Quote:
Originally Posted by Crawford
You're right, of course. Unless demographic/housing preference trends undergo radical changes, there will be a huge reckoning in exurban America in the near future.
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I mean, these areas just aren't really desirable any longer at all, meaning prices need to come down considerably to attract those of a lower SES. However, because so many people in these communities are choosing to age in place rather than downsize once the kids are out of the house, the housing supply is still relatively low - meaning we're not seeing as much of a price collapse as there ultimately has to be.
The real issue though is potential residents don't vote, meaning undoing the snob zoning will be hard. I mean, it's in the economic interests of the town as a whole - as well as individual sellers - if the multi-acre estates are broken up with more modest detached single-family homes and townhomes built instead. However, none of the people who aren't looking to sell yet have a financial interest in allowing these exiting neighbors to subdivide, and for whatever reason people either have outdated ideas about what builds property values or don't consider their actual self-interest when it comes to zoning. Meaning you could easily end up with a scenario in some of these towns where a lot of the properties are just straight-up vacant (or used as rentals) before anyone in the town gets it in their head to try something different.