Friday, August 07, 2015

DC GENTRIFICATION? Ward 8 condo values continue free fall. DC media & council remains silent.

While housing values continue to increase west of the river, the condo market east of the river continues its unchecked free fall. And yet, no one in mainstream media is saying anything about it and no one on the DC Council is doing anything about it. 

Could it be that the reality of the Ward 7 and Ward 8 real estate market doesn't line up with the DC narrative? What if west of the river could no longer justify sacrificing east of the river to solve west of the river affordable housing issues?

For all of the tales of "skyrocketing" condo values west of the river all of my friends who own condos east of the river are underwater. Some of my neighbors have lost 50% of their home's value -- others have lost 90% -- and in just under 8 years. Tales of the "rich gentrifiers" in their east of the river condos are greatly exaggerated. Short sales and/or foreclosures are the reality as condo owners find themselves unable to sell, unable to refinance, and unable to rent. If I were to expose some of the things that some east of the river condo associations are having to do to stay solvent your hair would turn white. 

And yet, DC's media and council remain silent and unmoving. The Advoc8te has tried to do her part by sounding the alarm but to no avail.

2009
http://www.congressheightsontherise.com/2009/11/dc-government-to-step-into-messy-condo.html

2011
http://www.congressheightsontherise.com/2011/09/for-sale-3864-9th-st-se-202-45000.html

2012
http://www.congressheightsontherise.com/2012/03/introducing-market-rate-homeless-of.html
http://www.congressheightsontherise.com/2012/06/for-sale-3864-9th-st-se-201-44900.html
http://www.congressheightsontherise.com/2012/06/for-sale-912-barnaby-st-se-301-55000.html
http://www.congressheightsontherise.com/2012/06/for-sale-914-barnaby-st-se-203-59990.html
http://www.congressheightsontherise.com/2012/06/for-sale-12-galveston-st-sw-303-23900.html

2013
http://www.congressheightsontherise.com/2013/12/affordable-housing-for-sale-40k-for-2.html
http://www.congressheightsontherise.com/2013/12/affordable-housing-for-sale-39k-for-1.html
http://www.congressheightsontherise.com/2013/06/for-sale-450-condon-ter-se-201-2bdrms.html
http://www.congressheightsontherise.com/2013/12/ward-8-condo-values-drop-over-100000.html

2014
http://www.congressheightsontherise.com/2014/11/what-affordable-housing-crisis-ward-8.html
http://www.congressheightsontherise.com/2014/12/so-about-those-500000-ward-8-condos.html

2015
http://www.congressheightsontherise.com/2015/01/reports-of-ward-8-condo-crisis-have-not.html
http://www.congressheightsontherise.com/2015/02/gentrification-reality-check-homes-you.html
http://www.congressheightsontherise.com/2015/02/gentrification-reality-check-dc-homes.html
http://www.congressheightsontherise.com/2015/02/gentrification-reality-check-dc-condos.html

What a difference a river makes.

P.S. I threw "gentrification" in the headline in hopes it would raise the interest in this post. Seven years of blogging have taught me plenty. 











2 comments:

Anonymous said...

Wow! Great post! This is super surprising.

Anonymous said...

There is no justification of sacrifice. This has been happening over and over again in DC for years. Georgetown, North & East Capital St., Independence Ave, Pennsylvania Ave. SE, A, B, C, E, And G St. SE(Capital HILL area). If they were not owned by folks, (which some families who did own-sold for practically nothing and moved to PG) they were eventually kicked out-redeveloped- turned over to their kids, grandkids, and/or sold for a heck of a lot of money. Anacostia was once Caucasian Farm land and again is shall be, not farm land, but the majority will be owned. Why do you think DC Council (those that will survive the exodus) and the GOV, are not doing anything? They know what the deal is and are preparing to cash-in on it. THIS IS NO JOKE. Been in the works for the last 35-50 years.