Monday, December 23, 2013

Affordable Housing for Sale | $40k for 2 bedroom DC condo

450 Condon Terrace SE
Washington, DC 20032

Go HERE for full listing.

"Two bedroom condo with hardwood floors throughout, granite counter tops and stainless steel appliances. Condo fee is estimated. Unit being sold strictly "as is"."

In case you were wondering these units are not for sale in some special "affordable" housing program. This is what the housing market (particularly the condo market) looks like in Ward 8. Yet, millions of dollars of  low-income tax credits and "affordable" housing dollars for rentals continue to pour into east of the river although the for sale market is already way below DC and regional home values. It seems  that D.C.'s solution to the west of the river affordability problem (which is very real) is to create more affordable housing where there is already plenty of affordable housing. What is needed in Ward 8 desperately are jobs and businesses.

You have to ask yourself, "Why send low-income and 'affordable' housing east of the river when it is needed west of the river most?"

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Mari said...

"Why send low-income and 'affordable' housing east of the river when it is needed west of the river most?"

Because if you do that people will complain that you're ignoring those east of the river.
The other problem is your example is "as is". People prefer move in ready places and it is highly unlikely a government mediator would allow a participant in some affordable housing scheme to buy an as is place.

Anonymous said...

In addition to what Mari said, many of these units are in properties with significant delinquencies rates on their condo fees. Most lenders will not lend if that is the case. Or they are short sales, another complicating factor that not everyone wants to deal with (never mind their lender).

While there are many great programs to assist first time buyers, particularly down payment assistance, I don't believe those program will allow you to qualify if you're purchasing a short sale or their are significant delinquencies.

Anonymous said...

^^ Exactly. I know this condo complex has 50+% delinquincies on HOA dues and over half the units are subsidized rentals, so no lender will make a loan on an owner-occupied unit in it. 15 of the 28 units in this complex were sold last year as part of the developers bankruptcy.