Home Buying in 20007>Question Details

Matt, Home Buyer in

I am thinking of buying a condo in Foxhall (MacArthur Blvd) and want to know if homes in the area are sellable if i want to move out 3yrs on

Asked by Matt, Wed Dec 9, 2009

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Hi Matt,

Homes in that area are always sellable - a year, two years, three or ten down the road. It all just depends on whether you want to make money or break even on the deal. Unless you make a cash deal or can make extra payments on the mortgage, if you sell in the first three years you are still paying off the closing costs for the loan, and if you go with an FHA loan you'll also be paying PMI (primary mortgage insurance).

If you are willing and able to rent the property in three years, that area would be a good investment. You could always hang on to it for a vacation rental also. Those do really well around here.

Have a look at the search engine on our website: http://www.kangalrealestate.com and let me know if anything strikes your fancy. Our search is pretty beefy compared to most other real estate sites.

If you like what you see, then I would love to meet for a coffee to see if we might work well together.

Kelly Putz
Kangal Real Estate
0 votes Thank Flag Link Wed Dec 9, 2009
Good evening Matt,

The Washington D.C. area has the highest return on investment statistics and appreciation rates in the country. I lived here all of my life and it is a very transient area. Being the Federal government central focal point, homes prices will continue to rise. Just let me know if you would like to view some properties. Have a nice evening,
0 votes Thank Flag Link Wed Dec 9, 2009
Hi Matt,
I live and work in this neighborhood and can tell you that it is a very desirable place to live. Easy commute to downtown, easy access to the burbs via Chain Bridge and Clare Barton Parkway and you can walk to many shops along MacArthur and Foxhall. So, yes, an investment in this area will certainly be sellable in three years but without a crystal ball, it is hard to predict whether you will walk away with money or break even or, perhaps, given closing costs and how much you put down, you may need to 'bring money to the table'. There are other options . . .with the university and medical school/hospital so close, it is a great location for a rental.

Nora Burke
McEnearney Realtors
0 votes Thank Flag Link Wed Dec 9, 2009
Hi Matt,

Good question. The question deserves a conversation though.

My office is in Foxhall and I do plenty of business in the area.

My initial thought is that you may not be able to sell your place in three years at a profit after closing costs. The property is likely to appreciate but probably not enough to cover closing costs on the purchasing side now and the selling side then.

Call me when you can.


0 votes Thank Flag Link Wed Dec 9, 2009

I believe that the MacArthur/Palisades area is still one of the fastest growing and hottest areas in D.C. I helped develop/sell units at 4840 Macarthur. I have family on both sides of Macarthur and have seen a property values rise...even in a declining market. I do believe that a purchase of condo in this neighborhood for the "right" price can be a great investment short term and/or long term.
0 votes Thank Flag Link Wed Dec 9, 2009
Hi, Matt. I have toured a lot of condos on MacArthur recently with clients. The location is excellent and always desirable, as you probably know. With regard to how the market may respond in three years, one cannot be sure. What I can tell you is that we have seen an uptick in activity this year compared to the past two years and are hopeful it conitnues into 2010.
0 votes Thank Flag Link Wed Dec 9, 2009
Hi Matt,

if you find a home that you and other buyers are attracted to now, you could probably expect the same from buyers in the future. However, I wouldn't expect much appreciation/profit if you are looking to sell in 3 years. You might see some appreciation/profit in 5-7, or more, years. If you are selling in 3 years, you might want to keep the property and rent it out if that is allowable wherever you purchase. I hope this helps in your thought process.
0 votes Thank Flag Link Wed Dec 9, 2009
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