Anonymous
Post 12/10/2023 18:02     Subject: Your missing middle home is a 2000sf townhouse for 1.6m
Anonymous wrote:You people have been played.

The goal all along was to stick it to the older white folks.


by the younger white folks -- have you seen the YIMBYs?
Anonymous
Post 12/10/2023 17:59     Subject: Re:Your missing middle home is a 2000sf townhouse for 1.6m
Anonymous wrote:
Anonymous wrote:Not surprised to see new construction sold before completed. But these will turn into rentals - that is the true MM crime


What’s wrong with rentals?


Renters.
Anonymous
Post 12/10/2023 17:58     Subject: Your missing middle home is a 2000sf townhouse for 1.6m
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Truly an amazing location, but still that purchase doesn't make sense to me. For 1.6m you can still get quite a bit in that area,certainly could get a SFH around there for that much. I mean I guess if someone prefers TH over SFH that makes some sense but still why go for that at that price instead of a SFH around there?


You aren’t getting an updated SFH for $1.6 in that neighborhood.

DP. But you could get a larger townhome in the neighborhood for 1.6. Pretty sure those ones across from Whole Foods are bigger and sell for the same price. [/quote

"These ones" are across from Whole Foods.
Anonymous
Post 12/10/2023 17:56     Subject: Your missing middle home is a 2000sf townhouse for 1.6m
Anonymous wrote:Sold before they’re even built. I never thought there would come a time where a 2000 square feet townhouse would sell for 1.6 million in arlington. Anyone else dumbfounded by this. I’m like the lady who thought for sure sfh prices would come down to my 1.2M budget and now even a small townhouse is out of reach

https://www.redfin.com/VA/Arlington/1047-N-Edgewood-St-22201/home/11254920




These are not Missing Middle/Expanded Housing Opportunity townhouses. They were built on land that was already zoned for multifamily housing. No housing has yet been built with a MM/EHO permit but about 20 permits have been issued. The MM/EHO that has been approved for our neighborhood is a six plex in the middle of single family houses. It will have four parking spaces in the back and two in the front. I understand it will have five 3 beds and one 1 bed. The builder told our neighbor that he is not going to sell the apartments but keep them as rentals.
Anonymous
Post 12/10/2023 12:18     Subject: Re:Your missing middle home is a 2000sf townhouse for 1.6m
Anonymous wrote:
Anonymous wrote:I know just who will snatch up a place like this -- well-heeled, down-sizing Boomers and GenXers. How do I know? I'm one of them. And, no, that doesn't mean there will be a signifcant decrease in SFH prices as we downsize. Thanks, Millenials for eating up the MM fairy tale,


Having a place for you and others like you to downsize will increase the supply of SFHs available. MM is about increasing the supply of housing to lower costs. Sounds like it might work based on your comment.
Anonymous
Post 12/10/2023 12:16     Subject: Re:Your missing middle home is a 2000sf townhouse for 1.6m
Anonymous wrote:
Anonymous wrote:I know just who will snatch up a place like this -- well-heeled, down-sizing Boomers and GenXers. How do I know? I'm one of them. And, no, that doesn't mean there will be a signifcant decrease in SFH prices as we downsize. Thanks, Millenials for eating up the MM fairy tale,


Having a place for you and others like you to downsize will increase the supply of SFHs available. MM is about increasing the supply of housing to lower costs. Sounds like it might work based on your comment.


