An interesting article in this morning's Washington Post regarding the wide discrepancy between the D.C. metro area and the rest of the nation. The article notes that if Washington were a financial or arts capital like New York or L.A. then the wealth in the area would be more widely acceptable by the masses elsewhere.
This is a wealthy area. I came here 23 years ago unemployed expecting to hang out with my brother for the Summer and head somewhere else from here. What drew me? The incredible job market. I found a job (obviously not a government job) in less than a week when I had been looking for months in Florida. That was 1987 but even today, the regions unemployment is about 6%.
The article goes on to state that with today's technology, the government departments could be spread out through the nation. The truth is, much of the jobs are spread out throughout the nation but the highest concentration is at the center of government like it is almost anywhere else in the world.
This is a great real estate market, even in today's financial mess, compared to much of the rest of the nation. It's very difficult to find a good flip or investment property right now, but it is still possible, as homes are selling at close to market value whether they are foreclosures or not. Short sales you may get a break on but paid for in hassle.
Here is the article.
Here is another article on re-entering the real estate market in general for those who sold at the height of the market and decided to "rent it out: rather than own during the downturn.
