[RP TownTalk] pre-purchases of local condominiums

[The Curries]

Thanks for your kind comments, Roland.  I don't take positions on Riverdale
Park issues but once in awhile make a comment when I think a piece of
factual information might be helpful in furthering the discussion.  (By the
way, I'm nearly always impressed by the quality of argumentation on both
sides of any issue on this listserv.)  In this case, I had a feeling that
you were treating townhouses and condos as similar products, but wanted to
make sure that others on the list understood that EYA is not selling
multifamily units in its first phase, such as Patriot is proposing to do.  

I think there are some legal distinctions between townhouse developments
with homeowner associations and condominiums that are designed to look like
attached single-family homes (as some are these days) -- for instance, the
fact that homeowner associations generally are responsible for upkeep of
common areas but not the structures themselves.  They are certainly treated
differently in zoning.  

However, my point is that in terms of the housing market, attached
single-family homes and fee-simple multifamily units are distinct segments.
Certainly some homebuyers will see both townhouses and condos as options,
but I know plenty of people also who, for example, live in a multifamily
condo now and are looking to move into a townhouse (or a single-family
detached house) as the next step in their housing track.  Conversely, there
are cases of empty nesters looking to move to a multifamily condo because of
decreased need for space and a desire for a lower-maintenance lifestyle.  

I think some housing analysts are saying that the condo market is becoming
oversaturated but that the market for new single-family homes (including
townhouses) is tighter.

One problem that we experience in Hyattsville is that there are many
"entry-level" housing choices (many apartments, some condos with many more
coming, some townhouses with many more coming, many small single-family
homes) but few options for "move-up" buyers.  This imbalance will get worse
in the next several years.  The danger is that we become a semi-transient
community where most folks stay for a few years and then leave when finances
allow and/or space requirements dictate.  It's great that we have been
successful in convincing planners and developers to switch from rental to
ownership options, but that in itself doesn't guarantee a stable, organic
community.

In light of that last paragraph, I guess I've got some sympathy for your
position that condos and townhouses aren't that different, after all.

Chris Currie
Hyattsville


-----Original Message-----
From: roland.walker at gmail.com [mailto:roland.walker at gmail.com] On Behalf Of
Roland Walker
Sent: Friday, June 16, 2006 4:00 PM
To: the.curries at verizon.net
Subject: Re: [RP TownTalk] pre-purchases of local condominiums

I don't get this distinguishing of townhomes vs condos.

I have a good friend in Virginia who lives in a dwelling that is
configured like a townhouse, yet he sits on something called the condo
association.  To me, townhouse is a shape.

Will there be parks and facilities in the EYA development which are
owned in common by the purchasers of the units?  Will there be an
annual maintenance fee?  If the answers are yes, then they are condos.

I do realize that they are larger and nicer units than the Patriot
Group is offering, but I still think it is relevant that there is
demand for new housing in the area.

May I say that I really appreciate your postings to the Riverdale Park
list?  You are always informative.  There are some other
out-of-towners that are not nearly so restrained, nor so scrupulous
about identifying themselves as nonresidents.

R

On 6/16/06, The Curries <the.curries at verizon.net> wrote:
> The EYA project is doing quite well, but it should be mentioned that these
> are attached single-family homes (townhouses), not multifamily
condominiums.
> I don't think it would be valid to compare the two.  EYA *is* planning to
> build condos in the second phase of their project, and they will join One
> Independence Plaza (University Town Center) and hundreds of units at West
> Hyattsville Commons in competing with Patriot (if built) for the
prospective
> condo market in this area.  -- Chris Currie
>
> -----Original Message-----
> From: towntalk-bounces at riverdale-park.org
> [mailto:towntalk-bounces at riverdale-park.org] On Behalf Of Roland Walker
> Sent: Friday, June 16, 2006 11:12 AM
> To: TownTalk
> Subject: [RP TownTalk] pre-purchases of local condominiums
>
> Since the demand for condos in this area has been so very much
> discussed on this list, I went down to the EYA office on Route 1 to
> get some hard data.
>
> EYA has pre-sold 49 of 137 units in phase one of their Hyattsville
> development.
>
> How many weeks ago did they break ground?  All they have so far is
> bulldozers moving dirt around, and they have sold 35% of their units.
>
> Why?  Because though Northern Virginia is overbuilt with condos, we are
not.
>
> (Whether or not we want a 5-story building in our historic core is a
> separate question, of course.)
>
> R
>
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