MoCo housing diversity = more home ownership

[Anonymous]

I know that some people are desperate to build density everywhere and gentrify every area that they can, but MoCo seems to have a wide selection of neighborhoods for different income levels. Home sales are still going crazy!

https://wtop.com/business-finance/2024/04/montgomery-co-homes-are-selling-fast-but-prices-are-diverse/?fbclid=IwZXh0bgNhZW0CMTEAAR2C3bc2zqKfAi5VwsNVO3GlSkc4yKVNoJrph5vDQI26a2X8vF3SHLVPclY_aem_ATy4iDjff8Hihq8MHEzxDGBOJWQePIS7RrDD4pWbXH1g3iykd6K7_BuHjHWtitfkKxUxn0OY2EzuIuYKAf5NpYzu

[Anonymous]

The reason there is housing diversity is because the current housing was built over generations, so there are ranges of size, age, etc. The number getting built now is much much lower than a generation ago. In another 25 years there won't be that extra "layer" of housing to maintain the diversity/different income levels.

[Anonymous]

Home ownership is not the panacea to everything in the housing market. Ownership of condos can actively undermine financial security for many due to exorbitant HOA fees and lack of appreciation. Single family homes and townhouses are better for promoting homeownership and financial security. If you do not own the land under your house it is usually not a good financial decision.

[Anonymous]

Anonymous wrote:Home ownership is not the panacea to everything in the housing market. Ownership of condos can actively undermine financial security for many due to exorbitant HOA fees and lack of appreciation. Single family homes and townhouses are better for promoting homeownership and financial security. If you do not own the land under your house it is usually not a good financial decision.

+1 for condo values. In their Missing Middle policy, Arlington and Alexandria are pushing condos in three to six unit plexes as homeownership opportunities. It will be expensive to run a condo with that small number of units and if even a few investors buy the units, there will be problems with maintenance and getting financing -- not to mention the high condo fees. One of the people running for Arlington Co board and an advocate for MM touts the joys of condo living. She has lived in her condo for over 10 years and it has not appreciated at nearly the rate of townhouses or single houses. She is basically renting for her monthly PITI and condo fee.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Home ownership is not the panacea to everything in the housing market. Ownership of condos can actively undermine financial security for many due to exorbitant HOA fees and lack of appreciation. Single family homes and townhouses are better for promoting homeownership and financial security. If you do not own the land under your house it is usually not a good financial decision.

+1 for condo values. In their Missing Middle policy, Arlington and Alexandria are pushing condos in three to six unit plexes as homeownership opportunities. It will be expensive to run a condo with that small number of units and if even a few investors buy the units, there will be problems with maintenance and getting financing -- not to mention the high condo fees. One of the people running for Arlington Co board and an advocate for MM touts the joys of condo living. She has lived in her condo for over 10 years and it has not appreciated at nearly the rate of townhouses or single houses. She is basically renting for her monthly PITI and condo fee.

The multifamily being built as a result of MM won’t turn into condos due to the expensive PP mentioned. Instead, they will be rentals owned by the developer looking to diversify their cash flows. I know of at least two projects where this is the model. Just another example of MM not being close to achieving original policy goals…

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Home ownership is not the panacea to everything in the housing market. Ownership of condos can actively undermine financial security for many due to exorbitant HOA fees and lack of appreciation. Single family homes and townhouses are better for promoting homeownership and financial security. If you do not own the land under your house it is usually not a good financial decision.

+1 for condo values. In their Missing Middle policy, Arlington and Alexandria are pushing condos in three to six unit plexes as homeownership opportunities. It will be expensive to run a condo with that small number of units and if even a few investors buy the units, there will be problems with maintenance and getting financing -- not to mention the high condo fees. One of the people running for Arlington Co board and an advocate for MM touts the joys of condo living. She has lived in her condo for over 10 years and it has not appreciated at nearly the rate of townhouses or single houses. She is basically renting for her monthly PITI and condo fee.

The multifamily being built as a result of MM won’t turn into condos due to the expensive PP mentioned. Instead, they will be rentals owned by the developer looking to diversify their cash flows. I know of at least two projects where this is the model. Just another example of MM not being close to achieving original policy goals…

The should have rezoned certain areas to encourage small townhome communities without amenities. The HOAs for townhomes are fairly reasonable when there are no pools, gyms or sports facilities to maintain.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Home ownership is not the panacea to everything in the housing market. Ownership of condos can actively undermine financial security for many due to exorbitant HOA fees and lack of appreciation. Single family homes and townhouses are better for promoting homeownership and financial security. If you do not own the land under your house it is usually not a good financial decision.

+1 for condo values. In their Missing Middle policy, Arlington and Alexandria are pushing condos in three to six unit plexes as homeownership opportunities. It will be expensive to run a condo with that small number of units and if even a few investors buy the units, there will be problems with maintenance and getting financing -- not to mention the high condo fees. One of the people running for Arlington Co board and an advocate for MM touts the joys of condo living. She has lived in her condo for over 10 years and it has not appreciated at nearly the rate of townhouses or single houses. She is basically renting for her monthly PITI and condo fee.

The multifamily being built as a result of MM won’t turn into condos due to the expensive PP mentioned. Instead, they will be rentals owned by the developer looking to diversify their cash flows. I know of at least two projects where this is the model. Just another example of MM not being close to achieving original policy goals…

The should have rezoned certain areas to encourage small townhome communities without amenities. The HOAs for townhomes are fairly reasonable when there are no pools, gyms or sports facilities to maintain.

You can get a density very similar to MM what zoning would accomplish without having the issues associated shared ownership and maintenance for condos.