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In the rest of the area housing near metro stations has at least held its value, while the car-dependent exurbs have depreciated. You could live there several years and at least not lose money, which in this economy a decent outcome.
In the rest of the area housing near metro stations has at least held its value, while the car-dependent exurbs have depreciated. You could live there several years and at least not lose money, which in this economy a decent outcome.
you loose money in taxes, interest and upkeep anyways.
Nobody knows or can really predict it because the silver line is still not set in stone and they keep delaying the start date.
Hyde Park is worth that it is because it's 5 miles outside DC, and is next to the desirable orange line corridor. The place you are looking at is three times as far - almost 15 miles outside DC - and is not really a mecca of weekend activity. Will people that commute to DC still be looking for condos that are 15 miles out? Who knows.
You make Tysons -- 15 miles out from the city -- sound like it's in the middle of nowhere. It's home of the largest/nicest mall in the area, and is the 10th largest employment center in the US. Plus, is 10 miles away from the city, and 10 from Reston/Dulles. So great for commuting. If you miss the nightlife, take the metro into Arlington or DC on the weekends. I still think the metro coming in will be huge.
you loose money in taxes, interest and upkeep anyways.
Taxes are an investment in public services: police, firefighters, education, sanitation, parks, libraries, etc... When properly executed, they add value to a property.
On interest, a home loan is the economic textbook example of using debt to create wealth. At the end of the loan you own a valuable asset (your house) and the bank makes a profit (interest). This would not have been possible without the loan.
Upkeep: When it comes time to sell, there is a big difference between a home that has been maintained and a 'fix'er-up'er. If you're going to live there, show some pride in what you have.
There's a big difference between having money and having wealth.
Taxes are an investment in public services: police, firefighters, education, sanitation, parks, libraries, etc... When properly executed, they add value to a property.
On interest, a home loan is the economic textbook example of using debt to create wealth. At the end of the loan you own a valuable asset (your house) and the bank makes a profit (interest). This would not have been possible without the loan.
Upkeep: When it comes time to sell, there is a big difference between a home that has been maintained and a 'fix'er-up'er. If you're going to live there, show some pride in what you have.
There's a big difference between having money and having wealth.
Yelp counts up to 1 mile as walking distance. It probably depends on how easy of a walk it is.
And Stephen Wright says everywhere is within walking distance if you have enough time. In more practical terms, an average person can walk ¾ of a mile in 12 to 15 minutes even at an unhurried pace. There isn't any parking at all at any of the four Tysons Metro stations, but if there were, it would take at least that long to drive there, park, and then get to the platform. Having a Metro station so close will definitely increase property values, though it would be important to note that no such factor operates in a vacuum. Perhaps a dozen different factors will be pushing on area property values over time, some nudging it up and some nudging it down, but the effect of easy Metro access alone is unquestionably up.
Taxes are an investment in public services: police, firefighters, education, sanitation, parks, libraries, etc... When properly executed, they add value to a property.
Quite so, and this is not the complete list. Taxaphobics fail to comprehend that as the US has very nearly the smallest ratio of public sector spending to GDP in the developed world, there is a substantial likelihood that individual and social utility would each be increased through greater provision of public services funded by higher taxes. Property values vary in relation to desirability, and desirability is substantially driven by high quality public services (schools, parks, transit, public safety, etc.)
Quote:
Originally Posted by Smoke_Jaguar4
On interest, a home loan is the economic textbook example of using debt to create wealth. At the end of the loan you own a valuable asset (your house) and the bank makes a profit (interest). This would not have been possible without the loan.
The alternative to credit is the lay-away plan, whereunder one would send in a couple of grand or whatever a month and at the end of thirty years, you'd own the house. This is how new cars used to be sold. You'd stop by the dealer and drop off $25 or $50 whenever you could and eventually you would have bought a car. Then somebody (okay, it was GM) had the bright idea of lending customers the money to buy a car right now, then getting those same lay-away payments over time as monthly loan installments. This was immensely popular and immensely successful, helping to lay the groundwork for the sorts of consumer (and intermediate) financing that drives every advanced economy anywhere today.
Quote:
Originally Posted by Smoke_Jaguar4
Upkeep: When it comes time to sell, there is a big difference between a home that has been maintained and a 'fix'er-up'er. If you're going to live there, show some pride in what you have.
When you own a home, you basically also own a sinking fund that is devoted to its proper maintenance. If you make regular payments into that sinking fund and carry out appropriate upkeep with those proceeds, you not only get to enjoy and take pride in your home along the way, but you get at least lots of that money back again when it comes time to sell. If you ignore the sinking fund and fail to do appropriate upkeep, your place progressively becomes a neighborhood eyesore, and when it comes time to sell, all the money you thought you were saving by being such a skinflint and tightwad is eaten right up by the much lower sales price you are able to negotiate with a buyer. Classic example of penny-wise and pound-foolish.
Location: Chapel Hill, NC, formerly NoVA and Phila
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Quote:
Originally Posted by MountainMen
Isn't 0.7 miles too far for the average person to walk? Would a metro stop that far away even affect the value?
Definitely anything within 1 mile is considered walkable. 7/10 of a mile is a normal walk for someone of working age and in reasonably good health. To give you some perspective, all elementary school students who live within 1 mile of their school are considered "walkers." I live a bit over a mile from Vienna Metro, many people walk there from here. I used to live in Rockville on a street filled with condos and townhomes - about 1 miles from Grosvenor Metro. The route I walked was very busy with walkers. A Realtor would definitely advertise a home that is .7 miles from the Metro as being walkable.
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