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19 August 2019

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Lars

You may want to wait a little to assess the Amazon deal. Similar efforts have not worked out as sold to the community by the businesses and politicians. Also, remember that Amazon has an underpaid employee problem.

https://newrepublic.com/article/151133/enduring-scam-corporate-tax-breaks

Besides, is this not a prime example of socialism, as most Americans define it?

Linda

I just think about the fact that coming to Washington as a federal employee even in the middle of my career I would never have been able to buy a house. And those prices extend far out of town. I did benefit from the “housing bubble “ when I was there but had gotten into the market much earlier.

turcopolier

lars

Underpaid employees will not be buying my house

Lars

I am sure they are not. Most of them will live far away, but increase traffic in the area. My point is that this may not work out as well as it is sold to the people in town. I know a little about the area in NYC where Amazon wanted to move to and it would have created a giant "cluster f**k" in an area that would not need it.

Bill H

Again, I wish we had a "like" button.

turcopolier

lars

Have you ever been to Alexandria? None of that applies here. The underpaid employees will live in DC or Maryland.

jdledell

AOC was just following the lead of her constiuents. Much of the housing market in her district is rental properties. The fear of the people living in her district was yes the housing market would boom with Amazon but so would rents both for housing and small businesses. It was reasonable that many in her district would be forced to move because of skyrocketing rents. I live in a NYC suburb where many commute to the city (the train station is 3 blocks from my house for a 45 minute trip into downtown NYC) and was hopeful that the Amazon headquarters would have a positive inmpact on my house price. However, I do understand the fear of AOC's contituents.

turcopolier

jdledell

The Amazonians will be welcome here.

fritzenfreiberlin

Yes, best to keep the deplorables far away from the Beltway's castle gates.

turcopolier

fritsenkraut

Asshole. I am one of the deplorables. If you knew anything about the US you would be dangerous. A Swede! ok, I will try to explain this to you. The Deplorable categorization by the marxist left and coastals is about culture not economic class.

The Twisted Genius

The Crystal City area became a ghost town once the Pentagon moved all their offices out to the MarkCenter complex fro security reasons. Amazon will make good use of that existing commercial real estate as well as the undeveloped former rail yards to the south. If, as you said, a lot of the workers come from DC and close in Maryland, it will be good for DC and have little effect on existing commuting patterns. It will run largely counter to the existing travel patterns and make max use of existing mass transit. I think it was a brilliant move all around. My oldest son will probably do quite well whenever he decides to sell his condo out by the old Landover Mall.

Artemesia

How many new Amazon employees will be able to buy a house in lovely Alexandria for 7 figures? (And what impact will it have on Bethesda / Potomac's excess of such manses that languish on the market?)

PS would love to see photos of you outdoor kitchen.

PS2 Redfin is not completely trustworthy: their algorithms do not take account of mini-neighborhoods that have significantly different types of housing. In Montgomery County -- where the "poor" Amazon employees will live, the neighborhood that is protesting widening of I270 has seen a decrease in home values due to the prospective increase in commuter traffic.

turcopolier

Yawn.

Fred

Owners selling to people that want to pay high prices for them? That's exactly how my French ancestors bought that property outside New Amsterdam. I don't think that's socialism.

Fred

jdledell,

That didn't help incresae wages for people living in her district. Maybe her constituents should move to a place with a better standard of living.

Fred

Artemesia,

Amazon HQ employees are going to be making a lot more than $15/hour.

eakens

30 year interest rates are almost 3%, that means a 500K loan only costs about $2100 a month, and a $1M loan is only about $4200. 2 earner households will drive the price of all single family homes to about $1-1.5M pretty quickly just like they have in Seattle, the Bay Area, homes around Playa Vista in LA, Denver, etc.

Beyond $1.5-2.0M, then it starts getting pretty difficult to justify a house since it becomes cheaper to rent. In a lot of places, rather than buy a $4M house, it's cheaper to buy a $2-2.5M income property, and use the income to pay the rent on a $3-4M house, plus all of the interest, and property taxes are deductible, circumventing the SALT deduction and mortgage interest deduction limits. You get a nicer house for less, plus have an income producing property which will appreciate, plus somebody else gets the pleasure of paying to maintain the house, pay the taxes, insurance, etc.

akaPatience

Amazon developed a huge fulfillment center nearby which helped save our [once-struggling] airport environs while spurring even more economic development. Mr. Bezos was here for the grand opening and while I can't stand the guy's political POV, I have to give credit where it's due -- he's built a helluva company.

I'm so glad your property value is rising Col. Lang. Mine is too, but it's as a result of Baby Boomers and Millennials moving to the inner city. Actually, the wealthier Boomers are driving up rents and condo prices beyond the reach of some of the younger people and driving them out. I just remarked to my husband yesterday that I see so many old folks walking around our neighborhood anymore. I like it.

On the other hand, our property taxes have doubled in just the last few years. So be careful what you wish for.

walrus

Yes Col. Lang, but how are you going to survive the invasion of all those sandal wearing, Green loving left wing bearded hipsters? They will drown you in Soy milk lattes and choke you with smashed Avocado.

johnf

This thread is, entirely unintentionally I am sure, just slightly provocative.

The most interesting headline in today's UK press is in the "Financial Times":

"US Companies ditch investor-first creed that has driven capitalism since the 1970's"

Unfortunately I can't afford to buy my way behind its paywall. All these invisible walls everywhere!

Seamus Padraig

You can have them. I loathe Bezos, so I avoid Amazon now.

jd hawkins

"PS would love to see photos of you outdoor kitchen."

I'll second that!

turcopolier

All

My outdoor kitchen is built of field stone buttered in at the back of the pieces so that it looks dry stacked. the tops are grey slate. there is a refrigerator, wet bar sink, gas side burner, hooded gas grill by "Lynx" with rotisserie (best part of whole thing. It is mess right now with my working cook's tools all over it but will post some when I clean it up. We built this set up one section at a time over ten years.

turcopolier

johnf

It was quite intentionally provocative.

johnf

Irony never works on the internet.

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