the metro on King Highway and across Telegraph.  Close in, with an Alexandria mailing address but is part of Fairfax County.

here is a description - http://www.city-data.com/forum/northern-virginia/861449-would-you-buy-condo-huntington-club.html .

Zillow lists the area between Huntington, Kings highway, and Rte 1 as having about 45 listings right now.
http://www.zillow.com/huntington-va/#/homes/for_sale/Huntington-VA/pmf,pf_pt/244490_rid/days_sort/38.816071,-77.050552,38.767235,-77.104025_rect/13_zm/

[PowerBoater69]

Huntington is definitely rebounding, although still a bit scary walking around after dark. Metro, like good schools, means much higher property values. If you are a driver you can get better values a few miles away from the trains.

[PowerBoater69]

For a condo, 250k is my max and that's dependent on condo fees. For a house, I could push to 300k if I thought it was an area that would continue to increase in value.

Problem is that for that price, it puts me further away and increases my commute costs.

Remember that your first few years will be almost entirely tax deductible interest payments, and the property tax is deductible as well, you'll save a ton on taxes, allowing you to pay significantly more for a mortgage than for rent.

[Terpfan76]

I know this is absolute crazy talk but... I've heard that the reason that Martinsburg WV has boomed is that people wanted away from the D.C. city life or more importantly, crime. The train runs from Martinsburg to D.C but I don't know about anything else. Evidently it's not that long a drive and I'd think cost of living would be good. Not to mention it would not be the Peoples Republic of Maryland. I'd seriously caution against Maryland. The only reason I'm not moving into WV is my son.

[NationalHeat]

I second looking in Shirlington. I live in The Arlington neighborhood ( https://community.associawebsites.com/sites/ArlingtonUnitOwnersAssociation/Pages/AcwDefault.aspx ) on Walter Reed Dr and love it. You get a cool urban area in Shirlington with plenty of neighborhood parking, the benefits of North Arlington if you want them, and equally as close to Old Town. We are also right down the road from Baileys Crossroads so I get all the suburban big box stores a mile away. Also less than a mile to 395 so I get into the city in 10 minutes, or a 20 min bus/metro ride.

I paid 290 but I've seen that go up zillow wise about 10k (the appraiser originally told us 295, so we bought a little under market.)

They are townhouse style condos - two floors, a deck, the association has 2 pools and tennis courts, with plenty of association parking. Condo fees havent gone up in years.

[HalfSmokes]

I know this is absolute crazy talk but... I've heard that the reason that Martinsburg WV has boomed is that people wanted away from the D.C. city life or more importantly, crime. The train runs from Martinsburg to D.C but I don't know about anything else. Evidently it's not that long a drive and I'd think cost of living would be good. Not to mention it would not be the Peoples Republic of Maryland. I'd seriously caution against Maryland. The only reason I'm not moving into WV is my son.

quick google search has martinsburg with a higher crime rate than most of fairfax, the cost of living might be worth it to some, but that commute would be hell

[Slateman]

I know this is absolute crazy talk but... I've heard that the reason that Martinsburg WV has boomed is that people wanted away from the D.C. city life or more importantly, crime. The train runs from Martinsburg to D.C but I don't know about anything else. Evidently it's not that long a drive and I'd think cost of living would be good. Not to mention it would not be the Peoples Republic of Maryland. I'd seriously caution against Maryland. The only reason I'm not moving into WV is my son.

I know at least two feds that have houses in WV.

[Slateman]

Got my credit scores back. Mine was 786. My wife's was 810. Was told we have up 320k for a house (but that includes fees and the like) so I'm figuring 280-290 for a townhouse.

[tomterp]

I second looking in Shirlington.

If looking in Shirlington, no reason not to look in  Fairlington and Parkfairfax (Alexandria side of Quaker Lane).  Both have great bus service direct to the Pentagon metro stop, and walking distance to both Shirlington and Bradley Shopping Center area.

[tomterp]

I have no money to put down. I will be using a VA loan.

