Mt Prospect in North Potomac

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:to those of you that are going to buy here: aren't you worried about possible school rezoning?

I assume if Mt Prospect gets rezoned, it might go to the new Crown HS or Quince Orchard? That wouldn't be so bad, the area around Crown has a good amount of newer, higher end homes.

Even if you’re ok with the school it gets moved to, expect the value of the house to drop about $100K when you lose the Wootton premium. That’s hard to swallow on a purchase like this.

100K is not a big deal for this folks buying there as the demand is supper high .. I saw many people there begging to be reserve lots, but there were none available.

I live in this area and most people it would be a big deal to. I find it hard to believe 5%+ on the value of your new home wouldn’t be a big deal to most people, but maybe it’s attracting people with more money than sense. This area is not Uber wealthy and it would be a huge concern to most. The real estate market is quite strong now though in this area. I’m shocked how quickly million plus homes are moving.

Yes I guess the new buyers have more money than sense, because the Palatine went up by 100K, but yet they told me people are still fighting to get them .. They just sent an email to announce end of VIP appointments due to high demand

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:to those of you that are going to buy here: aren't you worried about possible school rezoning?

I assume if Mt Prospect gets rezoned, it might go to the new Crown HS or Quince Orchard? That wouldn't be so bad, the area around Crown has a good amount of newer, higher end homes.

Even if you’re ok with the school it gets moved to, expect the value of the house to drop about $100K when you lose the Wootton premium. That’s hard to swallow on a purchase like this.

100K is not a big deal for this folks buying there as the demand is supper high .. I saw many people there begging to be reserve lots, but there were none available.

I live in this area and most people it would be a big deal to. I find it hard to believe 5%+ on the value of your new home wouldn’t be a big deal to most people, but maybe it’s attracting people with more money than sense. This area is not Uber wealthy and it would be a huge concern to most. The real estate market is quite strong now though in this area. I’m shocked how quickly million plus homes are moving.

Yes I guess the new buyers have more money than sense, because the Palatine went up by 100K, but yet they told me people are still fighting to get them .. They just sent an email to announce end of VIP appointments due to high demand

I mean good for Toll Brothers but I don’t think it’s a smart investment at all.

[Anonymous]

Anonymous wrote:Every home in this area is selling fast... Our neighbors bough a 20 year old home in North Potomac for a million...
So, why not get a new home?

You’d be smarter to purchase in 20854 than 20878. Those are more likely to retain value and less likely to be re zoned.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Every home in this area is selling fast... Our neighbors bough a 20 year old home in North Potomac for a million...
So, why not get a new home?

You’d be smarter to purchase in 20854 than 20878. Those are more likely to retain value and less likely to be re zoned.

+1000

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Every home in this area is selling fast... Our neighbors bough a 20 year old home in North Potomac for a million...
So, why not get a new home?

You’d be smarter to purchase in 20854 than 20878. Those are more likely to retain value and less likely to be re zoned.

+1000

Food for thought: Quince orchard high school to Mt. prospect is 2.5 miles and Wooton to Mt. Prospect is at least 5.5 miles. The chances of rezoning are pretty high and MCPS is known for doing all kinds of crazy things in the name of rezoning. Cough...cough Seneca High school.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Every home in this area is selling fast... Our neighbors bough a 20 year old home in North Potomac for a million...
So, why not get a new home?

You’d be smarter to purchase in 20854 than 20878. Those are more likely to retain value and less likely to be re zoned.

+1000

Food for thought: Quince orchard high school to Mt. prospect is 2.5 miles and Wooton to Mt. Prospect is at least 5.5 miles. The chances of rezoning are pretty high and MCPS is known for doing all kinds of crazy things in the name of rezoning. Cough...cough Seneca High school.

They told us people have been talking about rezoning this for years lol .. Plus if you can pay $1.5 to $2m for a house you can send your kids to private school if needed.. I am really not sure this matters that much tbh ... In terms of resale, if you plan to be in the house for more than 5 years it is hard to predict the future.. some similar houses in Gaithersburg are selling for over $1m even with the bad schools ..

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Every home in this area is selling fast... Our neighbors bough a 20 year old home in North Potomac for a million...
So, why not get a new home?

You’d be smarter to purchase in 20854 than 20878. Those are more likely to retain value and less likely to be re zoned.

+1000

Food for thought: Quince orchard high school to Mt. prospect is 2.5 miles and Wooton to Mt. Prospect is at least 5.5 miles. The chances of rezoning are pretty high and MCPS is known for doing all kinds of crazy things in the name of rezoning. Cough...cough Seneca High school.

If the worst case scenario is Quince Orchard HS, that's not bad. I feel it's an acceptable alternative to Wootton. Property value might not grow as quickly, but it certainly won't go in reverse.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Every home in this area is selling fast... Our neighbors bough a 20 year old home in North Potomac for a million...
So, why not get a new home?

You’d be smarter to purchase in 20854 than 20878. Those are more likely to retain value and less likely to be re zoned.

+1000

Food for thought: Quince orchard high school to Mt. prospect is 2.5 miles and Wooton to Mt. Prospect is at least 5.5 miles. The chances of rezoning are pretty high and MCPS is known for doing all kinds of crazy things in the name of rezoning. Cough...cough Seneca High school.

