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<div><FONT FACE="Arial" SIZE=3> Regina's article was interesting (some of you may not have received her email due to continuing server problems, it is repeated below).</FONT><br></div>
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<FONT FACE="Arial" SIZE=3> </FONT><div><FONT FACE="Arial" SIZE=3> Below is another article in the Washington Post about the Washington area condo market cooling off. It notes that there are 5 times as many condo units for sale as there were a year ago.</FONT><br></div>
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<FONT FACE="Arial" SIZE=3> </FONT><div><FONT FACE="Arial" SIZE=3> This is of concern to me, because when condos do not sell they either sit vacant or more likely become rental property. A mix of owners and renters is fine, but our town is already almost 60% renters (according to the 2000 census at <a href="http://censtats.census.gov/data/MD/1602466635.pdf">http://censtats.census.gov/data/MD/1602466635.pdf</a> ). Owner-occupied was 43%, and I would guess has fallen even lower since then.</FONT><br></div>
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<FONT FACE="Arial" SIZE=3> </FONT><div><FONT FACE="Arial" SIZE=3> Perhaps the most important discussion is the appearance of these proposed buildings and the character we want in the heart of our historic district. I hear that the Patriot Group has made revisions, but as far as I know they are still 5 stories tall. Hopefully we will get to see these revisions soon. The next M-UTC is Wed, April 5, 2006, and Patriot Group is scheduled to be there. However, they were scheduled to appear at the last two M-UTC meetings and postponed. So pay attention to the Town-Announce (or call Town Hall) before the meeting.</FONT><br></div>
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<FONT FACE="Arial" SIZE=3> </FONT><div><b><FONT FACE="Arial" SIZE=4> Area Condo Sales Cooling After Record-Setting Year</FONT></b><br></div>
<div><FONT FACE="Arial" SIZE=3> By Kirstin Downey</FONT><br></div>
<div><FONT FACE="Arial" SIZE=3> Saturday, January 7, 2006; Page A01</FONT><br></div>
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<FONT FACE="Arial" SIZE=3> </FONT><div><FONT FACE="Arial" SIZE=3> Sales of new condominiums reached record levels in the Washington area in 2005, according to a new report, but the supply of new condos has begun to outstrip demand.</FONT><br></div>
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<FONT FACE="Arial" SIZE=3> </FONT><div><FONT FACE="Arial" SIZE=3> ...far more units are being readied for the market, ... It appears some builders are proceeding with projects they have spent years </FONT><FONT FACE="Arial" SIZE=3> developing, even as the supply of new units rises, in hopes their projects will be more successful than the competition.</FONT><br></div>
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<FONT FACE="Arial" SIZE=3> </FONT><div><FONT FACE="Arial" SIZE=3> "Even with sales at record highs, there is so much product being delivered that the market has a different feel to it," said Gregory </FONT><FONT FACE="Arial" SIZE=3> H. Leisch, chief executive of Delta Associates.</FONT><br></div>
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<FONT FACE="Arial" SIZE=3> </FONT><div><FONT FACE="Arial" SIZE=3> Leisch said many condo developers are proceeding because they must financially. "They paid so much for the land, and they are so far down the development timetable, they are so far committed, that, practically speaking, they can't stop," he said.</FONT><br></div>
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<FONT FACE="Arial" SIZE=3> </FONT><div><FONT FACE="Arial" SIZE=3> "I think without question the condo market will continue to soften," said Kenneth Wenhold, Virginia and Maryland director for </FONT><FONT FACE="Arial" SIZE=3> MetroStudy, a Houston-based real estate research firm that specializes in the new-home market. Wenhold said there are five times as many condo units for sale as there were a year ago.</FONT><br></div>
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<FONT FACE="Arial" SIZE=3> </FONT><div><FONT FACE="Arial" SIZE=3> You can read the full article here:</FONT><br></div>
<div><FONT FACE="Arial" SIZE=3> <a href="http://www.washingtonpost.com/wp-dyn/content/article/2006/01/06/AR2006010601981.html?referrer=email">http://www.washingtonpost.com/wp-dyn/content/article/2006/01/06/AR2006010601981.html?referrer=email</a></FONT><br></div>
<div><FONT FACE="Arial" SIZE=3> (requires free registration).</FONT><br></div>
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<FONT FACE="Arial" SIZE=3> </FONT><div><b><FONT FACE="Arial" SIZE=3> Regina Wrote:</FONT></b><br></div>
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<FONT FACE="Arial" SIZE=3> </FONT><div><FONT FACE="Arial" SIZE=3> Nancy made a valid point. Here is a recent article specific to D.C. (Note that Washington Post requires that you register to read online). </FONT><br></div>
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<FONT FACE="Arial" SIZE=3> </FONT><div><FONT FACE="Arial" SIZE=3> And here is a blog in BusinessWeek on the topic: </FONT><br></div>
<div><FONT FACE="Arial" SIZE=3> <a href="http://www.businessweek.com/the_thread/hotproperty/archives/2005/07/washington_dc_b.html">http://www.businessweek.com/the_thread/hotproperty/archives/2005/07/washington_dc_b.html</a></FONT><br></div>
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<FONT FACE="Arial" SIZE=3> </FONT><div><FONT FACE="Arial" SIZE=3> Reports Indicate Glut of Condos in D.C. Area</FONT><br></div>
<div><FONT FACE="Arial" SIZE=3> By Sandra Fleishman</FONT><br></div>
<div><FONT FACE="Arial" SIZE=3> The Washington area housing market has softened but is still in relatively decent shape except for what appears to be a glut of condos, according to two studies released yesterday. But the researchers came to different conclusions about the potential for problems stemming from condo overbuilding.</FONT><br></div>
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<FONT FACE="Arial" SIZE=3> </FONT><div><FONT FACE="Arial" SIZE=3> To view the entire article, go to </FONT><br></div>
<div><FONT FACE="Arial" SIZE=3> <a href="http://www.washingtonpost.com/wp-dyn/content/article/2006/01/30/AR2006013001286.html?referrer=emailarticle">http://www.washingtonpost.com/wp-dyn/content/article/2006/01/30/AR2006013001286.html?referrer=emailarticle</a></FONT><br></div>
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