Hi,
Inner DC is a rapidly gentrifying area, I know because I grew up in Southeast. Now area’s that were once war zones are completely livable and have soared in value. Basically, townhomes that were once less than 100k have risen to over a million in about a decade.
I have a question regarding a mixed income housing development here. Houses are being offered at 295-350K for people who earn the “workforce rate” of less than 73k a year. These are 3 bedroom, classicaly styled rowhouses. The non-workforce rate townhomes are offered at 500k and higher. This developement is extremely close to metro’s, nice neighborhoods etc…
I’m 26 and make 40k right now. I’m wondering if looking at investing in the workforce rate for one of these homes is a good idea. Can I live in it for a while and re-sell it later for a higher price? I’m going to inquire about this but it’s still in pre-construction etc…and there is no-one to ask yet. Anyone know of any regulations for purchasing one of these homes in terms of re-selling it, are you capped at asking for a certain price? Also, are these developments successful. Can low and high income people co-exist without incident? I appreciate your insight.