DC area relocation
 

Hi all,

Moving to the DC area in a few weeks and looking for some suggestions. Job is in Alexandria.

1. Good BMW dealer & indy?

2. Good housing location? Want the most bang for my buck, yard, suburban location, etc. 45min-1hr 1-way commute max. 300k max.

SFH's for rent OK. No appts, condos.


3. Wife is pregnant. Want a newer hospital with some good docs.


Any help is appreciated.

Hope the requests aren't in order of importance...BMW indy # 1, Pediatrician/Hospital # 3 ;) J/K....GL with the move:thumbup:

1. Ind Dealer: Fairfax (BMW) Service Center (off of route 29)
2. Anywhere inside the beltway (495)
3. INOVA Fairfax

My parents are in Northern VA and I'm there frequently. If you want "suburban" and "less than 1 hour commute", pick a place close to the subway (Metro) or with easy bus access to the subway if your work location permits it.

The best thing to do to keep your sanity in that area is not to drive. The roads and traffic are horrendous and rush hour can occur at any time, even 9-10pm when folks try to head into the city centre.

Looking for the traditional SFH with a large yard means paying a LOT; newer developments give you 0,2-0,25 acres if you're lucky, and the asking prices are high, starting around 400k in the outer suburbs. The lots in the "outer" suburbs (Counties of Loudoun, Stafford, and Prince William) are cheaper but then you deal with a ridiculous commute and the "overbuilding" of hundreds of houses in a community. The housing bubble hit those places hardest in the area.

$300k gets you perhaps a condo in the more desirable places in Fairfax and Arlington County and the City of Alexandria. If that's really your price range, you need to research the cost of living in this area. The City of Manassas is probably a place to stay away from. Property taxes can be high as well, dependent on which county or city you live in. They are also levied on vehicles and boats.

INOVA Fairfax Hospital is well-regarded hospital in the area.

After doing some research, I realize now a little better what I'm getting into. Job is in Alexandria and I initially thought of commuting from north of Fredericksburg until I found out that what would be a 30 minute drive in most places would be a maddening hour and a half at best there.

I'm now looking at pocketing our equity here, using it to pay for a Georgetown MBA, renting a decent place with a small yard in the Vienna area, and riding the metro to work. I dont think the housing market has bottomed out yet and I do not care to get involved with that. Figure with the bucks I'll make coming ouf G-town, I could afford something more in line with my expectations of suburban living in a few years. All those 5 year interest only ARM's are going to be coming due in 2011 and 2012 and I believe they will sink the market even further.

I'm in a condo now. This is NOT an option going forward. The wife made me buy it 4 years ago when we relocated to Omaha and I have hated it. I like my space and keeping my cars inside.

I would be very careful leaving the equity residential market at the bottom of the cycle.

I agree.
Rent out your condo if you can swing it and it covers your costs etc.

I wouldnt mind renting the condo out if I was moving somewhere nearby so I could keep an eye on it and do any repairs myself. Not really interested in being a landlord from 1100 miles away though. That said, unlike many places, Omaha's housing market never had a big increase in value and so it hasnt really fallen much either. Yeah, the sales pace has slowed dramatically but the market itself hasnt lost but maybe 5% and we still have one of the lowest unemployment rates in the country.

Sounds like a decent proposition. Its a good time to be a landlord (at least in NE) as occupancy rates/rents are increasing.....people are nervous to buy.

I bought two foreclosures in God's waiting room in early 2010 when the sky was falling and they were almost giving them away. I use a management company at relatively low cost to deal with day-to-day stuff. So far so good - relatively invisible to me....cash positive and probably 20+% gain since then. Long term hold strategy for me.

...not a bad way to build a diverse long term retirement portfolio along with the usual investments if you can swing it.

It might be easier to sell the current condo and buy a another condo in the DC area.

Dude, you're up for an unpleasant surprise.

Traffic in the DC Metro area is bad, I would look for a location with easy access to mass transit.

Suburban sprawl does not work.