Black Wealth in PG County (MD) Dashed by the Housing Crisis...

[capital sb]

U see the part in the story when Boateng's wife secretly took out a 20k loan that he had no clue about?

It's sad. Just really, really sad.

Yeah man i just don't understand why they kept borrowing money they couldn't repay. Now they pretty much have to leave the country. Their situation wouldn't have been as bad if they would have thought for themselves and stopped listening to the church people.

The people at church told them to keep their 1st home ,rent it out instead of selling and to take out the equity on the house, the church people told them they could afford a 600K house, and they also told them taking out loans is the "American way" 

 just terrible. 

 

[rich]

Dumb question...but what if they just say "screw it" and go back to Ghana? Bad credit can't follow you to another continent, can it?

Some people try that, but another thing is a lot of people don't have enough to invest in building something back in Africa, like business and homes,  so if they do go back their screwed either way with no resources coming from anywhere. And Everyone knows how prideful Africans (very much so with west Africans), some also do not want to be looked at as failures in their economic pursuits and ventures when compared with others that have come to America. Its really the same problem that Black folk have with keeping up with the Jones as well 

 The smart ones live cheap as possible here and invest in specific trades and business to have a sustainable income even when retired but that housing crisis impacted a lot of that as well.

 

[mr marcus]

 

Dumb question...but what if they just say "screw it" and go back to Ghana? Bad credit can't follow you to another continent, can it?

Some people try that, but another thing is a lot of people don't have enough to invest in building something back in Africa, like business and homes,  so if they do go back their screwed either way with no resources coming from anywhere. And Everyone knows how prideful Africans (very much so with west Africans), some also do not want to be looked at as failures in their economic pursuits and ventures when compared with others that have come to America. Its really the same problem that Black folk have with keeping up with the Jones as well 

 The smart ones live cheap as possible here and invest in specific trades and business to have a sustainable income even when retired but that housing crisis impacted a lot of that as well.

so true lol 

 

[11wordisbond]

i agree w dude above. They got a lot of terrible advice from their church family and even met their mortgage broker there, who probabky made a killing from all the toxic loans he sold to the congregation.

 

[PRIME]

DC being gentrified = the fall of PG .

Temple Hills , Suitland, Oxon Hill are the new southeast.

I want PG to be on the rise and filled with black owned businesses

I got family in Clinton, Upper Marlboro, Fort Washington, and Waldorf (technically Charles county)

School system is some trash, roads are all destroyed, **** is a mess in PG right now.

But then you look at those other counties...

 

[thecoldest343]

Do blacks own many of their own businesses in this area or are they just black folks with good jobs?

Just blacks with decent jobs,no George Jeffersons over there and that's what's coming back to bite them in the butt.

What about DC,these same people work in DC but didn't want to live there so they looked for greener pastures which is ok but when you just live there and allow others to invade capitalize off of the money you bring to that community and take that money to where they live and let it circulate and all your left with is just a house that is losing value as the years go on because your neighbors own a house,a boat,a benz and some more expensive habits that they can't afford and the day comes where Paul & Peter want what's owed to them.So now lets say this is happening in every other house hold that leaves you and community in limbo ....they didn't think about circulating those dollars in their own communities,they just thought about moving away while moving up.
Instead of taking out those loans for things they really didn't need they should of taken out a loan for a local black owned Deli,gas station,strip mall,eatery,lawn care business,laundry ,beauty supply,nail shop,things that we allow other's to do.Should we blame the banks that are giving out these crippling banks?yes of course they are the blame but so are the people who are now taking theming especially now that we know what's up after the bubble popped and things were happening all over the country to black,white and everyone in between but the funny thing is that THESE ARE SO-CALLED EDUCATED FOLKS.

Atlanta-it's happening there,while all are striving to move on up to get into Buckhead it's some fool who's getting evicted from that area every couple of months.

Get the education,make the money but the most important thing is make sure those dollars circulate amongst your own,even if it's a small circle that's the only way your going to able to stay in one spot.(not to compare) but Jews,Koreans and the likes do it so you can't say it isn't being done because it is.When I use that line of credit it's to either cashout on my way out of the country,bankruptcy court a federal case or off to the real pie in the sky.

