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Efficiency Condo

July 29, 2005

ph_jul_minitiature.jpg
Luxury condo with bright light, formal dining room and 12 inch high ceilings. Located in historic Georgetown. Asking price, $ Insert insane price here

This room is one of many on display in a minature exhibit at the Chicago Art Institute, which features rooms from different periods in history. With the insane, out of control housing bubble here in DC, I can't help but wonder what a condo this size would go for here. It would be a steal for say, $100,000, considering the median condo price is hovering around $200,000 (and that's for a 1 bedroom). I know 3 people who just bought houses, and I can't help but think they've lost their minds. I owned a condo a few years ago, and the value actually went down after I bought it. I couldn't sell it without losing my shirt, so I stayed, and stayed and stayed ~ I felt "lucky" to have sold it for the price I bought it for 3 years ago.

My oh my, how I wish I hadn't sold! In 2 years, the value has more than doubled. It's enough to make me want to run out and buy a copy of "Buying Real Estate for Dummies". Since incomes around here have not more than doubled in the same span of time, I doubt this trend will continue. The only real estate I'll be buying any time soon will be in miniature.

~ now I must be going, there are some tulip bulbs I just HAVE to buy.

Posted by vincent at July 29, 2005 09:20 AM

Comments


$200K for a 1-bedroom condo would be a steal here in Chicago. I'll take your housing bubble over my housing bubble any day! ;-O

Posted by: G. at July 29, 2005 09:37 AM

Ha.. that's the median price for the entire area... a mile away from where I live, they're goin' for close to a million.

Posted by: Susan at July 29, 2005 10:14 AM

I didn't realize you were in my old stomping grounds. I was born & raised just outside DC, in Bethesda. I understand about housing prices there. But "twelve inch high ceilings" should bring the price into the reasonable category, don't you think?

Posted by: Wandering Willow 2 at July 29, 2005 01:44 PM

Willow,

Ah, shucks! too bad you're still not in the area! Bethesda's great. If I was queen of the world, I'd live in a nice cabin in the woods next to some water. Close enough to pop into town if I wanted to, but far enough away for safe-keeping. It would be the Visual-Voice Utopia... that it would be! At the rate the prices are going, I'll have to find some of that Alice in Wonderland "drink me" potion, buy a doll house, and get me an easy-bake oven.

Posted by: Susan at July 29, 2005 02:52 PM