Reply to s/o How far will prices drop in MoCO?

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[quote=Anonymous]People should look at the overall history of the county. Its hard to believe but 30 years ago Wheaton was an upper middle class area filled with highly paid professionals, country clubs, riding stables. If you told those residents back then that their neighborhood would be ganglandia 30 years later they would have never believed it. Montgomery Village in the 90s was an enclave of fed workers and young professional families yet within a decade it became one of the worst places in Gaithersburg. People who grew up in Silver Spring 30-40 years ago are shocked at how it declined.

What is scary for MOCO is that it has still been struggling to recover during the boom economy and skyrocketing real estate. This doesn't bode well for what will happen to it when the next recession hits. One of the many concerning sections of the Montgomery Planning report showed that wage growth in most of Montgomery County was stagnant and areas that did see an increase did not see an increase that matches the increase in cost of living and goods/services. The eastern side of the county is filled with people who are economically insecure. They may be above the poverty line but they live paycheck to paycheck. One job loss or extended government shutdown puts them in economic peril.

There are other areas that have more room for growth, redevelopment, and gentrification. SE DC, the area just south of Alexandria, Hyattsville, MT Rainier. If SE DC can gentrify then there is no reason that Oxon Hill couldn't change over too. These areas are cheap now, offer quick access to DC and VA -where the jobs are located and are better positioned to compete for development.[/quote]

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