Ah, VA.  Well in that case, you are putting no money down and have then the potential to make significant appreciation for your lack of capital.       Of course, you would technically be liable for any shortfall if you sell and the sale proceeds fall short of covering your loan and costs, but there is a loophole the VA offers that might afford an escape.

Not sure how easy this is to get, something to research more on your own though.  This would be termed a "compromise sale".

http://www.benefits.va.gov/roanoke/RLC/forms/COMP-SALEProgramTrainingVaBeach.pdf

There is no way I could live in a condo for ten years.

I dunno.  I lived in Parkfairfax for 9 years and was mostly contented, except for no place to store my canoes.  900 sq foot 2 bedroom-2 level Washington model with walk out patio area made for fine indoor/outdoor living. 

[Slateman]

In ten years I'll have two kids. Condo is so not going to work

[tomterp]

In ten years I'll have two kids. Condo is so not going to work

5 year horizon works I think.  But by the time we started having kids (2) we moved to a massive 1,350 sq ft bungalow with 3 bedrooms.   Our own yard!  A 40 x 110' lot!  Room for Canoes!  A basement!  We felt so rich.

[HalfSmokes]

My wife found out she was pregnant with our first the same week we closed on our first place- life has a way of just happening No matter what your five or ten year plans are

[NationalHeat]

My friend bought a townhouse in Arlington for 318 I think. Nice backyard, 2br with a full sized basement.

Another buddy bought a townhouse in Woodbridge for the same price, 3 br I think. May want to look there, of course the commute is more than an hour into DC.

[comish4lif]

I live along fort hunt and love it- the houses are reasonable (at least for this area) and the GW is a straight shot into Alexandria/Arlington/the city

I second the Fort Hunt area, but it's out of your price range. You can get an older ranch near $500K in a good school district.

[Natsinpwc]

My friend bought a townhouse in Arlington for 318 I think. Nice backyard, 2br with a full sized basement.

Another buddy bought a townhouse in Woodbridge for the same price, 3 br I think. May want to look there, of course the commute is more than an hour into DC.

I live in the Woodbridge area and the commuting time into DC can be greatly exaggerated by others; if you leave early (by 6 or so) it takes less than an hour to get here; I made it door to door in about 50 minutes the last two mornings.  I think that beats lots of people inside of and around the beltway who take metro.  That includes drive to the commuter lot, commuter bus into DC and then slowly making its way through town, and a stop at 7_eleven for my coffee.  Going home if I leave by 4 its about an hour.  If I leave at 5 its mroe like and hour and a half.   Must take the bus, carpool or slug however to achieve those times and not sure what the Hot Lanes will do to the commute.  I don;t care myself since I plan to retire soon.

Re: condos/townhouses/etc/, I think its generally a great idea to get a townhouse or single house if you can afford it vs. a condo.  Don't forget you can also get hit with major assessments from a condo association.  Rule of thumb is that they are the first to have prices go down in a bad market and last to go up when prices rebound.  On the other hand, single house are a money pit. It's always something breaking down or needing maintenance to keep it from breaking down. 

[PowerBoater69]

I second the Fort Hunt area, but it's out of your price range. You can get an older ranch near $500K in a good school district.

Sux that they closed the high school.

[JCA-CrystalCity]

If looking in Shirlington, no reason not to look in  Fairlington and Parkfairfax (Alexandria side of Quaker Lane).  Both have great bus service direct to the Pentagon metro stop, and walking distance to both Shirlington and Bradley Shopping Center area.

If you pay close attention to the boundaries, parts are in Arlington, Alexandria, and Fairfax, so you can pick your jurisdiction (which is important to Slateman).

[Slateman]

So the more I look around, the more it seems like my options are a small townhome in Sterling/Ashburn/Chantilly or a small condo (less than 1000) in Fairfax.

Hmmmm .... decisions, decisions

[NationalHeat]

Huntington metro area is fine, and I'd say definitely not scary. It also fits your price range...worth a look.

[comish4lif]

Sux that they closed the high school.

Arson is a nag.

They did reuse the site - Sandburg Middle School is there now.