If the worst case scenario is Quince Orchard HS, that's not bad. I feel it's an acceptable alternative to Wootton. Property value might not grow as quickly, but it certainly won't go in reverse.

What of these house are rezoned for Crown high school?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Every home in this area is selling fast... Our neighbors bough a 20 year old home in North Potomac for a million...
So, why not get a new home?

You’d be smarter to purchase in 20854 than 20878. Those are more likely to retain value and less likely to be re zoned.

+1000

Food for thought: Quince orchard high school to Mt. prospect is 2.5 miles and Wooton to Mt. Prospect is at least 5.5 miles. The chances of rezoning are pretty high and MCPS is known for doing all kinds of crazy things in the name of rezoning. Cough...cough Seneca High school.

If the worst case scenario is Quince Orchard HS, that's not bad. I feel it's an acceptable alternative to Wootton. Property value might not grow as quickly, but it certainly won't go in reverse.

I wouldn’t count on it. These houses are going for too much. Everyone is starry eyed over the new homes and development. They’re not a good investment. If you plan to be in them for a long time and just want to be happy with your home, then go for it. It certainly will take $100k off the value if it’s rezoned to QO. I would say about half the kids around this area go private, and half public. Zoning is extreme important in this area and, as someone pointed out, it’s much closer to QO.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Every home in this area is selling fast... Our neighbors bough a 20 year old home in North Potomac for a million...
So, why not get a new home?

You’d be smarter to purchase in 20854 than 20878. Those are more likely to retain value and less likely to be re zoned.

+1000

Food for thought: Quince orchard high school to Mt. prospect is 2.5 miles and Wooton to Mt. Prospect is at least 5.5 miles. The chances of rezoning are pretty high and MCPS is known for doing all kinds of crazy things in the name of rezoning. Cough...cough Seneca High school.

They told us people have been talking about rezoning this for years lol .. Plus if you can pay $1.5 to $2m for a house you can send your kids to private school if needed.. I am really not sure this matters that much tbh ... In terms of resale, if you plan to be in the house for more than 5 years it is hard to predict the future.. some similar houses in Gaithersburg are selling for over $1m even with the bad schools ..

Who is “they”? This is certainly more than just talking about it. I hope you’re following the BOE discussions.

[Anonymous]

Anonymous wrote:Every home in this area is selling fast... Our neighbors bough a 20 year old home in North Potomac for a million...
So, why not get a new home?

huh? Homes in this area of NPotomac and Potomac are sitting. Not sure what you're referring to.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Every home in this area is selling fast... Our neighbors bough a 20 year old home in North Potomac for a million...
So, why not get a new home?

huh? Homes in this area of NPotomac and Potomac are sitting. Not sure what you're referring to.

Currently? they’re selling very quickly. Hones over a million in this area tend to take a few months to sell, but not lately.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Every home in this area is selling fast... Our neighbors bough a 20 year old home in North Potomac for a million...
So, why not get a new home?

You’d be smarter to purchase in 20854 than 20878. Those are more likely to retain value and less likely to be re zoned.

+1000

Food for thought: Quince orchard high school to Mt. prospect is 2.5 miles and Wooton to Mt. Prospect is at least 5.5 miles. The chances of rezoning are pretty high and MCPS is known for doing all kinds of crazy things in the name of rezoning. Cough...cough Seneca High school.

If the worst case scenario is Quince Orchard HS, that's not bad. I feel it's an acceptable alternative to Wootton. Property value might not grow as quickly, but it certainly won't go in reverse.

I wouldn’t count on it. These houses are going for too much. Everyone is starry eyed over the new homes and development. They’re not a good investment. If you plan to be in them for a long time and just want to be happy with your home, then go for it. It certainly will take $100k off the value if it’s rezoned to QO. I would say about half the kids around this area go private, and half public. Zoning is extreme important in this area and, as someone pointed out, it’s much closer to QO.

Maybe even more than 100k, since these homes are so overpriced.

[Anonymous]

the rub is probably between those who think of homes as investments (where zip code, school zoning, etc. come into play on retaining/growing values) and those who can afford it and want something that fits their needs better / would make a nice long term home (where valuation fluctuations don't matter as much--all real estate holds up over 10+ year cycles, even when they bottom out like they did in 2008-2009, and over which schools can change in any case). sometimes existing inventory doesn't check as many boxes as people want. so to each his/her own. home ownership as an investment is a risky game to play...

[Anonymous]

Anonymous wrote:the rub is probably between those who think of homes as investments (where zip code, school zoning, etc. come into play on retaining/growing values) and those who can afford it and want something that fits their needs better / would make a nice long term home (where valuation fluctuations don't matter as much--all real estate holds up over 10+ year cycles, even when they bottom out like they did in 2008-2009, and over which schools can change in any case). sometimes existing inventory doesn't check as many boxes as people want. so to each his/her own. home ownership as an investment is a risky game to play...

and to follow up, with existing inventory the additional cost of renovations (changing flooring, painting, kitchens, etc.) over the first one to 3 years adds up in any case to increase the total cost of the house, particularly where existing inventory can be up to 20+ years old.