You are an idiot. Only ~ 3% of Arlington households can afford 2M homes. You think freeing up 3% of the homes will suddenly make housing affordable for the 65% than can only afford $300,000 homes?
Anonymous
Post 12/10/2023 11:59     Subject: Re:Your missing middle home is a 2000sf townhouse for 1.6m
Anonymous wrote:I know just who will snatch up a place like this -- well-heeled, down-sizing Boomers and GenXers. How do I know? I'm one of them. And, no, that doesn't mean there will be a signifcant decrease in SFH prices as we downsize. Thanks, Millenials for eating up the MM fairy tale,


Having a place for you and others like you to downsize will increase the supply of SFHs available. MM is about increasing the supply of housing to lower costs. Sounds like it might work based on your comment.
Anonymous
Post 12/10/2023 11:56     Subject: Your missing middle home is a 2000sf townhouse for 1.6m
Initiatives like this are to increase supply of housing. Until it hits a critical mass, the prices won’t come down meaningfully. But it eventually will happen and society will be better off for it, even if current homeowners might prefer continually escalating home values/prices. And these periods of high profits for developers is what will incentivize the construction we need. People don’t like change. I’m generally in that boat, especially when it affects my home/neighborhood. But we need more housing supply near metro stops close in.
Anonymous
Post 12/10/2023 11:56     Subject: Re:Your missing middle home is a 2000sf townhouse for 1.6m
I know just who will snatch up a place like this -- well-heeled, down-sizing Boomers and GenXers. How do I know? I'm one of them. And, no, that doesn't mean there will be a signifcant decrease in SFH prices as we downsize. Thanks, Millenials for eating up the MM fairy tale,
Anonymous
Post 12/10/2023 11:51     Subject: Re:Your missing middle home is a 2000sf townhouse for 1.6m
Anonymous wrote:
Anonymous wrote:Not surprised to see new construction sold before completed. But these will turn into rentals - that is the true MM crime


Yeah the whole MM is a scam, the local lawmakers who voted for it did not realize what the ramifications of implementing it would be and that it would not achieve whatever goals they were trying to achieve (or publicly stating that they wanted to achieve).


Same deal in MoCo. I don't believe for a minute they didn't understand that it would be a huge money-making, regulation-free scam for developers.
Anonymous
Post 12/10/2023 11:44     Subject: Your missing middle home is a 2000sf townhouse for 1.6m
MM = a boon for developers. And no one else.
Anonymous
Post 12/10/2023 11:25     Subject: Re:Your missing middle home is a 2000sf townhouse for 1.6m
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Not surprised to see new construction sold before completed. But these will turn into rentals - that is the true MM crime


These townhouses will not turn into rentals. At 20% down and ~7.5% mortgage rate you’re looking at at least $10,000/month total cost not including other costs like hvac maintenance little repairs. It won’t pull in enough in rental income to break even.

Nobody is going to buy this to turn around and rent it out, there are many other properties that would offer better returns for someone wanting a rental property.

There are some issues with MM, but i don’t see many of the Arlington MM projects becoming rentals. The math doesn’t really make sense.



Bet you anything these were bought by hedge funds for cash.


+1

There is zero chance these were financed.
Anonymous
Post 12/10/2023 11:06     Subject: Your missing middle home is a 2000sf townhouse for 1.6m
Well this is why you need strong building departments. Which we don’t have in the DMV.
Anonymous
Post 12/10/2023 11:03     Subject: Re:Your missing middle home is a 2000sf townhouse for 1.6m
Anonymous wrote:
Anonymous wrote:Not surprised to see new construction sold before completed. But these will turn into rentals - that is the true MM crime


These townhouses will not turn into rentals. At 20% down and ~7.5% mortgage rate you’re looking at at least $10,000/month total cost not including other costs like hvac maintenance little repairs. It won’t pull in enough in rental income to break even.

Nobody is going to buy this to turn around and rent it out, there are many other properties that would offer better returns for someone wanting a rental property.

There are some issues with MM, but i don’t see many of the Arlington MM projects becoming rentals. The math doesn’t really make sense.



Bet you anything these were bought by hedge funds for cash.
Anonymous
Post 12/10/2023 10:56     Subject: Your missing middle home is a 2000sf townhouse for 1.6m
Arlingtons goal is to have insane density. MM is just the beginning. There’s also plan Langston or whatever it’s called. Arlington wants high rise buildings lining every major road. And those major roads narrowed for bike lanes. Roads and schools can’t handle any of this but the politicians don’t care.