 

[solewoman]

Scary... I was planning to buy a house next year in pg... Maybe moco now lol. I can't afford VA I lived in Alexandria for two years check to check

 

[703 hwy]

From friends and family to even here on NT. Every one is soooo ready to own when they really aren't even close to ready. The whole it's better to pay a mortgage than rent mindset. People don't understand that buying a house and not being ready can RUIN you and your family if you have one. In this area you kinda gotta be balling to own a decent house. Now, if you got the cash/credit you can definitely find some good deals. I would never buy a house no more than like 10mi outside of the city. It's not worth it to live in these far out spots just to be able to say you own something. Commute will stress your life out to the max.

Everyone wants to live in DC or NoVA young professional wise, only people who defend MD so hard are the ones who are from there and probably still live there. 9 outta 10 times it's DC or NoVA and it's not even close. Just being honest. MD is pretty dry.

Also, stop it please ain't no gems hidden in the hoods of DC that are really worth it. Just because you found a nice lil renovated spot in the hood, naw I'm good brah .

 

[capital sb]

Scary... I was planning to buy a house next year in pg... Maybe moco now lol. I can't afford VA I lived in Alexandria for two years check to check

Same its not even an option anymore, and now I am searching for a new area to purchase a home in a good area with close proximity to the city that won't run me 450K. I have no clue where to look now 

 

I also know for a fact that PG would be in the same state even if these same people decided to open businesses . Fact of the matter is people that are well off don't want to live in PG there is 0 appeal, well besides the fact that it is close to the city. So owning some black owned businesses wouldn't change the state of the housing market.

 

[Mark Antony]

Was thinking about it too, since PG is giving out 20k in downpayment assistance. But nah, i'll keep renting and saving. I'll buy when there are kids in the picture, or if I decided to dive into real estate as investments.

 

[capital sb]

So people are okay with throwing thousands away and getting nothing in return when renting? I haven't been doing it long and I can tell this is a losing game.

It's just hard to find something affordable that will build equity right now.

 

[boxer15]

Every one is soooo ready to own when they really aren't even close to ready. The whole it's better to pay a mortgage than rent mindset. People don't understand that buying a house and not being ready can RUIN you and your family if you have one. In this area you kinda gotta be balling to own a decent house.

QFT

Don't forget most first time buyers don't understand the cost to maintain a home. I'm an insurance adjuster and 7/10 people don't do any maintenance and just assume that's what they pay insurance for. Make sure you read that insurance policy when you get it because coverage is hella limited y'all.

Homeownership is expensive no matter where you are at. My mom's house in Arlington is valued crazy now compared to when they bought it back in '95.

 

[Mark Antony]

So people are okay with throwing thousands away and getting nothing in return when renting? I haven't been doing it long and I can tell this is a losing game.

It's just hard to find something affordable that will build equity right now.

Man securing a roof over your head should've never been looked at as an investment.

 

[jewseejay]

Dub Js youd be suprised... When rich people get old they want that solitude. Even in Rehobeth. OC. Fenwick. Assateague youll see hella NoVa university alum plates. Flags etc.

Its a slower pace and incredibly cheap comparitvely. Alot of people in the rat race throughout their careers like the relative solitude and obv the beach. Who doesnt love waterfront property

 

[capital sb]

Man securing a roof over your head should've never been looked at as an investment.

Im not I never would, but I don't want to be underwater 100K on my mortgage after a few years because the value has dropped 30-40%. Did you not read the article? 600K houses only worth 300K after a few years in PG never recovered and probably never will.

I was looking at brand new custom built townhomes on Addison Rd selling for 300K , but found out they are only worth about 230K. I would have been underwater as soon as I bought that house smh. You have to think about this, so no a house isn't an investment but it can drain all of your wealth and kill your credit if you don't do your research and plan for the future.

 

[lokillo40]

Bethesda/ Potomac>>> NOVA.. I'm a Whitman alumni though lol.

