>>
>> WATCHING THAT VIDEO, WE WERE ALL SCARED FOR
THEM.
THEM.
THEM. >>
THEM. >> 4@THANK YOU.4@
>> ANOTHER QUESTION.
CAN YOU GUESS THE PRICE OF
THIS HOUSE IN DC?
THE BUYERS4@ PAID NEARLY $200,0
OVER THE ASKING PRICE.
WE SAT DOWN WITH A REALTOR
TO ASK WHAT MAKES THIS HOUSE
WORTH IT AND WHAT YOU
NEED TO KNOW ABOUT HOME PRICES
AS AMAZON MOVES INTO
THE AREA FURTHER DRIVING UP THE
COST OF HOUSING.
I'M TALKING TO COY BREWER RIGHT
NOW.
NOW.
NOW. LET'S START
LET'S START WITH THE HOUSE AT THE PARK.
IS THAT TYPICAL OF WHAT
IS GOING ON IN THE CITY AND 4@
4@
IS GOING ON IN THE CITY AND 4@ THROUGHOUT THE AREA?
>> THE MARKET IS DOING GREAT
NOW.
NOW.
NOW. EVEN
NOW. EVEN IN THE
LATE PART OF THE FALL.
4@
LATE PART OF THE FALL. THIS WAS A PROPERTY THAT
CAME ON THE MARKET FOR ONE AND
A QUARTER MILLION.
IT GARNERED FOUR OFFERS AND WAS
APPRECIATED UP
APPRECIATED UP $183,000.
$183,000.
$183,000. >> WOW.
>> WOW.
>> WOW. THAT IS AU PARK.
WHAT ABOUT OTHER
NEIGHBORHOODS IN THE CITY?
SAME THING?
SAME THING? 4@
SAME THING? >> THE RECOVERY WE ARE
EXPERIENCING IS NOT
UNIFORM.
UNIFORM.
UNIFORM. SOME AREAS NOT IN THE CITY BUT
FURTHER OUT
FURTHER OUT WHERE THE TASTE OF NEW BUYERS
IS NOT EXACTLY WHAT IT
USED TO BE.
FOR EXAMPLE, FURTHER OUT,
LARGER
LARGER
LARGER PARCELS, LARGER HOUSES DON'T
HAVE THE SAME
DESIRABILITY THAT THEY HAD 20-
30 YEARS AGO.
>> WE WERE TALKING ABOUT
100,000 NEW PEOPLE IN THE
CITY.
CITY.
CITY. THEY HAVE TO LIVE SOMEWHERE.
>> THAT'S RIGHT.
WE ARE ALL VYING FOR THE SAME
SPACE.
SPACE.
SPACE. >>
SPACE. >> REALLY STARTING WITH THE
METRO IN THE 70s.
IT MADE THE CITY MUCH MORE
LIVABLE.
LIVABLE.
LIVABLE. AND YOUNG
AND YOUNG
AND YOUNG PEOPLE WANT TO BE HERE BECAUSE
THE COST OF LIVING IS
TERRIFIC AND THERE ARE SO MANY
GREAT AMENITIES IN
THE DC AREA.
>> ABSOLUTELY RIGHT.
WHAT HAPPENS TO THE 4@WORKING
LOWER INCOME FAMILIES? 4@WHERE
TO THEY LIVE?
WHERE
WHERE
WHERE 4@CA4@N THEY BUY OR RENT?
>> PREDOMINAN4@TLY STILL IN
NORTHEAST AND SOUTHEAST
AND SILVER SPRING AND TOWARD
PRINCE GEORGE'S COUNTY.
THIS IS WHERE THE MOST
AFFORDABILITY IS IN THE
REGION.
REGION.
REGION. BUT IT IS AN ONGOING PROBLEM
FOR THE CITY
GOVERNMENT BECAUSE THEY HAVE TO
BE ABLE TO CARVE OUT
FOR PROGRAMS AND AREAS WHERE
THESE HARD WORKING
FOLKS CAN LIVE IN THE CITY.
>> BEING 4@SQUEEZED OUT.
AND WE HAVE NOT EVEN
TALKED ABOUT THE POOR.
WHERE ARE THEY GOING?
4@
WHERE ARE THEY GOING? FURTHER OUT?
FURTHER OUT? >> MOST LIKELY, YES.
>> WE HAVE TO TALK ABOUT THE
AMAZON AFFECTS.
AMAZON AFFECTS. GIVE
GIVE
GIVE US
GIVE US WHAT YOU HAVE SEEN THE LAST
SIX MONTHS.
SIX MONTHS. >> IT HAS BEEN A YEAR SINCE
THE PROGRAM WAS
ANNOUNCED IN ARLINGTON.
WHAT WE ARE SEEING IS
INVESTORS BUYING STUDIO AND ONE-
BEDROOM APARTMENTS.
BEDROOM APARTMENTS. DEPRECIATION IN THAT AREA HAS
BEEN TOWARDS 40% AND
ARLINGTON L ALEXANDRIA AND SOME
NEIGHBORHOODS.
NEIGHBORHOODS. I
I
I THINK
I THINK THIS EFFECT, THEY HAVE
NOT EVEN STARTED
BUILDING YET.
BUILDING YET. AND PEOPLE HAVE NOT STARTED
WORKING.
WORKING.
WORKING. THIS EFFECT I THINK WILL
STRETCH ALONG THE YELLOW
AND BLUE LINES SOUTH TOWA4@RD
ALEXANDRIA AND INTO THE
CITY.
CITY.
CITY. >>
CITY. >> WOW.
>> WOW.
>> WOW. 40% ALREADY.
40% ALREADY. WHO WILL 4@OCCUPY THESE? WHO
WILL MOVE INTO THESE
APARTMENTS?
APARTMENTS? >> A LOT WILL BE THE AMAZON
WORKERS THAT WANT 4@TO
BE CLOSE4@ TO THEIR JOBS.
>> THEY WILL BE MAKING SIX
FIGURES PLUS WE ARE
TOLD?
TOLD?
TOLD? >>
TOLD? >> YES.
>> YES.
>> YES. >> WHAT ABOUT THE PEOPLE NOT
MAKING THAT?
MAKING THAT? THE
THE
THE ONES
THE ONES THAT WORK AT THE GROCERY
STORES AND THE COPS
AND THE FIREFIGHTERS.
>> WE ARE GETTING INTO THE
METRO EFFECT.
METRO EFFECT. THEY CAN
THEY CAN
THEY CAN BE IN THAT NEIGHBORHOOD IN
ABOUT 10 MINUTES IF THEY
ARE CLOSE TO A METRO STOP ALONG
THE BLUE AND YELLOW
LINE.
LINE.
LINE. >>
LINE. >> THIS IS LIKE MANHATTAN AND
SAN FRANCISCO.
SAN FRANCISCO. WE
WE
WE WANTED
WE WANTED ALL THE GOOD STUFF.
WE DIDN'T WANT THINGS TO
BE THIS EXPENSIVE, DID WE?
>> WE CERTAINLY DON'T.
BUT IT IS WHAT HAPPENS.
WE ARE A WORLD CAPITAL.
FOR MANY YEARS, WE WERE A
VERY INEXPENSIVE WORLD CAPITAL.
NOW WE ARE CATCHING
UP.
UP.
UP. IT
UP. IT IS
UP. IT IS REALLY EXCITING AS A 4@
NATIVE WASHINGTONIAN
NATIVE WASHINGTONIAN WASHINGTONIAN.
WASHINGTONIAN. THIS