Now the likelihood of persuading a bank to issue a loan on this property is slim to none but lets assume you could. If you put down $7,000 (20 percent of the asking price) and get a fixed rate 30 year mortgage of the remaining $28,000 at 7% interest your estimated monthly mortgage payments would be approximately $186. Not to say this is a good investment, only to show the reality of what is currently available for purchase on the condo market now in Ward 8.
A former Ward 8 blogger used to own a unit in this condominium in Barry Farm until 2011 when she finally got frustrated with her falling condo value, lack of heat (and sometimes water), and the financial chaos of the homeowner's association. One day she packed up a moving truck and moved to the other side of the river. To be honest, I don't blame her one bit. Why is it that when people talk about being "forced out" these stories are never told? People who really did try to stick it out, even made an investment in buying a home here but for reasons beyond their control had to let it go in the face of financial reality. I know a lot of first-time homebuyers who purchased in 2007/2008 who got frustrated with the lack of overall progress in Ward 8 (and falling comps) and moved elsewhere.
I repeat, if this is what "gentrification" looks like...
Go HERE for the full Remax listing.
"Two bedroom 1 bathroom unit in the Barry Farms Community, magnificent view of the Washongton Monument, close to Metro Station."
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