Sweating a Petworth Home Purchase

[from Wayan]

Since back in the day, when all my Dupont Circle friends moved to Petworth and I headed to Mt. Pleasant, I've thought about the homes in this neighborhood. It’s a Mt Pleasant writ large, and for me, still affordable. A dual income couple can afford a home in Petworth, unlike say Mt Pleasant or even Columbia Heights. Yes, banking home a half million dollar mortgage is gut-checking, but its also promising.

More space than Shaw, more neighborhoody than Capitol Hill, I would love to be a homeowner here soon. A Petworth homeowner with room for friends, family, children.

Yet I wonder. Is the buy right for me? Is it what I want right now? To give up my sunny, spacious, rent-controlled apartment for quadruple the monthly payment? It's a risk, a big risk, and I don't like risk.

So current Petworth homeowners, I ask you for advice. How did you make that leap into homeownership? And are you happier now?

Comments

[Monkey Daddy]

For years in graduate school, I didn't make any money. Then I moved to DC and got a grown-up type job, and earned a grown-up type salary. Then I paid grown up taxes, and I thought, "Wow! I need a homeowner tax deduction and first-time-buyer-in-the-District federal tax credit!"

Living in Adams-Morgan, I perceived the value of the durable transportation infrastructure (read: Metro) that had just opened, especially when coupled with the transit oriented development strategy that the District set out to pursue.

I was cool with the green line, although houses I checked out in Shaw and Pleasant Plains skeeved me out. (A girl I was dating stepped on a dead rat in front of a "for sale" sign. No sale.) Petworth seemed like a nice, unassuming place to be. I rode my bike all through the neighborhoods, at all hours of the day and night. Plenty of good houses, with pleasing repetition, and a few oddball blocks with architectural interest.

Also, the year before a friend had purchased a 3-story 6BR rowhouse in Columbia Heights (Harvard St.) for short money. Six months later another friend bought a 2-story 5BR rowhouse about 5 blocks north and 5 blocks east for the same money. The time was right for me to buy a 4BR 5 blocks north and 5 blocks east of him; if I waited, I would have to go even further north, further east, get fewer bedrooms, or pay more. So my motives were primarily financial.

Then my girlfriend -- now my wife -- relocated to DC and moved in with me. So did her dog. Walking that dog around Petworth helped me understand that this is the friendliest place I have ever lived. "How you doin'?" is truly the Petworth anthem if ever there was one: a civil greeting, complete with eye contact.

Now I have a son, who was born in the back bedroom of our Petworth house. We have another child on the way, who will be born in the same Petworth bedroom. I've lived here for several years, and I feel like I belong to the neighborhood. I like my neighbors. I like the other families that I see sprouting up around here. I like my nailgun, and all the other tools I used to renovate my somewhat-creaky centennial house. I like the prospect of a Mocha Hut a few blocks away. I like the greenspace of the RCC cemetary, the water of the Warder Reservoir, and the triangle parks that appear on every corner.

I like Petworth.

[Toby]

We bought our house a few years ago when Petworth and up and coming were never in the same sentence. We took a chance buying here and have been fortunate. Our mortgage is quite low. Yet our children did not go to the local schools (have any of you actually been inside Roosevelt?)It is horrific. Despite being a liberal on many social issues, I would not sacrifice my children for my political beliefs. If that makes me a hypocrite, I don't care. I would have preferred to have moved to Bethesda, Chevy Chase, Cleveland Park, and have neighbors with my own background and education, but the house we found in Petworth was so affordable. We don't walk around the neighborhood, except maybe to go to the metro. This is not upper NW, despite the mini upgrades along Upshur. The food I want to buy isn't at the Safeway on Randolph so we go elsewhere for groceries. Despite several years here, I still feel like an urban pioneer and at times a fish out of water. But I'd probably feel the same in suburbia.

[jb]

I'm definitely of two minds. I love my house. I like feeling handier than I thought I was, as someone else said. (And I own a nailgun now!) I love having a yard and a grill. My wife and I redid the kitchen when we moved in, and it's our dream kitchen. I love the friendly neighbors on my tree-lined street -- I lived in cap hill for four years before and didn't know anyone not in my four-unit building. I love the parking space in the back for the rare occasions there's no parking on my street.

But I live on the northern end of the neighborhood, and I miss being able to leave my house and take long walks to cool places. Here we feel like we have to drive anywhere we want to go. I miss eastern market and the mall. I hate that my friends who don't have cars don't have an easy way to visit. And I hate how much trash there is on the street ESPECIALLY broken bottles.

Overall, I'm very happy to be a homeowner. I love not throwing money away in rent and I love the space. But I don't see myself staying here more than five years.

[Tim]

Hey Wayan, I can see from that photo of you that you are standing out in front of the Majestic Apt. on 16th St. That's where I used to live before I moved to Petworth. My wife and I had the top floor left front apartment, #807, balcony and all. Man, I dug that apartment. But, well, I like my house in Petworth as well, especially the "Man Palace" in the basement. Looks like the joint you bought is in pretty great shape....Congratulations! And remember it's just bricks and mortar man. Don't sweat it.

[Wayan]

Damn. I did it. My contract should be ratified this morning and soon I'll be a Petworth neighbour.
http://dc.metblogs.com/archives/2007/03/do_i_look_like_1.phtml

[Joe Martin]

I hoped Wayan would move up this way. I've known him for about six years and was actually surprised when he called me to tell me that if he moved to Petworth, I'd be his ANC commissioner. He seemed happy about that. (Have never thought of him as being especially political, and so I was pleasantly surprised when he even did his homework on something like that.)

Wayan has been bitten by the travel bug more than anyone I know. I found it inconceivable that he'd ever want to own a home. In any case, I know he'd make a great addition to the neighborhood.

