In Charlotte, NC you can get this 3 BR, 2.5 BA house for $200K. Compare that to this new condo development in Arlington (!) that is 3 metro stops from D.C. From the FAQ:
What is the STARTING PRICE?
The majority of prices fall in the 400’s and 500’s.
How LARGE will the units be?
Unit sizes range from 540 s.f to 1500 s.f. (large 2 bedroom unit). The average unit is approximately 930 s.f.
What a deal, huh? I'm guessing $450K won't even get you 1,000 s.f. But the builder doesn't seem to think that buyers are going to be a problem:
How can I get an APPOINTMENT?
Initial appointments will be based on a lottery system.
And if you want to look at an actual model beforehand, tough luck:
Is there a MODEL I can see?
We DO have our sales office located in one of Ed Peete’s model townhomes. However, we do not have amodel of the condominium itself. You will have to view the individual unit plans and renderings by visiting the web site or stopping by the sales office (an appointment is recommended: 703-741-9950).
Incredible. But like I said, that's only North Arlington. According to this site a 1 BR condo in this yet-to-be-completed development in D.C. starts "in the mid $600k." And believe me, that neighborhood is not someplace you want to walk your dog late at night. Unless it's a trained attack dog. And by trained I mean knows how to field-strip and re-assemble an AK-47 while blindfolded.
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But, as the Washington City Paper notes, that's the market.
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Update: This is an interesting contrast to what's happening in the D.C. market.
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