Friday Question of the Day

IMG_6888, originally uploaded by Prince of Petworth.

Apparently the economy is not doing so well. I think I read something about it a few weeks ago. Or maybe it has been everyday for months. I know it has had a terribly effect on folks around the country. It is actually quite terrifying. But what I’d like to know is if it is affecting folks here in DC. Are you changing your habits because of the grim outlook of the economy? Are you putting off home projects, moving, repairs, driving, buying a home, etc.? Personally, I’ve been hesitating buying a new washer/dryer since November. But otherwise I’m pretty much rolling like I always have. Is DC more immune than the rest of the country? Have you guys made any changes?

15 Comment

  • yeah, my change is that i’m actually trying to buy a house now. thank you low rates and falling prices!

  • If everybody bases their actions on what is being said in the news, there will undeniably be a recession. The person who actually is ready to ,say, purchase property needs to make decisions based upon their individual circumstances…like IMGoph above.

    But the person who solely listens to the news and thinks to themselves, “I’d better not. The economy’s not so great right now,” contributes to the decline even though they had the means.

    Granted there are economic indicators, but I think sometimes media has a tendency to contribute/exacerbate

  • Yeah, I BOUGHT a house. And I’ll be doing renovations on it far sooner than I planned to, since the cost of construction is ridiculously low. This recession has been great for me, actually.

  • We bought our house back in ’04 and now that every contractor in the country isn’t working on ten projects at once, we’re planning on doing some renovations this year.
    I grew up in DC and it’s always seemed to me that the regional economy is a bit recession-proof. Until the revolution comes, you’ve got the US government employing hundreds of thousands of area residents and those jobs tend to be quite stable.

  • they’ve been out of gas for like a month now!

  • PoP you should treat yourself to a new washer and dryer! I mean technically it is probably an econmically sound buy… I am talking out of my ass now, but newer models are usually more efficient with energy and water and also probably extend the life of your clothing and you get the benefit of having a new washer and dryer like you have been wanting. I think its a win win! But that’s just me, I’m no expert.

  • I make desserts for a couple of local restaurants and the price of milk, eggs, butter, etc. has definitely gone up. I’ve had to up my prices to the restaurant a bit to defray the costs because I donate all the proceeds to charity.

  • Adams Morgan,

    This is off topic but I have a question for you.

    Where do you make desserts for restaurants? At home? What kind of license/permits do you need? How hard is it to get those permits.

    Thanks a lot

  • Curious, I do my baking at the restaurant when the kitchen isn’t in use. The permit/license process for a home shops is quite laborious and I don’t sleep much so it’s just easier to use the restaurant kitchen after hours.

  • Gee, you guys are giving me some ideas – I have some things I’d like to do with my postage stamp of a kitchen, but when the market was hot hot hot I figured that contractors wouldn’t even return my calls. There’s not too much you can do to a galley kitchen in a tiny condo, so I didn’t think my money was worth their time.

    Maybe now is a time to reconsider. It’s OT but I’ve been wondering if anyone is familiar with the cabinet company on 14th and Taylor? I’d like to consider local folks if they’re good.

  • I’d bet the contractors are hurting for phone calls right now and prices will be great. DC is probably less affected by these kinds of economic cycles as there is a large percentage of people working for the government or government related industries. If we were a manufacturing community, it might affect more day to day lives here.

    I agree with the others- this is a great time to get things done like buy houses, fix things, etc. Oh- and stash money in the stock market, cause all the stocks are on sale right now! 20% off everything on the shelves!!

  • Although in general I think DC is better off than the rest of the country all is not sunshine and kittens here. For instance the large DC non-profit I work at is in process of laying off over 1000 employees. In preparation I recently caught the dip in interest rates and refinanced my mortgage and HELOC.

    And really, PoP, buy that new washer and dryer!

  • APEX update- I asked them last night if they will ever sell gas again. They said they are supposed to get a delivery early next week. I think with the rising prices they are having problems coming up with the $$ for suppliers.

  • I started looking to buy a new house. the best time to buy is when there is blood in the streets because everyone will want to or need to sell.

  • or buy a beach house if I can snag a good enough mortgage to afford two houses.

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