There's also a touch of irony that he likes the home of Tim and Rachel -- who are selling their house to sail around the world. They are wonderful people who will be missed by many of us.

Trading places?

[Bill]

After checking out Wayan's blog (linked on his name), I'd guess the issue is not so much Petworth vs. other neighborhoods but whether to give up the easy-out of rent and a travel lifestyle for the 'anchor' of a mortgage and all that goes along it. Sounds like more of a life question than a real estate question. In the end deciding to own a home (like getting married or having kids) is one of those things you just have to dive into.

[nate]

Petworth is the last affordable neighborhood in NW. Everywhere else is much more expensive than Petworth. So from that standpoint, I think the investment is a good one if you have a long term horizon. I am within a 15 minute walk from two metros (Petworth, Ft. Totten). You just can't beat that. Throw in the covenience of parking, though my street is getting more and more crowded everyday. Petworth is a steal in NW.

[Dan]

The risk is less than you think - If you buy a place in Petworth, hate it, move and rent that sucker out. I'm currently renting my house out to a very nice family for almost what I'm paying in mortgage. Don't worry petworth news - I'll be back in a year!

[Bill]

My wife and I were renting in Adams Morgan for five years before buying in Petworth in 2003. I admit I came into it a bit daunted by the idea of a mortgage, maintaining a house, taking a chance on an evolving neighborhood. While it hasn't been all rosy (we didn't have a working kitchen for eight months for example), it wasn't so great in Adams Morgan either: impossible parking, car break-ins, frequent reports of muggings etc. There we barely knew a soul in our building after five years.

In Petworth I park in front of my house almost without fail. Crime is everywhere in DC, but in four years I've only heard of a small handful of pedestrian mugging-type of incidents (two happened to the same guy, go figure), though we have heard 3am gunshots in the night a few times. Not recently though, good sign.

We know and like our neighbors, both new and long-time residents, and we probably know at least a hundred people personally in and around the area. Partly because we've made a point to be active and engaged.

Our house was somewhat of a fixer-upper, more so than some, less so than others. Even if you buy a perfect high-end renovation, things will eventually come along to bite you (though it will be sweet for a while). I found out that I was handier than I thought, and actually capable of picking a paint color other than white. We fixed up our basement and rent out the room, which has been fine. Sometimes we think it would be nice to live in a maintainance-free condo, but it would be really hard to give up the space (esp. now, with our baby) and the personality our house has. Did I mention the parking? Best in DC.

I banked on where I thought the neighborhood was heading. Sure enough, we've now got nice little places like Domku, Temperance Hall, El Limeno (let's not forget Sweet Mango Cafe). First new retail/housing on Georgia Ave in decades, coming above the Petworth metro, will have a Mocha Hut coffeehouse. Lots more changes coming to the Georgia corridor from just below New Hampshire up to Upshur. Development around the Tivoli in Columbia Heights, whether it's your taste or not, is pretty impressive in scope and will mean that area is no longer the hole in the doughnut. Giant, Mayorga Coffee, Starbucks (!), Target et al, the Dance Institute... all in easy reach. I tend to be a bit of an urban snob, but I'm not ashamed to admit it's exciting. Petworth will be like the bedroom community of CH, quick hop to Adams Morgan etc. Personally I think the sprawl suburbs will be the ghettos of the future, but that's another topic.

As far as the financial side of homeownership, you pay to live. With rents being what they are anyway, why not stop pouring money down the toilet and make it an investment? Nothing is sure in any housing market, except that for sure you'll never recoup rent.

That's the long. In short, yes we are happier now!

[Tim]

If you are looking at buying a home because you see it has only an investment...well, you never know what could happen, i.e. the market crashes, a dirty bomb goes off in DC, your house burns down, you get hit by a Metrobus, shot, etc. - you just never can tell. Hell, a friend of mine bought a house in Columbia Heights in 2005 for over $400,000 and then four months later gets his head bashed open three blocks from his house and left for dead. The person mugging you don't give a hoot how much you paid to get in a "up and coming Neighborhood". I often miss my old apartment in Mt. P - no heat, no water, leaking roof, noisy neighbor? - tell the landlord. I want to move? Give a month notice. That ain't the story with a house - no heat? fix it and or pay someone to fix it. Leaking roof? Fix it...and the list goes on. The American economy is based on the concept that homeownership is the bomb...Ya just Gotta DO IT! The pressure can be intense. But sometimes I wonder if that is so great after all. You want to make some dough, make investments in other things. Maybe you'd like to be more mobile, leave less of an environmental footprint, or you just don't need the space or the responsibilty. But if ya think you do need more room or would like a little outdoor space, or maybe you feel like you are ready to take on the responsibilty and maybe create a little equity...well, you gotta have a place to live right? So if you've got the money, why not try it with a home? All in all, I am very glad my wife and I bought our house in Petworth over 4 years ago. Yeah, the crack dealers are still across the street - they and the rats in the alley ain't going nowhere. Neither are the barking dogs and their piles of poop laid out like landmines. And often it seems like it's snowing litter but I needed a practice space, more room for a baby and we wanted a place to have parties. Most of the folks on my block are pretty nice folks - so I dig it. Still miss that view from the 8th floor apartment though. But what the hell...like they say in Yorkshire, you're a long time dead.

[Petworth Owner]

There are no sure bets in life. Those who seek sure bets should not buy property in any up and coming areas in DC. Buy in Georgetown or Dupont for a sure bet... your landlord did.

Buying in Petworth today is like buying in Columbia Heights 4 years ago. Those people faced the same choices and risks that people buying in Petworth face today.

I doubt you will find much regret from our Columbia Heights neighbors.