Next time someone mentions those million dollar condos in Ward 8 remember this
I present the sad state of the Wade Rd Condominiums. I remember having friends (first-time homeowners) who were living in their condo units with no water and no electricity (cut off due to unpaid bills due to unpaid condo fees).
After years of fighting a losing battle with unpaid condo fees, shoddy construction and units that lost 90% of their value; people who had dreams of homeownership were faced with no other option than to walk away from their biggest investment -- their home. This is why I try to avoid black and white conversations about the "g-word" because it either ignores or glazes over the harsh reality of many condo owners in Ward 8 who have either lost their homes or in the process of losing their homes because of low home values, poor construction, mismanaged finances and a host of other issues such as an inability to lease their units to cover the mortgage. And if you think this condominium is an anomaly, drive over to the block of condos on 30th Street SE off Naylor Road SE.
Anyone who follows my blog knows I sounded the alarm for years before the condo market cratered out. Yet despite literally screaming at the top of my lungs for YEARS and how it was only getting worse; help was not forthcoming or at least not in time for many homeowners; most first-time homeowners and not just young professional millennials but Washingtonians born in Ward 8 and seniors.
BTW -- this 2 bedroom/ 1 bathroom unit could be yours for the low cost of $10,000 but note the building is boarded up and there are no utilities.
I've said it before, I will get really worried about gentrification in Ward 8 when we have more than one grocery store, condominium associations aren't facing total financial ruin and you can have more than five sit-down restaurants for 70,000 people. Hell, Postmates just started delivering east of the river last month and then only after a petition.