A look at what's going on in Trinidad, on H Street, and in the larger area north of Capitol Hill.
Friday, November 11, 2005
Housing Boom Over?
Check out this story from the Post. The housing boom did need to end sometime.
3 comments:
Anonymous
said...
That which cannot go on forever, won’t. - “Stein’s Law” (Herbert Stein)
Sigh. This news is not particularly surprising. As a recent buyer in Capitol Hill, I'm not thrilled by it. Thankfully, we bought for the long term, so the news is also somewhat academic. I do think we're going to see a real shake-out in the next 2-3 years as those who bought on hope and easy credit have to deal with declining housing prices. My hope though is that a period of flat or declining housing prices doesn't interupt the good things that are happening in the neighborhood, particularly on H street.
I have still very recently seen certain houses and condos disappear in one weekend recently on the Hill. But not all.
I suspect we just need some time for people to adjust to the fact that you can't slap on $40K on the price of the closest comp, mildly clean your place (or not even bother) and expect it to sell in under two weeks. (Hey, I bought one of those myself too a year ago.) The rest of the country makes do with a couple of months....
3 comments:
That which cannot go on forever, won’t.
- “Stein’s Law” (Herbert Stein)
Sigh. This news is not particularly surprising. As a recent buyer in Capitol Hill, I'm not thrilled by it. Thankfully, we bought for the long term, so the news is also somewhat academic. I do think we're going to see a real shake-out in the next 2-3 years as those who bought on hope and easy credit have to deal with declining housing prices. My hope though is that a period of flat or declining housing prices doesn't interupt the good things that are happening in the neighborhood, particularly on H street.
I have still very recently seen certain houses and condos disappear in one weekend recently on the Hill. But not all.
I suspect we just need some time for people to adjust to the fact that you can't slap on $40K on the price of the closest comp, mildly clean your place (or not even bother) and expect it to sell in under two weeks. (Hey, I bought one of those myself too a year ago.) The rest of the country makes do with a couple of months....
You were right on teh $$ and that post was in '05..
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