I agree “not necessarily” but your example makes little sense. I don’t think elderly people looking to downsize bought ten years ago. And even if they did, a house purchased for 700K ten years ago would have a sale price today or at least 1M And many people looking to downsize are doing so less to have cheaper housing and more to have less maintenance and more amenities onsite. |
It seems that the existing SFH benefits through the entire homebuying process. If the current SFH will only sell for $1MM because it is zoned as SFH, but literally is worth $1.5MM overnight because a developer can now build a 4-plex...well, now you can buy that $1.25MM home for cash/minimal mortgage. Again, am I missing something? Once the zoning changes, existing SFH owners' values will be "artificially" inflated assuming their property is actually developable into a 4-plex. |
Right? Suppose you love your location, you love your neighborhood, you love your neighbors, but you just don't want the big house and the big yard anymore. Currently, with the detached-house-ONLY zoning, you're out of luck. |
You all continue to vote for this by landslide margins every single election yet run to this forum and Facebook to complain about it.
No one is coming to save you all from yourselves. |
I don't think any of his voters are here. |
A lot of voters don’t pay attention to the issues ahead of time unfortunately. I know I lot of people who simply voted for women candidates across the board last time. |
No, this mom’s kid is in college and campaigned for Justin. |
The 2021 Democratic Primary electorate was pretty clear in their preference. Despite the BIBA crowd not knowing anyone who supports upzoning, plenty of Alexandrians do, and they vote. |
No, I'm just an immature builder who is delighted about the $$$$$ the zoning change is gonna net me. I'm already projecting over $1.3M profit per quadplex planned. |
Maybe this is true for some older people but for both sets of our parents the last thing they want is shared walls after living in a detached home for so many years. They would rather outsource maintenance than move to a place with more density, noise, battles for parking, and everything else that comes with changing the format of neighborhoods. Or live next door to it after many years of their quiet sfh neighborhood. |
I think we can all agree that $1M townhomes can't be built fast enough to keep up with local demand. That's part of the problem. The other build down to when builders are able to squish four $1M townhomes on a lot that would have previously held a $2M new build, the land becomes more attractive/profitable. Builders generally have access to more cash than the typical buyer and will be willing to pay a higher price to elbow out competition if the profit margins are right. Whenever a property sells, it becomes a sales comp for nearby properties. The side effect of properties selling for more is that the increases are factored in with neighbors go to sell their homes and adjust asking prices accordingly. Those $1M townhomes of today, become $1.1M townhomes tomorrow. As a baseline, we'll assume most folk's incomes aren't growing at a speed that tracks with the local home prices. Everything gradually becomes more expensive, adding to the number of people who can't afford to move to the next level up. Also, thinking that locals are free to manage their own tear down and build ignores that they'll have to likely outbid a more flush developer, hire a builder at a premium and require access to a greater deal of cash when compared to standard financing. It's like saying you can have this widget as long as you're willing to pay way more than it's worth. On the flip side, developers have talent and efficiencies in place, which puts them in the lead in most purchasing situations. It's a falsehood to say there's equal opportunity in the scenario. This is why we're screwed. |
Less labor, maybe. But condos aren't the inexpensive choice here. A trip to Zillow shows many have monthly fees in the $500-$1,000 range. Sorry, but you're a rare bird if you think people want to pay the same mortgage for less space and to smell what they're neighbors are cooking. |
PTAC lady is definitely a member of his mommy mafia. She still bugs too. |
You're getting closer. In your suggestion, the SFH is newly worth $1.5M with the change. You suggest selling and taking $1.25M in cash to buy something better than what you had, but fail to realize that you'd have to spend MUCH MORE than the $1.5M. OR...you get to pack up the life you created and move away. Otherwise, all you're buying is one of those new overpriced townhomes...because the money doesn't go as far as it once did. Also, I don't think the increase would be artificial. It's more of a by-product of the new enhanced flexibility of the land. |
There are lots of people right here in this thread excited to see SFZ end in Alexandria tonight, and maybe it's even part of the reason we voted for these folks? It should bring some incremental tax revenue to the city and at least some additional affordable units, and the only costs are the mental hardship of folks who think living next door to a 4-plex that looks like a house world ending. That's the kind of common sense trade off I'm happy to vote for. |