 

[rico x hood]

For those that want to own something but can't afford a "traditional" house ie single family home or town home, there are plenty of great condos in NoVa. I know for a fact that you can find a 2 bedroom 1 bath condo in Alexandria right now for $175,000, condo fees are about $250. To me condos are a great intermediary between renting and full out owning.

Something to think about.

 

[703 hwy]

Yea I'd rather go condo now but a lot of the catch to the affordable condos are the fees. A lot in NoVa run like $300+ a month if you're lucky. Lots of people bought at National Harbor thinking they'd flip them easily. Housing is cool in this area if you plan on actually living there and not trying to use it as money unless you got a steal or bought years ago.

 

[capital sb]

Condo = Apartment in my eyes, no thanks. Then the high # of condo rentals drives down the price of your condo. If I'm paying 175K for a condo it better be atleast 1100-1500 sqft. Those cheap condos you are talking about are small af <1000 sqft .

Most condos <200K in Alexandria are short sales.

 

[Mark Antony]

Man securing a roof over your head should've never been looked at as an investment.

Im not I never would, but I don't want to be underwater 100K on my mortgage after a few years because the value has dropped 30-40%. Did you not read the article? 600K houses only worth 300K after a few years in PG never recovered and probably never will.

Hell my mom bought a condo for 300K in Sterling in 2006 by 2010 our condo was worth 120K, she had to walk away. These are things you have to think about when purchasing a home.

I was looking at brand new custom built townhomes on Addison Rd selling for 300K , but found out they are only worth about 230K. I would have been underwater as soon as I bought that house smh. You have to think about this, so no a house isn't an investment but it can drain all of your wealth and kill your credit if you don't do your research and plan for the future.

Huh? That was in reference to your first sentence about renting.

 

[capital sb]

Huh? That was in reference to your first sentence about renting.

Oh thought you were talking about building equity, nevermind .

 

[deuce king]

It's the lower end of PG County that's truly bringing the county down and will continue to do so at this rate. Hopefully the new MGM Casino can help change that.

For the most part NOVA is reserved for newer residents that don't know any better, fall for the hype, or don't want to be around "minorities".

 

[nazdrowie]

It's the lower end of PG County that's truly bringing the county down and will continue to do so at this rate. Hopefully the new MGM Casino can help change that.

pretty much this...

the northern portion of the county, mainly the Route 1 corridor, is getting built up 

Hyattsville Arts District town homes going for $400k+...

the Whole Foods coming to Riverdale Park

Mosaic and Alterra apartment complexes at PG plaza

the Varsity apartment complex in College Park 

 

[hennessy]

Beezy i know from talking with you you got a good head on your shoulders and got a great job out of college. Since you grew up in this area and have family here I think that looking to buy opposed to rent is wise. I wish you luck Since it doesn't seem like there are many good, affordable options. I like living here right now but I don't know if I would ever be able to settle and raise a family here from the way you're making the market out to be. My rent is about $1200 so I feel you that it's tough paying that every month instead of investing in something. But for me it's far less risky to just rent now when I have no idea where I'll go in the future especially with my girl about to graduate and college. I'm sure she'll get a great job, prolly better than me but she doesn't want to live here.

 

[jjs07]

Dub Js youd be suprised... When rich people get old they want that solitude. Even in Rehobeth. OC. Fenwick. Assateague youll see hella NoVa university alum plates. Flags etc.

Its a slower pace and incredibly cheap comparitvely. Alot of people in the rat race throughout their careers like the relative solitude and obv the beach. Who doesnt love waterfront property

Yea....I know a lot of people who have 2nd houses at the beaches on the Eastern Shore, DE, etc....

On the flip, the folks I know who have 2nd homes down south, usually have a place somewhere in the Outer Banks. I honestly can't think of one person who has a weekend getaway in Chincoteague.

*Worth going down there to see the wild horses, tho.

I'm going to quote this again:

Emerick A. Peace, operating partner of Keller Williams Preferred Properties in Upper Marlboro, said that homes in the county are undervalued. But that will not change, he said, until more people of all races show interest in moving there. Demand from only African Americans in effect puts a lid on prices, he said.

Anyone want to tackle this? Really seems like there is no solution (in the near future...maaaaaybe MGM can help) to help things out in PG.