Montgomery County condominium prices surged 9.7% from May to June, Axios D.C. reported this morning. Since taking a majority of the seats on the Montgomery County Council in 2002 with the End Gridlock slate, the Montgomery County cartel has assured us that building more housing units will lower prices. Yet, after building thousands and thousands of new units since then, lower rents and housing prices continue to elude Montgomery County homebuyers.
Condo prices have gotten so exorbitant in condo-construction-crazy Washington, D.C., Axios D.C. reported, that units there are now sitting long on the market because only a small segment of buyers can afford them. It will be interesting to see if the increasing value of condos will spur builders to convert any of their future planned developments from rental apartments to condos. We saw a lot of quick flipping back and forth in the construction years right after the "Great Recession," in places like downtown Bethesda. For example, just during its construction phase alone, the 7770 Norfolk development went from rental to condos and then back to rental apartments.
80 million new citizens are bound to drive up prices everywhere in America. Who knew?
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