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Caroline Baum: "Bernanke is headed into uncharted waters with no compass, no radar, and no stars to guide him.What are your thoughts on QE2? Do you think it's necessary, are you ambivalent, or are you as disgusted as Caroline?
The good news is he’s got plenty of fuel. The bad news: His only rations are gruel."
18 comments:
On QE2 I think its probably a good idea. I think on the margin cheaper interest rates help spur the economy. As someone with savings rather than debt cheap financing doesn't really benefit me, but I think for the country it helps.
The other major advantage is that our government is borrowing trillions of dollars and having the fed buy them, which helps reduce the amount of interest the government has to pay due to lower interest rates and the fact they are paying themselves. Hopefully the fed will be able to pull back on QE, if the economy picks up so we don't get inflation, but as of now inflation is not a major problem.
So, I happened to drive thru Fairlington yesterday and liked what I saw -- except for the tiny kitchens, which are in all but two models.
Alas, the models with larger kitchens are only in the North Fairlington community, which doesn't do assigned parking.
I got back home and starting pouring over the area with Redfin, and was kinda surprised that this property -- AR7401348 -- is still on the market (DOMm/p: 95/157).
The listing agent seems to have made a couple of errors (per Arlington code, this is NOT a 2-bedroom unit, and "front parking for two" surely implies assigned parking, which as I said, is not included).
Otherwise, seems like a nice unit to me. Not sure I need all that space -- and I'm really leaning towards assigned parking and like the idea of being closer to the Bradlee shopping center. I just wondered if I'm missing something. Seems to be priced fairly now.
"So taken is the Fed with the notion that higher inflation expectations are the route to salvation that it has commissioned research on the subject. Last month, three Fed Board economists published a paper claiming that with overnight rates near zero, an oil price shock would be a plus for growth.
The “burst of inflation” from an increase in oil prices stimulates interest-rate sensitive sectors of the economy, the authors claim. (Aren’t higher oil prices a relative price increase unless the Fed prevents other prices from falling?) “In fact, if the increase in oil prices is gradual, the persistent rise in inflation can cause a GDP expansion,” they write."
What Maroons....
we had rising oil prices in 08 and it brought the economy to a stagger.
Newbie, why doesn't the basement bedroom "count"? Is it because the window isn't large enough to allow exit in case of fire?
I suspect the proximity to Rte. 7 and 395 (smell, noise, traffic) is a major shortcoming that others are considering. Another is that many people would like a third level with bedrooms upstairs. The house really is only 1000 square feet plus some finished basement space.
Are you sure you wouldn't use that space? It's really not that big, you probably want room to have friends over, and you never know what life may bring you with regard to roommates/partners/kids, etc.
Ace,
According to this, it sounds like it's because the window is too high off the ground (note they are labeled as 1-bed plus den by the condo association).
Also, re the size, yep, I'm sure I might use the extra space (may have my sister living with me some day), but I'm kinda hung up on the assigned parking thing. The Barcroft model (available with parking in Fairlington South) is only 200 feet smaller.
So I just have to decide which I want more -- bigger kitchen or my own parking space!
I realize we don't get Snowmaggedon every year, but after nearly two decades living in Boston, I just don't really want to go back to shared parking if I can avoid it!
Oh, one other thing. I guess if you're prepared to shell out $400K-ish in Fairlington, then it's likely you might prefer one of the models with 2 beds upstairs over one on the main floor.
Me, I'm 50-ish and thinking ahead. Main floor living has its appeal!
pat-
Oil prices going up would only be beneficial, if pay was also going up. There is something to be said for prices/wages of everything going up so there are fewer people underwater on their houses. The fact that people can't leave their houses to relocate for jobs is bad for the economy.
So although I want low house prices (I will be buying in 1-2 years) it probably would benefit the economy as a whole if all wages/prices went up ~20%. Although I agree with you if energy prices went wages likely would stay flat and it would just be a transfer payment from the US population to oil companies/countries.
QE2? Well, we got away with QE1, or did we? The dollar's not doing all that well.
http://franklymls.com/DC7350705
taxed at 266K, sells for 160K
3 BR 1 bath
http://franklymls.com/DC7273949
file under F&*( Me. F%^& Me with a
red hot poker
assessed at 457K, Listed at 189K, sells for 204K,
8 BR, 4 BA, Quadplex. Not much Lawn,
Not much backyard, Some Crack Dealers in the area. 4 Blocks from Metro.
section 8 housing.
http://franklymls.com/AR7466810
assessed at 455K,
listed for 314K,
went UC after a week.
33% off in Arlington.
it's a marginal property, but,
it's a part of what is normally immunington going Short sale.
pat, we really don't know until the house is sold what the price is. It will be interesting to see if it sold for near asking or if asking was established simply to get the bidding started.
newbie, thanks for the link. I see their point - if the window is too high, you can't escape a fire. FWIW, my current house has a too-small kitchen and I absolutely hate it. I think if I were you I would hold out for a bigger kitchen AND a parking space. Both seem important.
hi newbie,
I like Fairlington. Are you looking on the Shirlington side of 395, also? Same builder, I think.
There are also some older townhouses in that area over on Kenwood (I think?) near the little shopping center with Baskin Robbins--they look to be about in the same price range and might be worth a drive-by.
eta-here's one of the places I was thinking about:
http://franklymls.com/AX7399487
Ace
we don't know the price until it closes but still the BPO sets something.
Meshell, I'm looking for main floor living, so haven't been checking out too many town houses.
Re Fairlington, I'm looking at both sides, tho the Shirlington side is a single community (Fairlington Village) with shared parking -- not a plus for me.
The Alexandria side is broken up into six different condo communities; most have assigned parking. Another plus, they are closer to the shopping on King and Quaker Lane.
I did do a drive by last night after work. The one I linked to last night in Fair Vill backs *really* closely to King St. The other problem is that the parking area slopes down to the front of the unit/building. Makes me wonder if water might be/have been a problem there in the past.
Still very much like the feel of the community. You can get condo living but it is a really mature area in terms of trees, families, etc. And very easy commute for me!
On the other hand, this 2-bed, 2-bath REO near Potomac Row just got reduced. Seems a steal!
newbie, be careful of Reed Av. The area just west of those condos is still rough. And the condos sit directly atop Rte. 1 and face the shopping center--convenient but noisy and ugly. Arlington and Alexandria are planning huge new retail and condo developments, plus preserving some green space, in that general area. Longer term, a metro stop is being considered at Potomac Yard.
All of this could increase the desirability of all other properties (for you and/or for other buyers), or it could make traffic more of a mess.
Ace, thanks, I'm very familiar with the area. Yes, Arlandria is in transition, but the area is certainly desirable (to me) given the proximity to Del Ray, Crystal City, and my commute (and Birchmere? MOMs? Yay!). I'd rather not be facing Rt 1, but off the drag, with underground parking? I'd certainly consider it.
But you raise a good point re resale. I plan to be there a long time, but that building isn't FHA. Units I've been looking at haven't budged since the spring unless they are REO or short sale.
pat,
i think that $314K price was to lure a contract to avoid the imminent TRUSTEE'S SALE on
11/19/10 12:01 pm
2616 Arlington Boulevard Arlington 22204
$464,000.00
note the listing does not say it's approved for short sale. don't think no BPO was done.
FWIW
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