Reply to Mt Prospect in North Potomac

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[quote=Anonymous][quote]Somewhat, I admit. But at the end of the day, any new construction in the area is going to be pushing 1M. If the loss during a rezoning is 10%, so be it. Over the course of home ownership (we are estimating that we'll be in this house for 10-15 years before downsizing), I don't think one can worry about slight fluctuations like that, much less 10%. At the end of the day, it's a nice area, location is perfect for us, new construction, etc.

The impact will be more than 10% if schools change. Reason being, Toll would have to lower their base price by 10% for Phase 2 and 3, so if you’re an early buyer, you will have the most expensive house comparable to other sellers in a market that has now just dropped with newer houses available for cheaper than you paid before rezoning.

I doubt they lower b/c of rezoning. Generally, builders don't modify pricing. Maybe they change incentives but not price. IME.[/quote]

Builders do lower their prices if the houses don't sell at the price point they put out.

Its really naive to think 10 years would undo a 10%+ drop in value. Many people who bought large expensive homes in that area in the 2006-2008 time frame lost 10%-20% over 10 years and that loss is just based on selling for 100-200K lower than their purchase price. It doesn't include upgrades, renovations, maintenance and replacements that they did along the 10-15 years. Assuming that this area will recover in 10-15 years when the recent history shows it didn't is pretty bad financial planning.

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