I’ve had several distinct experiences as a homebuyer. I’ve had the experience of buying into a brand new subdivision with streets still unpaved, a hundred lots still for sale, and the mixture of fear and curiosity in wondering if and when the project would ever be finished… and what kind of wackadoodle neighbors I’d end up with. More recently I bought into an established neighborhood whose tight restrictions and price of admission helped cut down on the wackadoodle, outwardly at least. Here in exurbia we seem to keep our crazy more inside the walls than up on blocks in the front yard.
Having been thoroughly scorched by the bursting bubble of 2008/9, two of my biggest priorities were finding an established neighborhood that would still be sought after when it came time to sell (as opposed to one that was still under construction, and suffering though several iterations of developer-gone-bankrupt) and driving down my offer price low enough to hopefully not lose my ass again. I won’t claim to have timed the market, but I feel good about how closely I was able to meet those goals.
I feel even better about it now that I’ve seen a sign going up just across the hill from my little cul-de-sac. It’s well out of my eye line, separated by a stream and a couple thousand yards of trees, but I heartily welcome any developer in the next neighborhood over who wants to list “3 to 10 Acre Estate Lots Starting at $500,000” in their promotional material. It’s good for property values and mercifully keeps that tract free from higher density projects. Since it’s the last stretch of land available for development in my immediate area, I was ecstatic to see it being chunked out in such big portions. Elitist? Yeah, maybe, but like it or not a house is as much an investment as it is a home and I’m in favor of just about anything that will help drive the value up – despite what it will inevitably do to my next property tax bill.
With the rest of the immediately surrounding land being state managed or otherwise being entangled by woodland protective covenants and restrictions, barring an unforeseen calamity prices only have one way to go… though given my decidedly mixed track record with real estate I could be absolutely and completely off the mark.