Unique-Public-8594 t1_j25jdsn wrote
Reply to comment by Fantastic_Painter_15 in What do you think of Vermont population wise? Do you think it’s perfect the way it is? Too crowded? Not enough Cities? Open Discussion by Golfoneway95
Morrisville is going gangbusters on development. We’ll see how that works out.
No-Ganache7168 t1_j262v6c wrote
It depends. My concern is that nearly all of the development has been apartments in the $1600-$1800 range. Only 50 of the new apartments are going to be affordable according to an article in the local newspaper. That leaves a lot of the local workers out given that one developer will own most of the apartments when the current estimated 1,000 units are finished. There will not be enough competition to bring lower rentals into the equation.
On the positive side, the new apartments will draw professional people into the area to fill jobs at Copley hospital, Concept 2, the school, etc.
As far as I’m aware no new homes are being built that will be affordable to first time buyers. Most are custom builds at or above $500,000. Meanwhile, village homes that sold for $200,000 before Covid are selling for $350,000 or more while homes outside of the village are being snapped up by cash buyers and many have been turned into airbnbs. Our town planner is quoted in one article as saying that the percentage of airbnbs is increasing by 10 percent each year.
This doesn’t bode well for my children who will be priced out if they want to return after college.
I feel fortunate to have bought 15 years ago when people turned their noses up at morrisville, but I also feel trapped. There’s no place for me to go. My husband and I have always wanted to restore an older home and planned to do that when our mortgage was paid off. Now those fixer uppers cost more than our energy efficient 20-year old home.
elpvtam t1_j28ou2i wrote
I'll be curious how Morrisville turns out. Who will live in those apartments? It's pretty much out of commute range to chittenden county. That's almost Burlington pricing. I suspect developer will be unable to rent and will lower prices. As for air bnb locals need to put in place strong regulations that either cap the number or tax the crap out of it.
No-Ganache7168 t1_j29dyf2 wrote
I was surprised and happy when the planning commission voted to limit people to one Airbnb recently. You can rent out your home as much as you want but you can’t buy a second home and use it as an Airbnb as well.
Based on the newspaper articles the apartment will attract people who work in chittenden county but want the outdoor activities in lamoille county. I doubt rents will be lowered given the scarcity of housing.
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