Reply to MoCo “Attainable Housing” plan and property values

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]It is too long post. Where are they building? [/quote]

[b]They are planning on building everywhere, by increasing zoned density by a minimum of 4-8x throughout most of the county. [/b]They will allow by right subdivision of existing lots to create new lots below the minimum size and also allow duplexes to quadplexes (almost) everywhere depending on the residential zoning category. So a subdivided will be able to create a minimum of 2 duplexes, which is 4x density. In other areas a subdivided lot will potentially allow a minimum of two quadplexes which is 8x the existing density.  [/quote]

Wow! If that comes to pass and you live in a desirable neighborhood with a protective covenant your home will be worth a fortune![/quote]

Not necessarily. If you live next to neighborhoods that aren’t protected from this crazy policy, it could actually reduce your property values. [/quote]

On one hand that is true. But demand for housing in quiet, nice neighborhoods will always be high. If this effort is successful, supply will decrease drastically.

While many wealthy people may end up leaving the county altogether, I would still bet that protected neighborhoods would be highly valued. If you're highly paid employee of a MoCo-based org, and you want a home for your family, you'll be gunning for the best of what's left.[/quote]

DP.   Soooo...too bad/so sad for the large number of detached SFH residents who [i]don't[/i] live in a neighborhood with protective covenants?  Those close to the top not only get a pass, but make out with more than they had before?

Sounds like a greeaaat policy, there. :roll:[/quote]

I'd imagine, as someone mentioned, that many neighborhoods are creating covenants now in preparation for this.  and yes those that have them will come out making more money b/c those neighborhoods will be ever desirable and drive up prices.

If you are in Chevy Chase or Close-In Bethesda, you probably wont have an issue getting the neighborhood to vote and accept these new covenants, but i'm sure the "anti covenant" crowd will soon rear its head and try to influence these neighborhoods to vote these things down.

i am sure the key to this new policy is creating this attainable housing in the Bethesda , Chevy Chase neighborhoods.[/quote]

Developers would take those areas if they could get them, but the cost of existing properties there is much higher than elsewhere.  Few of the properties in those areas at this point have remained unimproved from the original structures such that they would present tear-down value.  Many of those that would might better pencil for profit as a multi-million dollar detached vs. a multiplex.  Even if neighborhood/town covenants there did not apply, the relative likelihood of legal challenge, successful or not, increases risk/expected cost.

Meanwhile, many properties to the east are not improved significantly from original builds, offering low enough acquisition cost, no neighborhood covenants/town restrictions, etc.  Developers will be salivating, with cheap builds offering minimal risk.[/quote]

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