Reply to Mt Prospect in North Potomac

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[quote=Anonymous][quote=Anonymous][quote]Prices went up again today. Those who got in already really got a good deal it seems.[/quote]

LOL This is just such a bad investment. Prices in this area will go back down down to pre-pandemic level which was several 100K less as soon as a vaccine is widely distributed.

1. It is no where close to be only 45 minutes from DC. Its an hour and longer depending on where in DC you are going during off traffic times. Piney Meeting House, Glen and River Road all back up during rush making just getting to Potomac take a ridiculous amount of time. Clara Barton. MacArthur and River all back up. Once you get into DC, you pile in on the western edge and have to fight through everyone coming into DC from VA. Its a bad commute. The commute to NOVA/Tysons is better than the one to DC in the morning but in the afternoon it is beyond horrendous. We had several neighbors move because they just couldn't stand it anymore.

2. The school cluster is not going to get any better. Wootton is right now one of the top schools so it can't go higher. This area is an island in Wootton so in the new boundary study its likely to get moved to QO, NW, Crown or even Gaithersburg depending on how far MCPS wants to go with equity rebalancing. Any of those changes significantly drops the ranking and real estate values.

3. There is always inventory in Potomac which is closer, considered a nicer area, has better private and public schools and is less likely to get rezoned.

4. WFH is highly unlikely to stay at the same levels for people going into DC. Law firms, healthcare, lobbyists, and DC fed agency are all culturally very face time oriented. They are highly unlikely to stick with WFH so the idea that you will only do the monster commute once a week is unlikely.

5. Property taxes are very likely to go up so overspending on an asset that will devalue but that the county will continue assess at the high point you bought increases your losses.

[/quote]
Agree that driving to DC would be tough, but not everyone is doing that. Many work locally, so the location is perfect for them. Schools are always an unknown, so wouldn’t recommend not buying on an unknown. Certainly something to consider, but not a guaranteed loss for sure.[/quote]

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