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@ PDJ
2025-02-15 23:30:30
How apropos is it if the DC housing market dumping kicks off the nationwide real estate crash?
It’s not a crazy lynchpin.
Consider this is one of the most densely populated areas with the highest rate of DINC so home values here are elevated but they also lift surrounding city’s home value as well. These are also densely populated cities eg Alexandria, Arlington and Friendship Heights Village (MD).
Add to the fact that commercial real estate is also ready to break.
D.C.’s office market is no different than other commercial markets that are experiencing unprecedented devaluation, with some properties losing up to 70% of their value.
That’s crazy.
Collapse in property values is estimated to be a tax revenue shortfall of $500 million for D.C. over three years.
It’s not exactly that nice of a place to live because of the crime and the cost to live there.
Panic is contagious. Let’s see.