Mt Prospect in North Potomac

[Anonymous]

What happened to the Mt Prospect (Toll Brothers) thread that was here? Can’t seem to find it

[Anonymous]

Great catch. I thought it was odd as well and then did a search and while you see the posts come up on search, when you click on the actual thread title, poof, not there. Looks like someone nuked it.

[Anonymous]

How much would something like grand multigenerational suite cost?

[Anonymous]

50k...ridiculous I know. That’s what they’re charging elsewhere. Hope they throw in some upgrades for free otherwise nobody will buy at these prices! Ryan is offering free finished basement and other upgrades like lighting and cabinets for their homes...though I like the Toll designs

[Anonymous]

Anonymous wrote:50k...ridiculous I know. That’s what they’re charging elsewhere. Hope they throw in some upgrades for free otherwise nobody will buy at these prices! Ryan is offering free finished basement and other upgrades like lighting and cabinets for their homes...though I like the Toll designs

plenty of people will buy at that price

[Anonymous]

Wonder if they’ll be willing to go lower on opening prices or still hold firm on their “starting at...” prices?

[Anonymous]

I would think with the economy being rough they would change the price, but then that would lead to a lower profit margin and I’m sure they need the margins to survive themselves. I know of two families who were excited to buy the 1.3M+ homes last month who are now going to wait at least a year or two due to financial strain. Can’t imagine Toll would not factor in the current situation when they open, but you never know. Would appreciate insight from anyone in similar industries to see how companies handle these things

[Anonymous]

Unfortunately I doubt I’ll be in a position to buy in this price range with being furloughed

[Anonymous]

Anonymous wrote:I would think with the economy being rough they would change the price, but then that would lead to a lower profit margin and I’m sure they need the margins to survive themselves. I know of two families who were excited to buy the 1.3M+ homes last month who are now going to wait at least a year or two due to financial strain. Can’t imagine Toll would not factor in the current situation when they open, but you never know. Would appreciate insight from anyone in similar industries to see how companies handle these things

I think they've already come down on price - don't think they'll do it again (they originally came out with "starting at 1.1m" and now they're at "starting at 1.0m" for the smaller SFHs). Maybe they will keep the same starting prices and instead, offer heavy incentives?

[Anonymous]

Anonymous wrote:I would think with the economy being rough they would change the price, but then that would lead to a lower profit margin and I’m sure they need the margins to survive themselves. I know of two families who were excited to buy the 1.3M+ homes last month who are now going to wait at least a year or two due to financial strain. Can’t imagine Toll would not factor in the current situation when they open, but you never know. Would appreciate insight from anyone in similar industries to see how companies handle these things

Corporate already discussing price adjustments and or holding off on building. This community has been in the works for years. They can afford to hold out on it for a year or so.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I would think with the economy being rough they would change the price, but then that would lead to a lower profit margin and I’m sure they need the margins to survive themselves. I know of two families who were excited to buy the 1.3M+ homes last month who are now going to wait at least a year or two due to financial strain. Can’t imagine Toll would not factor in the current situation when they open, but you never know. Would appreciate insight from anyone in similar industries to see how companies handle these things

Corporate already discussing price adjustments and or holding off on building. This community has been in the works for years. They can afford to hold out on it for a year or so.

Interesting. I agree in that they can hold off one more year for this or at least delay by 6-8 months. Before this covid mess, they were going to start sales program some time in the summer. No reason why they can't delay that for 6 months.

[Anonymous]

I inquired last week and was told opening is still late summer and prices unchanged. With lot premiums and upgrades, it’s gonna be tough for many folks like me affected by the economy. I hope they don’t charge crazy prices for lots or structural upgrades but since their pricing isn’t transparent, it’s hard to tell

[Anonymous]

I wouldn't forget that the MCPS equity rezoning initiatives are a real risk to this location. I think its very likely that this area could get rezoned from Wootten to Northwest or Quince Orchard. I could easily see a scenario where students at QO get sent to Gaithersburg HS to balance out the Farms and this area gets sent to QO which is much closer. The other scenario would be moving this area to Northwest HS. Houses just down the road off Turkey Foot are zoned for Northwest. There is a huge price bump for being in the Wootten cluster over QO. There is even a price bump for being in QO over NW.

A 10% loss on a 1.3M home is a pretty big loss, not to mention that 1.3 is a hard sell in this area even with it being in Wootton. Now add in the smaller pool of buyers being hit by the financial recession and the economic hit to MOCO which will be much bigger than to NOVA based on the tax base, industries impacted and level of existing financial problems and you have a pretty bad situation.

If I were the developers I would stop, wait and reassess but they may not be able to do this financially so they are hoping someone else will make a bad decision.

[Anonymous]

Anonymous wrote:I wouldn't forget that the MCPS equity rezoning initiatives are a real risk to this location. I think its very likely that this area could get rezoned from Wootten to Northwest or Quince Orchard. I could easily see a scenario where students at QO get sent to Gaithersburg HS to balance out the Farms and this area gets sent to QO which is much closer. The other scenario would be moving this area to Northwest HS. Houses just down the road off Turkey Foot are zoned for Northwest. There is a huge price bump for being in the Wootten cluster over QO. There is even a price bump for being in QO over NW.

A 10% loss on a 1.3M home is a pretty big loss, not to mention that 1.3 is a hard sell in this area even with it being in Wootton. Now add in the smaller pool of buyers being hit by the financial recession and the economic hit to MOCO which will be much bigger than to NOVA based on the tax base, industries impacted and level of existing financial problems and you have a pretty bad situation.

If I were the developers I would stop, wait and reassess but they may not be able to do this financially so they are hoping someone else will make a bad decision.

Isn't the decision to rezone a couple years off, though? or is it more immiment?

[Anonymous]

Agree with above...1.3m is high to begin with even if Wootton...especially for starting price with the school uncertainty. Not sure what they are thinking. If schools change like everyone anticipates, the initial buyers will be screwed with resale.
I live in the area and everyone I talk to agrees that the uncertainty is not worth the base price assuming 10-20% added for upgrades. Who’s going to buy a 1.3M house without upgrades?? I’m going to wait it out now