When first-time home buyers and newlyweds Taemi and Michael Evans began searching for a house last spring, they believed they could find a deal in this economy. They looked inside the Beltway at homes in the Alexandria neighborhoods of Del Ray, Beverly Hills, and Rosemont and had difficulty finding anything in their price range.
“We were both like, where’s the recession?” said Taemi. “The houses we saw were horrible — so poorly maintained. We were shocked by how expensive everything was.”
At the time, the couple lived in an apartment in Rossyln. Michael had recently graduated from the MBA program at Georgetown and Taemi commuted to an association in Old Town where she works as a senior marketing manager. She grew up in San Francisco while Michael is a North Carolina native.
The first house they bid on had four other offers — all over the asking price.
“It was right outside Beverly Hills,” she said. “They didn’t accept the offer and we were a little discouraged.”
Within striking distance of Old Town and its plethora of amenities, Del Ray, Beverly Hills and Rosemont are three of the most expensive and sought-after neighborhoods in Alexandria. From bungalows to mansions, the homes there maintain their value even in challenging times.
“The market is barely impacted there,” she said.
Taemi and Michael were in the market to spend in the $400,000 range — but that number quickly escalated. Fortunately, they qualified for the first-time homebuyer’s tax credit.
“We initially were looking for a town home,” she said. “We found ourselves in the position of possibly spending too much on a town home, but not enough for a house.”
The couple found a place they liked conveniently located behind the Bradley Shopping Center and across from a bus stop. It had three bedrooms, a family room addition, and a finished basement with three extra rooms — 1,500 square feet.
They put down a bid and there were three others — again all above the asking price.
“It was big enough, nice enough, and acceptable enough,” said Taemi.
They anxiously waited until they heard the good news from their agent Monica Sims of Remax.
“It was definitely a stressful process,” Taemi said. “So many things can go wrong.”
The home was in really good shape — but only half the fixes they asked for were made. One of the bathrooms featured pistachio green tiles from the 1950s.
Their future plans include another addition that will expand the kitchen, add another bedroom and full bath. But that won’t happen for a while.
“We will have to wait a little while before we renovate — maybe ten years,” said Taemi. “There’s no money left over.”
